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Exim Routes IPO
Price Band
₹83.0–88.0
Issue Size
₹43.73 Cr
Lot Size
1,600 shares
Min Investment
₹281,600
2 LOTS MIN
GMP
+₹32.0 (36.36%)
Issue Price
₹88.0
Subject to Sauda
₹38900
Paid only if allotted
Exim Routes IPO AI Summary
- Exim Routes IPO is listed on NSE SME in the Paper & Paper Products sector.
- Price band: ₹83.0–₹88.0 per share, lot size 1,600 shares (min. investment ₹281,600, 2 lots minimum).
- Subscription window: 12 Dec–16 Dec 2025, listing on 19 Dec 2025.
- Current GMP is +₹32.0 (36.36%), an estimated listing price of ₹120 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Exim Routes IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 16 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Exim Routes IPO Grey Market Premium (GMP) Today
GMP
+₹32.0
GMP %
+36.36%
Est. Listing
₹120.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in April 2019, Exim Routes Limited is a global platform that facilitates the exchange of recyclable paper materials, offering end-to-end services to Indian Paper Mills, from sourcing waste paper to quality assurance and logistics. The Company operates through a group structure, with an Indian parent, Exim Routes Limited, and foreign subsidiaries. Exim Routes is a global recyclable exchange company focused on facilitating cross-border trade in recyclable materials, particularly paper and metal scrap. Exim Routes uses its proprietary AI-powered B2B platform (referred to as “ERIS”) to connect buyers and sellers of recyclable paper, streamlining procurement, supply-chain and delivery. Its business model involves sourcing wastepaper globally and supplying to Indian mills, handling logistics and trade coordination across geographies. Their operations span multiple continents, with a strong presence in India and Singapore, as well as subsidiaries in the USA, UK, Germany, and South Africa. They offer comprehensive services, including sourcing, quality assurance, logistics, and trade execution. Exim Routes combines a global network with a tech-driven approach to simplify the recyclables trade ecosystem. As of November 30, 2025, our Company has 18 employees. Competitive strengths A globally oriented sourcing network for recyclable paper materials, enabling access to international supply. An AI-enabled B2B platform (ERIS) facilitates efficient buyer-seller matching and transaction coordination. An end-to-end service model including procurement, logistics, and delivery — reducing complexity for Indian paper mills. Experienced promoters and management with expertise in trade, supply chain, and business operations. A business model tailored to meet demand from Indian paper mills seeking a consistent supply of recyclables.
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 50.97 | 47.62 | 20.53 | 6.63 |
| Total Income | 44.17 | 120.99 | 72.39 | 36.46 |
| Profit After Tax | 1.17 | 7.56 | 4.20 | 0.37 |
| EBITDA | 1.39 | 9.95 | 4.58 | 0.64 |
| NET Worth | 16.38 | 15.60 | 1.18 | 0.56 |
| Reserves and Surplus | 15.71 | 14.41 | 3.58 | 0.53 |
| Total Borrowing | 5.10 | 2.75 | 1.46 | 2.86 |
Key Ratios
EPS
₹5.49
NAV
₹11.32
ROE
53.14%
ROCE
35.53%
RoNW
42.28%
P/B Value
7.77
P/E Ratio
16.04
Market Cap
₹165.02 Cr
PAT Margin
6.27%
Debt/Equity
0.20
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Exim Routes Ltd. This IPO | 11.89 | 42.28% | 16.04 | 0.57 | 0.57 |
Promoters
Manish Goyal and Govind Rai Garg
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 To meet out the expenses for Development and Maintenance of the ERIS platform 14.50 2 To meet out the expenses for Working Capital to fund business growth 9.00 3 To meet out the expenses for Investment in Office space to accommodate new hires 7.13 4 General Corporate Purposes 6.54 5 Issue Expenses 6.56 Total 43.73
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹36.46 Cr in the year ending 31 Mar 2023, increasing to ₹72.39 Cr by 31 Mar 2024. However, it rose significantly to ₹120.99 Cr by 31 Mar 2025, before declining to ₹44.17 Cr by 30 Jun 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.37 Cr in the year ending 31 Mar 2023, increasing to ₹4.20 Cr by 31 Mar 2024. It further rose to ₹7.56 Cr by 31 Mar 2025, before dropping to ₹1.17 Cr by 30 Jun 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
The company's implied P/E at the issue price is 16.04, while peers are trading at a P/E range of 16.04. This indicates that Exim Routes is priced at roughly 1x trailing earnings compared to its peers.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the price at which shares are traded in the unofficial market before they are listed on the stock exchange. A higher GMP suggests strong demand for the shares, while a lower GMP may indicate weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. They should consider the company's business model, market position, and financial performance.
Who May Want to Wait
Investors who prefer stable and established companies may want to avoid this IPO, as it operates in a niche market and may face volatility. Those who are risk-averse or looking for immediate returns should also consider other investment options.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when the stock begins trading on the exchange. However, these gains are not guaranteed, and the stock price can fluctuate significantly after listing due to market conditions, investor sentiment, and overall demand.
This evaluation is generated from Exim Routes's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Exim Routes IPO GMP today?
Exim Routes IPO GMP today is +₹32.0 (36.36%), indicating an estimated listing price of ₹120. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Exim Routes IPO?
The price band of Exim Routes IPO is ₹83.0–₹88.0 per share.
When does Exim Routes IPO open and close?
Exim Routes IPO opens on 12 December 2025 and closes on 16 December 2025.
When does Exim Routes IPO list on the stock exchange?
Exim Routes IPO listed on 19 December 2025 at ₹120.0.
What is the lot size for Exim Routes IPO?
The lot size for Exim Routes IPO is 1600 shares, requiring a minimum investment of ₹281,600 (2 lots).
What is the price band for the Exim Routes IPO?
The price band for the Exim Routes IPO is ₹83.0 to ₹88.0.
What is the minimum investment required?
The minimum investment required is ₹281,600.
What is the lot size for the Exim Routes IPO?
The lot size is 1,600 shares.
When is the listing date for the Exim Routes IPO?
The listing date is December 19, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
12 Dec 2025
Close
16 Dec 2025
Allotment
17 Dec 2025
Listing
19 Dec 2025
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