Company Overview
Ecosure Pulpmolding Technologies Limited (EPTL) is an Indian engineering and machinery company focused on pulp-moulding technology, molded-fibre manufacturing systems and turnkey solutions designed to replace conventional single-use plastic products.
The company was incorporated on 21 November 2019 and is an unlisted public limited company. Its registered office is in Mayur Vihar, Delhi, while its operational presence includes Greater Noida and manufacturing facilities in other locations.
Ecosure describes itself as India’s first and largest manufacturer/exporter of non-wood agro-based micro pulpmills and fiber-pulp moulding machinery. Its solutions are aimed at applications such as compostable tableware, food packaging, industrial packaging and medical pulpmolded products.
Official Website: Ecosure Pulpmolding Technologies
Business Model
Ecosure primarily operates as a B2B capital-equipment and turnkey-solutions provider.
Its business includes:
- Fiber pulp moulding machines
- Fully automatic and semi-automatic machines
- Robotic pulp-moulding systems
- Thermoforming machines
- Trimming and auxiliary equipment
- Moulds and tooling
- Plant installation and commissioning
- Turnkey production lines
- After-sales service and technical support
- Export of machinery and technology
The company’s machinery enables customers to manufacture sustainable alternatives to plastic using paperboard, agricultural residues and other non-wood fiber sources.
Key Product Areas
| Segment | Products / Applications |
|---|---|
| Pulp Moulding Machinery | Automatic & semi-automatic machines |
| Fiber Tableware | Plates, bowls, trays and food-service products |
| Industrial Packaging | Protective molded-fiber packaging |
| Thermoforming | Automated thermoforming machinery |
| Medical Packaging | Molded-fiber medical applications |
| Agro-Pulp Technology | Non-wood agricultural residue processing |
| Turnkey Projects | Plant design, installation & commissioning |
| Services | After-sales support, moulds & spare parts |
Technology & Sustainability
A major part of Ecosure’s proposition is helping manufacturers transition away from single-use plastic toward molded-fiber products.
The company’s official history highlights its development of chemical-free molded-fiber systems, zero-liquid-discharge technology and indigenous manufacturing capabilities. It also states that the company has installed 400+ Made-in-India machines, with projects across domestic and international markets.
The company has also developed partnerships and projects involving international technology providers and has expanded its export division.
Growth Track Record
Ecosure has reported strong revenue expansion over the last few years:
| ₹ Crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 33.41 | 50.04 | 71.18 |
| EBITDA | 1.14 | 8.79 | 11.32 |
| PBT | 0.95 | 8.06 | 8.52 |
| PAT | 0.71 | 5.83 | 6.31 |
FY25 revenue increased by approximately 42% YoY, while PAT increased by approximately 8%.
The audited FY25 statement reports revenue from operations of approximately ₹71.18 crore, total revenue of approximately ₹71.73 crore, PBT of approximately ₹8.52 crore and PAT of approximately ₹6.31 crore.
FY25 Balance Sheet Snapshot
| Particular | FY25 |
|---|---|
| Fixed Assets | ~₹57.1 Cr |
| Trade Receivables | ~₹25.5 Cr |
| Inventory | ~₹10.5 Cr |
| Total Assets | ~₹70.2 Cr |
| Borrowings | ~₹23.0 Cr |
| Share Capital | ~₹7.15 Cr |
| Reserves | ~₹28.7 Cr |
The company has increased its asset base significantly, reflecting investment in manufacturing capacity and expansion. At the same time, borrowings and working-capital requirements have also increased.
Recent Expansion & Strategic Initiatives
Ecosure has been expanding beyond machinery into a broader sustainable-material ecosystem.
Its official corporate history highlights:
- Acquisition of Thermo9 in Madhya Pradesh
- Acquisition of Kumaon Wood Products
- Development of a demonstration facility in Uttarakhand
- Development of an industrial-packaging manufacturing facility in Madhya Pradesh
- Expansion of export operations
- Development of new fiber-processing technologies
- More than 400 Made-in-India machines sold
The company has also been associated with the development of EarthSURE Ecosolutions, focused on clean-energy and sustainability applications.
Management
Key management personnel identified in available company records include:
Mohit Kumar — Managing Director / Founder
Kamal Dev Rana — Whole-Time Director / Technical leadership
Gunjan Saxena — Director / Strategy & Finance
The company’s official website identifies Mohit Kumar as Founder, CMD & Chief Visionary Officer and highlights his background in engineering and sustainable manufacturing technologies.
Shareholding
Available unlisted-market data indicates approximately:
| Category | Holding |
|---|---|
| Promoters | ~78.87% |
| Public / Others | ~21.13% |
The company has approximately 3.57 crore outstanding shares according to current unlisted-market records.
ISIN: INE0K3N01021
Face Value: ₹2 per share
CIN: U29305DL2019PLC357869.
Current Unlisted Share Price
Ecosure is not listed on NSE or BSE. Its shares are therefore traded through the private/unlisted market, where prices can differ significantly between dealers and transactions can be illiquid.
Recent indicative references show approximately:
- ₹30/share — UnlistedZone / BuyUnlistedShares references
- ₹44.33/share — Moneycontrol reference
- Recent 52-week indicative range approximately ₹26–₹52
These are indicative OTC/private-market references and not NSE/BSE market prices.
At ₹30/share, the implied equity value is roughly ₹107 crore based on ~3.57 crore shares. At ₹44.33/share, the implied value is approximately ₹158 crore.
The wide difference illustrates the importance of checking the actual executable price, lot size, seller availability and settlement terms before considering any transaction.
Valuation Snapshot
Using FY25 PAT of approximately ₹6.31 crore:
- Indicative valuation at ₹30/share: ~₹107 Cr
- Indicative valuation at ₹44.33/share: ~₹158 Cr
- FY25 P/E at ₹30: ~17x
- FY25 P/E at ₹44.33: ~25x
Private-market valuation should not be treated as equivalent to a liquid listed-market valuation because liquidity and price discovery are materially different.
IPO / Listing Status
Current status: Unlisted
No confirmed DRHP/IPO timetable was identified in the current sources reviewed. Moneycontrol currently shows DRHP Status: No.
Therefore, any expectation of an IPO should be treated as future potential rather than a confirmed corporate action.
Growth Drivers
1. Shift Away From Single-Use Plastics
Increasing demand for sustainable packaging can create opportunities for molded-fiber machinery.
2. Growth in Food & Consumer Packaging
Restaurants, QSRs, food processors and FMCG companies are increasingly exploring paper/fiber-based alternatives.
3. Export Opportunity
Ecosure has expanded its export division and has reported international machine orders, including projects in Australia.
4. Indigenous Manufacturing
The company’s Made-in-India machinery platform can potentially reduce dependence on imported equipment and provide localized service support.
5. Turnkey Model
Rather than selling only machines, Ecosure provides plant setup, installation, commissioning and after-sales support, potentially increasing customer stickiness.
6. Expansion Into Sustainable Materials
Its move toward molded-fiber products, industrial packaging and related sustainable technologies could broaden the company’s addressable market.
Key Risks
Unlisted Liquidity Risk: Shares do not trade on NSE/BSE, so exiting an investment can take time.
Working Capital: Trade receivables and inventory have increased alongside business expansion.
Borrowing: FY25 borrowings were approximately ₹23 crore, meaning financing costs need to be monitored as the company expands.
Margin Pressure: PAT growth in FY25 was substantially slower than revenue growth, indicating that higher revenue has not translated proportionately into bottom-line growth.
Execution Risk: Expansion into new manufacturing facilities, exports and downstream sustainable products requires capital and operational execution.
Customer/Order Concentration: Machinery businesses can experience uneven revenue recognition because large projects may be booked periodically rather than evenly throughout the year.
Valuation Risk: Indicative private-market prices vary considerably, so investors should independently evaluate valuation rather than relying on a single dealer quote.
UnlistedCart Takeaway
Ecosure Pulpmolding Technologies represents an emerging industrial-technology play linked to India’s transition toward sustainable packaging.
The investment story is built around three broad themes:
Plastic Replacement + Made-in-India Machinery + Export Expansion
The company has demonstrated strong revenue growth, moving from approximately ₹33 crore in FY23 to ₹71 crore in FY25, while simultaneously expanding its manufacturing and technology footprint.
However, investors should also monitor working capital, borrowings, margins, execution of expansion projects and the liquidity of the unlisted shares.
Quick Snapshot
| Parameter | Ecosure Pulpmolding Technologies |
|---|---|
| Industry | Industrial Machinery / Green Manufacturing |
| Incorporated | 2019 |
| Status | Unlisted Public Company |
| Headquarters | Delhi / Greater Noida |
| FY25 Revenue | ₹71.18 Cr |
| FY25 EBITDA | ₹11.32 Cr |
| FY25 PAT | ₹6.31 Cr |
| FY25 PBT | ₹8.52 Cr |
| Promoter Holding | ~78.87% |
| Outstanding Shares | ~3.57 Cr |
| Face Value | ₹2 |
| ISIN | INE0K3N01021 |
| Indicative Price | ~₹30–₹44/share |
| IPO | No confirmed DRHP identified |
| Core Theme | Sustainable Packaging & Pulp-Moulding Technology |
Important: Unlisted-share prices are indicative and may vary by intermediary, lot size, liquidity and transaction date. Financial information should be independently verified from company filings before making an investment decision. This report is for informational purposes only and is not investment advice.
Official Company Website: Ecosure Pulpmolding Technologies Limited
FY25 Financial Information: Ecosure FY25 Financials / Annual Report
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