EXIMROUTES

EXIM Routes positions itself as an intelligent bridge connecting global recyclable sources with the Indian recycling industry, addressing a highly fragmented supply chain. The company's core differentiator is its proprietary ERIS (EXIM Routes Intelligence System) platform, which provides an intelligence and execution ecosystem. ERIS offers visibility of nearly 1 million tons of inventory, valued at approximately $300 million annually, representing 20% of the Indian import market. This platform has significantly streamlined the sales process, reducing it from days to minutes, and is enabling the company's expansion into European and African markets.

For the full fiscal year 2026, EXIM Routes reported strong top-line growth, with revenue from operations increasing by 72% year-on-year to ₹207 crores, up from ₹121 crores in FY25. Profit After Tax (PAT) also saw a significant rise of 35% to ₹10.2 crores, leading to an EPS of ₹6.05, up from ₹5.22. While the core trading gross profit margin improved by 3 percentage points, from 19.4% to 22.4%, the overall EBITDA margin compressed from 8.5% to 6.8%. This compression was attributed to higher logistics costs from a strategic shift to UK/European markets and the piloting of a low-commission working capital model with suppliers.

The company's operating cash flow for FY26 was negative ₹19 crores, a widening from negative ₹5 crores in the previous year, primarily driven by the doubling of its trading book and expanded supply advances. To address this and enhance capital efficiency, EXIM Routes has secured a new ₹20 crore debt facility from a Tier-1 bank, with the first tranche already drawn. Additionally, the company is onboarding invoice financing partners, starting with an initial limit of ₹2.5 crores and aiming to expand it to ₹15 crores throughout the year. Management anticipates these measures will allow the company to fund its growth without needing further external capital until revenue approaches ₹500 crores.

EXIM Routes has set an ambitious revenue growth target of 30% to 50% for FY27, aiming to achieve ₹300 crores at the upper end. The company plans to scale its container handling from 6,000 to 10,000 annually this year. A long-term vision includes becoming a ₹1,000 crore company within a five-year timeframe, primarily by capturing an 8-10% market share of the ₹15,000 crore Indian recycled paper import market. The business is noted to be structurally second-half weighted, with H1 typically contributing 30-35% of full-year EBITDA.

EXIM Routes differentiates itself by integrating deep data on product quality, logistics, and operational aspects across more than 25 countries into its ERIS platform. This approach provides a unique competitive advantage over traditional traders and pure digital marketplaces, which often fail to address core industry problems like trust, landed price, quality, and post-sale service for mills, or efficient operations for yards. The company emphasizes that its technology-enabled model, rather than being a pure SaaS product, acts as an operating system for recyclables, solving real-world supply chain challenges and improving revenue per employee.

The company's strategy involves building a global infrastructure through subsidiaries in Singapore, UK, US, and Germany, enabling end-to-end supply chain management and providing transparency to mills. This global footprint allows EXIM Routes to diversify its sourcing base and serve European and African mills, reducing reliance on specific regions. This diversification proved crucial during geopolitical disruptions, enabling the company to quickly shift sourcing to alternate countries and maintain timely deliveries and cost-effectiveness for its clients.