Utkal Speciality Industries India IPO

Incorporated in 2015, Utkal Speciality Industries India is engaged in production of paper-based products and packaging materials, supplying a long range of items that serve the needs across various customer segments. Its product portfolio consists of paper-based alternatives required for everyday use as well as special occasions, matching with consumer preferences for sustainable and convenient options. Its focus has been on developing practical solutions that match with consumer needs, enabling it to establish a presence within the sector and maintain consistent engagement with its customer base.

The company also generates revenue through trading of key raw materials. First is polyethylene - This is a polymer which is purchased from multinational companies and second one is Corrugated Boxes – the company has many small manufacturers who purchase their primary raw material from the company and produce paper cups and plates.

The company serves a wide range of customers, including smaller manufacturers as well as end retailers who distribute its paper-based products and packaging materials. Its B2C customers are typically small retailers, including those with retail shops, cloud kitchens, and similar businesses. 100% revenue comes from the domestic markets in 9MFY26 in which South India contributed ~49% of revenue.

Its 97.5% revenue was produced by the paper products segment and 2% by trading in 9MFY26. Its B2B revenue made up in 9MFY26 was 94% as well as 6% by B2C. Revenue made by Odisha, West Bengal and Andhra Pradesh was ~ 77% in 9MFY26. Coated rolls (wall, bottom & speciality multilayered), coated sheets (Blanks/Fans/Circles) and paper cups, glasses, plates and bowls contributed most of the revenue (83%) in 9MFY26.