Srivasavi Adhesive Tapes Limited (NSE: SRIVASAVI)
Source: Srivasavi Adhesive Tapes Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Srivasavi Adhesive Tapes Limited |
| Corporate Identity Number (CIN) | L24295KA2010PLC052908 |
| NSE Symbol | SRIVASAVI (Listed on NSE Emerge) |
| Date of Incorporation | March 19, 2010 |
| Founders / Promoters | Dasa Nagaraja Anilkumara & Ashwini D A |
| Registered Office | No. B – 100, KSSIDC Industrial Estate, Yellupura Village, Kasaba Hobli, Doddaballapur, Bangalore – 561 203, Karnataka, India |
| Main Office / Plant (Books Maintained) | Plot No. IP – 1, KIADB Industrial Area, Kudumalakunte, Gowribidanur Taluk, Chikkaballapura – 561 208, Karnataka, India |
| Telephone & Investor Relations Email | +91-080-27630090 / investors@vasavitapes.com |
| Chairman & Managing Director | Dasa Nagaraja Anilkumara |
| Executive Director & CFO | Ashwini D A |
| Company Secretary & Compliance Officer | Nikhil Jain |
| Chief Executive Officer | Rohit Kumar Joshi |
| Industry / Sector Classification | Industrial Specialty Adhesive Tapes, Foams, Films, Fabrics, Die Cuts & Polymer Products |
| Workforce Count | 357 total employees (145 permanent employees on rolls as of March 31, 2026) |
| Domestic & Global Footprint | Presence across 21+ Indian states; Exports to 27+ countries |
| Statutory Auditors | M/s Doshi & Co, Chartered Accountants |
| Internal Auditor | M/s C S M R & Associates, Chartered Accountants |
| Secretarial Auditor | M/s Nikunj Kanabar & Associates, Practicing Company Secretaries |
| Registrar and Share Transfer Agent (RTA) | Bigshare Services Private Limited |
| Primary Banker | Kotak Mahindra Bank Limited |
baseline revenue target of ₹1,000 crore.
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Srivasavi Adhesive Tapes Limited is an ISO 9001:2015 certified manufacturer specializing in precision-engineered industrial self-adhesive tapes, specialty foams, pressure-sensitive adhesives, specialized films, fabrics, Die-cuts, and custom printed labels. Marketed under its flagship brand ‘Dollar’, the company caters to technical applications across diverse sectors including Automotive, Electric Vehicles (EV Lithium-ion Battery Packs), Electronics Manufacturing Services (EMS), Railways, Renewable Energy, Aerospace, Defence, FMCG, Packaging, and Home Appliances.
During FY 2025-26, Srivasavi executed a core strategic shift toward deep vertical integration, moving from pure tape conversion to foundational chemical synthesis and raw adhesive manufacturing. By expanding its backward integration capabilities, the enterprise aims to substitute imports of high-grade specialized tapes while scaling its operational footprint toward an ambitious baseline revenue target of ₹1,000 crore.
The Founders, Promoters & Their Legacy
The operational and corporate vision of the enterprise is anchored by its promoter-directors:
- Dasa Nagaraja Anilkumara (Chairman & Managing Director): Serves as the executive head driving technical chemistry development, strategic customer acquisition, capacity expansion initiatives, and international expansion.
- Ashwini D A (Executive Director & Chief Financial Officer): Associated with the organization since inception, holding a Bachelor of Commerce degree from the University of Bangalore. She oversees administrative monitoring, risk management, financial controls, and treasury operations.
The Journey: History & Evolution
The enterprise commenced operations following its private incorporation on March 19, 2010, under the name “Srivasavi Adhesive Tapes Private Limited” in Bangalore, Karnataka. Consequent to institutional scale and operational maturity, the company passed a special resolution on September 14, 2022, converting into a public limited entity, with the fresh certificate of incorporation issued on September 29, 2022. Subsequently, the company successfully listed its equity shares on the SME platform of the National Stock Exchange of India Limited (NSE Emerge).
Over the years, the organization systematically broadened its unit base from converting standard packaging consumables to producing specification-oriented specialty products. Key developmental milestones achieved in FY 2025-26 include:
- Fixed Asset Expansion: Net property, plant, and equipment increased from ₹15.23 crore to ₹19.56 crore, with an additional ₹10.58 crore deployed into Capital Work-in-Progress (CWIP).
- Label Division Transformation: Modernization of Unit 1 into a dedicated specialized Label Division capable of manufacturing complex industrial labels.
- Polymer Division (Unit 5): Establishment of a dedicated polymer facility in Dabaspet with an annual capacity of 6,000 tonnes to manufacture pressure-sensitive adhesives and sealants.
- International Export Milestones: Exported initial commercial shipments of self-synthesized Pressure-Sensitive Adhesives (PSA) via 20-foot shipping containers to South Korea.
- Institutional Validation: Obtained Part-I Approval from Indian Railways for auto-adhesive tape supplies and secured 95% qualification milestones for EMS applications.
The Corporate Umbrella
On July 23, 2025, Srivasavi acquired 100% control of Aneel Coating and Polymers Private Limited, making it a Wholly Owned Subsidiary (WOS). This corporate addition provides specialized coating and polymer manufacturing support to augment group sales and production capabilities.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Srivasavi operates as an integrated manufacturing business organized primarily around specialized production units rather than distinct reportable segment entities. Under Indian Accounting Standard / AS 17 disclosure standards, management considers manufacturing and selling of adhesive tapes and allied products as a single primary business segment.
The Product & Service Catalog
The company maintains a broad portfolio comprising over 300 Stock Keeping Units (SKUs) distributed across 8 core product lines under the ‘Dollar’ brand:
- Specialty Adhesive Tapes: Filament tapes, fiberglass fabric tapes, polyester tapes, cotton fabric tapes, double-sided tapes, scrim tapes, reinforced paper tapes, high-temperature resistant polyester tapes, and aluminum foil tapes.
- Protection & Packaging Tapes: ECO-friendly paper tapes, BOPP packaging tapes, surface protection films, and specialized masking tapes.
- Foams & Die Cuts: Customized precision die-cut solutions utilizing technical foams, films, foils, and specialized substrates engineered for targeted industrial applications.
- Adhesives & Polymers: In-house developed pressure-sensitive adhesives (PSA) and technical polymer sealants for captive consumption and commercial bulk sale.
- Industrial Labels: Advanced printed product identification and warning labels manufactured at the modernized Unit 1 facility.
The Names You Know
Srivasavi delivers specialized solutions to mission-critical industries. Growth in FY 2025-26 was driven by major demand catalysts across fast-growing sectors:
- Electric Vehicles & EMS: Supplying customized adhesive and thermal insulation solutions for Lithium-ion EV battery pack assemblers.
- Railways & Mass Transit: Supplying approved auto-adhesive tapes following Part-I Railway certification.
- Renewable Energy: Specialty tapes and protection substrates for solar panel manufacturers and wind turbine components.
- Home Appliances & Consumer Durables: Die-cuts and surface protection tapes for white and brown goods.
- Automotive & Strategic Sectors: Technical sound-damping and insulation tapes for automotive original equipment manufacturers (OEMs). During FY 2025-26, the company signed six Non-Disclosure Agreements (NDAs) with tier-1 clients (2 in EV battery tech, 1 in EMS, 1 in Automotive, and 2 in major retail).
Mapping the Domestic & Global Reach
Srivasavi markets its products across 21+ states in India and exports to 27+ countries overseas. Geographic distribution of revenue from operations is detailed below:
| Geographic Segment | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Domestic Sales (India) | 105.82 | 87.69 | +20.68% |
| Export Sales (Rest of World) | 4.16 | 2.47 | +68.42% |
| Total Revenue from Operations | 109.98 | 90.16 | +21.98% |
Domestic sales reflect grossed-up values including inter-state operations across manufacturing units of ₹7.09 Crores in FY 2025-26 (compared to ₹3.77 Crores in FY 2024-25) aligned with GSTR-9C matching requirements.
The Brick & Mortar Footprint
Srivasavi operates multiple specialized production hubs designed to segregate industrial workflows:
- Unit 1 (Doddaballapur, Bangalore Rural): Registered Office & Works, converted into a high-capacity modern Label Division.
- Unit 2 (Gowribidanur, Chikkaballapura): Main manufacturing plant covering primary coating, converting, and customer application die-cutting operations.
- Unit 5 (Dabaspet): Polymer Division spanning 6,000 MTPA capacity, targeting commercial production of captive pressure-sensitive adhesives by Q2 FY 2026-27.
- Unit 6 (Planned): Designed facility incorporating rooftop solar installations to optimize energy consumption cost structures.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
In FY 2025-26, Srivasavi breached the ₹110 crore baseline revenue threshold in total income, reaching peak topline operational execution. However, operational expansion, increased debt service charges, raw material cost trends, and unit ramp-up expenses led to a moderate contraction in net margins.
| Statement of Profit & Loss (Consolidated) | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 109.98 | 90.16 | +21.98% |
| Other Income | 0.49 | 1.53 | -67.97% |
| Total Income | 110.48 | 91.69 | +20.49% |
| Cost of Materials Consumed | 83.08 | 66.56 | +24.82% |
| Changes in Inventories of Finished Goods & WIP | (1.68) | (1.62) | +3.70% |
| Employee Benefits Expense | 7.31 | 6.16 | +18.67% |
| Finance Costs | 0.47 | 0.28 | +67.86% |
| Depreciation and Amortisation Expense | 1.44 | 1.10 | +30.91% |
| Other Expenses | 11.99 | 9.97 | +20.26% |
| Total Expenses | 102.61 | 82.45 | +24.45% |
| Profit Before Tax (PBT) | 7.87 | 9.24 | -14.83% |
| Total Tax Expenses | 1.86 | 2.44 | -23.77% |
| Profit After Tax (PAT) | 6.01 | 6.80 | -11.62% |
| Basic & Diluted Earnings Per Share (EPS in ₹) | 4.24 | 4.80 | -11.67% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet expanded substantially due to ongoing capital investments in property, machinery, plant infrastructure, and working capital lines needed to support higher sales volume.
| Balance Sheet Summary (Consolidated) | As at 31 March 2026 (₹ in Crores) | As at 31 March 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Equity Share Capital | 14.17 | 14.17 | 0.00% |
| Reserves and Surplus | 32.54 | 26.50 | +22.79% |
| Total Equity | 46.71 | 40.67 | +14.85% |
| Non-Current Borrowings | 7.23 | 0.10 | +7130.00% |
| Other Non-Current Liabilities & Provisions | 1.05 | 1.00 | +5.00% |
| Current Borrowings | 11.73 | 1.30 | +802.31% |
| Trade Payables | 16.83 | 13.36 | +25.97% |
| Other Current Liabilities & Short-Term Provisions | 1.30 | 1.52 | -14.47% |
| Total Current Liabilities | 29.87 | 16.18 | +84.61% |
| Total Equity and Liabilities | 84.86 | 57.95 | +46.44% |
| Property, Plant and Equipment | 19.56 | 15.23 | +28.43% |
| Capital Work-in-Progress (CWIP) | 10.58 | 0.00 | N/M |
| Goodwill on Consolidation & Other Non-Current Assets | 3.83 | 1.76 | +117.61% |
| Total Current Assets | 50.89 | 40.97 | +24.21% |
| Total Assets | 84.86 | 57.95 | +46.44% |
Cash Flow: Tracking the Money Movement
Srivasavi’s cash flow statement highlights heavy reinvestment of internally generated cash and external credit proceeds back into strategic fixed infrastructure and working capital resources.
| Consolidated Cash Flow Summary | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash from Operating Activities | 0.03 | 1.82 | -98.35% |
| Net Cash used in Investing Activities | (17.14) | (0.67) | +2458.21% |
| Net Cash generated from / (used in) Financing Activities | 17.05 | (1.14) | N/M |
| Net Increase / (Decrease) in Cash & Cash Equivalents | (0.06) | 0.01 | N/M |
| Cash and Cash Equivalents at Beginning of Year | 0.26 | 0.25 | +4.00% |
| Cash and Cash Equivalents at End of Year | 0.20 | 0.26 | -23.08% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital deployment accelerated substantially during FY 2025-26. Total tangible asset additions stood at ₹5.95 Crores, while ongoing construction expenditures under Capital Work-in-Progress (CWIP) reached ₹10.58 Crores (driven primarily by the Polymer plant in Dabaspet and factory improvements). The company maintains continuous R&D investments within regular operating expenditure streams to advance sample development, testing protocols, and client approval processes for specialized EMS and defense specifications.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
The company holds one wholly owned operating subsidiary incorporated in India. It has no joint ventures or associate companies.
| Entity Name | Relationship | Country | % Shareholding | Turnover (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|---|
| Aneel Coatings and Polymers Private Limited | Wholly Owned Subsidiary | India | 100% | 4.83 | 0.07 |
Strategic Investments & Treasury Holdings
Srivasavi holds no non-operating investment portfolio in equity markets or mutual funds. Non-current treasury allocations consist of bank term deposit receipts amounting to ₹2.04 Crores held under bank lien as margin security for credit and term funding lines.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The governance structure of Srivasavi Adhesive Tapes Limited combines executive founder leadership with non-executive independent directors:
| Name of Director / KMP | Designation / Role | DIN / Registration | Category |
|---|---|---|---|
| Dasa Nagaraja Anilkumara | Chairman & Managing Director | 02779362 | Executive Director (Promoter) |
| Ashwini D A | Executive Director & CFO | 02779449 | Executive Director (Promoter) |
| Gopi D K | Independent Director | Disclosed in Board | Non-Executive Independent Director |
| Prasad Ravishankar | Independent Director | 11197474 | Non-Executive Independent Director |
| Nanjundappa Vijayalakshmi | Independent Director | 11197834 | Non-Executive Independent Director |
| Rohit Kumar Joshi | Chief Executive Officer | KMP Designation | Key Managerial Personnel |
| Nikhil Jain | Company Secretary & Compliance Officer | ACS: A56131 | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
The promoter group maintains majority equity ownership control of the company, holding approximately 74.57% of total issued equity capital.
| Shareholder Category | Number of Shares Held | % Shareholding |
|---|---|---|
| Promoter & Promoter Group | 1,05,69,366 | 74.57% |
| – Dasa Nagaraja Anilkumara | 74,79,366 | 52.77% |
| – Ashwini D A | 30,90,000 | 21.80% |
| Public / Non-Promoter Shareholders | 36,04,800 | 25.43% |
| Total Paid-Up Equity Shares | 1,41,74,166 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
- In-House Adhesive Synthesis (Backward Integration): Developing proprietary pressure-sensitive adhesive chemistry reduces raw material supply chain reliance on imports from South Korea and Japan.
- High Barriers to Entry & Institutional Approvals: Possessing multi-year regulatory approvals, such as the Part-I Railway certification and 95% qualification milestones in complex EV battery pack EMS applications.
- Long-term Anchor Agreements: Secured a 5-year strategic commercial purchase agreement starting July 1, 2026, to supply specialized woven fabrics (PP/HDPE) to a leading multinational corporation.
- Multi-Unit Diversified Infrastructure: Dedicated plants for specialized product categories (Labels, Polymer synthesis, Technical die-cutting) mitigate single-facility operational risk.
What Could Go Wrong? Key Challenges & Business Risks
- Increased Financial Leverage: Non-current debt expanded to ₹7.23 Crores and short-term borrowings to ₹11.73 Crores in FY 2025-26 to fund capital projects and working capital needs, driving down the Debt Service Coverage Ratio from 6.08 to 0.43.
- Raw Material Cost & Volatility: Operational performance depends on petrochemical derivative prices and global specialty chemical availability.
- Working Capital Pressure: Rapid expansion of trade receivables (₹28.43 Crores) and inventory (₹19.59 Crores) requires ongoing short-term credit lines.
- Ramp-up Execution Risks: Execution timelines at the Unit 5 Polymer facility in Dabaspet remain critical to realizing targeted gross margin expansion.
The Next Chapter: Growth & CapEx Initiatives
Management’s strategic roadmap focuses on scaling manufacturing footprints from 2 lakh sq. ft. to over 4 lakh sq. ft. Key operational milestones planned for FY 2026-27 include:
- Operationalizing the 6,000 MTPA Unit 5 Polymer facility in Dabaspet by Q2 FY 2026-27 for internal self-sufficiency and industrial chemical sales.
- Commercializing supply contracts for high-growth sectors, including Defense components, Railway coach retrofits, EV Lithium-ion battery thermal management, and domestic EMS systems.
- Expanding export revenue contributions beyond the current ~4% share toward long-term targets, leveraging improved trade competitiveness.
The Verdict: Strategic Outlook & Conclusion
Srivasavi Adhesive Tapes Limited has evolved beyond standard converter status into a deeply integrated technical adhesives enterprise. While aggressive debt-funded capital expenditures narrowed short-term profit growth in FY 2025-26, the underlying establishment of self-reliant polymer synthesis, specialized unit structures, institutional certifications, and international export channels position the company to capitalize on import-substitution opportunities across India’s industrial sector.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.vasavitapes.com