S.D. International IPO

S.D. International Limited IPO is a book-built issue of 1.65 crore equity shares consisting of a fresh issue of up to 1.30 crore equity shares and an offer for sale of up to 35 lakh equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. Valmiki Leela Capital Private Limited is the Book Running Lead Manager, and Kfin Technologies Limited is the Registrar to the Issue. Key details such as the IPO dates, IPO price band, and lot size are yet to be announced.

About S.D. International Limited

S.D. International Limited was originally incorporated as S.D. International Private Limited under the Companies Act, 1956, pursuant to a certificate of incorporation dated September 18, 2008. The company commenced commercial operations in thermoformed polypropylene packaging containers in 2009 and subsequently expanded its manufacturing capabilities. In January 2026, the company was converted from a private limited company into a public limited company, and its name was changed to S.D. International Limited.

The company is engaged in the manufacturing of semi-rigid and rigid food packaging products in India, serving end-use segments including takeaway and food-service establishments, dairy, sweets and confectionery, bakery, branded food products, and agro-based produce. Its product portfolio comprises in-mould labelled containers, tamper-evident containers, takeaway containers, sipper beverage glasses, polyethylene terephthalate hinged, round and square containers, polyethylene terephthalate sauce cups, leak-resistant containers, agro and punnet boxes, bakery packaging products, lids, meal boxes, and polypropylene sealable containers. As of March 31, 2026, the company offered 255 stock keeping units.

S.D. International operates an integrated, multi-technology manufacturing platform with manufacturing facilities primarily located in Gorakhpur, Uttar Pradesh, along with facilities in Sandila, Hardoi, Uttar Pradesh. As of Fiscal 2026, the total installed capacity of the company and its subsidiary was 20,100 metric tonnes. Its manufacturing capabilities include multilayer sheet extrusion, multi-station and tilt-mould thermoforming, automated counting, sealing and packing, thin-wall injection moulding, and in-mould labelling using robotic systems. The facilities are strategically located near customers and key consumption markets in Uttar Pradesh, Bihar, and West Bengal, supporting customer coordination and order execution.

The company serves a broad customer base comprising business-to-business customers, corporates, and distributors across multiple end-use sectors, with the company and its subsidiary having served more than 800 customers during Fiscal 2026 across India and international markets. Its manufacturing equipment and processes incorporate technologies sourced from Germany, Japan, Taiwan, Turkey, and China. The company has obtained certifications including International Organization for Standardization 9001:2015 for quality management systems, International Organization for Standardization 14001:2015 for environmental management systems, and International Organization for Standardization 22000:2018 for food safety management systems. It also undertakes initiatives relating to material efficiency and waste reduction and uses recyclable materials and post-consumer recycled plastics in certain packaging products, subject to applicable laws and customer specifications.

Industry Outlook

• The Indian packaging industry is estimated at around USD 92 billion in CY2025 and is projected to reach USD 129 billion by CY2030, implying a 7% CAGR during CY2025–CY2030.
• Plastic packaging remains the largest material segment, valued at approximately USD 42.3 billion in CY2025, representing 46% of India’s packaging market, and is projected to reach USD 59.9 billion by CY2030, growing at a 7.2% CAGR.
• The Indian rigid plastic packaging market is valued at approximately USD 14.7 billion in CY2025 and is projected to reach USD 21.4 billion by CY2030, registering a 7.9% CAGR. Demand is supported by applications across beverages, pharmaceuticals, household products, personal care, and industrial goods.
• The semi-rigid plastic packaging market is estimated at USD 5.1 billion in CY2025 and is expected to reach USD 7.3 billion by CY2030, translating into a 7.5% CAGR. Growth is expected from dairy, ready-to-eat meals, fresh produce, takeaway, and food-delivery applications.
• Rising organised retail, packaged consumption, and delivery-led food services are supporting demand for semi-rigid and rigid plastic packaging, while future product development is increasingly focused on lower material usage, recyclability, and recycled content.
• E-commerce, quick commerce, and food delivery are emerging as important demand drivers, increasing the requirement for lightweight, durable, leak-proof, temperature-resistant, and tamper-evident packaging solutions.
• The industry is witnessing a shift from unorganised and fragmented manufacturing towards organised players, driven by brand consolidation, higher quality requirements from retailers and exporters, automation, recycling investments, and compliance with Extended Producer Responsibility requirements.
• Lightweighting, automation, and advanced manufacturing technologies are expected to shape the industry, as manufacturers seek to reduce material consumption while maintaining product strength, safety, and consistency. This also helps reduce transportation loads and associated emissions.
• Polypropylene remains the largest material in semi-rigid packaging, with a market size of approximately USD 1.8 billion in CY2025 and an expected 8.7% CAGR through CY2030, supported by its use in dairy cups, thin-wall tubs, trays, and takeaway containers.
• Polyethylene terephthalate and recycled polyethylene terephthalate are expected to see strong growth, with the segment projected to grow at a 10.5% CAGR from CY2025 to CY2030, reaching approximately USD 2.4 billion, supported by demand for transparent and recyclable packaging.
• Sustainability and regulation are increasingly influencing product development, with recyclable designs, mono-material structures, recycled content, and resource efficiency gaining importance amid Extended Producer Responsibility requirements and evolving packaging standards.
• The industry is also exposed to raw material price volatility, particularly for polyethylene terephthalate, high-density polyethylene, and polypropylene, as polymer prices remain linked to crude oil and global supply-demand conditions.

S.D. International IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment/pre-payment, in full or in part, of all or certain outstanding borrowings.
• Funding of capital expenditure towards the purchase of machinery and equipment by the company.
• Utilise the remaining funds for general corporate purposes.

Financial Performance of S.D. International Limited

S.D. International Limited Peer Details Comparison