Aureate Tradde Limited
1. Overview
Aureate Tradde Limited is a Mumbai-based trading and distribution company engaged in the supply of industrial and technological materials across three high-growth verticals: Polymers and Petrochemicals, Lithium-ion and Sodium-ion Cells, and Electric Vehicle Chargers. Originally incorporated in August 2018 as MM9 Polytrade Private Limited, the company was renamed Aureate Tradde Limited in April 2025 upon conversion to a public entity.
The company's operations are anchored in an inventory-based trading model, under which it imports finished goods from international manufacturers — primarily in Hong Kong, Taiwan, Dubai, and China — stores them in rented warehouse facilities, and distributes them domestically to B2B and B2C customers across India. Its registered office is in Mumbai's Nariman Point, with three active warehouse/godown locations in Maharashtra, Gujarat, and Delhi.
Promoted by Mrs. Kalash Kevin Shah and Mr. Punit Devendrabhai Shah, the company represents the third generation in a family plastics business with roots dating to 1981 (M/s National Color Chem Corp). The promoters collectively bring over 28 years of combined experience in the polymers and EV industries.
The company occupies a niche positioning as India's sole and exclusive PAN-India distributor for Sodium-ion Cells from Jianghu Highstar Battery Manufacturing Co., Ltd. — a differentiated advantage in a category gaining rapid traction for two- and three-wheeler EV applications.
2. Business Model and Revenue Streams
Revenue Model — Inventory-Based Trading
Aureate Tradde operates a buy-and-hold distribution model: it sources products against firm purchase orders (or speculative inventory positions), maintains physical stock at third-party warehouses, and sells to end customers on short credit terms. The model is capital-intensive, with working capital requirements driven primarily by trade receivables and inventory holding.
Segment-Wise Revenue Breakdown (₹ Cr)
| Segment | Dec 25 | % | 2024-25 | % | 2023-24 | % |
|---|---|---|---|---|---|---|
| Polymers & Petrochemicals | 95.82 | 94.10% | 141.99 | 81.41% | 141.68 | 82.97% |
| Lithium-ion & Sodium-ion Cells | 4.04 | 3.96% | 30.47 | 17.47% | 26.55 | 15.55% |
| Electric Vehicle Chargers | 1.87 | 1.84% | 1.43 | 0.82% | — | — |
| Miscellaneous | 0.10 | 0.10% | 0.52 | 0.30% | 2.52 | 1.48% |
| Total | 101.83 | 100% | 174.41 | 100% | 170.75 | 100% |
Polymers and Petrochemicals remain the dominant revenue driver, contributing 94.1% of revenue in the nine months ended December 2025. Lithium-ion and Sodium-ion Cells showed strong ramp-up in FY25 (17.5% of revenue) before moderating in 9M FY26, reflecting working capital cycle and demand seasonality. EV Chargers are an early-stage segment.
Geography-Wise Revenue Breakdown (₹ Cr)
| State | 2024-25 | % | 2023-24 | % |
|---|---|---|---|---|
| Maharashtra | 95.32 | 54.65% | 87.93 | 51.50% |
| Gujarat | 69.88 | 40.07% | 73.67 | 43.15% |
| Delhi | 8.83 | 5.06% | 7.72 | 4.52% |
| Others | 0.39 | 0.22% | 1.42 | 0.83% |
Maharashtra and Gujarat together account for approximately 95% of revenue, reflecting the concentration of plastic goods manufacturers and EV industry players in western India.
Customer & Supplier Concentration
Top 10 customers contributed 67.9% of FY25 revenue (₹118.50 crores); the single largest customer accounted for 25.18% (₹43.91 crores).
Top 10 suppliers accounted for 78.3% of FY25 purchases (₹122.42 crores out of ₹156.41 crores total).
International procurement comprised 45.2% of purchases in FY25, with key sourcing origins in Hong Kong, Taipei, Dubai, China, and Mumbai.
There are no long-term supply agreements with customers, exposing the company to demand volatility.
3. Products and Service Portfolio
(i) Polymers and Petrochemicals
This is the core, revenue-generating segment. Key products include:
PVC Resin (SG5, H66, HS-1000R, DG-1000S, LS100H): Used in pipes, window profiles, films, cable insulation, and flexible applications across construction and industrial sectors.
PET Resin Bottle (WK-801, WK-821): For water and beverage bottle manufacturing.
LDPE (Lupolen 2421H): For bags, pouches, and hygiene films.
HDPE (Hostalen ACP 5831D): For packaging, bottles, toys, and household goods.
Target industries: Construction, Packaging, Automotive, Chemicals, Agriculture, Textiles, Bottles/Containers.
(ii) Lithium-ion and Sodium-ion Cells
A high-growth segment catering to EV and energy storage applications:
Lithium-ion Cells (26650-5000mAh, IFPP40130220 100AH, 32700, 48174133 86AH): Used in EVs, solar storage, UPS, and consumer electronics. BIS-certified for Indian market requirements.
Sodium-ion Cell (NACP71173208, 10AH, 3.45V, 4000 cycles): Manufactured by Jianghu Highstar Battery Manufacturing Co., Ltd. — Aureate holds exclusive PAN-India distribution rights. Optimised for two- and three-wheeler EV applications with fast-charging capability and superior thermal stability.
Target industries: EV OEMs, Consumer Electronics, Renewable Energy Storage.
(iii) Electric Vehicle Chargers
Smallest but strategically significant segment:
Lead Acid Chargers (48V/60V/72V, 4A): For two-wheeler EVs.
IP67-rated Chargers (48V 20A / 48V 35A): For three-wheeler EVs; waterproof industrial grade.
Lithium Chargers (54.75V / 71.4V, 6A): For two-wheeler EVs.
The company operates in both B2B (OEMs) and B2C (retail consumers) segments. Management has articulated a strategic intent toward backward integration by setting up in-house manufacturing of EV chargers under its own brand — a transition from "trading-based" to "integrated manufacturing-cum-trading" that could meaningfully expand margins.
4. Key Business Strengths
- Exclusive Sodium-ion Distribution Rights: Sole PAN-India distributor for Jianghu Highstar's Sodium-ion Cells — a structurally differentiated position in a category forecast to gain share from lithium-ion in two- and three-wheeler applications due to cost and safety advantages.
- Third-Generation Promoter Expertise: Promoters with 28+ years in plastics and EV — deep supplier and customer relationships built over decades; legacy family business roots from 1981.
- Multi-Category, Multi-Industry Diversification: Revenue exposure across Polymers, EV Cells, and EV Chargers reduces single-segment risk; coverage of construction, packaging, automotive, and EV end-markets provides natural demand hedging.
- Strategic Warehouse Locations: Facilities in Maharashtra (Bhiwandi/Thane), Gujarat (Kachchh), and Delhi position the company proximate to India's largest polymer-consuming manufacturing clusters and EV hubs.
- Established Supply Chain from Key International Markets: Procurement from Hong Kong, Taiwan, Dubai, and China-based manufacturers ensures product quality and competitive pricing.
5. Future Growth Strategy
- Geographic Expansion: Increase distribution footprint to untapped states beyond the current Maharashtra-Gujarat-Delhi concentration; targeting eastern and southern India for polymer and EV products.
- Backward Integration into EV Charger Manufacturing: Transition from import-and-sell to "Made in India" manufacturing under proprietary brand; reduces import duty exposure, expands margins, and aligns with Government of India's Make in India initiative.
- Volume-Driven Scale in Polymers: Drive incremental volume growth through enhanced supplier credit terms, advance procurement for larger order discounts, and deeper penetration of existing customer verticals.
- Sodium-ion Cell Market Development: Leverage exclusive distribution rights to capitalise on anticipated demand surge as two- and three-wheeler OEMs qualify and adopt Sodium-ion chemistry at scale.
- Expand to New Product Categories: Respond to existing client ancillary import needs (currently classified as "Miscellaneous") on a structured basis to create additional revenue streams.
- Working Capital Optimisation Post-IPO: Deploy ₹10.00 crores of IPO proceeds toward working capital to reduce reliance on high-cost short-term borrowings (D/E at 2.49x in FY25), enabling faster inventory turns and improved receivables management.
- Strategic Partnerships with OEMs and Energy Companies: Form tie-ups with EV two-wheeler and three-wheeler OEMs, and renewable energy companies, to secure offtake agreements and deepen market penetration in the energy storage space.
