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)

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)

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.