Waste-to-Value · Advanced Carbon Materials · Est. April 2025
From Industrial
Waste to the
Materials of Tomorrow

Indigo Carbons India Private Limited transforms legacy industrial carbon deposits into high-performance specialty carbon black — simultaneously solving an environmental problem and capturing a structural materials opportunity across India's EV, power infrastructure, and advanced polymer industries.

~50K MT
Secured Resource Base
₹81 Cr
Revenue by FY31
54–67%
Gross Margin Profile
₹135/kg
Validated Sale Price
$29B
Global CB Market
Conductive Carbon Black Circular Economy EV & Energy Storage Power Cable Industry Import Substitution ESG Infrastructure Continental Carbon Validated
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Secured Resource — Three Operational Sites
~50,000 MT
of legacy carbon-rich industrial deposit, secured exclusively — with one site already fully cleared and handed over, demonstrating operational execution
✓ Completed
Site Alpha (North)
5,000 MT
Fully cleared · Handed over · Proven track record
⬤ Wrapping Up
Site Beta (West)
~12,000 MT
~1,500 MT remaining · Est. completion May 2025
◈ Primary Site
Site Gamma (Central)
~40,000 MT
Ongoing · Principal raw material reserve
~57,000 MT
Total contracted · ~50,000 MT practical yield after sun-drying
Actual yield lower than contracted due to moisture reduction from sun-drying at source
§01 — The Problem We Solve
Two Problems.
One Business.
🏭
Stranded Industrial Carbon — An Untapped Resource
India's legacy industrial operations generated large volumes of carbon-rich byproducts now stored in open dykes. Representing both an environmental hazard and a valuable raw material stream, this deposit is the founding thesis of Indigo Carbons.
💡
India Imports 80%+ of Specialty Carbon Black
India's EV, power cable, and advanced polymer industries rely almost entirely on imported conductive carbon black from global majors — incurring significant import premiums and supply chain vulnerability that domestic production can eliminate.
🔋
Demand is Accelerating; Supply is Constrained
India's EV mission, the ₹2 Lakh Crore power infrastructure build-out, and battery PLI schemes are creating rapidly growing demand for high-performance conductive carbon materials — precisely what Indigo manufactures.
♻️
ESG Compliance is Becoming Economics
Scope 3 emissions reporting and green procurement mandates are making Indigo's waste-derived supply chain story a commercial advantage — not merely a sustainability narrative.
§02 — Business Model
Waste In. Performance Out.

Vertically integrated — from exclusive raw material access through proprietary processing to premium B2B sales

01
🏗️
Exclusive Access
Long-term agreement with a major industrial establishment for entire legacy carbon deposit
→
02
🔬
Proprietary Processing
In-house developed activation, drying & surface modification protocols
→
03
💎
Grade Engineering
Four distinct conductive carbon grades targeting different high-value market segments
→
04
🤝
B2B Industrial Sales
Direct supply to EV battery, cable, polymer & specialty materials manufacturers
→
05
🌱
ESG Value
Hazardous waste remediation, land recovery, carbon displacement — certified circular economy
§03 — Feedstock Strategy
Not a One-Time Play.
A Launch Platform.

The secured legacy deposit — while substantial at ~50,000 MT — is best understood as Indigo's low-cost launchpad, not its ceiling. The material provides years of cheap feedstock to build the business, validate the market, and accumulate capital — after which Indigo will be well-positioned to transition to a broader, globally-sourced raw material base or in-house production.

Phase 1 — Now through FY29
Build on Secured Cheap Feedstock
Use the ~50,000 MT reserve at a structurally advantaged cost to build brand, customer relationships, technical capability and market presence. Capital generated is reinvested in capability expansion and product development.
Phase 2 — FY29–FY31
Diversify into Global Sources
Indigo has already identified multiple analogous carbon sources internationally. These sources will be progressively integrated into the raw material supply chain, reducing dependence on any single deposit while maintaining cost advantages.
Phase 3 — FY31 Onwards
In-house Manufacturing or Market Expansion
By FY31, with ₹68+ Crore in projected cumulative PAT, Indigo will have the capital and expertise to either establish its own carbon black manufacturing line — producing feedstock independently — or integrate commercially available carbon blacks into its processing framework. The launch phase gives Indigo the runway to make this choice from a position of strength.
Global Sourcing Pipeline
Analogous Sources Already Identified
Indigo is not waiting for the current reserve to deplete. Active research and partner discussions are underway to identify and secure analogous carbon-rich industrial byproduct sources from global industrial operations. The processing know-how developed for the current feedstock is directly transferable.
Middle East Southeast Asia Eastern Europe South Asia Latin America
Resource Lifecycle — Current Feedstock vs. Future Sources
Sites Cleared
Active Lifting
Primary Reserve Remaining
Why the Finite Nature is an Advantage
  • 🔒 Near-zero feedstock cost builds margin and capital far faster than conventional manufacturing
  • 📈 Market validation and brand establishment during lowest-cost phase — de-risks the transition
  • 💰 Cumulative PAT of ₹68+ Cr by FY31 finances any future feedstock strategy independently
  • 🌍 Transferable knowhow enables international sourcing at comparable economics
§04 — Product Portfolio
Four Grades.
One Value Ladder.
Grade
Key Specifications
Target Applications
Target Price
Market Tier
IC-CX100General Conductive
Iodine No. ≥95 mg/g · NSA 100 m²/g · OAN 140 cm³/100g · Ash <0.4%
Wire & CableMasterbatchesAntistatic Films
₹80–120/kg
Industrial Base
IC-SC280Semiconductive Cable
Iodine No. ≥300 mg/g · NSA 280 m²/g · OAN 170 cm³/100g · Low impurity
MV/HV Cable ShieldingESD CompoundsConductor Shield
₹130–180/kg
Power Infra.
IC-EN320Energy Storage Grade
Iodine No. ≥320 mg/g · NSA ~320 m²/g · OAN 180+ cm³/100g · Purity >99%
Li-ion Battery ElectrodesSupercapacitorsConductive Inks
₹200–350/kg
EV / Energy
AURIX™ X950Superspeciality Additive
NSA 900–1000+ m²/g · Ultra-high conductivity · Purity >99.5% · 15–25 nm particle
EV Battery AnodesFuel CellsAdvanced Composites
₹500–1,500/kg
Deep Specialty
Import Substitution

IC-CX100 & IC-SC280 directly replace Cabot Vulcan and Ketjenblack grades that cost Indian buyers ₹250–2,500/kg. Indigo delivers equivalent performance at 40–60% lower cost.

EV Battery Demand

IC-EN320 targets India's PLI-backed EV battery manufacturing wave. India's 100 GWh domestic battery production target by 2030 requires domestic conductive carbon supply chains.

AURIX™ Value Ceiling

AURIX™ X950 targets the ultra-premium specialty segment dominated by global brands at ₹1,500–5,000/kg. Continental Carbon's CL-08 at ₹600/kg is the benchmark we aspire to from the same feedstock class.

§05 — The Continental Carbon Inspiration
The Product That
Inspired a Company
Continental Carbon Company · Global Leader
How a Single Patented Grade Defined Indigo's Founding Vision
Continental Carbon Company — a global conductive carbon black manufacturer with operations across the USA, India, and Asia — markets a patented conductive carbon black grade designated CL-08. What makes CL-08 extraordinary is that it is manufactured using carbon feedstock of precisely the same nature and origin type as Indigo's raw material base, and it commands a market price of approximately ₹600 per kilogram.

When Indigo's founders — who had secured exclusive access to a substantial reserve of this exact feedstock class — understood what Continental Carbon had achieved with CL-08, the business thesis became immediately clear: their raw material was not industrial waste. It was the precursor to some of the world's most valuable carbon materials.
Continental Carbon · Patented Grade
CL-08
Patented Conductive Carbon Black · Slurry-Derived Feedstock
₹600
/kg
Market price achieved by a product made from the same feedstock class as Indigo's raw material — the price ceiling our AURIX™ programme targets
🧠
Same Feedstock Class — Different Destiny
CL-08 is rooted in the same category of industrial carbon slurry that forms Indigo's raw material reserve. Continental Carbon's ₹600/kg pricing validates the extraordinary value this feedstock class can achieve with the right processing.
📐
AURIX™ X950 — The Inspired Response
AURIX™ X950 was designed with CL-08 as the performance and pricing benchmark. Continental Carbon's commercial success validates the upper end of Indigo's product roadmap and pricing ambition.
✅
Market Validation Before Our Plant Was Built
Continental Carbon India Limited (CCIL) — the Indian arm of this very company — accepted a 15 MT test order from Indigo at ₹135/kg, pre-facility. CCIL purchasing from Indigo is the industry's highest-confidence signal of product viability.
The Value Ascent — Same Feedstock · Higher Processing · Higher Price
₹85/kg (our input) → ₹185–200/kg (base products) → ₹600/kg (CL-08 benchmark)
Continental Carbon's CL-08 demonstrates the ceiling our feedstock can achieve. AURIX™ X950 is the pathway.
§06 — Expert Network & Advisory
Decades of Carbon Black
Expertise. In Our Corner.

Indigo Carbons operates with the backing of an experienced multi-disciplinary advisory and consulting team — professionals who have spent the majority of their careers in the carbon black industry across technical, commercial, and operational domains. This expertise directly informs our product development, plant design, and market strategy.

🔬
Material Science
Carbon Materials Research
Expert consultants in carbon material science advising on feedstock characterisation, grade engineering, and advanced material properties — ensuring our products meet or exceed commercial specifications.
⚗️
R&D
Conductive Carbon Black R&D
Specialised researchers with deep backgrounds in conductive and specialty carbon black development, guiding Indigo's product roadmap from IC-CX100 through to the AURIX™ X950 superspeciality grade.
🏭
Operations
Carbon Black Plant Operations
Veteran plant operators and process engineers with direct experience in carbon black manufacturing — advising on equipment selection, process optimisation, safety protocols, and production ramp-up.
⚙️
Engineering
Equipment Design & Engineering
Specialist equipment designers and process engineers providing customised solutions for Indigo's batch-processing line — including thermal systems, milling, classification, and material handling infrastructure.
📋
Project Management
Industrial Project Execution
Experienced industrial project managers overseeing the Mokhra facility construction — ensuring timelines, budget discipline, and commissioning readiness for the August 2026 production start target.
📊
Commercial
Carbon Black Marketing & Sales
Industry-experienced commercial advisors with established networks in the carbon black buyer community — accelerating customer qualification cycles and supply agreement negotiations.
CUP
Central University
of Punjab
Academic Research Partnership
Central University of Punjab, Bathinda
Indigo Carbons has established a formal research partnership with the Central University of Punjab (CUP), Bathinda for advanced scientific testing of raw materials and processed prototypes. CUP provides access to sophisticated analytical instrumentation, academic rigour in characterisation methodology, and a pipeline of research talent. This partnership strengthens Indigo's technical credibility, supports product certification documentation, and provides an independent validation framework for quality assurance claims made to industrial buyers.
§07 — Competitive Advantages
Why This Cannot
Be Replicated
🔒
Exclusive, Pre-Paid Resource Base
Indigo's founding partner holds an exclusive, fully paid-for agreement with a major industrial establishment for the entire legacy carbon deposit. This agreement is executed, advance-paid, and carries no competing claims. No new entrant can access this specific feedstock at any price.
Irreplaceable Asset
💰
Structural Cost Leadership
Conventional carbon black producers globally rely on petroleum-derived feedstocks at global commodity rates. Indigo's feedstock cost structure is fundamentally different, providing an estimated 40–60% cost advantage vs. the industry norm — permanent, not cyclical, and independent of oil price movements.
40–60% Cost Advantage
🧪
Proprietary Processing Knowhow
Years of R&D covering drying, activation, surface treatment, classification, and grade-specific formulation constitute a body of proprietary process knowledge. Even with identical raw material access, replication without this knowhow requires years of costly R&D investment.
Proprietary IP
🏗️
Owned Land & Infrastructure
The 4.5-acre Mokhra, Rohtak plant site is owned by Shubham Sales Co. (bank-valued at ₹6 Crore) and leased to Indigo at a preferential rate, eliminating the single largest capital cost for any new specialty chemical plant and removing ongoing rental burden that compresses competitors' margins.
Asset Backed
🎓
Expert Team & Academic Partnership
A multi-disciplinary team of carbon black veterans — spanning R&D, plant operations, equipment engineering, and commercial sales — combined with a formal testing partnership with Central University of Punjab, provides technical depth most early-stage materials companies lack entirely.
Deep Domain Expertise
📋
Pre-Facility Customer Validation
Achieving commercial sales to a globally pedigreed carbon black buyer — at target price — before manufacturing commissioning is exceptional validation. Most B2B industrial startups spend 18–24 months qualifying their first serious customer. Indigo began there.
Pre-Facility Validated
§08 — Corporate Structure & Partners
Built on Solid
Foundations
Industrial Establishment (Material Source)
Major Industrial Manufacturer
  • Legacy carbon deposits at multiple industrial sites
  • Exclusive supply agreement executed
  • Full advance payment received
  • Contractually obligated to release material
Exclusive supply · Pre-paid · Locked
▼
Founding Corporate Partner
Shubham Sales Co.
  • Holds 75% shareholding in Indigo Carbons
  • Exclusive raw material procurement rights holder
  • Corporate guarantor for ICICI Bank project funding
  • Owner of 4.5 Acre plant site, Mokhra, Rohtak (₹6 Cr)
  • Land leased to Indigo at preferential rate
RM Supply + Land Lease + Guarantee
▼
Advanced Materials Company
Indigo Carbons India Pvt. Ltd.
  • Incorporated April 2025 · Rohtak, Haryana
  • Processing, manufacturing & commercial sales entity
  • Four-grade conductive carbon black portfolio
  • ICICI Bank project-based financing secured
  • 10 MT/day plant under active construction

Shubham Sales Co. — The Strategic Foundation

Shubham Sales Co. is the operational backbone that makes Indigo's business model possible. As the entity holding exclusive procurement rights to the raw material and owning the plant land, Shubham Sales provides Indigo with capital-light access to two of the most critical elements of any manufacturing business.

This group structure creates Indigo's structural cost advantage. The Shubham-Indigo relationship is arm's-length, commercially priced, and fully documented — ensuring clean inter-company transactions while preserving the group's competitive edge.

100%
Indigo
Indigo Carbons — Current Shareholding
Shubham Sales Co.
75%
Simran Sivia (Founder & CEO)
25%
New investor shares issued from authorised capital upon investment close
🏦 ICICI Bank Security Package: Shubham Sales Co. provides corporate guarantee for Indigo's project-based bank financing, with the 4.5-acre Mokhra land asset (₹6 Crore ICICI valuation) as collateral. This reduces Indigo's debt cost and signals strong promoter commitment.
§09 — Environmental & ESG Impact
Every Tonne Processed
is a Tonne Remediated

Indigo is not merely a carbon black manufacturer. It is one of the few private-sector operators simultaneously cleaning up a legacy industrial hazard and creating high-performance advanced materials from the material it removes.

3 Sites
Operational Progress
One fully cleared, one near completion, one ongoing — demonstrating execution track record
~50K MT
Waste Remediated
Hazardous carbon deposit removed from open industrial dykes over the full operational cycle
Zero
Virgin Fossil Feedstock
100% of raw material is recovered industrial waste — no new petroleum inputs required
3–4x
CO₂ Displacement
Estimated CO₂-equivalent displacement vs. conventional furnace black per tonne produced
🌍
Soil & Groundwater Protection
Carbon-rich slurry in open industrial dykes percolates into surrounding soil and groundwater over time, causing long-term agricultural and ecosystem damage. Indigo's operations directly prevent this by removing the source material and restoring affected land to productive use.
💨
Air Quality Improvement
When exposed carbon deposits dry in summer, fine particulate carbon disperses as PM2.5 and PM10 — a serious air quality and public health hazard in surrounding communities. Indigo's operations eliminate this ongoing airborne contamination source.
♻️
Circular Economy in Practice
Industrial waste enters Indigo's system and exits as certified high-performance carbon black. Each kilogram produced displaces virgin petroleum-derived production and its associated emissions — a genuine circular economy chain, not a label.
The Circular Value Chain
Industrial waste entering Indigo's system exits as certified high-performance carbon materials
🏭
Legacy Deposit
Industrial Hazard
→
🔬
Indigo Processing
Proprietary Activation
→
💎
Carbon Black
High-Value Product
→
⚡
EV Batteries
Clean Energy
→
🌱
Remediated Land
Restored Ecosystem
§10 — Early Traction
Validated Before
We Built a Single Wall
"
First Commercial Transaction · Pre-Facility
Continental Carbon Accepted Our First Order at Our Target Price
Before a single piece of processing equipment had been commissioned, before our plant walls were erected, we supplied a 15 metric tonne test order to one of the world's most credible carbon black enterprises — at exactly our intended commercial price point. This is a completed, revenue-generating commercial transaction.
15 MT
Order Volume
₹135/kg
Price Achieved
₹20.25L
Order Revenue
₹23 Lac
Total Pre-Facility Rev.
Continental Carbon
A globally recognised conductive carbon black enterprise. Their acceptance of Indigo's product at ₹135/kg — pre-facility — is the most credible market validation available to an early-stage advanced materials company.
🏛️
Incorporation & Foundation
Indigo Carbons India Pvt. Ltd. incorporated. Founding team, corporate structure, and capital plan established. ICICI Bank project-based financing secured.
April 2025
📋
Raw Material Security — Three Sites Active
Exclusive access confirmed via Shubham Sales Co.'s long-term agreement. Site Alpha fully cleared and handed over — proving operational execution. Site Beta wrapping up (est. May 2025). Site Gamma primary reserve ongoing.
Pre-Incorporation — Ongoing
💎
First Commercial Sale — Continental Carbon
15 MT test order fulfilled for Continental Carbon India Limited at ₹135/kg. Product specifications met without an operational facility. Highest-confidence commercial validation in the industry.
2025 (Pre-Plant)
🏗️
Plant Construction Underway
Civil works commenced at 4.5-acre Mokhra, Rohtak facility. Technical consultants and equipment designers engaged. Processing line procurement in progress.
2025 — Ongoing
🎯
Next: Commercial Production — August 2026
Target commissioning of 10 MT/day Phase 1 processing line. First production batches and customer deliveries at commercial scale.
August 1, 2026 (Target)
§11 — Market Opportunity
A $29 Billion Market
in Accelerating Transition
Global Carbon Black Market
$29B
2025 size · 9–10% CAGR through 2032
India Carbon Black Market
₹8,500 Cr
Growing faster than global avg driven by EV & infrastructure
Specialty Conductive Segment
$4.2B
High-value conductive & specialty grades growing at 14%+ CAGR
India Import Dependence
>80%
Of specialty conductive grades consumed in India are imported — Indigo's target
Indigo's Addressable Market — Conservative
₹1,200 Cr+
India's annual import bill for specialty conductive carbon black grades in the segments Indigo targets — EV batteries, power cables, specialty polymers. This is the TAM Indigo begins addressing from FY27.
Key India-Specific Demand Drivers
⚡
India EV Mission & Battery PLI — ₹18,100 Crore PLI scheme targeting 50 GWh domestic battery capacity by 2030; all requiring conductive carbon additives.
🔌
Power Infrastructure Buildout — India's ₹2 Lakh Crore grid upgrade creates large demand for IC-SC280 type semiconductive cable compounds as Polycab, KEI, and Apar all expand capacity.
🏭
Specialty Polymer Growth — India's antistatic packaging, ESD protection, and conductive masterbatch markets growing 15%+ annually, driven by electronics manufacturing expansion.
🌿
Green Procurement Mandates — BRSR framework and global customer Scope 3 requirements creating premium demand for waste-derived, low-carbon input materials.
🇮🇳
Atmanirbhar Import Substitution — Government policy actively incentivising domestic production of advanced materials, creating demand pull and potential subsidy pathways for Indigo.
§12 — Financial Projections
Conservative Projections.
Honest Numbers.

The following projections are deliberately conservative — built on lower-end revenue assumptions and higher-end cost estimates. The intent is to present a credible, realistic picture of performance rather than an optimistic forecast. We believe these numbers are achievable; we are confident actual performance could be materially better.

Base Case — 10 MT/day Plant · Conservative Model
Production commences August 1, 2026 · Gradual utilisation ramp · Higher-end cost assumption (₹85/kg) · Lower-end ASP (₹185/kg base) · No AURIX™ upside modelled in early years
10 MT
Daily Capacity
₹85/kg
All-In Cost
₹185/kg
Base ASP (FY27)
300 days
Production Days/Yr
Revenue, EBITDA & PAT (₹ Crore)
FY27 = partial year (Aug 2026–Mar 2027, 8 months) · All figures conservative base case
Revenue
EBITDA
PAT
* FY27 = 8 months only
Margin Progression (%)
Gross margin & EBITDA margin expanding with product mix upgrade
Gross Margin %
EBITDA Margin %
Volume & Avg. Selling Price
Volume (MT) vs. ASP (₹/kg) — mix improvement drives ASP growth
Volume (MT)
ASP (₹/kg)
Revenue Build-Up by FY31
Illustrative product mix driving revenue to ₹81 Crore
Cost Structure at Scale (FY31)
How revenue converts to PAT at steady state
Metric FY27 (8 mo.) FY28 FY29 FY30 FY31
Production Volume (MT)1,1502,2502,4002,7003,000
Plant Utilisation~52%*75%80%84%+~87%
Avg. Selling Price (₹/kg)₹185₹195₹220₹249₹270
Revenue (₹ Cr)₹21.3₹43.9₹52.8₹67.3₹81.0
All-in COGS (₹ Cr)₹9.8₹19.4₹20.9₹23.8₹27.0
Gross Profit (₹ Cr)₹11.5₹24.5₹31.9₹43.6₹54.0
Gross Margin54.0%55.8%60.5%64.7%66.7%
Operating Expenses (₹ Cr)₹5.5₹7.5₹8.5₹10.0₹12.5
EBITDA (₹ Cr)₹6.0₹17.0₹23.4₹33.6₹41.5
EBITDA Margin28.2%38.7%44.3%49.9%51.2%
Depreciation (₹ Cr)₹2.8₹3.2₹3.2₹3.5₹4.5
Interest (₹ Cr)₹2.8₹3.0₹2.5₹2.0₹2.5
PBT (₹ Cr)₹0.4₹10.8₹17.7₹28.1₹34.5
PAT (₹ Cr)₹0.3₹8.1₹13.3₹21.0₹25.9
* FY27 utilisation on 8-month basis (ramp profile: 35% in months 1–2, 55% in months 3–4, 70% in months 5–8). ASP improvement reflects progressive product mix shift (increasing IC-SC280, IC-EN320). Tax at 25% effective rate. Working capital, CAPEX for expansion, and upside from carbon credits not modelled. AURIX™ X950 revenue contribution not included in base case — represents meaningful upside optionality.
Cumulative 5-Year Revenue
₹266 Cr
FY27–FY31 base case · Conservative assumptions
Cumulative 5-Year PAT
₹68.6 Cr
Aggregate net profit FY27–FY31
Peak EBITDA Margin (FY31)
51.2%
Exceptionally high for any Indian manufacturing segment
§13 — Valuation & Investment Offer
A Fair, Conservative
Valuation

Valuation is derived from conservative financial projections using standard specialty chemicals industry multiples — deliberately discounted for early-stage risk, pre-revenue status, and single-plant dependency. We are not presenting an optimistic number. We are presenting a defensible one.

Conservative Valuation Methodology

Basis Year for ValuationFY28 PAT (first full operating year)
FY28 PAT (Conservative)₹8.12 Crore
Industry P/E (Specialty Chemicals, India)18–25x (listed peers)
Applied Multiple (Pre-revenue discount)12x (heavy early-stage discount)
Implied Value at 12× PAT₹97 Crore
Additional Discount for Stage Risk (30%)(₹29 Crore)
Validated Asset SupportLand ₹6Cr + Pre-paid RM + ICICI facility
Conservative Pre-Money Valuation
₹68 Crore
Derived from FY28 PAT × 12x, 30% early-stage discount applied · Does not price in AURIX™ upside, global sourcing optionality, or carbon credit potential

Capital Ask — Stage 1

Investment Amount₹8–12 Crore
Pre-Money Valuation₹68 Crore (conservative)
Post-Money Valuation (at ₹10 Cr raise)₹78 Crore
Equity Dilution (at ₹10 Cr)~12.8%
StageStage 1 · Minimum Dilution
Planned IPO / Listing~4 Years (NSE Emerge / BSE SME)
Investment Offer — What We Promise Our Investors
We Take Care of Our Investors. Always.
Equity issued from authorised capital at ₹68 Cr pre-money valuation — minimum dilution to founders
Public listing planned within 4 years (NSE Emerge / BSE SME) — providing a clear, liquid exit pathway at a significant premium
Should the investor wish to exit before IPO, Indigo plans 1–2 additional funding rounds during the 4-year horizon — Stage 1 investors receive first right of refusal on any buyout offers from subsequent round participants
Stage 1 investors receive pre-emption rights in all future equity rounds, protecting against dilution
Board observer seat offered to significant investors, providing transparency and governance involvement
Quarterly financial reporting and operational updates — direct communication with founding team
This is Stage 1 of a planned fundraising programme. Indigo does not intend to raise capital frequently — only when operationally justified. The preference is to grow from internally generated cash flow wherever possible, preserving shareholder value. Stage 1 capital is specifically for plant commissioning, working capital buffer, and early commercial market development.
Use of Stage 1 Capital (₹10 Crore)
How investor capital is deployed
§14 — Strategic Roadmap
Four Phases to
Market Leadership
1
Now — FY27
Commission & Validate
  • Complete Mokhra plant construction
  • Commission 10 MT/day Phase 1 line
  • Begin production August 2026
  • NABL certification completed
  • IC-CX100 & IC-SC280 at full spec
  • Deliver to anchor customers
Rev: ₹21 Cr · PAT: ₹0.3 Cr
2
FY28
Scale & Diversify
  • Ramp to 75%+ utilisation
  • Launch IC-EN320 commercially
  • Enter cable industry accounts
  • EV battery supply chain trials
  • Close Stage 1 equity round
  • Distributor network in 3 cities
Rev: ₹44 Cr · PAT: ₹8.1 Cr
3
FY29–FY30
Premium & Expand
  • AURIX™ X950 commercial launch
  • Multiple EV battery OEM accounts
  • International source integration
  • Stage 2 equity raise (optional)
  • Carbon credit certification
  • ASP upgrade to ₹250–270/kg avg
Rev: ₹53–67 Cr · PAT: ₹13–21 Cr
4
FY31 & Beyond
Leadership & Listing
  • ₹81 Cr+ revenue · 51% EBITDA margin
  • India's premier specialty carbon brand
  • In-house production or global sourcing
  • NSE Emerge / BSE SME IPO (4-yr target)
  • Strategic M&A readiness
  • Full investor liquidity event
Rev: ₹81 Cr · PAT: ₹25.9 Cr
§15 — Why Now
Six Macro Forces
Converging Right Now

Each independently powerful — together they create a once-in-a-decade opportunity window for exactly what Indigo Carbons offers.

⚡
India's EV Revolution
India's EV penetration is accelerating past forecasts. Every EV battery requires 2–5 kg of conductive carbon additives. With 100 GWh of domestic battery production targeted by 2030, India needs a domestic conductive carbon supply chain — urgently.
🔌
₹2 Lakh Crore Grid Upgrade
India's power ministry has committed to the largest grid infrastructure expansion in the nation's history. Every kilometre of medium and high-voltage cable requires IC-SC280 type semiconductive carbon. Demand is structural and government-backed.
🌿
ESG is Now Economics
SEBI's BRSR mandate, global customer Scope 3 requirements, and green procurement policies are making Indigo's waste-derived product story a commercial advantage. Buyers are actively seeking sustainable supply chains and will pay a premium.
🇮🇳
Atmanirbhar Tailwind
The government's import substitution agenda creates policy, financial, and procurement advantages for domestic advanced materials producers. PLI schemes, production subsidies, and preferential procurement policies all benefit Indigo.
💹
Import Cost Surge
Logistics disruptions, dollar appreciation, and supply chain volatility have made European and American carbon black imports increasingly expensive and unreliable for Indian buyers. The market actively seeks domestic alternatives — and none exist at scale in the conductive segment.
⏳
The Entry Window is Now
Indigo's cost-advantage window — cheap legacy feedstock, limited competition, early-mover brand building — is available now. Waiting means higher raw material costs, a more competitive market, and a less compelling investment case. The time to act is now.