In this video, we break down Worth Peripherals Ltd, one of India’s established manufacturers of corrugated boxes supplying FMCG, e-commerce, food & beverage, and industrial clients. Founded in 1996, the company is now entering a new and unrelated segment — baby & adult hygiene products through its subsidiary Worth Wellness, with a planned capex of ₹125 crore. With strong industry tailwinds, long-standing client relationships, and consistent operating cash flow, Worth Peripherals ticks several boxes — but rising competition, raw material volatility, and a large unrelated diversification make this story worth examining carefully. Key Highlights
- 25+ years in corrugated box manufacturing
- Supplies to FMCG, e-commerce & retail — the largest demand drivers in India
- Benefiting from industry growth (India’s corrugated box market expected to reach $18B by 2033, 9.6% CAGR)
- Long relationships with major clients; strong repeat revenue visibility
- Adding value through printed corrugated boxes for branding & advertising
- New venture: Worth Wellness entering diapers & personal hygiene products
- Large investment: ₹125 crore capex funded via term loan + ₹50 crore inter-corporate loan