What GSM Foils does

GSM Foils Ltd is an India-based, publicly listed (NSE: GSMFOILS) manufacturer of aluminum pharmaceutical packaging foils, founded in 2019 and headquartered in Vasai (East), Palghar, Maharashtra. The company operates a single-vertical product line organized into two families: Blister Foils (plain and printed, supplied in 20 and 25 micron gauges for tablet blistering with PVC/PVDC) and Aluminum Strip Pharma Foils (plain and printed, in 30 and 40 micron gauges for capsule strip packaging), with an additional Blister Foils Slitted Reel variant. Manufacturing uses modernized high-speed production units producing coated, poly laminated, blister, and printed foils across a 0.020-0.040 micron range, supported by an in-house quality testing laboratory equipped with bursting/peeling/sealing/bond strength testers, viscosity measurement tools, and a pinhole count box. The company is ISO 9001:2015 certified and emphasizes abrasion resistance, tensile strength, durability, and sealing strength in its quality claims.

The business model is straightforward transactional B2B sales of physical foil products to pharmaceutical manufacturers across India via direct field sales and inbound inquiries (phone/email/website). Pricing is quote-based and not publicly disclosed, with the company emphasizing 'industry-leading' competitive pricing and bulk-order flexibility. Revenue grew 92.94% YoY to Rs 258.15 crore in FY26, with Q4 FY26 sales of Rs 81.69 crore (up 79.11% YoY) and FY26 net profit of Rs 19.84 crore (up 105.60% YoY). The company is pursuing growth via a new factory unit (announced August 2025), new machinery purchases, a Rights Issue (August 2025), and a DBS Bank borrowing facility (January 2025), with marketing channels limited to its corporate website, embedded YouTube videos, and quarterly investor presentations/meets as a listed entity.

Name

GSM Foils

Legal name

GSM Foils Ltd

Website

https://gsmfoils.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

GSM Foils Ltd is an India-based, NSE-listed manufacturer of aluminum blister and strip pharma foils (0.020-0.040 micron) used for pharmaceutical tablet and capsule packaging, serving pharma manufacturers across India via direct B2B sales.

Ownership category

akta.pro rank

Product category

Pharmaceutical Packaging Foils

NAICS

Aluminum Sheet, Plate, and Foil Manufacturing (331315), Metal Can, Box, and Other Metal Container (Light Gauge) Manufacturing (33243), Metal Crown, Closure, and Other Metal Stamping (except Automotive) (332119)

SIC

Plastics, Foil & Coated Paper Bags (2673)

akta.pro primary industry

Primary Pharmaceutical Packaging (Blister Packs, Bottles, Vials, Ampoules) (IMALAIAA)

akta.pro secondary industry

Blister & Unit-Dose Packaging (CR/TE Blisters, Strip Packs) (IMALANAD)

Keywords

• Pharmaceutical packaging
• Aluminum foils
• Blister packaging
• Strip packaging
• Pharma foils

Headquarters

HQ city

Palghar

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Pharmaceutical Foil Product Sales: GSM Foils generates revenue primarily through the manufacturing and direct sale of blister foils (plain and printed) and aluminum strip pharma foils (plain and printed) to pharmaceutical companies. Full year FY26 sales reached Rs 258.15 crore, with Q4 FY26 sales of Rs 81.69 crore, representing 92.94% YoY growth. The model is transactional B2B sales of physical foil products.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

GSM Foils manufactures and supplies aluminum blister foils and aluminum strip pharma foils used for packaging pharmaceutical tablets and capsules. The company produces plain and printed variants across micron gauges of 0.020, 0.025, 0.030, and 0.040, manufactured under ISO 9001:2015 certified processes with in-house quality testing and high-speed production units. Products are sold directly to pharmaceutical manufacturers in India on a quote-based bulk order model.

Product overview

GSM Foils is a single-line physical product manufacturer (not a software platform) specializing in aluminum foils for pharmaceutical packaging. Its core product range is organized into two families: Blister Foils (offered as Plain Blister Foil and Printed Blister Foil) and Aluminum Strip Pharma Foils (offered as Plain Aluminum Pharma Foil and Printed Aluminum Strip Pharma Foil), supplemented by a Blister Foils Slitted Reel variant. All products are manufactured in micron gauges of 0.020, 0.025, 0.030, and 0.040, and are used in tablet and capsule packaging with PVC/PVDC and strip sealing.

Differentiator

Problem solved

Functional benefit

Products and services

• Blister Foils Aluminum blister foils used with PVC/PVDC for blistering of pharmaceutical medicines, primarily for tablet packaging. Offered in plain and printed variants across multiple micron gauges for pharmaceutical manufacturers.
• Printed Blister Foil Printed variant of blister foils supplied in 20 micron and 25 micron gauges, used with PVC/PVDC for blistering of pharmaceutical medicines and majorly for tablet packaging. Designed for pharmaceutical companies requiring branded or informational printing on packaging foils.
• Plain Blister Foil Plain aluminum blister foil manufactured in micron ranges including 0.020, 0.025, 0.030, and 0.040 for coated, poly laminated, blister, and printed foil applications. Used with PVC/PVDC for tablet blistering.
• Aluminum Strip Pharma Foil Aluminum strip foils sealed with strips on both sides to form a strip pack, primarily used for capsule packaging by pharmaceutical manufacturers.
• Printed Aluminum Strip Pharma Foil Printed strip foils supplied in 30 micron and 40 micron gauges, sealed with strips on both sides to form a strip pack, majorly used for capsule packaging by pharmaceutical manufacturers.
• Plain Aluminum Pharma Foil Plain aluminum strip/pharma foil in 20 and 25 micron gauges, used for pharmaceutical strip packaging by capsule and tablet manufacturers.
• Blister Foils Slitted Reel Slitted reel variant of blister foils supplied for pharmaceutical packaging applications by pharmaceutical manufacturers.

Quantifiable outcome

• Net profit grew 105.60% to Rs 19.84 crore in FY26
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Uflex Limited: Indian flexible packaging conglomerate with a pharma packaging portfolio including alu-alu blister lids. Comparable as a fellow listed Indian packaging company competing for similar pharma customers, though with a much broader product portfolio.
• Constantia Flexibles: Global flexible packaging major with a pharmaceutical packaging division that includes blister foils. Comparable as a large-scale, multi-product pharmaceutical packaging competitor with global reach that GSM Foils does not have.
• Amcor plc: Global packaging giant with a Healthcare division offering blister lidding and alu-alu packaging for pharma. Comparable at the category level as a much larger competitor with global customer relationships and broader product range.
• Bilcare Limited: Indian pharmaceutical packaging company offering blister foils, alu-alu packaging, and broader packaging solutions. Directly comparable as a domestic pharma packaging peer with overlapping foil product portfolio, though considerably larger and more diversified.
• ACG Associated Capsules: Large Indian pharma packaging supplier serving capsule and tablet manufacturers globally with capsules, films, and foils. Comparable as a customer of/competitor to pharma foil suppliers and a fellow listed Indian packaging company.

Regional players

• Jindal Poly Films Limited: Indian manufacturer of packaging films including those used in pharma blister applications (PVC/PVDC laminates). Adjacent competitor in pharma packaging substrates, though primarily films rather than aluminum foils.
• Polyplex Corporation Limited: Indian-listed manufacturer of BOPET film and other packaging substrates serving pharma and industrial markets. Adjacent packaging materials competitor relevant to pharma blister pack structures.

Direct peers

• Ess Dee Aluminium Limited: Indian manufacturer of aluminum foils including blister foils and pharma packaging foils. The most direct competitor to GSM Foils, serving the same pharma packaging market with the same core product family.
• Aluflexpack AG: European aluminum foil packaging specialist serving pharma and consumer end markets. Comparable as a focused aluminum foil converter for pharmaceutical applications, although geographically distinct.
• Rajratna Packagings: Indian aluminum foil manufacturer producing blister foils and pharma foils for tablet/capsule packaging. Direct competitor with overlapping product range and similar India-focused customer base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GSM Foils