Security Printing and Minting Corporation of India
SPMCIL is the Government of India's wholly-owned Miniratna Category-I CPSE that exclusively produces currency notes, coins, passports, stamps, security paper, and security inks through nine specialized manufacturing units, serving the RBI and central government ministries as its primary customers.
- Company typePrivate
- Founded2006
- HeadquartersNew Delhi, India
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Security Printing and Minting Corporation of India does
SPMCIL is a wholly-owned Central Public Sector Enterprise (CPSE) of the Government of India, operating under the Department of Economic Affairs within the Ministry of Finance. Established in 2006 and classified as a Miniratna Category-I, Schedule-A CPSE, the corporation functions as India's exclusive security printer and minter, holding a legal monopoly on the production of Indian currency notes, circulating coins, passports, postage stamps, and other secure government documents. It operates nine specialized manufacturing units across India: four India Government Mints (Mumbai, Kolkata, Hyderabad, Noida), two currency note presses (Nashik, Dewas), two security printing presses (Nashik, Hyderabad), and one security paper mill (Narmadapuram). Annual production volumes include 26 billion banknotes and over 14 million passports.
The company's revenue model is structurally bifurcated. Core operations — currency printing, coin minting, passport production, security paper, and security ink — are conducted under cost-recovery contracts with the Government of India, primarily through the Reserve Bank of India, Ministry of External Affairs, Department of Posts, Election Commission, Ministry of Home Affairs, and Ministry of Defence. A secondary revenue stream comes from commemorative and souvenir coins, medallions, and gold and silver refining services for religious institutions, sold directly to consumers through the indiagovtmint.in e-commerce portal. Product launches of commemorative coins are frequent, tied to national events, anniversaries, and historical figures. Technical capabilities include cylindrical mould watermarked banknote paper production, polymer substrate technology for currency notes (currently in trial), visually-impaired-friendly coin series, and e-Passport with Track and Trace systems.
The customer base is overwhelmingly governmental and concentrated: RBI and central ministries account for the vast majority of revenue, with temples (Tirupati, Guruvayur, Vaishno Devi, Sai Baba Sansthan) representing a niche but growing precious-metals refining segment. The company has invested in compliance and quality systems, becoming the first Miniratna-I CPSE to receive ISO 37001:2016 Anti-Bribery Management System certification. Recent strategic moves include a Rs 1,788 crore Cabinet-approved investment for new banknote paper production capacity, a new corporate office in New Delhi, polymer currency note trials, and an MoU with State Bank of India for temple gold refining under the Gold Monetization Scheme. Pricing for government contracts is handled through official tendering and is not publicly disclosed.
Security Printing and Minting Corporation of India firmographics
Firmographics- Name
- Security Printing and Minting Corporation of India
- Legal name
- Security Printing and Minting Corporation of India Limited
- Website
- https://spmcil.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- SPMCIL is the Government of India's wholly-owned Miniratna Category-I CPSE that exclusively produces currency notes, coins, passports, stamps, security paper, and security inks through nine specialized manufacturing units, serving the RBI and central government ministries as its primary customers.
- Ownership category
- akta.pro rank
Where Security Printing and Minting Corporation of India is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices10 records
Markets served
Security Printing and Minting Corporation of India business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Currency and Bank Note Production: Printing of currency notes for the Reserve Bank of India as a core government function
- Security Paper Sales: Production and sale of high-security paper used in currency notes, passports, and stamp papers
- Passport Production: Printing of passports for the Ministry of External Affairs
- Commemorative and Souvenir Coins: Sale of commemorative coins, souvenir coins, and medallions to collectors and the public through e-commerce platform
- Gold and Silver Refining Services: Refining services for precious metals donated to temples, including production of gold pendants and coins
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Commemorative and souvenir coins sold directly to consumers |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels10 records
Security Printing and Minting Corporation of India product offering
Product offeringCore offering
SPMCIL manufactures currency notes and banknotes, mints circulating and commemorative coins, produces passports and other secure travel documents, prints postage stamps and security documents, and manufactures high-security paper and security inks. It operates four government mints, two currency presses, two security presses, and one security paper mill, supplying RBI, central ministries, and other government bodies. It also offers gold and silver refining services to temples and sells commemorative and souvenir coins to consumers through its e-commerce portal.
Product overview
SPMCIL is a Miniratna Category-I CPSE under the Department of Economic Affairs, Ministry of Finance, Government of India. The corporation operates as a portfolio of nine specialized manufacturing units producing physical security products: Currency Note Press Nashik and Bank Note Press Dewas for currency printing; four India Government Mints (Mumbai, Kolkata, Hyderabad, Noida) for coin minting; India Security Press Nashik and Security Printing Press Hyderabad for security documents and stamps; and Security Paper Mill Narmadapuram for security paper and ink production. The product portfolio includes banknotes, circulating coins, commemorative/souvenir coins, postage stamps, passports, medals, security seals, and high-security paper. The corporation serves key government clients including RBI, Ministry of External Affairs, Department of Posts, Election Commission, and various temples for gold refining services. SPMCIL has recently expanded into e-Passport production with Track and Trace system and polymer currency note trials.
Differentiator
Problem solved
Functional benefit
Products and services
- Currency Notes (Bank Notes) Banknotes printed at Currency Note Press Nashik and Bank Note Press Dewas for the Reserve Bank of India, with advanced security features including polymer substrate trials.
- Circulating Coins Regular issue coinage produced at four India Government Mints (Mumbai, Kolkata, Hyderabad, Noida) for circulation through the Reserve Bank of India.
- Commemorative Coins Special commemorative coins released on various occasions, anniversaries, and personalities, available for purchase online and at international coin fairs.
- Souvenir Coins Collector souvenir coins in various themes including colored silver coins, bi-metallic coins, and special edition pieces sold to collectors and the general public.
- Security Paper High-security watermarked banknote paper produced at Security Paper Mill Narmadapuram, including cylindrical mould watermark production lines for currency notes and passports.
- Security Ink Specialized security inks for currency printing with anti-counterfeiting features, produced in-house.
- Passports and Travel Documents Production of Indian passports and travel documents with enhanced security features including e-Passport with Track and Trace system, supplied to Ministry of External Affairs.
- Postage Stamps Commemorative postage stamps printed by Security Printing Press Hyderabad for India Post on various themes and occasions.
- Medallions, Weights & Measures, Bullions Medals for various occasions, weight standards, and bullion products including gold and silver refining services for temple donations (e.g., Tirupati, Guruvayur, Vaishno Devi).
- Security Products (Visas, Election Stationery, ID Cards, Security Seals) Visas, election stationeries, ID cards, and security seals produced for various government ministries including Election Commission, Ministry of Defence, and Ministry of Home Affairs.
- Gold and Silver Refining Services Refining services for precious metals donated to temples, including production of gold pendants and silver coins for religious institutions such as Tirumala Tirupati Devasthanam, Guruvayur Devaswom, Mata Vaishno Devi Trust, and Sai Baba Sansthan Trust.
Quantifiable outcome
- 26 billion pieces of banknotes printed annually
- +2 more outcomes
Companies that use Security Printing and Minting Corporation of India
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles4 records
Security Printing and Minting Corporation of India technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Security Printing and Minting Corporation of India partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- State Bank of India (SBI)coreMoU signed between SBI and SPMCIL for Corporate Salary Package. Under this arrangement, SBI handles temple gold refining through its GM (Gold Monetization) Scheme, with several temples utilizing this facility for gold refining services.
- The Energy Resources Institute (TERI)coreSPMCIL signed MoU with TERI under CSR initiatives. The partnership aims to collaborate on sustainability and environmental initiatives as part of SPMCIL's corporate social responsibility programs.
- Ministry of Home AffairscoreMHA designated SPMCIL headquarters in Delhi as a 'prohibited place' under the Official Secrets Act, 1923, to reinforce security at the strategic installation that manufactures currency notes, coins, security paper, passports, and other sensitive documents.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
Security Printing and Minting Corporation of India competitors and assessment
Company assessmentDirect peers
- Royal Mint: UK government-owned entity producing circulating and commemorative coins, plus precious metals refining. Closely analogous to SPMCIL's four India Government Mints and its gold refining services for temples.
- Giesecke+Devrient: German security technology group offering banknote printing, ID documents, and secure payment solutions. Comparable to SPMCIL across currency, passport, and chip-enabled identity work, with broader geographic reach.
- Royal Canadian Mint: Canadian Crown corporation minting coins, refining precious metals, and producing numismatic products. Direct comparable to SPMCIL on coin minting, precious metals refining, and commemorative coin exports.
- Crane Currency: US-based currency paper and security feature producer supplying central banks globally. Directly comparable to SPMCIL's Security Paper Mill Narmadapuram and its specialty watermark banknote paper production.
- De La Rue: UK-headquartered commercial security printer producing banknotes, passports, tax stamps, and identity documents. Most directly comparable to SPMCIL's printing and identity-document franchise, with overlapping capabilities in security paper and currency production.
Broad incumbents
- PAMP Suisse: Swiss-based precious metals refiner and bullion coin producer. Relevant comparator for SPMCIL's gold and silver refining services for religious institutions and its growing retail precious metals coin business.
- United States Bureau of Engraving and Printing: US government agency producing Federal Reserve Notes and secure identification products. Comparable scale and mandate to SPMCIL's currency printing operations, though operating under a different sovereign framework.
Emerging players
- CCL Secure: Producer of Guardian polymer substrate used by central banks (including Australia, Canada, UK) for durable banknotes. Highly relevant emerging comparator as SPMCIL trials polymer notes for Rs 10 and Rs 20 denominations.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Security Printing and Minting Corporation of India social profiles
Digital presenceSecurity Printing and Minting Corporation of India compliance and trust
Trust signalCompliance2 records
Security Printing and Minting Corporation of India financial estimates
Financial estimateRevenue estimate
Valuation estimate
Security Printing and Minting Corporation of India leadership team
Management profileNumber of profiles
Profiles6 records
Security Printing and Minting Corporation of India subsidiaries and ownership
Company hierarchySubsidiaries9 records
Security Printing and Minting Corporation of India funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Security Printing and Minting Corporation of India M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Security Printing and Minting Corporation of India
What does Security Printing and Minting Corporation of India do?
SPMCIL manufactures currency notes and banknotes, mints circulating and commemorative coins, produces passports and other secure travel documents, prints postage stamps and security documents, and manufactures high-security paper and security inks. It operates four government mints, two currency presses, two security presses, and one security paper mill, supplying RBI, central ministries, and other government bodies. It also offers gold and silver refining services to temples and sells commemorative and souvenir coins to consumers through its e-commerce portal.
Is Security Printing and Minting Corporation of India a public or private company?
Security Printing and Minting Corporation of India is a private company. It is classified as state government owned and is currently operating.
When was Security Printing and Minting Corporation of India founded?
Security Printing and Minting Corporation of India was founded in 2006. It employs 5,001 to 10,000 people.
Where is Security Printing and Minting Corporation of India based?
Security Printing and Minting Corporation of India is headquartered in New Delhi, India, in the Asia region.
How does Security Printing and Minting Corporation of India make money?
Five revenue lines are on record. Currency and Bank Note Production is the primary driver. The others are security Paper Sales, passport Production, commemorative and Souvenir Coins and gold and Silver Refining Services.
Who are Security Printing and Minting Corporation of India's main competitors?
Direct peers on record are Royal Mint, Giesecke+Devrient, Royal Canadian Mint, Crane Currency and De La Rue. Broad incumbents are PAMP Suisse and United States Bureau of Engraving and Printing. CCL Secure is listed as an emerging player.
Does Security Printing and Minting Corporation of India have an API?
No public API is recorded for Security Printing and Minting Corporation of India.