Security Papers
Security Paper Mill (Security Papers) is a government-owned manufacturer under India's Ministry of Finance producing watermarked banknote paper and passport security paper at its Narmadapuram facility, supplying the Government of India against annual demand of 26 billion banknotes and 12 million+ passports.
- Company typePrivate
- Founded1965
- HeadquartersKarachi, Pakistan
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Security Papers does
Security Paper Mill (SPM), operating under the trade identity Security Papers, is a government-owned manufacturer of high-security paper located in Narmadapuram, Madhya Pradesh, India. The facility operates under the Ministry of Finance, Government of India, and produces two core products: watermarked banknote paper for Indian currency and security paper for Indian passports. SPM supplies paper against an annual domestic demand of approximately 26 billion banknote pieces and 12 million+ passport issuances, making it a strategic component of India's monetary and identity-document infrastructure.
SPM's production technology centers on cylindrical mould watermarking, a specialized paper-forming process that embeds security watermarks during sheet formation. The mill currently operates two production lines commissioned in the 1970s with combined annual capacity of 7,500 metric tonnes. The technology is process-intensive rather than data-intensive, relying on proprietary know-how in mould preparation, furnish formulation, and watermark design rather than on software or AI systems.
SPM's commercial model is direct government supply: paper is delivered under contract to currency note printing operations and passport issuing authorities, with no private-sector channels, no commercial marketing, and no exports indicated. Pricing is not publicly disclosed, consistent with government-to-government contractual arrangements. In January 2026, India's Union Cabinet approved a ₹1,788 crore investment to commission a new cylindrical mould watermarked production line with 6,000 metric tonnes of annual capacity, replacing the 1970s lines and raising total capacity to roughly 12,000 metric tonnes — a 60% step-up intended to secure long-term domestic self-sufficiency in security paper.
Security Papers firmographics
Firmographics- Name
- Security Papers
- Website
- https://security-papers.com
- Company type
- Private
- Founded year
- 1965
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Security Paper Mill (Security Papers) is a government-owned manufacturer under India's Ministry of Finance producing watermarked banknote paper and passport security paper at its Narmadapuram facility, supplying the Government of India against annual demand of 26 billion banknotes and 12 million+ passports.
- Ownership category
- akta.pro rank
Where Security Papers is headquartered
LocationHeadquarters
- HQ city
- Karachi
- HQ country
- Pakistan
- HQ region
- Asia
Markets served
Security Papers business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel
Revenue model
- Security Paper Supply to Government: Government contracts for security paper used in currency note printing and passport production for the Government of India
Distribution channels1 record
Security Papers product offering
Product offeringCore offering
Security Papers operates the Security Paper Mill (SPM) in Narmadapuram, Madhya Pradesh, India, manufacturing high-security watermarked paper used for currency notes and passports. The mill produces banknote paper to support India's annual demand of approximately 26 billion currency notes and passport paper supporting over 12 million passport issuances per year, and is expanding capacity through a new cylindrical mould watermarked banknote paper production line.
Product overview
Security Papers operates as a security paper manufacturing company producing high-security paper products, specifically watermarked banknote paper and passport security paper. The company's primary facility is the Security Paper Mill (SPM) in Narmadapuram, Madhya Pradesh, India. The product portfolio consists of two core offerings: security paper for currency notes (supporting India's printing of around 26 billion pieces of banknotes annually) and security paper for passports (supporting over 12 million passport issuances per year). The company is expanding its production capacity through a new cylindrical mould watermarked banknote paper production line.
Differentiator
Problem solved
Functional benefit
Products and services
- Security Paper for Currency Notes
Companies that use Security Papers
Customer profileSegments1 record
Ideal customer profiles1 record
Security Papers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Security Papers partnerships and signals
Strategic signalScale indicators6 records
Recent moves3 records
Expansion highlights1 record
Security Papers competitors and assessment
Company assessmentEmerging players
- China Banknote Printing and Minting Corporation: Chinese state-owned security printer and security paper producer serving People's Bank of China and selected export customers. Comparable as a state-owned integrated security paper and banknote producer with similar government ownership and national security mandate.
Broad incumbents
- De La Rue: UK-headquartered commercial banknote printer and security paper producer supplying central banks globally. Comparable as a long-standing security paper supplier, although De La Rue is more vertically integrated into banknote printing rather than pure substrate production.
- Crane NXT, Co. US-listed provider of currency paper and security features for central banks worldwide. Directly comparable as a long-established supplier of high-security banknote substrate with proprietary watermarking capabilities, though Crane NXT operates at greater scale and across more geographies.
Regional players
- Security Paper Limited (Pakistan): Pakistan's state-owned security paper manufacturer producing banknote and security documents for the State Bank of Pakistan. Comparable as a regional peer operating with similar mandate and product scope but serving a different national customer.
- Federal State Unitary Enterprise Goznak: Russian state-owned enterprise producing banknote paper, passports, and other security documents. Comparable as a state-owned security paper manufacturer with similar product mix (currency + passport substrate) and customer base (national government).
Direct peers
- Louisenthal (Giesecke+Devrient): German security paper and banknote substrate manufacturer owned by Giesecke+Devrient. A direct comparable in cylindrical mould watermarked banknote paper production for central banks, with similar technology stack and end-customer profile.
- Oberthur Fiduciaire: French security printer and paper manufacturer producing banknote substrate for central banks. Directly comparable as a security paper mill serving government customers with similar product specifications.
- Portals Paper (Portals International): UK-based manufacturer of banknote paper and security papers including passport paper. Direct peer producing cylindrical mould watermarked paper for central banks and passport authorities with similar technical specialization.
Market position
Strengths4 records
Weaknesses3 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Security Papers social profiles
Digital presenceSecurity Papers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Security Papers leadership team
Management profileNumber of profiles
Security Papers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Security Papers 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 Papers
What does Security Papers do?
Security Papers operates the Security Paper Mill (SPM) in Narmadapuram, Madhya Pradesh, India, manufacturing high-security watermarked paper used for currency notes and passports. The mill produces banknote paper to support India's annual demand of approximately 26 billion currency notes and passport paper supporting over 12 million passport issuances per year, and is expanding capacity through a new cylindrical mould watermarked banknote paper production line.
Is Security Papers a public or private company?
Security Papers is a private company. It is classified as state government owned and is currently operating.
When was Security Papers founded?
Security Papers was founded in 1965. It employs 501 to 1,000 people.
Where is Security Papers based?
Security Papers is headquartered in Karachi, Pakistan, in the Asia region.
How does Security Papers make money?
One revenue line is on record: security Paper Supply to Government.
Who are Security Papers's main competitors?
China Banknote Printing and Minting Corporation is listed as an emerging player. Broad incumbents are De La Rue and Crane NXT, Co.. Regional players are Security Paper Limited (Pakistan) and Federal State Unitary Enterprise Goznak. Direct peers are Louisenthal (Giesecke+Devrient), Oberthur Fiduciaire and Portals Paper (Portals International).
Does Security Papers have an API?
No public API is recorded for Security Papers.