India Security Press

What India Security Press does

India Security Press (ISP Nashik) is an operating unit of the Security Printing and Minting Corporation of India Limited (SPMCIL), a Schedule-A Miniratna Category-I Central Public Sector Enterprise wholly owned by the Government of India under the administrative control of the Department of Economic Affairs, Ministry of Finance. SPMCIL was formally established in 2005, though its constituent units trace heritage to 18th-century minting operations. ISP Nashik's core function is security printing for sovereign and institutional use: production of passports and allied travel documents, India Non-Judicial Stamp Papers (NJSP), excise adhesive labels, postal and commemorative stamps, and MICR cheques, supported by in-house manufacture of 600.42 metric tons of security inks and operation of a NABL-accredited paper testing laboratory (accredited 21 March 2024). ISP Nashik operates within a nine-unit federation that collectively produced 8,288 million bank notes, 2,757 million circulating coins, and 6,870 metric tons of security paper in FY 2020-21, generating consolidated SPMCIL revenue of Rs. 4,712.57 crores and profit before tax of Rs. 789.74 crores.

The business model is anchored on a sovereign mandate: ISP Nashik supplies the Government of India, Reserve Bank of India, Indian judicial system, and banking sector under direct institutional procurement with no private-sector competition permitted in these categories. Distribution is exclusively direct-to-government for institutional products (passports to ministries, MICR cheques to banks, stamps to judicial and postal systems), while a secondary consumer-facing channel sells commemorative coins, souvenir coins, and bullion via www.spmcil.com and indiagovtmint.in with both domestic and international sections. Pricing for institutional products is not publicly disclosed; commemorative coins are priced per unit with prices indexed to precious-metal values, payment via cards/net banking/UPI, and delivery by insured speed post.

Customer concentration is structurally total, as the principal buyer is the Government of India itself and its ministries. Commercial diversification is limited to numismatic collectibles. Operational credibility is supported by ISO 50001:2018 energy management certification (April 2023), NABL laboratory accreditation (March 2024), the CMD Cup for Overall Best Performance among SPMCIL units (February 2024), and ongoing modernization initiatives including new bank note printing lines at sibling units.

Name

India Security Press

Legal name

Security Printing & Minting Corporation of India Limited

Website

https://ispnasik.spmcil.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

India Security Press (ISP Nashik) is a unit of SPMCIL, wholly owned by the Government of India, that produces passports, non-judicial stamps, MICR cheques, excise labels, security inks, and miscellaneous security documents under a sovereign mandate for ministries and the Reserve Bank of India.

Ownership category

akta.pro rank

Product category

Security Printing and Minting

NAICS

National Security and International Affairs (9281)

SIC

Commercial Printing (2750)

akta.pro primary industry

Government & Public Policy Publishing (Regulations, Gazettes, Legislative Tracking) (MPAJACAI)

akta.pro secondary industries

Secure Document & Media Transport (Checks, Securities, Data Media) (BPAKAIAG), Securities Settlement Systems (SSSs) for Government & Central Bank Securities (FSAFAGAC)

Keywords

• Security printing services
• Passport manufacturing
• Banknote printing
• Mint operations
• Security paper production

Headquarters

HQ city

Nashik

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure

Revenue model

1. Government Security Printing Contracts: Production of secure government documents — passports, stamps, non-judicial papers, excise labels, MICR cheques — for ministries and government bodies under the administrative control of the Department of Economic Affairs, Ministry of Finance.
2. Commemorative and Souvenir Coin Sales: Sale of commemorative coins, souvenir coins, and medallions directly to consumers and collectors through the SPMCIL website and three India Government Mints. Coins are priced per unit and delivered by insured speed post. International customers are served through a separate section on the website.
3. Currency and Security Paper Production: Production of bank notes and circulating coins as well as 6870 MT of security paper annually, supplying the nation's monetary infrastructure.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

India Security Press is a Government of India undertaking under SPMCIL that manufactures passports, banknotes, non-judicial stamp papers, postal and commemorative stamps, excise labels, MICR cheques, security paper, security inks, and commemorative, souvenir and bullion coins. Its output is supplied to sovereign, banking, and postal customers, primarily under statutory mandates from the Government of India.

Product overview

India Security Press Nashik is a unit of Security Printing and Minting Corporation of India Limited (SPMCIL), a Miniratna Category-I CPSE under the Department of Economic Affairs, Ministry of Finance, Government of India. The company operates as a security printing and minting enterprise producing high-security products including passports and travel documents, non-judicial stamps, excise labels, postal/commemorative stamps, MICR cheques, and banknotes. The company also includes India Government Mints (Mumbai, Kolkata, Hyderabad, Noida) producing circulating coins, commemorative coins, and bullion coins. Core infrastructure includes Currency Note Press Nashik and Bank Note Press Dewas for currency printing, Security Paper Mill Narmadapuram for security paper, and Security Printing Press Hyderabad for stamps and other documents. Products are sold through e-commerce platforms (spmcil.com for coins, various mints' websites) and physical sales counters.

Differentiator

Problem solved

Functional benefit

Products and services

• Indian Passports Sovereign identity documents issued by the Government of India; produced exclusively at the Nashik facility for Ministry of External Affairs supply.
• Indian Banknotes Currency notes supplied to the Reserve Bank of India for national circulation.
• MICR Cheques Bank cheques encoded with Magnetic Ink Character Recognition (MICR) for cheque-based payment processing, supplied to commercial banks.
• Non-Judicial Stamp Papers Revenue-bearing stamp papers used for legal and contractual documents, supplied to state stamp and registration departments.
• Excise Labels Tax-revenue labels printed for central excise authorities.
• Postal Stamps Definitive postage stamps produced for the Department of Posts for nationwide postal use.
• Commemorative Stamps Special-issue postage stamps commemorating national events, anniversaries, and personalities, produced for the Department of Posts.
• Security Paper Specialized paper with embedded security features used as the substrate for passports, banknotes, stamp papers, and cheques.
• Security Inks Specialized inks used in the production of high-security documents and banknotes.
• Commemorative Coins Limited-issue legal-tender coins issued to mark national events, anniversaries, and personalities.
• Souvenir Coins Non-circulation souvenir coins produced for collectors and institutional gifting.
• Bullion Coins Precious-metal (gold/silver) coins produced for investment and precious-metal markets.

Quantifiable outcome

• Produced 8288 million bank notes, 2757 million circulating coins, 6870 MT security paper, and 600.42 MT security inks in F.Y. 2020-21
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor.

• ISHA FoundationminorStrategic or Co-development Partner · 10 October 2024ISP Nashik in collaboration with ISHA Foundation organized a Mental Health Awareness session on 10.10.2024, attended by employees of ISP and CNP.
• HCG Manavata Cancer HospitalminorStrategic or Co-development Partner · 7 October 2024ISP Nashik in collaboration with HCG Manavata Cancer Hospital organized a Breast Cancer Awareness Session and Medical Checkup Camp for female employees on 7th and 8th October 2024 as part of Breast Cancer Awareness Month.
• Ashoka Medicover Hospitals, NashikminorStrategic or Co-development Partner · 23 September 2024Ashoka Medicover Hospitals, Nashik organized a Basic Health checkup camp for employees of ISP and CISF unit on 23rd and 24th September 2024.
• ASG Eye Hospital, NashikminorStrategic or Co-development Partner · 12 August 2024ASG Eye Hospital, Nashik organized an eye checkup camp for all employees of ISP and CISF unit, ISP from 12th to 17th August 2024.
• World Banknote SummitminorOthers · 21 February 2023SPMCIL participated as a speaker organization at the World Banknote Summit 2023 held in Antwerp, Belgium, addressing global banknote community leaders on reducing carbon footprint in currency production.
• TERI (The Energy Resources Institute)minorStrategic or Co-development Partner · 14 February 2023SPMCIL signed MoU with TERI for Integrated Development of Model Village – Siroliya, District Dewas, Madhya Pradesh under CSR initiatives at an estimated cost of Rs.525.49 lakh. The partnership focuses on social development and model village infrastructure.
• Dattopant Thengadi National Board for Workers Education and DevelopmentminorStrategic or Co-development Partner · 1 October 2022ISP collaborated with Dattopant Thengadi National Board for Workers Education and Development to organize a one-day training session on Safety Awareness on 22.10.2024, focusing on safety in factory premises.
• BECIL (Broadcast Engineering Consultants India Limited)minorStrategic or Co-development Partner · 18 April 2022SPMCIL signed MoU with BECIL for Architectural Monument Lighting & Allied Civil Works under CSR initiatives. The partnership aimed to enhance the experience of visitors and tourists (domestic and foreign) at Bibi ka Maqbara, Aurangabad, at an estimated cost of Rs.711 lakh.
• Shrohhbhagi International FoundationminorStrategic or Co-development Partner · 1 April 2022SPMCIL and Shrohhbhagi International Foundation signed MoU on 01.04.2022 for organizing community-based cancer awareness campaigns under CSR initiatives of SPMCIL.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Toppan Printing Co., Ltd. Japanese security printing group with passports, banknotes and ID document operations. Comparable to ISP on secure government documents and ID technologies.
• De La Rue plc: UK-listed global specialist in banknote printing, security documents, passports and identity solutions. Most directly comparable private-sector peer to ISP's security printing operations across currency, passport and secure document categories.
• Giesecke+Devrient (G+D): German family-owned security technology group producing banknotes, ID documents, cards and secure printing inks. Closely aligned with ISP across currency printing, security inks and government secure documents.
• Bundesdruckerei GmbH: German government-owned security printer producing passports, ID documents, banknotes and stamps. Closely mirrors ISP's role as a state-owned monopoly producer of secure government documents.
• Royal Mint (UK): UK sovereign mint producing circulating and commemorative coins, bullion and collectibles. Directly comparable to SPMCIL/India Government Mints on coin manufacturing, especially the commemorative and souvenir categories.
• Royal Canadian Mint: Canadian Crown corporation producing circulation coins, commemorative coins and bullion. Comparable as another sovereign mint with both circulation and collector retail channels.
• Crane NXT, Co. (Crane Currency): US-listed supplier of banknote substrates, security features and micro-optics used by central banks. Comparable to ISP on the substrate/paper side of currency production.

Broad incumbents

• CCL Industries (Secure IDEMIA exposure via Avery Dennison / secure documents peers): Large global specialty label and secure document producer with adjacent capabilities in secure credentials. Comparable as a broader secure-document incumbent rather than a direct currency/security paper competitor.

Regional players

• China Banknote Printing and Minting Corporation (CBPMC): Chinese state-owned banknote printer and minter serving PRC's currency and document needs. Comparable as a sovereign security printing peer operating in Asia.
• Note Printing Australia (Reserve Bank of Australia subsidiary): Australian state-owned banknote printer (wholly owned subsidiary of the Reserve Bank of Australia). Comparable to ISP/CNP Nashik as a sovereign currency production facility in a different geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/india-security-press

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about India Security Press