Looking back at 2025: What shaped performance – Part-I

When better enquiries matter more than bigger numbers

For much of India’s creative and communication sector, 2025 marks a period of adjustment. Client spending is examined more closely, delivery timelines are compressed, and tolerance for low-impact work is limited. In this environment, Anup Kumar Agarwalla, director at Azure Communication, says, Azure Communication’s performance reflects consolidation rather than expansion

Anup Kumar Agarwalla, director at Azure Communication, attributes growth primarily to a shift in value mix rather than higher volumes. “Clients are beginning to see the difference between value and noise,” he says. That change in decision-making, he adds, increasingly determines where budgets flow and has shaped Azure’s performance through the year.

Crucially, revenue growth has not been driven by pricing pressure. Input costs remain broadly stable, allowing reported gains to reflect underlying demand rather than inflation-led adjustments. “The increase is coming from additional business, not from correcting prices,” Agarwalla notes, offering a clearer view of operating health.

Over a longer timeframe, the company’s trajectory shows limited volatility. No single business line has either surged or declined sharply over the past three years. “We’ve grown across segments without sharp swings,” Agarwalla explains. Some streams have matured, others have scaled, but without creating dependence on any one revenue source. This balance has reduced exposure to cyclical risk.

Non-financial indicators also inform management’s assessment of performance. Agarwalla points to an increase in quality-led enquiries and unsolicited client feedback. “When clients approach us because they’ve noticed the work, not just the name, it tells us something important,” he says. Internally, these signals are treated as indicators of market positioning rather than marketing success.

Technology adoption during the year has been selective. Azure has introduced AI-driven language and image tools to streamline repetitive tasks, while retaining human oversight for conceptual and creative decisions. “AI helps us remove friction,” Agarwalla says. “It doesn’t replace judgement.” The intent, he adds, is to improve throughput rather than redefine creative output.

The company’s largest investment in 2025 is physical infrastructure. Azure undertakes a renovation of its office space, reflecting a belief that working environment influences both productivity and client perception. “The environment affects how people think and work,” Agarwalla states, positioning the spend as operational rather than aesthetic.

Profitability across the client base remains distributed. Higher margins are not confined to either large retainers or niche assignments. “We don’t look at it as big versus small,” Agarwalla says. “We look at value versus volume.” This approach supports a diversified portfolio without a single margin driver.

Sustainability-related projects continue to feature, though their economics remain straightforward. Responsible packaging and allied work generate returns primarily through premium pricing. “When sustainability is executed properly, clients are willing to pay for it,” Agarwalla explains. In this framing, sustainability functions as a commercial proposition rather than a cost absorbed for signalling.

Within the portfolio, real estate assignments provide the most consistent cash flow. These projects offer predictability across the year and help offset the variability associated with campaign-driven creative work. Agarwalla describes them as “steady and dependable”, forming a stabilising layer in the business mix.

At a leadership level, Agarwalla emphasises routines that support focus and continuity. Time spent maintaining green office spaces is cited as a way to manage mental bandwidth. “It’s a way to keep the mind clear,” he says, distancing the practice from symbolism or culture-building narratives.

His views on technology also evolve over the year. Initially sceptical about AI, Agarwalla now acknowledges its utility when applied with restraint. There are no capital decisions he would revisit. One industry practice he would remove, if possible, is pitching. “It consumes a lot of creative energy without always creating value,” he says.

The underlying motivation, however, remains unchanged. Problem-solving continues to define the appeal of the business. At the same time, Agarwalla offers a pragmatic conclusion to the year. “Good work matters,” he says. “But good networking still brings the work in.”

In shrink sleeves, Taurus Packaging lets demand do the talking

Chetan Jain, director at Taurus Packaging, explains how customised solutions, PETG adoption, and regional expansion shaped pull-led growth as sustainability influenced shrink sleeve demand

For much of India’s shrink sleeve packaging market, 2025 confirms a steady shift in how customers choose suppliers. Standardised offerings and aggressive selling carry less weight. Instead, buyers increasingly favour partners who adapt formats, respond to application needs, and address sustainability requirements ahead of regulation. At Taurus Packaging, this change defines the year.

Reviewing performance from January to December, Chetan Jain, director at Taurus Packaging, attributes growth less to volume expansion and more to customer engagement. “We never push our products,” he says. “By understanding the customer’s needs and challenges, we provide customised solutions.” Over time, this approach creates what Jain describes as demand pull, driven by relevance rather than persuasion.

The nature of demand has evolved over the past three years. One significant shift follows the introduction of Taurus’s HIP framework and its focus on sustainable substrates such as LDPET and PETG. Initially developed to support startups with lower order volumes and tighter budgets, the framework gains wider adoption. At the same time, larger brands begin transitioning from PVC to PETG and similar alternatives, accelerating sustainability adoption across the portfolio. Jain notes that these parallel developments increasingly shape the company’s direction.

Viewed through a longer-term lens, progress is visible beyond domestic volumes. Taurus records a rise in export-oriented business, supported by engagement with international brands. While Jain avoids specific numbers, he says the change is evident in both scale and job complexity. The company now produces multiple variants and SKUs for existing overseas customers, indicating deeper operational integration rather than one-off expansion.

Cost conditions during the year remain challenging. Input prices increase across substrates and raw materials, creating pressure to revisit pricing. Jain stresses that pricing is not the starting point of customer discussions. “Our focus remains on the quality of shrink sleeve packaging,” he says. While negotiations are unavoidable in tenders for large brands, Taurus avoids competing purely on price. “Price negotiation is not encouraged,” Jain adds, noting that longer relationships tend to form with customers who prioritise value.

Operational investments during the year focus on process alignment and visibility. Taurus migrates its workflows to a new ERP system to strengthen backend discipline alongside front-end innovation. Jain explains that tighter process control becomes essential as job complexity increases. In parallel, the company adds printing capacity and installs inspection and error-detection systems. R&D tools are introduced to reduce manual checks and limit waste, supporting a move towards higher automation.

The most significant strategic decision during the year is geographic. Taurus establishes a production unit in Hyderabad, responding to sustained demand from customers in southern India. Jain explains that the move follows several years of discussion. “It has been a consistent request from key clients,” he says. The new unit expands capacity, reduces response times, and improves access for southern and neighbouring markets.

Profitability during the year reflects the breadth of Taurus’s customer base. Both startups and large FMCG brands contribute to margins. Smaller brands prioritise quality within defined budgets and order sizes, while larger customers focus on specialised work and sustainability requirements. “For both, we offer customised solutions,” Jain explains, resulting in balanced contribution across segments.

Sustainability continues to influence product development and R&D priorities, though Jain is direct about its near-term economics. New recyclable substrates and technologies carry higher initial costs, creating a price gap for brands. “This is an additional burden for now,” he says. Jain expects this gap to narrow as adoption increases and materials scale.

PETG plays a central role in stabilising the portfolio. Taurus commits early to promoting PETG as an alternative to PVC, balancing recyclability with cost considerations. Jain describes the company’s move from PVC to PETG as a turning point. As PETG offers recycling benefits at comparable price levels, it becomes widely adopted across customer segments and a steady contributor to revenue.

Leadership priorities during the year extend beyond operations. Jain links personal discipline to decision-making effectiveness, pointing to routine and diet as practical anchors. “A healthy mind resides in a healthy body,” he says, noting that consistency helps manage operational demands.

Some assumptions also shift during the year. Jain admits initial caution around video defect detection systems, which later prove effective in improving consistency and reducing rework. No major investment decisions stand out as regrettable. If one industry practice could be eliminated, he says, it would be designing packaging without recyclability or reusability in mind, a habit increasingly out of step with market expectations.

One moment during the year captures the continuing appeal of the business. Jain recalls an NPD technician calling him to observe a shrink sleeve performing as intended during a tunnel test at a client site. The reaction, he says, reflects the combination of process control and craft that defines the work.

Looking ahead, Jain believes the industry is nearing a wider inflection point. “The Indian printing industry is ready to go global,” he says, citing rising technical capability and growing international engagement. Realising that potential, he adds, will depend on access to land, skilled manpower, energy, infrastructure, and investment incentives.

On sustainability and compliance, Jain supports collective engagement with policymakers to ensure workable regulation. Taurus already operates toluene-free printing processes for food applications and shares data with customers where required, though Jain notes that carbon accounting will take time to formalise across the value chain. Internally, ongoing training keeps sales and marketing teams aligned with evolving sustainability standards.

Reliability, not reinvention, drives Thomson Press’ scale

CJ Jassawala, executive director printing at Thomson Press, discusses how disciplined execution, capacity investment, and customer trust supported volume-led growth in a year shaped by operational precision

For India’s large-format book and commercial printers, 2025 is less about reinvention and more about execution. Volumes do not return by chance. They move towards suppliers that deliver consistently, at scale, and without disruption. At Thomson Press, this dynamic defines the year.

Reviewing performance from January to December, CJ Jassawala, executive director printing at Thomson Press, attributes growth primarily to higher volumes. The increase, he explains, is not driven by pricing adjustments or one-off projects, but by customers consolidating a larger share of work with a trusted supplier. “Growth came from customers trusting us with more of their print requirements,” he says, pointing to consistency in quality and adherence to schedules as the determining factors.

That trust is reflected in the nature of work flowing through the business. Compared to three years ago, high-end book production accounts for a larger share of output, particularly projects that demand tighter control over materials, binding, and post-press processes. “These products require a strong understanding of bookbinding materials and processes,” Jassawala explains, citing spot UV, foil registration, and finishing accuracy as areas where execution determines outcomes.

From a long-term perspective, the clearest indicator of business health is capacity utilisation. Thomson Press has invested steadily in equipment and infrastructure over recent years. In 2025, the ability to deploy this expanded capacity provides confidence in customer retention and rising share of business. Jassawala describes the period as one in which earlier capital investments begin to demonstrate their value.

Cost pressures persist during the year but remain secondary. While input costs fluctuate, Thomson Press’s revenue performance is shaped more by underlying demand than by price-led growth. Volume increases from anchor clients help absorb inflationary pressures more effectively than tactical pricing measures.

Operational investments during the year continue to focus on automation and integration. Older equipment is replaced with newer technology, and automation is extended across hardware and software. Inline quality correction systems reduce variability and manual intervention, improving consistency at speed. Looking ahead, Jassawala says artificial intelligence will be integrated into the company’s next-generation ERP system to improve process visibility rather than operate as a standalone layer.

Strategic investment decisions reflect a long-term manufacturing view. Thomson Press continues to invest in four-colour perfectors with full automation, strengthening its ability to deliver high-volume work efficiently. In parallel, the company advances a greenfield hardcase book factory, a move informed by projected demand in premium book production. The investment reflects confidence in books as manufactured products rather than legacy formats.

Profitability during the year aligns with this structure. Higher margins continue to come from large-volume anchor clients rather than small, specialised projects. Scale, in this context, supports efficiency, repeatability, and disciplined scheduling rather than diluting returns.

Sustainability initiatives progress alongside operational priorities and are driven largely by compliance requirements. Thomson Press’s actions focus on EUDR compliance, decarbonisation, and deforestation prevention. “There is no premium pricing attached to these efforts,” Jassawala states. Sustainability functions as a licence to operate and a condition for global participation, not as a commercial differentiator.

While individual segments contribute stability, the portfolio benefits from diversification across book categories and commercial applications. Cash flow reliability comes from the cumulative effect of large, repeat programmes executed consistently at scale.

Leadership priorities during the year mirror this operational focus. Jassawala describes work itself as a source of engagement. “I enjoy my work. It gives structure to my day,” he says. Maintaining effectiveness requires balance, with fitness, routine, and rest playing a role in managing pressure. “Pressure is part of the job,” he notes, “but it can be managed.”

Informally, the year also shapes views on technology. Jassawala becomes more receptive to AI in operations and daily use, viewing it as a tool for integration rather than disruption. If one industry habit could be removed, he says it would be procrastination and persistent complaining, behaviours that undermine execution more than external constraints.

At Reliable Packaging, growth comes from balance, not bets

Nikhil Sipani, managing director at Reliable Packaging Industries, reflects on a year where a calibrated value mix, deeper customer integration, and operational discipline supported growth across cycles without dependence on volume swings

For packaging manufacturers operating in seasonal markets, 2025 reinforces a familiar constraint. Volume alone is an unreliable growth lever. Demand fluctuates, weather affects cycles, and pricing pressure compresses margins. At Reliable Packaging Industries, the response is not to chase peaks, but to build balance.

Nikhil Sipani attributes growth primarily to a shift in value mix rather than higher throughput. “Many of the segments we operate in are seasonal,” he explains. “Relying on volume alone is not sustainable.” The business instead focuses on adjusting its product and customer mix to offset slowdowns in individual segments, allowing performance to remain stable across the year.

This portfolio approach becomes clearer when compared with three years earlier. One of the more notable sources of momentum in 2025 is mobile phone export packaging. Demand rises sharply, driven by export-oriented manufacturing and stricter packaging requirements. At the same time, durable goods see a decline in contribution. Sipani points to extended rainfall across India as a factor suppressing market demand, highlighting how external variables can alter segment performance quickly.

From a long-term perspective, Sipani sees the clearest indicator of progress in financial balance. “We have seen growth in both our top line and bottom line,” he says. This alignment reflects not just expansion, but improved operating efficiency. Scale without profitability is avoided, strengthening the business structurally rather than superficially.

Cost conditions during the year reinforce this outcome. Raw material prices remain broadly stable and, in some cases, decline. As a result, revenue growth is driven largely by underlying demand rather than price adjustments. “Due to intense competition, overall prices actually reduced,” Sipani notes. Growth achieved in such conditions, he adds, reflects market traction rather than inflationary effects.

Operational investment during the year centres on productivity and control. Reliable Packaging integrates automation and AI into key factory workflows, targeting areas where manpower intensity can be reduced without compromising quality. “The focus was on achieving higher productivity with leaner resources,” Sipani explains. Process visibility and control become as important as speed.

The most significant strategic move of the year extends the company’s role beyond packaging. Reliable Packaging enters the home appliance processed glass segment, shifting from supplying outer packaging to becoming part of the product itself. “This allows us to integrate more deeply into our customers’ value chain,” Sipani says. The move reflects customer preference for suppliers who can support multiple components rather than isolated inputs, strengthening long-term engagement.

Profitability patterns during the year reflect this positioning. Higher margins are not confined to niche projects alone, but also come from high-volume clients with defined value requirements. The combination of scale and specification allows Reliable Packaging to maintain margin discipline while preserving stability, avoiding over-reliance on either end of the spectrum.

Sustainability initiatives progress on practical terms. Financial benefits do not come from premium pricing. Instead, higher adoption rates and operational efficiencies drive returns. As sustainable options become embedded in standard offerings, efficiency gains contribute to profitability. Sipani frames sustainability as an operating advantage rather than a marketing tool.

Durable goods re-emerge later in the year as a stabilising segment. Despite earlier declines linked to weather-related disruption, the category delivers consistent cash flow across the calendar year. Sipani describes it as a steady contributor, offsetting volatility elsewhere and supporting working-capital discipline.

Leadership priorities during the year reflect the need to maintain perspective under pressure. Sipani draws energy from travel, using time away from routine to reset thinking. “Experiencing different cultures and environments gives me perspective,” he says, noting that distance can sharpen decision-making.

Some views also evolve during the year. Sipani becomes more receptive to AI-driven automation after initial caution, recognising its role in consistency and control. Not every investment, however, feels well-timed in hindsight. A coating machine purchase, he admits, appears impulsive. If one industry practice could be eliminated, Sipani is clear. “Reverse auctions,” he says, arguing that they erode value and weaken long-term supplier relationships.

One moment during the year reflects the company’s outlook. The energy of the younger team reinforces Sipani’s belief that adaptability is now a leadership requirement rather than a slogan. “Agility is the key,” he says, summing up the year.

Holostik’s phygital play is redefining the economics of brand protection

Ankit Gupta and Shobhit Gupta, joint directors at Holostik, outline how phygital authentication, digital traceability, and sustainability-led investments are repositioning brand protection as a revenue contributor rather than a defensive cost

Across global supply chains, the economics of brand protection are changing. Counterfeiting is no longer treated as an operational inconvenience. It is increasingly viewed as a strategic risk with implications for revenue, compliance, and consumer trust. At Holostik, this reassessment shapes the year.

Growth is driven less by physical volumes and more by a shift towards integrated, value-led solutions. Demand is strongest for phygital anti-counterfeiting systems that combine physical security features with digital verification and traceability. “Brands want more than a hologram or a label,” says Ankit Gupta. “They want visibility, control, and trust.” Holostik’s ability to offer this integrated architecture becomes a central growth driver.

The contrast with three years earlier is most visible in digital adoption. What begins as cautious experimentation evolves into a priority at senior management level. Holostik’s digital platforms, including Utopia’s supply-chain and product authentication solutions, grow faster than expected. Shobhit Gupta points to pharma, electronics, and automotive spares, where counterfeiting risk is high and compliance requirements are tightening. Physical hologram volumes continue to rise, but their share shifts as customers opt for layered solutions rather than standalone deterrents.

Sustainability emerges as a parallel area of growth. NaturTrust, the group’s sustainability-focused packaging arm, expands into certified biodegradable and compostable solutions. The move reflects convergence between brand protection and environmental responsibility within procurement decisions, rather than a separate sustainability agenda.

From a long-term perspective, the most significant shift is in how customers assess value. Holostik’s offerings are increasingly treated not as insurance costs, but as contributors to revenue protection and brand equity. “When clients measure outcomes such as higher sales conversion, lower duplication, and full supply-chain visibility, it changes the conversation,” Ankit says. The phygital model, he adds, creates differentiation that is difficult to replicate.

Revenue growth reflects this structure. A majority is driven by underlying demand rather than pricing actions. Counterfeiting ranks as a leading driver of investment in authentication, according to the ASPA–Accenture 2025 report, and this trend is visible across pharma, FMCG, auto components, and agri products. Price adjustments play a corrective role. As Shobhit notes, customers increasingly recognise that “the cost of inaction outweighs the cost of protection”.

Operational investment supports this complexity. Holostik expands automated inspection and data-led process control, building end-to-end visibility across manufacturing operations. Automation and AI are used to ensure consistent performance of physical and digital security features at scale. Around 5% of topline is reinvested in R&D, supported by DSIR certification, reinforcing a long-term focus on development and reliability.

The most significant strategic move during the year is the expansion of Holostik’s phygital ecosystem. High-security holography, specialty labels, digital verification platforms, and enabling hardware are integrated into a single framework. The company now supplies both software and execution-ready hardware, reducing fragmentation for customers. “Brands are looking for a single accountability partner,” says Shobhit, describing a shift away from multi-vendor security models.

Profitability follows a balanced pattern. Large programmes provide scale and predictability, while specialised applications deliver margin improvement. Stable volumes support continued investment in advanced printing and security technologies, improving throughput and control. The combination of scale and specification allows margins to strengthen without reliance on either extreme.

Sustainability initiatives advance alongside core operations. Holostik invests in recyclable materials, solvent-reduced processes, and energy-efficient production. Between 20% and 30% of power requirements are met through solar energy, reducing energy intensity and improving cost resilience. Financial benefits arise mainly from adoption and efficiency gains rather than premium pricing. Paperogram extends paper-based recyclable security into higher-security applications, while NaturTrust continues to scale compostable packaging formats.

Despite the growth of digital layers, physical security remains a stabilising element. Core holograms and security labels continue to generate steady demand across sectors. Their repeat usage and immediate authentication value provide consistency, even as digital platforms add intelligence and traceability.

Leadership priorities during the year centre on focus and alignment. Ankit emphasises disciplined prioritisation. “A small set of actions drives most outcomes,” he says. Shobhit highlights collaboration, arguing that alignment across teams and partners amplifies execution. Shared intent, they note, reduces friction as complexity increases.

Both directors acknowledge a shift in their view of artificial intelligence, which moves from caution to practical adoption as a tool for decision-making and execution. Not all investments are perfectly timed. Some capacity additions precede demand, reinforcing lessons around sequencing. If one industry practice could be eliminated, both point to price wars, which they see as undermining innovation and long-term value creation.

The most meaningful outcomes are seen in use. Products reaching consumers with verified protection reinforce the purpose behind the work. Reflecting on the year, Ankit summarises the approach. “Consistent effort compounds,” he says, pointing to focus and patience as the drivers of progress.

Why complexity, not capacity, now defines profitability at Nutech Print Services

Ravi Shroff, managing director at Nutech Print Services India, reflects on a year where higher-spec work, operational visibility, and a more balanced customer base reshaped growth without chasing volume

Across commercial and book printing, the economics of growth are becoming more selective. Volume alone no longer guarantees resilience. Capability, consistency, and the ability to manage complexity increasingly determine where work flows. At Nutech Print Services, this shift defines the year.

Growth is driven less by output expansion and more by the nature of assignments undertaken. Ravi Shroff describes a deliberate move away from chasing scale towards executing technically demanding work with consistency. “We didn’t chase scale,” he says. “We focused on doing more challenging work well, and that’s where the uplift came from.” Customers increasingly favour higher-spec jobs with shorter timelines, aligning with Nutech’s emphasis on control and execution.

The contrast with three years earlier is visible in the work mix. Premium commercial and book printing gain share as demand rises for consistent colour and reliable delivery. Shroff notes that execution standards now receive closer scrutiny. At the same time, basic mono trade work softens. As that segment becomes more commoditised, pricing pressure increases, reinforcing Nutech’s decision to prioritise capability-led assignments.

From a long-term perspective, the clearest indicator of business health lies in customer composition. Dependence on any single account reduces materially. “No one customer dictates our rhythm today,” Shroff explains. Revenue growth combined with lower concentration risk points to a structurally more stable organisation, less exposed to abrupt demand changes.

Cost volatility during the year highlights the importance of transparency. Around two-thirds of revenue growth comes from underlying demand and higher job complexity, with the remainder linked to price adjustments driven by input costs. Shroff notes that customers are more receptive to changes when communication is timely and clear. “Transparency makes the conversation easier,” he says.

Operational investment focuses on visibility rather than automation for its own sake. Nutech prioritises plant-wide data integration covering job tracking, makeready analysis, colour control, and predictive maintenance. The most tangible gains come from reducing makeready waste and improving uptime. “Small improvements every month add up,” Shroff explains, describing progress as cumulative rather than transformational.

The most significant strategic investment reflects changing customer behaviour. Nutech expands perfecting and short-run colour capability as staggered campaign releases replace large batch orders. Faster, more flexible colour production becomes critical. Shroff says the decision is already aligning capacity more closely with how customers now plan and release work.

Profitability patterns reinforce this approach. While large-volume clients provide baseline stability, higher margins consistently come from specialised customers who value precision and speed. “In those jobs, capability matters more than price,” Shroff says. These assignments reward technical depth rather than bargaining leverage.

Sustainability initiatives progress quietly. Financial benefits are driven mainly by operational efficiencies such as energy savings, waste reduction, and tighter process control. Customers increasingly treat responsible manufacturing as a baseline requirement rather than a premium differentiator. For Nutech, sustainability strengthens operational discipline rather than pricing power.

Within the portfolio, institutional and educational printing acts as a stabilising segment. It lacks the visibility of premium commercial work but delivers predictable cash flow. Shroff describes it as a steady contributor that supports continuity during periods of volatility elsewhere.

Leadership priorities during the year reflect a recalibration of focus. Shroff reduces involvement in day-to-day firefighting to create space for the next layer of leadership. “When you create thinking time, decision quality improves,” he says. Delegation and trust, he adds, improve resilience at the top.

Some assumptions shift during the year. Shroff becomes more receptive to real-time production dashboards after initial scepticism. Improved visibility changes shopfloor behaviour by reducing ambiguity and follow-ups. Not every investment is perfectly timed. A specialty finishing line, added ahead of demand, remains underutilised, reinforcing lessons around sequencing.

If one industry practice could be eliminated, Shroff is clear. “Race-to-the-bottom tendering lowers standards across the board,” he says, arguing that firms should compete on strengths rather than erode value through price competition.

One small moment captures the appeal of the work. A customer pauses while reviewing a freshly printed book to acknowledge a subtle planning detail. “Those are the moments only printers notice,” Shroff says, and they remain the most satisfying.

Reflecting on the year, he draws a simple conclusion. “Consistency, speed, and reliability matter more today than size,” Shroff says. For Nutech Print Services, responding to that reality means managing complexity with discipline rather than pursuing scale for its own sake.

Making volume work at Unbox by fixing the system behind it

Sahil Rao, director at Unbox, reflects on a year where volume-led growth was sustained by automation, disciplined systems, and repeat business, showing how scale can support margins when execution keeps pace

In packaging, scale is often pursued before it is supported. Volumes increase, margins tighten, and processes struggle to keep up. At Unbox, the year follows a different path. Growth comes from higher volumes, but only because systems, automation, and value addition advance in parallel.

Performance during the year is driven primarily by volume expansion, supported by consistent value addition. This balance allows profitability to remain intact as throughput rises. “Growth this year was driven by higher volumes, supported by value addition,” says Sahil Rao, adding that scale without discipline would not have produced the same outcome.

The sectoral mix evolves over the year. Demand from the food segment remains steady, while jewellery and perfume packaging performs better than expected, reflecting continued emphasis on presentation in premium categories. Gifting, however, contributes less than anticipated. Rao views this unevenness as a reminder that discretionary segments remain sensitive to shifts in sentiment.

From a long-term perspective, the most telling indicator of business health lies in customer behaviour. Repeat orders increase steadily, strengthening Unbox’s position within existing accounts. “Repeat business this year reinforced customer confidence in us,” Rao explains, pointing to trust built through consistency rather than isolated wins.

Revenue growth is largely demand-led. Nearly 90% comes from underlying market pull, with price adjustments playing a limited role. In a competitive environment, this distinction matters. Growth sustained without reliance on pricing leverage tends to be more resilient.

Operational investment underpins this outcome. Unbox installs fully automatic rigid box-making lines with advanced positioning and finishing capability, reducing variability and improving predictability at higher speeds. At the same time, visibility improves through straightforward tools. Shared digital dashboards across units give teams real-time insight into shopfloor status. “Everyone has visibility on what is happening,” Rao says, reinforcing the point that clarity does not always require complex systems.

The most significant strategic investment responds directly to market demand. Unbox installs a fully automatic case maker to address rising interest in magnetic locking boxes. The move strengthens its position in premium rigid packaging, where functionality and finish increasingly influence buying decisions.

Profitability patterns during the year challenge common assumptions. The highest profits, both in absolute terms and percentage, come from large-volume anchor clients rather than specialised boutique work. Consistency, scale, and disciplined execution combine to make these programmes more predictable and financially rewarding.

Sustainability initiatives contribute through a combination of pricing and efficiency. Returns come partly from customer willingness to pay where sustainability is integrated into design, and partly from operational savings through lower waste and energy use. The outcome is incremental rather than headline-driven.

Within the portfolio, rigid boxes provide stability. The segment delivers consistent cash flow across food, personal care, and premium consumer categories, supporting planning and capacity utilisation even as other segments fluctuate.

Leadership priorities during the year centre on maintaining perspective. Rao points to physical routine and time away from day-to-day operations as contributors to clearer decision-making. “Stepping back helped me think better,” he says, suggesting that leadership effectiveness is as much about reflection as execution.

Some views also evolve during the year. Rao becomes more receptive to AI-assisted design and image tools, which improve speed and creative flexibility. Not every investment decision feels perfectly timed. A board slitter machine, he admits, could have been deferred, reinforcing lessons around sequencing capital expenditure.

If one industry practice could be removed, Rao is clear. “Blind investments that drive unsustainable pricing,” he says, arguing that scale without strategy weakens the sector.

What continues to motivate him is the consultative nature of the work. Collaborating with brand owners to refine packaging solutions remains central. Reflecting on the year, Rao arrives at a straightforward conclusion. “Meaningful scale comes from systems and readiness,” he says, framing growth as a function of execution rather than ambition.