Closing one chapter, opening another: The year in review (Part II) — The Noel D’Cunha Sunday Column

Ankit and Tejas Tanna
Directors, Printmann Group

(l-r) Ankit and Tejas Tanna

With a focus on sustainability, innovation, and resilience, Ankit and Tejas Tanna offer valuable insights into the challenges and opportunities shaping the printing and packaging industry.

2024 marked a significant milestone for Printmann Group as it secured backing from a private equity firm, which acquired a minority stake to provide growth capital. “This aligns with the broader industry trend of recognising the print and packaging sector as a vital and growing industry,” the Tannas explain. This strategic move positions Printmann Group for accelerated growth and enhanced market presence.

Reflecting on market dynamics, the Tannas highlight a notable mismatch between supply and demand. “Demand was muted for two and a half quarters out of the year, falling short of the pace of supply,” they observe. Despite these challenges, Printmann maintained its momentum by focusing on key strategic initiatives.

Sustainability remained a cornerstone of Printmann’s strategy in 2024. The company adopted Extended Producer Responsibility (EPR) and undertook its first ESG audit by an external firm, underscoring its commitment to environmental and social governance. “We plan to continue this sustainability journey in 2025,” the Tannas affirm.

In terms of innovation, 2024 was characterised by a focus on “smart replacements,” as Printmann prioritised technological advancements to enhance operational efficiency. “Technological progress is a continuous process at Printmann, and 2024 was no exception,” they add, setting the stage for further advancements in 2025.

Responding to evolving consumer behaviour and regulatory demands for eco-friendly packaging, Printmann introduced its subsidiary, Pakcellence. This new venture is dedicated to reducing plastic consumption in packaging. “Our first product, the gable top, has been well-received in the market, and we plan to expand this line and introduce new products in 2025,” the Tannas reveal.

Looking to 2025, Printmann is optimistic about fulfilling its vision of becoming a multi-location packaging partner for its customers. The company is poised to make significant investments to realise this goal. At the same time, the Tannas emphasise the importance of maintaining industry value. “The biggest challenge we foresee is the risk of self-destruction, as companies prioritise being the cheapest rather than focusing on the value they add. We hope the industry recognises its worth and avoids this pitfall,” they caution.

Resource allocation in 2025 will focus on supporting Pakcellence and encouraging the market to adopt sustainable and biodegradable packaging solutions. This aligns with Printmann’s overarching mission to reduce plastic consumption and drive innovation in eco-friendly packaging.

Addressing the ongoing risks of supply chain disruptions and economic uncertainties, the Tannas express confidence in the industry’s resilience. “The disruptions we face today are minor compared to those during the Covid-19 pandemic. With a strong domestic supply base, the industry is well-insulated against global uncertainties,” they assert.

As for the outlook for 2025, the Tannas are optimistic about a strong rebound for the industry. “2024 was a gap-down year, but we anticipate robust double-digit growth in 2025,” they conclude. With a clear focus on sustainability, innovation, and strategic growth, Printmann Group is well-positioned to navigate the challenges and opportunities of the year ahead.

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Chetan Jain
Executive director, Taurus Packaging

Chetan Jain reflects on a dynamic year marked by double-digit growth, ongoing innovations, and plans for further expansion.

The company’s most notable achievement in 2024 was its strong market performance, driven by new technologies and forward-thinking strategies. Jain says Taurus is preparing to open a new plant that will soon be operational, which he believes will enable the company to increase production capacity and maintain a competitive edge. He also confirms that the business is set to launch a new product facilitated by its latest CI flexo machine, further boosting its ability to cater to evolving market demands.

According to Jain, Taurus has successfully tapped into growth in the FMCG sector, though the overall pace of this industry remains slower than ideal. He credits the company’s agility in embracing new markets and technologies as a key factor in its success. One such success has been Taurus’s HIP Framework, which offers world-class packaging solutions to businesses previously limited to low-cost or standard shrink-sleeve packaging. “Because of the HIP Framework, we can offer high-quality shrink-sleeve packaging in smaller quantities,” Jain explains. “This allows clients on a tight budget to get unique designs and faster turnaround times, shifting the power of choice to those willing to innovate.”

Sustainability has been a driving force behind Taurus’s research and development efforts. Throughout 2024, the company focused on designing new substrates that support recyclability and hasten circularity within flexible packaging. These materials, which Jain views as potential game-changers, are expected to launch in 2025.

In addition to product development, Taurus has made significant strides in automation and process improvements. The recent introduction of an ERP system, combined with a streamlined operational interface, has helped centralise resources and accelerate workflows. Jain observes that this digitalisation has led to quicker decision-making and smoother day-to-day operations. Looking ahead, he anticipates that the new plant, inaugurated last year, will be equipped for additional capacity in 2025, along with new production sites that promise improved profitability and faster services for clients.

Despite these advances, Jain identifies a pressing challenge in balancing sustainability goals with industry growth. He believes the sector must continue to evolve while avoiding disruption, particularly for smaller businesses. “Sustainability is the need of the hour,” he says, “but we must also recognise the importance of industry survival and the complexities of adopting new trends.”

Taurus is focusing on strengthening its supply chain by planning a new plant in South India to mitigate some of these risks. Jain says this move will reduce dependency on uncertain factors and accelerate deliveries to clients in the western and southern regions. With these initiatives, he believes 2025 will be a turning point for both Taurus and the broader industry. “Brands will start embracing more sustainable substrates, such as PETG, to meet consumer expectations,” he predicts. “I suspect 2025 will amplify our previous efforts, shaping an even more impactful year than 2024.”

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CJ Jassawala
Executive director and COO, Thomson Press

CJ Jassawala of Thomson Press shares why it’s important to remain positive, and plan better than before to get a better sense of what’s happening and take better decisions.
 
In 2024, Thomson Press set up a new greenfield project to expand its footprint into export markets in the West. It included investments in printing and a hard case binding line. It will start production from January 2025, and will spur the company’s manufacturing capacity growth into the next decade.
 
Talking about sustainability, CJ Jassawala of Thomson Press says the company is moving forward with speed to comply with requirements in assessing its carbon footprint, book chain and Ecovadis platforms to establish its efforts for sustainable printing operations. “Europe, in particular, will be setting the standards with initiatives in preventing deforestation and enormous compliances towards this goal,” Jassawala says.
 
Talking about investment priorities for 2025, Jassawala adds, “We have to choose our customer segment, our geography, our product segment carefully and avoid price wars beyond a ‘Laxman Rekha’. “Essential market research, analysis, and using data to cut through the maze of growing recklessly, is the key. There is no mantra here, except a constant eye on new customer acquisition, setting boundaries with regard to credit period, outstandings with big customers, and sticking to financial discipline,” he explains.
 
Anticipating major challenges for 2025, Jassawala says for companies that export into the US, Donald Trump’s ascendency to presidency is fraught with uncertainty. “There will be major shifts in tariffs into the US, and other logistics and supply chain challenges will follow. We need to deftly wade through rough waters,” he says.
 
Yet, Jassawala believes, in the new year, “We must remain positive, plan better than before, demand more from ourselves and others, and dig into details, to get a better sense of what’s happening and make better decisions.”

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Krish and Rajeev Chhatwal
Directors, Kwality Offset

Krish (r) and his father Rajiv Chatwal

Rajeev and Krish Chatwal of Kwality Offset reflect on a year of technology investment and service expansion highlighting how the company has embraced the digital technology.

Rajeev and Krish Chatwal say they are proud to have achieved several key milestones that demonstrate its commitment to excellence and adaptability. In 2024, the company successfully increased its turnover by 10%, driven by strategic investments in technology and expanded services. It invested in printing machinery and software to enhance its production capacity and quality. It also expanded its service offerings to include variable data coupons and labels.
 
“Despite facing challenges like fluctuating raw material costs and intense competition, we remain optimistic about the future,” says Rajeev Chatwal. “We anticipate continued growth in the packaging and label segments, driven by the rise of eCommerce and consumer goods. We are well-positioned to capitalise on emerging trends, such as sustainable packaging and personalised printing, with our investments in technology and talent.”
 
Looking back, the Chatwals say digital printing dominated the year. The other trends that ruled the roost were sustainability and eco-friendly practices, print on demand (POD) and variable data printing (VDP) and increased focus on customer experience.
 
“The industry's focus on sustainability has led to the adoption of eco-friendly inks, recycled materials, and energy-efficient production processes. We've incorporated these practices into our operations, reducing our environmental footprint and appealing to environmentally conscious customers,” Rajeev Chatwal says.
 
Krish Chatwal adds, “POD and VDP have transformed the way we produce customised print materials. These technologies enable us to offer tailored products, reduce waste, and improve efficiency. He also adds that the industry's shift towards customer-centricity has led the company to prioritise personalised services, fast turnaround times, and high-quality products. “This focus on customer experience has helped us build strong relationships and drive business growth,” he says.
 
Regarding the sustainability initiatives the company undertook, Rajeev Chatwal says, “In 2024, we established recycling programmes for paper, cardboard, and other materials, reducing waste and promoting a circular economy. We invested in energy-efficient lighting and equipment, reducing our energy consumption and greenhouse gas emissions. We also began sourcing materials from certified sustainable suppliers, ensuring that our supply chain is environmentally responsible.”
 
In 2025, the company aims to reduce its carbon footprint by 10% through process improvements, energy-efficient technologies, and renewable energy sources. We plan to introduce biodegradable packaging solutions, such as compostable or plant-based packaging materials, to reduce plastic waste,” Krish Chatwal says. “We will implement water-saving measures, such as rainwater harvesting and efficient water management systems, to minimise our water usage. We will also launch an employee engagement programme to raise awareness about sustainability, encourage eco-friendly practices, and promote a culture of sustainability within the organisation.”
 
Kwality Offset is exploring alternative, eco-friendly materials, such as bioplastics, recycled papers, and eco-friendly inks, to reduce our environmental footprint. Its design team is working closely with clients to develop packaging solutions that minimise waste, reduce material usage, and promote recyclability.
 
Rajeev Chatwal says the company key investment priorities for 2025 are centred around embracing innovation while maintaining cost-efficiency to drive profitability. It will focus on digital transformation, sustainability and operational efficiency.
 
“We're investing in technologies like AI, automation, and cloud modernisation to enhance our operations and customer experience. This includes implementing AI-driven tools for automation, analytics, and customer service,” Krish Chatwal says. “We're committed to reducing our environmental footprint by adopting eco-friendly practices, energy-efficient technologies, and sustainable materials. This includes exploring alternative energy sources, reducing waste, and implementing recycling programmes. We're streamlining our processes, optimising resources, and improving supply chain management to reduce costs and enhance productivity. This includes investing in efficient equipment, implementing lean manufacturing practices, and enhancing our project management capabilities.”
 
According to the Chatwals, the key challenges the company anticipates in 2025 include sustainability and environmental concerns; digital transformation and technological advancements, changing consumer behaviour and preferences, global competition and market consolidation and supply chain disruptions and logistics challenges.
 
Kwality Offset Printers is optimistic about 2025.  “As global economies continue to recover from the pandemic and other disruptions, we expect to see increased demand for printing services, particularly in industries like eCommerce, healthcare, and packaging,” the Chatwals say. 

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Mudresh Purohit
Owner, Surya Offset

Mudresh Purohit of Surya Offset shares its initiative to shift to high-end technology started reaping fruits in 2024 and how AI is going to rule the roost in 2025.

Purohit of Surya Offset considers the healthy business mix of conventional and digital as one of the key achievements of the organisation in 2024. “Our initiative to shift to high-end technology started reaping fruits. Shifting from mere printing to end-to-end document life cycle management helped in providing better services to the end client. Focus on each silo independently with dedicated account management helped in focus on each area and stage of services rendered higher results and business opportunity,” Purohit says.
 
In 2024, the company shifted its focus from linear revenue growth to multifaceted revenue growth. “This industry breathes on product, brand and service as the three cornerstones of existence. Unless the balance of all three is not attained and served in totality, the result is the loss of image, reputation and brand,” Purohit says. “For Surya, success is nothing but to keep doing good."
 
In 2025, Surya Offset will replenish its outdated and ageing assets; invest in IT services, assets, skill set and applications; scout for international assignments and explore avenues where the larger project can be integrated with the print services needed. It will also secure the infrastructure with security and AI-based applications.
 
Regarding challenges, in 2025, Surya Offset will seek to simplify and shift the repeated work centric activities to automated ones. In terms of investments, mandate expenses will be the cost to develop, build, contain and absorb the technology of the future. New avenues of edge computing and AI will be integrated in the daily system. The focus will be on equipping and enhancing floor competence by imparting new skills, enabling technology adoption and instilling confidence. There will be a focus on technology-based dependency.
 
“In a few years, owing to AI-based services, the entire supply chain will be taken over by AI-based services. This will be primarily human-less, contact-less and will come with effective delivery concurrency,” Purohit says.
 
He adds that a paradigm shift based on user-friendly, intelligent, self-managed, self-sustaining and progressive AI is going to rule the roost. Spaces wherein the devices and IoT will start handling and managing real-time applications like language translation and advanced level vision processing. SaaS is going to be the name of the game, which will lower the dependency of hardware.

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Nikhil Sipani
Chairman and managing director, Reliable Packaging

Nikhil Sipani of Reliable Packaging shares how diversifying into a new category opened up the doors for the company in 2024, which was a challenging year for packaging.

In 2024, Reliable Packaging ventured into a new category of manufacturing glass for home appliances, which opened up exciting opportunities. “This expansion complements our existing business, as many of our customers overlap between the two categories. As a result, we anticipate a 40% increase in our turnover for the current financial year. Diversifying into multiple categories is proving to be a key driver for sustainable success, and we’re confident this approach will secure our growth in the future,” Sipani says.
 
That said, Sipani was quick to admit that 2024 was a challenging year for the industry, marked by significant volatility in raw material prices. “In today’s interconnected global economy, international events now have a substantial impact on domestic markets — an isolated effect is no longer the case. The sharp price fluctuations, with paper costs rising by over 20%, created difficulties across the industry. Despite these challenges, we upheld our long-term contracts, honouring commitments even in the face of such steep cost increases,” he says.
 
Stepping into 2025, Sipani says sustainability is no longer optional; it’s essential for the survival of any business. Reliable Packaging has transitioned its factory to be diesel-free, resulting in significant cost savings and a positive impact on the environment. Its commitment to sustainability remains strong.
 
The company has also embraced ERP, digitising nearly every aspect of the operation — from gate entry to finished product delivery. It is on a mission to become a 100% paper-free organisation. Sipani says collecting data at every stage of its processes is critical, as even small improvements can lead to significant gains in efficiency and overall performance. 
 
Reliable Packaging is also at the forefront of 100% recycled paper usage. “I’ve observed a shift in the market, with more people transitioning from white kraft liner or duplex boards to kraft paper, which has a lower carbon footprint. This trend is expected to boost the share of recycled kraft in the packaging segment, leading to substantial savings for consumers,” he says.
 
Looking ahead, in 2025, Reliable’s focus will be on enhancing efficiency rather than expanding capacity. “With the market already facing overproduction relative to demand, adding more capacity would only compress margins further. Instead, we believe investing in efficiency improvements is the smarter approach. Our goal is to increase yield and boost profitability, making 2025 a year of optimised performance and sustainable growth,” Sipani says.
 
He adds that overcapacity remains a significant challenge in the industry. Reliable aims to address this by prioritising investments in efficiency improvements rather than adding to capacity. This approach will help the company optimise resources, enhance productivity, and navigate market challenges more effectively.
 
Sipani says, “We believe the consumer durables segment, supported by the government’s production linked incentive (PLI) scheme, will experience significant growth, driving increased demand from this sector. In contrast, the FMCG sector is likely to see limited growth, making 2025 a relatively slow year for it. As a result, we plan to allocate more resources toward consumer durables, which we anticipate will provide us with a competitive edge and stronger growth opportunities.”
 
Sipani believes that to address supply chain challenges, we need to adopt a global perspective for raw material sourcing rather than relying solely on the domestic market. Building sufficient stock is essential to mitigate disruptions, especially given the current volatility. “While we operate on a just-in-time model, stockouts are not an option. Expanding our procurement strategy globally and maintaining adequate reserves will ensure smoother operations and greater resilience,” he says.
 
In conclusion, Sipani anticipates 2025 to be a more profitable and stable year for the industry, showing improvement over 2024.

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Read more: Closing one chapter, opening another: The year in review (Part I)