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Kushal Limited started off in the business of papers. Now hundreds of other businesses depend on it for their uninterrupted supply of raw materials and finished products.


Every emerging story starts from somewhere.

Ours started with the late Tulsiram Agrawal when he set up a humble paper trading business in 1965 under the name M/s Saraswati Trading Company in Ahmedabad, Gujarat.

Over decades, this small firm took many important steps and grew into a leading paper trading company in the region, catering to a dedicated and loyal base of happy customers across India. Reflecting the evolving scope of business in the new millennium, M/s Saraswati Trading Co was incorporated as Kushal Tradelink Private Limited in March 2000.

In a bid to provide our expertise in making things available when needed to customers across the globe and more product categories, Kushal Limited got listed on the BSE in September 2013 after a successful IPO. This was the largest SME IPO at that time.

Today, our papers and paper products form a dependable source of supply for some of India’s largest packaging companies. Our newsprint is used daily by the world’s largest selling English newspaper circulated out of India. But the non-paper part of our trading business is even more significant, contributing over 70% of our total revenue currently.

Kushal Limited with its international subsidiaries, is today, a global provider of coal, metals & minerals, chemicals, drug APIs, base oils, electronics & home appliances, textiles & garments, capital goods, agricultural products, paper and even infrastructure.

Probably, this explains why in such short time, Kushal Limited has grown phenomenally and is today included by the prestigious MSCI Smallcap India Index as one of the major unfolding stock stories to watch out for.