SPMCIL Reports Record Revenue

Security Printing & Minting Corporation of India Ltd (SPMCIL) recently published its 2024/25 Annual Report, showing a 15.84% increase in revenue to Rs 58.84 billion. Costs increased by 19.9% to Rs 43.96 billion.

During the year, SPMCIL, which is owned by the Ministry of Finance, produced 12.06 billion banknotes, up by 24.28% compared to FY 2023-24.

SPMCIL consists of nine units, including two banknote printworks, Currency Note Press (CNP) in Nashik and Bank Note Press (BNP) in Dewas, two security presses for passport and tax stamps, the Security Paper Mill (SPM) in Narmadapuram, an ink factory (also in Dewas), and four mints (Mumbai, Kolkata, Hyderabad, and Noida). Currently, it produces c. 40% of India’s banknotes (the rest is produced by Bharatiya Reserve Bank Note Mudran Pvt Ltd, BRBNMPL, owned by the Reserve Bank of India).

In addition, SPMCIL and BRBNMPL have a joint venture – Bank Note Paper Mill India Private Ltd (BNPMIPL), which also had a record year (see CN October 2025), producing 16,651 tonnes against a nominal capacity of 12,000 tonnes per year. It is planning a further two lines to increase this capacity.