EPS is made by expanding small polystyrene beads with steam so they fuse into a block. It is cheap, light and easy to cut. Its thermal conductivity is typically around 0.033 to 0.038 W/m·K, so it needs noticeably more thickness than PUF to achieve the same insulation.
You will see EPS in cool-box packaging, some low-cost cold-room or cool-store panels and building insulation. In plug-in commercial cabinets it is rare, because foam-in-place PUF gives better insulation in thinner walls and bonds to the skins for strength. EPS panels are usually glued to metal skins rather than bonded by foaming.
EPS also absorbs more moisture over time if its facing is damaged, and it behaves worse in fire unless treated. For anything holding food or medicine at low temperature in Indian heat and humidity, PUF or PIR panels are normally the better long-term choice, even at a higher initial price.