Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 437 | 515 | 484 | 504 | 495 | 454 | 475 | 460 | 451 | 500 | 496 | 560 |
| Expenses | 385 | 434 | 414 | 460 | 458 | 424 | 444 | 422 | 414 | 440 | 434 | 477 |
| Operating Profit | 52 | 81 | 70 | 43 | 37 | 30 | 31 | 38 | 36 | 60 | 62 | 83 |
| OPM % | 12% | 16% | 14% | 9% | 8% | 7% | 7% | 8% | 8% | 12% | 13% | 15% |
| Other Income | 0 | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 5 | -2 | 15 | 0 |
| Interest | 17 | 16 | 16 | 14 | 15 | 17 | 16 | 17 | 17 | 18 | 16 | 17 |
| Depreciation | 12 | 13 | 21 | 13 | 13 | 13 | 13 | 13 | 14 | 14 | 14 | 13 |
| Profit before tax | 22 | 53 | 35 | 17 | 10 | 2 | 4 | 9 | 10 | 26 | 47 | 53 |
| Tax % | 26% | 25% | 23% | 27% | 25% | 5% | 2% | 33% | 35% | 36% | 34% | 28% |
| Net Profit | 16 | 39 | 27 | 13 | 8 | 2 | 4 | 6 | 7 | 17 | 32 | 39 |
| EPS in Rs | 2.71 | 6.51 | 4.49 | 2.12 | 1.25 | 0.28 | 0.65 | 1.04 | 1.09 | 2.81 | 5.21 | 6.38 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 539 | 1,140 | 1,356 | 1,538 | 1,515 | 1,216 | 1,958 | 2,381 | 1,994 | 1,928 | 1,907 | 2,008 |
| Expenses | 491 | 1,012 | 1,195 | 1,300 | 1,307 | 1,038 | 1,644 | 2,159 | 1,758 | 1,786 | 1,711 | 1,766 |
| Operating Profit | 47 | 128 | 161 | 239 | 209 | 178 | 314 | 222 | 236 | 142 | 196 | 241 |
| OPM % | 9% | 11% | 12% | 16% | 14% | 15% | 16% | 9% | 12% | 7% | 10% | 12% |
| Other Income | 6 | 24 | 11 | 4 | -23 | 92 | -4 | 2 | 3 | 4 | 20 | 18 |
| Interest | 16 | 70 | 84 | 107 | 117 | 95 | 83 | 63 | 67 | 61 | 68 | 68 |
| Depreciation | 27 | 56 | 64 | 69 | 73 | 72 | 74 | 68 | 60 | 52 | 55 | 55 |
| Profit before tax | 11 | 26 | 24 | 66 | -5 | 103 | 153 | 93 | 112 | 33 | 93 | 137 |
| Tax % | -158% | 27% | 32% | 34% | 131% | 50% | 25% | 26% | 25% | 22% | 34% | |
| Net Profit | 28 | 19 | 16 | 44 | -10 | 51 | 115 | 69 | 84 | 26 | 61 | 94 |
| EPS in Rs | 4.61 | 3.15 | 2.71 | 7.27 | -1.73 | 8.44 | 18.98 | 11.43 | 13.93 | 4.30 | 10.15 | 15.49 |
| Dividend Payout % | 13% | 19% | 44% | 16% | 0% | 0% | 8% | 14% | 11% | 37% | 32% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 13% | 9% | -7% | 7% | ||
| Compounded Profit Growth | 10% | 40% | -3% | 384% | ||
| Stock Price CAGR | 5% | -7% | -4% | 21% | ||
| Return on Equity | 12% | 16% | 11% | 12% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 359 | 376 | 222 | 231 | 246 | 207 | 284 | 397 | 443 | 518 | 499 | 484 |
| Borrowings | 897 | 1,135 | 1,392 | 1,530 | 1,548 | 1,401 | 1,151 | 1,029 | 1,102 | 850 | 936 | 897 |
| Other Liabilities | 142 | 134 | 186 | 191 | 305 | 298 | 341 | 340 | 419 | 334 | 361 | 430 |
| Total Liabilities | 1,409 | 1,658 | 1,812 | 1,964 | 2,111 | 1,918 | 1,788 | 1,779 | 1,976 | 1,714 | 1,808 | 1,822 |
| Fixed Assets | 448 | 1,195 | 1,220 | 1,282 | 1,297 | 1,298 | 1,225 | 1,161 | 1,148 | 1,085 | 1,059 | 1,031 |
| CWIP | 620 | 5 | 5 | 9 | 103 | 1 | 0 | 31 | 4 | 10 | 4 | 5 |
| Investments | 1 | 1 | 56 | 56 | 44 | 24 | 54 | 49 | 39 | 45 | 59 | 39 |
| Other Assets | 341 | 458 | 532 | 618 | 667 | 595 | 509 | 538 | 785 | 574 | 686 | 748 |
| Total Assets | 1,409 | 1,658 | 1,812 | 1,964 | 2,111 | 1,918 | 1,788 | 1,779 | 1,976 | 1,714 | 1,808 | 1,822 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 38 | -80 | -15 | 69 | 275 | 313 | 246 | 329 | 32 | 351 | 44 | 197 |
| Cash from Investing Activity | -419 | -102 | -60 | -124 | -157 | 31 | -7 | -34 | -24 | -10 | -17 | -26 |
| Cash from Financing Activity | 307 | 167 | 30 | 39 | -123 | -335 | -246 | -307 | -9 | -336 | -32 | -172 |
| Net Cash Flow | -74 | -14 | -45 | -16 | -4 | 10 | -7 | -12 | -0 | 5 | -5 | 0 |
| Free Cash Flow | -399 | -194 | -78 | -57 | 118 | 274 | 238 | 294 | 8 | 340 | 26 | 168 |
| CFO/OP | 80% | -163% | -8% | 47% | 121% | 151% | 137% | 105% | 23% | 153% | 36% | 107% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 70 | 48 | 60 | 50 | 50 | 60 | 41 | 40 | 48 | 45 | 52 |
| Inventory Days | 136 | 192 | 117 | 111 | 133 | 111 | 108 | 67 | 91 | 69 | 103 | 114 |
| Days Payable | 83 | 84 | 42 | 36 | 75 | 76 | 88 | 47 | 46 | 33 | 42 | 58 |
| Cash Conversion Cycle | 84 | 178 | 123 | 135 | 107 | 86 | 80 | 61 | 84 | 84 | 106 | 109 |
| Working Capital Days | -53 | -93 | -38 | -29 | -56 | -68 | -77 | -20 | -10 | 1 | 4 | 13 |
| ROCE % | 2% | 2% | 6% | 6% | 10% | 8% | 8% | 17% | 10% | 12% | 7% | 11% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.98% | 74.97% | 74.97% | 74.97% | 74.97% |
| FIIs | 0.50% | 0.50% | 0.50% | 0.50% | 0.57% | 0.56% | 0.55% | 0.54% | 0.53% | 0.53% | 0.53% | 0.54% |
| DIIs | 4.32% | 3.81% | 3.01% | 1.03% | 0.58% | 0.00% | 0.00% | 0.00% | 0.04% | 0.07% | 0.06% | 0.00% |
| Public | 20.20% | 20.71% | 21.51% | 23.49% | 23.88% | 24.48% | 24.47% | 24.48% | 24.45% | 24.42% | 24.44% | 24.49% |
| No. of Shareholders | 13,072 | 13,087 | 14,409 | 16,325 | 19,211 | 21,275 | 21,138 | 20,916 | 20,191 | 19,650 | 19,283 | 19,122 |
Fundamentals
Market Cap₹ 718 Cr.
Current Price₹ 119
Stock P/E7.60
Book Value₹ 81.9
ROCE11.4 %
ROE12.4 %
Dividend Yield2.70 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)7%
Compounded Profit Growth (TTM)384%
Standalone figures.
Valuation
Market capRs 707 Cr
Enterprise valueRs 1,603 Cr
P/E (TTM)7.55x
Price to book1.43x
Price to sales0.35x
EV / EBITDA6.17x
EV / EBIT7.82x
EV / sales0.80x
Price to cash flow3.58x
Earnings yield13.25%
Dividend yield2.74%
P/E, 3-year average11.09x
P/B, 3-year average0.99x
P/E, 5-year average10.34x
P/B, 5-year average1.38x
Profitability
Operating margin (excl. other income)10.28%
Operating margin (incl. other income)11.32%
EBITDA margin12.94%
Pre-tax margin6.84%
Net profit margin4.67%
Net margin, latest quarter6.89%
ROE12.19%
ROCE11.35%
ROA3.38%
ROE, 3-year average11.43%
ROCE, 3-year average10.09%
ROA, 3-year average3.14%
ROE, 5-year average16.57%
ROCE, 5-year average11.41%
ROA, 5-year average3.91%
ROIC (approx.)9.69%
Tax rate34.25%
Other income / net worth4.00%
Growth
Sales growth (latest year)-1.08%
Profit growth (latest year)135.99%
Sales CAGR, 3 years-7.13%
Sales CAGR, 5 years9.41%
Profit CAGR, 3 years-3.90%
Profit CAGR, 5 years3.75%
Sales growth QoQ12.84%
Profit growth QoQ22.57%
Sales growth YoY (latest quarter)21.84%
Profit growth YoY (latest quarter)511.89%
Per share
EPS (TTM)Rs 15.48
EPS (latest year)Rs 10.15
EPS (latest quarter)Rs 6.38
EPS, 3-year averageRs 9.46
EPS, 5-year averageRs 11.76
Book value per shareRs 81.94
Sales per shareRs 331.84
Cash flow per shareRs 32.60
Free cash flow per shareRs 27.77
Dividend per share (latest year)Rs 3.20
Dividend per share, 3-year averageRs 2.13
Dividend per share, 5-year averageRs 1.92
Dividends
Dividend payout31.54%
Dividend payout, 3-year average26.75%
Dividend payout, 5-year average20.53%
Efficiency
Asset turnover1.05x
Fixed asset turnover1.85x
Inventory turnover3.84x
Inventory days95 days
Debtor days52 days
Debtors turnover6.97x
Creditor days58 days
Cash conversion cycle109 days
Working capital days13 days
Leverage
Total debtRs 897 Cr
Cash and bankRs 1 Cr
Net debtRs 896 Cr
Debt to equity1.81x
Net debt / EBITDA3.45x
Interest coverage3.02x
Current ratio (filing 2026-03-31)1.11x
Quick ratio (filing 2026-03-31)0.52x
Trade payables (filing 2026-03-31)Rs 196 Cr
Owners' fund to total sources27.20%
Debt to assets49.22%
Cash flow
Cash from Operating Activity (latest year)Rs 197 Cr
Cash from Investing Activity (latest year)Rs -26 Cr
Cash from Financing Activity (latest year)Rs -172 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 168 Cr
FCFE (approx.: FCF + change in debt)Rs 129 Cr
Cash from ops / profit, 5 years2.68x
Sales to cash flow9.67x
Statement figures
Net sales (TTM)Rs 2,008 Cr
Net sales (latest year)Rs 1,907 Cr
Sales (latest quarter)Rs 560 Cr
Operating profit excl. other income (latest year)Rs 196 Cr
Operating profit (latest quarter)Rs 83 Cr
Other income (TTM)Rs 18 Cr
EBITDA (TTM)Rs 260 Cr
PBDT (TTM)Rs 192 Cr
Profit before tax (TTM)Rs 137 Cr
Tax (latest year)Rs 32 Cr
Net profit (TTM)Rs 94 Cr
Net profit (latest year)Rs 61 Cr
Net profit (latest quarter)Rs 39 Cr
Depreciation (TTM)Rs 55 Cr
Depreciation (latest quarter)Rs 13 Cr
Interest (TTM)Rs 68 Cr
Cost of goods sold (latest year)Rs 1,489 Cr
Total expenditure (latest year)Rs 1,711 Cr
Total income (latest year)Rs 1,927 Cr
Share capitalRs 12 Cr
ReservesRs 484 Cr
Shareholders' fundsRs 496 Cr
Total assetsRs 1,822 Cr
Net blockRs 1,031 Cr
Capital work in progressRs 5 Cr
InvestmentsRs 39 Cr
ReceivablesRs 274 Cr
InventoryRs 388 Cr
Other liabilitiesRs 430 Cr
Shares outstanding (crore)6.05
Ownership
Promoter holding74.97% (-0.01 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 7.5 is at the 10th percentile of its own 8.4-year range
(median 11.8, low 5.9, high 88.7).
P/B 1.43 is at the 23th percentile (median 1.97).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | EMAMIPAP | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +1.1% | -2.8% | +3.9 pts |
| 1 month | +6.4% | -6.8% | +13.2 pts |
| 3 months | +35.6% | -7.6% | +43.2 pts |
| 6 months | +106.5% | +0.4% | +106.1 pts |
| 1 year | +16.7% | -9.9% | +26.6 pts |
| 2 years | -6.0% | -13.6% | +7.5 pts |
| 3 years | -13.7% | +14.2% | -27.9 pts |
| 5 years | -30.6% | +27.9% | -58.5 pts |
Red flags
F-score 7 of 8| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹560 Cr +21.7% vs Jun 2025.
Net profit ₹39 Cr +550.0%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| JK Paper Ltd | 7,096 | 21.7 | 7.39 % |
| West Coast Paper Mills Ltd | 4,641 | 20.2 | 6.17 % |
| Seshasayee Paper & Boards Ltd | 1,535 | 15.5 | 5.60 % |
| Andhra Paper Ltd | 1,427 | 51.7 | 0.04 % |
| N R Agarwal Industries Ltd | 1,125 | 17.0 | 8.49 % |
| Tamil Nadu Newsprint & Papers Ltd | 1,053 | 4.04 | 6.41 % |
| Pudumjee Paper Products Ltd | 898 | 9.86 | 18.1 % |
| Satia Industries Ltd | 687 | 3.94 % | |
| Kuantum Papers Ltd | 671 | 18.6 | 5.24 % |
| Prabhatam Infra Venture Ltd | 614 | -97.1 % | |
| Shree Rama Newsprint Ltd | 464 | 0.93 % | |
| Pakka Ltd | 350 | 25.2 | 3.31 % |
| Orient Paper & Industries Ltd | 343 | -4.24 % | |
| Ruchira Papers Ltd | 313 | 9.39 | 11.1 % |
| Genus Paper & Boards Ltd | 264 | 19.0 | 6.17 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-08-28 | Dividend - Rs 3.20 Per Share | |
| 2025-08-26 | Dividend - Rs 1.60 Per Share | |
| 2024-08-21 | Annual General Meeting/Dividend - Rs 1.60 Per Share | |
| 2023-09-05 | Annual General Meeting/Dividend - Rs 1.60 Per Share | |
| 2022-08-11 | Annual General Meeting/Dividend - Rs 1.60 Per Share | |
| 2021-08-18 | Annual General Meeting | |
| 2020-09-11 | Annual General Meeting | |
| 2019-08-01 | Dividend - Rs 1.20 Per Share |
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1