Audited Financial Results of the Company for the Half Year and Year ended on 31st March, 2026
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Aten Papers & Foam Limited reported audited results for FY2026 with revenue from operations of ₹18,665.40 lakhs, up 34.6% from ₹13,869.22 lakhs in FY2025. Profit after tax stood at ₹738.99 lakhs, a modest growth of 5.4% from ₹701.14 lakhs in the prior year. The company listed on BSE's SME platform via an IPO in June 2025, raising ₹3,168 lakhs. EBITDA margin compressed from approximately 7.7% in FY2025 to around 5.6% in FY2026, indicating rising cost pressures despite strong top-line growth. Operating cash flow turned sharply negative at ₹-2,507.92 lakhs for FY2026, driven by a large increase in trade receivables (₹-2,405.59 lakhs) and current assets (₹-1,158.63 lakhs), partly offset by IPO proceeds. The statutory auditor, Alvi & Associates, issued an unmodified (clean) opinion with no qualifications, adverse opinions, or going concern flags. No deviations were reported in the utilisation of IPO proceeds.
Strong revenue growth of 34.6% is encouraging, but the sharp compression in EBITDA margins and deeply negative operating cash flow raise concerns about profitability quality and liquidity management, which could weigh on investor sentiment near-term.