BSE: 516020
AGIO PAPER & INDUSTRIES LTD.
Operates in the paper and paper products industry, historically running a paper factory at Bilaspur. That factory has been suspended since October 2010 due to pollution control issues, and the company has since disposed of substantially all of its plant and machinery. Revenue from operations is now negligible — Q2 FY26 was Rs 1.69 lakhs, Q3 FY26 was Rs 0.20 lakhs, and Q4 FY26 was Rs 0.44 lakhs, with total turnover for FY26 reported as NIL apart from other income of Rs 2.78 lakh. The company impaired 75% of its capital work-in-progress (Rs 1,627.54 lakhs) based on estimated recoverable value. The statutory auditor flagged material uncertainty about the ability to continue as a going concern, with the going-concern basis maintained on the strength of a comfort letter from a promoter group company confirming financial support. The net loss for FY26 was Rs 1,805.18 lakhs versus Rs 157.78 lakhs in FY25, and total equity has turned negative at Rs 1,661.38 lakhs. No dividend was declared for FY26, consistent with FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper and paper products. Non-operational paper manufacturer with disposed plant, negative equity, and auditor-flagged going concern uncertainty
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (1) | (0) | (0) | (17) |
| margin % | — | — | (27.7) | — | — |
| Owners' profit | (1) | (1) | (1) | (2) | (18) |
| EPS, as reported (₹) | (0.83) | (0.87) | (0.67) | (0.98) | (11.19) |
| ROE % · ROCE % | (26.2) · (4.0) | (36.5) · (4.4) | (35.9) · (1.1) | (109.9) · (4.1) | 108.7 · 428.8 |
| Debt / equity (x) | 2.66 | 3.23 | 4.54 | 10.55 | (1.01) |
| Cash from operations | (0) | (1) | (0) | (0) | (1) |
| Capex | 0 | 0 | 0 | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (17) | (1) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (17) | (1) | (0) |
| EPS (₹) | (0.26) | (0.24) | (0.23) | (0.24) | (0.28) | (10.35) | (0.31) | (0.24) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 457.9 | 4.4 | 1 of 45 | 100% |
| Profit growth | (1.8) | 60.9 | 27 of 42 | 37% |
| Market cap | 5 | 55 | 43 of 48 | 11% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance filing for Q2 FY27 share demat certificate | compliance | minimal | — | — |
| 1 Oct 2026 · Statutory Auditor Re-appointed for Second 5-Year Term | management changes | medium | — | — |
| 30 Sept 2026 · Malay Chakrabarty reappointed as Whole-Time Director for 5 years | management changes | medium | — | — |
| 30 Sept 2026 · AGM Results: All 4 resolutions passed at 41st AGM on 30 Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · AGIO Paper 41st AGM held on Sept 30, 2026; 4 resolutions transacted | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Unaudited Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · AGM notice published in newspapers; book closure Sept 25-27 | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 filed with BSE; 41st AGM on 30 Sep 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · AGIO PAPER sets 41st AGM on Sept 30; seeks re-appointment of auditor and director | board shareholder meetings | low | — | — |
| 5 Sept 2026 · AGM Notice and Book Closure from 24 to 30 September 2026 | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.