NSE: ANDHRAPAP · BSE: 502330
ANDHRA PAPER LIMITED
Manufactures paper, paperboard and pulp for sale primarily in domestic Indian markets, with only about 0.59% of revenue from exports. In FY26, it produced a record 2,59,266 metric tonnes of paper and sold 2,60,438 metric tonnes, generating revenue of ₹1,701.23 crore, up over 10% year-on-year. Earnings came under pressure: net profit fell sharply to ₹18.62 crore from ₹89 crore, and EBITDA margin compressed to 8.87% from about 14% the prior year, on pricing and fibre cost headwinds. A near-complete ₹915 crore four-year modernisation programme is being followed by entry into the tissue paper segment through a Tissue Machine Project, which would diversify the product portfolio beyond its current paper and paperboard base. The company is also expanding sustainable operations, with 74.5% of its power coming from biofuels, water use reduced to 43 cubic metres per tonne, and 100% sustainable wood sourcing. Materials account for 64.6% of revenue and employees for 10.6%, making fibre/raw material costs the single biggest expense line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper, paperboard and pulp sales, Tissue paper (planned entry). Asset-heavy, cyclical pulp and paper manufacturer undergoing modernisation and product diversification into tissue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,380 | 2,098 | 1,801 | 1,541 | 1,701 |
| EBITDA (ex other income) | 221 | 719 | 431 | 135 | 67 |
| margin % | 16.0 | 34.3 | 23.9 | 8.7 | 4.0 |
| Owners' profit | 140 | 522 | 340 | 89 | 19 |
| EPS, as reported (₹) | 35.14 | 131.37 | 85.43 | 4.47 | 0.94 |
| ROE % · ROCE % | 12.8 · 16.2 | 33.0 · 42.5 | 17.9 · 22.6 | 4.6 · 6.2 | 1.0 · 2.0 |
| Debt / equity (x) | 0.05 | 0.03 | 0.06 | 0.15 | 0.12 |
| Cash from operations | 202 | 536 | 319 | (55) | 105 |
| Capex | (39) | (115) | (331) | (265) | (299) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 432 | 386 | 407 | 393 | 362 | 419 | 527 | 394 |
| Profit before tax | 58 | 17 | 6 | 29 | (28) | 12 | 12 | 41 |
| Net profit | 42 | 12 | 8 | 21 | (20) | 10 | 8 | 30 |
| EPS (₹) | 2.10 | 0.59 | 0.39 | 1.07 | (1.02) | 0.50 | 0.39 | 1.52 |
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 |
|---|---|---|---|---|
| P/E (TTM) | 47.4 | 13.8 | 34 of 36 | 6% |
| P/B | 0.7 | 0.7 | 18 of 36 | 51% |
| ROCE | 1.2 | 4.4 | 35 of 45 | 23% |
| ROE | 1.0 | 4.0 | 29 of 37 | 22% |
| Debt / Equity | 0.1 | 0.4 | 13 of 37 | 67% |
| EBITDA margin | 17.9 | 10.4 | 6 of 38 | 87% |
| Revenue growth | 0.1 | 11.5 | 30 of 39 | 24% |
| Profit growth | 42.3 | 60.9 | 24 of 42 | 44% |
| Market cap | 1309 | 55 | 3 of 48 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on Oct 30 to consider Q2 FY26 results | results | low | — | — |
| 13 Oct 2026 · Andhra Paper clarifies volume spike as market-driven | regulatory legal | medium | — | — |
| 13 Oct 2026 · BSE seeks clarification from Andhra Paper on unusual volume movement | compliance | low | — | — |
| 12 Oct 2026 · NSE seeks clarification from Andhra Paper on unusual trading volume | compliance | medium | — | — |
| 6 Oct 2026 · Routine filing of demat/remat certificates for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · APPCB levies around Rs 21 crore environment compensation on Andhra Paper | regulatory legal | high | — | — |
| 3 Sept 2026 · Newspaper ad on special window for physical shares dematerialisation | compliance | minimal | — | — |
| 13 Aug 2026 · Planned annual maintenance outage at Rajahmundry plant from Aug 17 to 28 | capex operations | medium | — | — |
| 12 Aug 2026 · Andhra Paper MD Saurabh Bangur reappointed for 5 years | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.