BSE: 531568
ASHUTOSH PAPER MILLS LTD.
Operates a single segment of trading shares and securities, having shifted away from its earlier paper business identity — the listed entity was formerly Ashutosh Paper Mills and has been renamed Tridev Infraestates Limited. Operations are minimal: Q2 FY26 saw total income of Rs 4.33 lakh coming entirely from other income with nil revenue from operations. Cost structure is heavily skewed towards overheads — employee costs run at 50.9% of revenue and other operating expenses at 72.4%, while materials cost is nil. Accumulated losses are large enough that an NCLT order has been passed to halve share capital (face value cut from Rs 10 to Rs 5, then 2:1 consolidation) to write them off. Three company secretaries have cycled through the role over the past year, with the post currently vacant and the Managing Director and CFO overseeing compliance work. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading of shares and securities. Small, effectively dormant listed entity; single-segment securities trading with negligible operating revenue
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) | (2) | (0) | (0) | (0) |
| margin % | (67.7) | (1466.2) | (32.9) | (16.2) | (70.7) |
| Owners' profit | 0 | (2) | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.03 | (3.15) | 0.00 | 0.00 | 0.00 |
| ROE % · ROCE % | 0.5 · 0.6 | (76.6) · (76.6) | 17.7 · 2.5 | 1.8 · 0.9 | 0.1 · 0.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (2) | 0 | 0 | 0 |
| 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 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.02 | 0.03 | 0.00 | 0.02 | 0.01 | 0.02 | 0.01 | (0.04) |
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 | 6,668 | 20.1 | 1.15 | 9.7 | 4.7 | 4.4 | 20.8 | 15.4 |
| WEST COAST PAPER MILLS LT | 5,429 | 23.6 | 1.30 | 13.8 | 3.7 | 5.0 | 13.8 | 19.3 |
| ANDHRA PAPER LIMITED | 1,312 | 25.2 | 0.67 | — | 1.8 | 2.1 | — | 6.8 |
| SESHASAYEE PAPER & BOARDS | 1,213 | 10.2 | 0.57 | 12.6 | 3.5 | 4.0 | 16.9 | 9.3 |
| N R AGARWAL INDS LTD | 1,128 | 18.1 | 1.38 | — | 5.4 | 3.9 | — | 11.5 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 10.0 |
| PUDUMJEE PAPER PRO. LTD | 829 | 8.6 | 1.15 | — | 7.8 | 9.2 | — | 13.7 |
| EMAMI PAPER MILLS LIMITED | 705 | 5.6 | 1.38 | — | 16.3 | 9.7 | — | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 0.1 | 4.3 | 37 of 45 | 18% |
| ROE | 0.1 | 4.0 | 30 of 37 | 19% |
| Debt / Equity | 0.0 | 0.4 | 1 of 37 | 89% |
| EBITDA margin | (452.9) | 7.6 | 41 of 42 | 2% |
| Revenue growth | (28.4) | 10.1 | 34 of 39 | 13% |
| Profit growth | (135.3) | 71.3 | 38 of 42 | 10% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Aug 2026 · Tridev Infraestates Q1 FY27 profit at Rs 0.90 lakh, revenue up about 20 percent | results | medium | — | — |
| 12 Aug 2026 · Newspaper ad filing for Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 11 Aug 2026 · Q1FY27 results: revenue up 20% YoY, profit flat at Rs 0.90 lakh | results | high | — | — |
| 7 Aug 2026 · Record date fixed for share capital reduction under NCLT order | corporate actions | medium | — | — |
| 7 Aug 2026 · Board confirms capital reduction, fixes 18 Aug 2026 as record date | corporate actions | high | — | — |
| 6 Aug 2026 · Board Meeting on 11 Aug to consider Q1 FY27 results | results | low | — | — |
| 4 Aug 2026 · Share Capital Reduction Becomes Effective from 4 August 2026 | corporate actions | high | — | — |
| 4 Aug 2026 · Board meeting on 7 Aug 2026 to implement NCLT-approved share capital reduction | board shareholder meetings | low | — | — |
| 1 Aug 2026 · Company Secretary post remains vacant since May 2026 | management changes | medium | — | — |
| 1 Aug 2026 · Revised compliance certificate under SEBI Reg 74(5) for Q1FY27 | compliance | minimal | — | — |
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.