BSE: 544417
Aten Papers & Foam Limited
Manufactures and sells kraft paper and paper-related products in India. The company listed on the BSE SME platform in June 2025 after an IPO that raised Rs. 3,168 lakhs. FY26 revenue from operations stood at Rs. 18,665.40 lakhs. In March 2026, the board approved acquiring a 27.40% stake in Aten Paper Mill Limited, a Gujarat-based kraft paper manufacturer with FY25 turnover of approximately Rs. 177.65 crores, for cash consideration of about Rs. 11.78 crores. IPO proceeds were deployed with Rs. 1,550 lakhs for working capital, Rs. 427.74 lakhs for capital expenditure, Rs. 792 lakhs for general corporate purposes, and Rs. 398.26 lakhs for issue expenses. Outstanding borrowings as of March 31, 2026 were only Rs. 4.73 lakhs. Operating cash flow turned negative at Rs. -2,507.92 lakhs in FY26, driven by a Rs. -2,405.59 lakhs increase in trade receivables. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Kraft paper and paper-related products. Small-cap single-product kraft paper manufacturer, recently listed on BSE SME platform with minimal debt
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 187 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.72 |
| ROE % · ROCE % | — · 20.9 |
| Debt / equity (x) | — |
| Cash from operations | (25) |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 67 | 120 |
| Profit before tax | 3 | 7 |
| Net profit | — | — |
| EPS (₹) | 2.56 | 5.16 |
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 | 6,948 | 21.0 | 1.20 | 9.5 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,368 | 23.4 | 1.28 | 10.7 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,295 | 46.8 | 0.67 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,156 | 11.7 | 0.57 | 7.9 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,144 | 18.4 | 1.40 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 890 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 810 | 8.9 | 1.21 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 690 | 7.3 | 1.20 | — | 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) | 3.1 | 13.6 | 4 of 36 | 91% |
| ROCE | 20.1 | 4.4 | 5 of 45 | 91% |
| Market cap | 25 | 56 | 33 of 48 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA Certificate under SEBI Reg 74(5) for Sept 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · AGM 2026 Results: All 14 Resolutions Passed | compliance | minimal | — | — |
| 5 Oct 2026 · AGM Scrutinizer Report: All 14 Resolutions Passed | compliance | minimal | — | — |
| 30 Sept 2026 · 8th AGM held - 14 resolutions moved to e-voting | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Intimation of Closure of Trading Window | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper ad for 8th AGM notice, book closure and e-voting published | compliance | minimal | — | — |
| 9 Sept 2026 · Book Closure from Sep 23 to Sep 30 for 8th AGM | corporate actions | low | — | — |
| 7 Sept 2026 · Aten Papers & Foam 8th AGM on Sept 30, 2026; auditor, MD re-appointment on agenda | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY25-26 filed; 8th AGM on Sep 30, 2026 | results | high | — | — |
| 7 Sept 2026 · Board updates auditor, leadership and related-party proposals | board shareholder meetings | low | — | — |
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.