NSE: EMAMIPAP · BSE: 533208
EMAMI PAPER MILLS LIMITED
Manufactures paper and paper products in India, with FY26 revenue of Rs 1,907.23 crore and an EBITDA margin of 11.32%. Profit after tax for FY26 was Rs 61.38 crore, up from Rs 26.01 crore the prior year, with the cost base dominated by materials at 65.5% of revenue. Q1 FY27 revenue rose to Rs 560.16 crore from Rs 459.76 crore year-on-year, with PAT of Rs 38.61 crore. Operations are based in Odisha, as indicated by a GST demand notice referencing water charges paid to the Government of Odisha. The company is retiring Optionally Convertible Redeemable Preference Shares - Rs 45 crore redeemed on 31 July 2026 and Rs 78.75 crore due on 16 September 2026 - funded from profits and retained earnings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper and paper products. Capital-intensive paper manufacturing with materials-heavy cost base
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,958 | 2,308 | 1,994 | 1,928 | 1,907 |
| EBITDA (ex other income) | 308 | 222 | 236 | 142 | 195 |
| margin % | 15.7 | 9.6 | 11.9 | 7.4 | 10.2 |
| Owners' profit | 115 | 69 | 84 | 26 | 61 |
| EPS, as reported (₹) | 18.17 | 10.62 | 13.12 | 3.49 | 9.34 |
| ROE % · ROCE % | 17.6 · 20.6 | 9.9 · 13.8 | 10.9 · 15.3 | 3.8 · 8.1 | 10.7 · 13.9 |
| Debt / equity (x) | 1.20 | 1.23 | 0.78 | 1.14 | 1.42 |
| Cash from operations | 329 | 32 | 351 | 44 | 197 |
| Capex | (35) | (26) | (20) | (21) | (30) |
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 | 495 | 454 | 475 | 460 | 910 | 500 | 496 | 560 |
| Profit before tax | 10 | 2 | 4 | 9 | 19 | 26 | 47 | 53 |
| Net profit | 8 | 2 | 4 | 6 | 13 | 17 | 32 | 39 |
| EPS (₹) | 1.05 | 0.08 | 0.45 | 0.84 | 1.86 | 2.47 | 5.01 | 6.21 |
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) | 7.4 | 13.8 | 10 of 36 | 74% |
| P/B | 1.2 | 0.7 | 27 of 36 | 26% |
| ROCE | 8.1 | 4.4 | 13 of 45 | 73% |
| ROE | 10.7 | 4.0 | 8 of 37 | 81% |
| Debt / Equity | 1.4 | 0.4 | 35 of 37 | 6% |
| EBITDA margin | 14.8 | 10.4 | 12 of 38 | 70% |
| Revenue growth | 21.8 | 11.5 | 13 of 39 | 68% |
| Profit growth | 511.9 | 60.9 | 3 of 42 | 95% |
| Market cap | 696 | 55 | 8 of 48 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 16 Sept 2026 · Emami Paper Mills redeems Series III preference shares with premium | corporate actions | medium | — | — |
| 7 Sept 2026 · Emami Paper Mills AGM 2026: All 8 resolutions passed by shareholders | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Emami Paper Mills 44th AGM proceedings: 160% equity dividend proposed | board shareholder meetings | low | — | — |
| 11 Aug 2026 · 44th AGM on 4 Sept 2026; annual report sent to shareholders without email | compliance | minimal | — | — |
| 11 Aug 2026 · Newspaper clippings filed for 44th AGM public notice and dividend record date | compliance | minimal | — | — |
| 10 Aug 2026 · Annual Report FY2025-26 submitted; 44th AGM on 4 September 2026 | compliance | minimal | — | — |
| 10 Aug 2026 · 44th AGM notice on Sept 4, 2026 with dividend and director reappointment | 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.