NSE: GENUSPAPER · BSE: 538961
GENUS P&B LIMITED
Manufactures paper, which accounts for essentially all of its revenue and operating profit. In FY26, the Paper Business reported ₹940.11 crore of revenue and EBIT of ₹55.86 crore, with a tiny residual 'Strategic Investment Activity' segment contributing ₹0.36 crore of revenue. Total revenue from operations for FY26 stood at ₹939.97 crore against a net profit of ₹14.58 crore and an EBITDA margin of 8.47%. The company previously operated a Coke Business through wholly-owned subsidiary Genus Paper and Coke Limited, but the 100% stake in that subsidiary was sold on March 6, 2026 to Hi-Print Electromack Private Limited (itself a promoter entity) for ₹11.86 crore. The cost structure is dominated by materials at 69.6% of revenue, followed by other operating expenses at 17.4%, capital expenditure at 7.6%, employee costs at 3.5%, and depreciation at 2.5%. A fire at the Muzaffarnagar stock yard on May 24, 2026 damaged raw material inventories, with the financial impact yet to be assessed. The company revised the estimated useful life of its Plant & Machinery to 35-40 years based on a technical evaluation, which lowered depreciation by ₹429.57 lakh in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper Business (100%), Strategic Investment Activity (0%). Single-line paper manufacturer; asset-heavy with high material intensity
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 286 | 582 | 722 | 712 | 863 |
| EBITDA (ex other income) | 26 | 52 | 32 | 59 | 68 |
| margin % | 9.0 | 8.9 | 4.5 | 8.3 | 7.9 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.30 | 1.00 | (0.46) | 0.13 | 0.11 |
| ROE % · ROCE % | 2.1 · 3.4 | 5.2 · 5.5 | (2.4) · 1.1 | 0.7 · 4.6 | 0.6 · 5.1 |
| Debt / equity (x) | 0.14 | 0.41 | 0.59 | 0.68 | 0.77 |
| Cash from operations | 50 | 50 | 13 | 73 | 41 |
| Capex | (44) | (231) | (112) | (93) | (65) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 184 | 211 | 211 | 213 | 228 | 255 | 244 | 238 |
| Profit before tax | (0) | 3 | (1) | 0 | 0 | 3 | 4 | 1 |
| Net profit | 0 | 3 | (0) | 1 | (0) | 3 | 4 | 3 |
| EPS (₹) | 0.02 | 0.11 | (0.02) | 0.02 | 0.00 | 0.11 | 0.15 | 0.11 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Paper Business | 851 | 98.4 |
| Coke Business | 14 | 1.6 |
| Total, before eliminations | 865 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.4 | 13.8 | 29 of 36 | 20% |
| P/B | 0.5 | 0.7 | 12 of 36 | 69% |
| ROCE | 0.7 | 4.4 | 37 of 45 | 18% |
| ROE | 1.3 | 4.0 | 28 of 37 | 25% |
| Debt / Equity | 0.8 | 0.4 | 30 of 37 | 19% |
| EBITDA margin | 7.7 | 10.4 | 22 of 38 | 43% |
| Revenue growth | 11.5 | 11.5 | 20 of 39 | 50% |
| Profit growth | 430.7 | 60.9 | 4 of 42 | 93% |
| Market cap | 261 | 55 | 15 of 48 | 70% |
Exhibit 6: 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 Oct 29 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 14 Oct 2026 · Routine quarterly compliance certificate from RTA for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed at Genus Paper & Boards until Q2 FY26 results are announced | compliance | minimal | — | — |
| 28 Sept 2026 · Genus Paper & Boards 15th AGM voting results: all resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Consolidated Scrutinizer''s Report with regard to 15th Annual General Meeting of the Company | compliance | minimal | — | — |
| 25 Sept 2026 · 15th AGM held on 25 Sept 2026 - all three resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · Inter-se transfer of shares among promoter group entities of Genus Paper and Boards | ownership changes | low | — | — |
| 4 Sept 2026 · 15th AGM notice published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY26 submitted; 15th AGM on September 25 via video call | results | high | — | — |
| 3 Sept 2026 · Genus Paper & Boards fixes record date Sep 18 for 15th AGM e-voting | 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.