NSE: JKPAPER · BSE: 532162
JK PAPER LIMITED
Makes paper, paperboard and packaging products, with Paper and Packaging accounting for 97.3% of FY26 segment revenue at Rs 6,890.28 crore and an "Others" segment contributing the remaining 2.7% at Rs 192.17 crore. The business recorded its highest-ever paper and board sales of 8.19 lakh MT in FY26, operating across integrated pulp and paper manufacturing units. A new Bleached Chemi-Thermo-Mechanical Pulp (BCTMP) plant at the Gujarat unit commenced commercial production on June 30, 2026, adding in-house pulp capacity to support paper manufacturing and reduce reliance on imported pulp. The company raised its stake in packaging converter Borkar Packaging to 87.36% and made The Sirpur Paper Mills a wholly-owned subsidiary via a Composite Scheme of Arrangement effective March 15, 2026, which also amalgamated three packaging conversion entities. Materials account for 62.7% of revenue, with employee costs at 9.8%, other operating expenses at 15.3% and depreciation at 5.3%; capex ran at 7.1% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper and Packaging (97%), Others (3%). Cyclical, asset-heavy pulp, paper and integrated packaging manufacturing.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,969 | 6,437 | 6,659 | 6,718 | 7,076 |
| EBITDA (ex other income) | 997 | 1,978 | 1,616 | 928 | 907 |
| margin % | 25.1 | 30.7 | 24.3 | 13.8 | 12.8 |
| Owners' profit | 543 | 1,196 | 1,122 | 410 | 266 |
| EPS, as reported (₹) | 32.03 | 70.59 | 66.22 | 24.19 | 14.66 |
| ROE % · ROCE % | 18.1 · 14.7 | 29.0 · 25.6 | 21.7 · 19.5 | 7.3 · 8.8 | 4.7 · 7.1 |
| Debt / equity (x) | 1.04 | 0.67 | 0.42 | 0.33 | 0.42 |
| Cash from operations | 774 | 1,762 | 1,376 | 613 | 773 |
| Capex | (853) | (224) | (240) | (253) | (503) |
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 | 1,683 | 1,632 | 1,690 | 1,674 | 1,749 | 1,763 | 1,966 | 1,887 |
| Profit before tax | 145 | 83 | 105 | 116 | 101 | 37 | 117 | 182 |
| Net profit | 129 | 65 | 77 | 85 | 78 | 28 | 90 | 136 |
| EPS (₹) | 7.59 | 3.86 | 4.51 | 4.80 | 4.42 | 1.61 | 5.07 | 7.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Paper and Packaging | 6,929 | 96.8 |
| Others | 230 | 3.2 |
| Total, before eliminations | 7,159 | 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) | 20.5 | 13.8 | 27 of 36 | 26% |
| P/B | 1.2 | 0.7 | 26 of 36 | 29% |
| ROCE | 4.4 | 4.4 | 23 of 45 | 50% |
| ROE | 4.7 | 4.0 | 17 of 37 | 56% |
| Debt / Equity | 0.4 | 0.4 | 21 of 37 | 44% |
| EBITDA margin | 17.0 | 10.4 | 8 of 38 | 81% |
| Revenue growth | 12.7 | 11.5 | 18 of 39 | 55% |
| Profit growth | 59.5 | 60.9 | 22 of 42 | 49% |
| Market cap | 6799 | 55 | 1 of 48 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · JK Paper to approve September quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · YPL Enterprises promoter group shareholding rises to 7.06% in JK Paper via NCLT scheme | strategic transactions | high | — | — |
| 12 Oct 2026 · Submission of Reg 74(5) SEBI certificate for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · JK Paper appoints Gunjan Shah as President of Paper business | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · JK Paper faces Rs 2.54 crore GST demand, plans appeal | regulatory legal | high | — | — |
| 22 Sept 2026 · GST demand of about Rs 2.54 crore raised on JK Paper for FY20-23 | regulatory legal | high | — | — |
| 16 Sept 2026 · CRISIL reaffirms AA/Stable rating for JK Paper facilities | credit debt | medium | — | — |
| 9 Sept 2026 · JK Paper acquires remaining 20% in RWPL, makes it wholly owned subsidiary | strategic transactions | high | — | — |
| 3 Sept 2026 · JK Paper 65th AGM: all 8 resolutions passed, Rs 4 dividend declared | 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.