KAY POWER AND PAPER LTD.

Makes paper from wastepaper at a single manufacturing plant in Borgaon, Satara, Maharashtra. The production process uses wastepaper as the main raw material and a coal-fired boiler to run the mill, with the finished paper sold to packaging and printing buyers. FY26 revenue from operations fell to ₹24.38 crore, down from ₹42.86 crore in FY25, driven by roughly 190 days of plant downtime caused by boiler fuel-feeding issues and a fire on March 12, 2026 at the external wastepaper storage facility that halted manufacturing until May 2, 2026. Materials are the largest cost line at 58.1% of revenue, followed by other operating expenses at 24.8%, depreciation at 8.2% and employee cost at 5.9%. Capex was 21.2% of revenue in FY26. The company has incorporated a wholly owned subsidiary, Kay Pulp and Paper Mills Private Limited, to manufacture packing paper, and is commissioning an automatic fuel-feeding system to address the boiler disruptions that caused the extended downtime.