BSE: 530255
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper manufacturing, Packing paper (planned). Small, asset-heavy, cyclical paper manufacturer reliant on a single plant and on wastepaper and fuel as key inputs
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 40 | 24 |
| EBITDA (ex other income) | 0 | 2 |
| margin % | 0.3 | 10.2 |
| Owners' profit | 1 | 1 |
| EPS, as reported (₹) | 51.00 | 0.29 |
| ROE % · ROCE % | 2.3 · 2.2 | 1.3 · 1.3 |
| Debt / equity (x) | 0.02 | 0.00 |
| Cash from operations | (4) | (23) |
| Capex | (15) | (5) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 12 | 7 | 8 | 5 | 5 |
| Profit before tax | 1 | 0 | 0 | (0) | 1 |
| Net profit | 1 | 0 | 0 | (0) | 1 |
| EPS (₹) | 0.44 | 0.01 | 0.01 | (0.02) | 0.30 |
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) | 33.5 | 13.6 | 30 of 36 | 17% |
| P/B | 0.4 | 0.7 | 10 of 36 | 74% |
| ROCE | 1.3 | 4.4 | 34 of 45 | 25% |
| ROE | 1.3 | 4.0 | 27 of 37 | 28% |
| Debt / Equity | 0.0 | 0.4 | 6 of 37 | 86% |
| EBITDA margin | 40.8 | 10.4 | 2 of 38 | 97% |
| Revenue growth | (59.8) | 11.5 | 36 of 39 | 8% |
| Profit growth | 10.4 | 60.9 | 25 of 42 | 42% |
| Market cap | 35 | 56 | 29 of 48 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · AGM 2026: All 7 resolutions passed, new MD appointed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 35th AGM: 7 resolutions tabled including MD appointment and land transfer to subsidiary | board shareholder meetings | low | — | — |
| 27 Aug 2026 · AGM Notice Published - 35th AGM on 21 Sept 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · Kay Power and Paper files 35th Annual Report; 35th AGM on 21 Sept 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · 35th AGM on Sept 21, 2026; key items include MD appointment and land transfer | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 results profit falls to Rs 13.42 lakh from Rs 1.06 cr YoY | compliance | minimal | — | — |
| 12 Aug 2026 · Mrs. Deepa Agarwal appointed as Managing Director, effective 12 Aug 2026 | management changes | high | — | — |
| 12 Aug 2026 · Q1 results, new MD, 200 crore Kraft paper project announced | 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.