NSE: KUANTUM · BSE: 532937
KUANTUM PAPERS LIMITED
Makes writing, printing, copier paper and packaging board from agricultural residues (mainly wheat straw) and wood pulp at an integrated mill in Saila Khurd, Punjab. Runs four paper machines (PM1-PM4) producing multiple paper grades, including the Kuantum Kopio copier brand and Kuantum Pura on PM3. FY26 paper sales totalled 1,62,933 MT and the company doubled its captive precipitated calcium carbonate (PCC) capacity to 50,000 TPA for filler self-reliance. A ₹735 crore mill expansion programme is underway, taking paper capacity from 450 to 675 tonnes per day (TPD); PM1 has already been rebuilt to 80+ MT/day and PM3 was shut from June 29, 2026 for a roughly one-month modernisation. Raw materials are the largest cost line at 36.2% of revenue, followed by other operating expenses at 40.5%, employee costs at 8.5% and depreciation at 6.0%. The business employs 635 permanent staff and 764 permanent workers across 3 plants and 2 offices, with exports contributing 4.04% of turnover. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Writing and printing paper, Packaging board, Exports (4%). Asset-heavy, cyclical commodity paper manufacturing exposed to agro-residue and pulp costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 830 | 1,310 | 1,211 | 1,107 | 1,093 |
| EBITDA (ex other income) | 119 | 316 | 333 | 243 | 162 |
| margin % | 14.3 | 24.1 | 27.5 | 21.9 | 14.8 |
| Owners' profit | 13 | 136 | 184 | 115 | 42 |
| EPS, as reported (₹) | 1.54 | 15.60 | 21.07 | 13.20 | 4.81 |
| ROE % · ROCE % | 1.6 · 5.1 | 14.1 · 18.5 | 16.4 · 18.3 | 9.5 · 10.9 | 3.4 · 5.1 |
| Debt / equity (x) | 0.92 | 0.53 | 0.46 | 0.54 | 0.70 |
| Cash from operations | 48 | 375 | 298 | 177 | 219 |
| Capex | (43) | (65) | (176) | (313) | (327) |
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 | 279 | 270 | 277 | 223 | 280 | 290 | 301 | 304 |
| Profit before tax | 40 | 28 | 36 | 16 | 8 | 13 | 19 | 11 |
| Net profit | 30 | 21 | 26 | 12 | 6 | 10 | 14 | 6 |
| EPS (₹) | 3.43 | 2.40 | 2.99 | 1.38 | 0.66 | 1.12 | 1.64 | 0.71 |
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) | 16.7 | 13.8 | 21 of 36 | 43% |
| P/B | 0.5 | 0.7 | 11 of 36 | 71% |
| ROCE | 2.8 | 4.4 | 28 of 45 | 39% |
| ROE | 3.4 | 4.0 | 23 of 37 | 39% |
| Debt / Equity | 0.7 | 0.4 | 27 of 37 | 28% |
| EBITDA margin | 14.1 | 10.4 | 13 of 38 | 68% |
| Revenue growth | 36.3 | 11.5 | 8 of 39 | 82% |
| Profit growth | (48.3) | 60.9 | 33 of 42 | 22% |
| Market cap | 602 | 55 | 10 of 48 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Half-year net profit falls 53% as mill upgradation shutdown hits output | results | high | — | — |
| 28 Oct 2026 · Quarter profit falls 61% after planned mill shutdown | results | high | — | — |
| 23 Oct 2026 · Kuantum Papers schedules Q2 and H1 FY27 earnings conference call | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board Meeting on 28 Oct to consider Q2 FY27 financial results | results | low | — | — |
| 6 Oct 2026 · Quarterly Compliance Certificate for Share Dematerialization Q2 FY27 | compliance | minimal | — | — |
| 21 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 FY26 Results Announcement | compliance | minimal | — | — |
| 3 Sept 2026 · Kuantum Papers allots Rs 100 crore NCDs via private placement | fund raising | medium | — | — |
| 3 Sept 2026 · Kuantum Papers allots INR 100 Cr NCDs privately at 12.70% effective yield | fund raising | medium | — | — |
| 28 Aug 2026 · Kuantum Papers publishes Form DPT-1 inviting unsecured deposits | compliance | minimal | — | — |
| 27 Aug 2026 · Kuantum Papers AGM approves 250 percent dividend, re-appoints Chairman and MD | management changes | medium | — | — |
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.