BSE: 502587
NATH INDUSTRIES LIMITED
Manufactures paper and chemicals (specifically sulphuric acid) at facilities based in Aurangabad. Operations run across two paper division units and at least two sulphuric acid plants. Paper is the larger segment, contributing Rs. 206.16 crore of segment revenue in FY26, while the chemical (sulphuric acid) segment contributed Rs. 104.17 crore. Total income for FY26 stood at Rs. 494.87 crore, up 15.77% from the prior year, with a net profit of Rs. 6.68 crore. Materials are the dominant cost at 69.6% of revenue, followed by other operating expenses at 21.8% and employee costs at 4.6%. Operations were disrupted during the year: fire incidents hit both paper division units for 12-15 days in Q3 FY26, and sulphuric acid Plant no. 2 was shut during Q1 FY26 for maintenance and capacity upgradation, which is expected to add 20 tonnes per day of output once restarted. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of Paper, Sale of Chemical, Trading Activity. Cyclical paper and commodity-chemical manufacturing, asset-heavy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 421 | 408 | 321 | 424 | 491 |
| EBITDA (ex other income) | 26 | 6 | 13 | 27 | 25 |
| margin % | 6.1 | 1.6 | 3.9 | 6.3 | 5.1 |
| Owners' profit | 17 | 3 | 0 | 10 | 7 |
| EPS, as reported (₹) | 8.76 | 1.41 | 0.26 | 5.12 | 3.51 |
| ROE % · ROCE % | 6.8 · 6.4 | 1.1 · 1.6 | 0.2 · 2.9 | 3.8 · 7.3 | 2.6 · 5.8 |
| Debt / equity (x) | 0.19 | 0.37 | 0.43 | 0.37 | 0.36 |
| Cash from operations | 10 | 13 | 30 | 14 | 29 |
| Capex | (15) | (55) | (29) | (2) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 88 | 96 | 114 | 126 | 117 | 127 | 117 | 130 |
| Profit before tax | 0 | 1 | 5 | 7 | 4 | 4 | 1 | 1 |
| Net profit | 0 | 1 | 5 | 4 | 4 | 4 | 1 | (2) |
| EPS (₹) | 0.19 | 0.31 | 2.64 | 1.98 | 2.00 | 2.31 | 0.30 | 1.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sale of Paper | 143 | 29.2 |
| Sale of Chemical | 196 | 39.9 |
| Trading Activity | 0 | 0.1 |
| Sale of paper | 151 | 30.9 |
| Total, before eliminations | 491 | 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) | 9.1 | 13.8 | 14 of 36 | 63% |
| P/B | 0.4 | 0.7 | 7 of 36 | 80% |
| ROCE | 2.8 | 4.4 | 29 of 45 | 36% |
| ROE | 2.6 | 4.0 | 25 of 37 | 33% |
| Debt / Equity | 0.4 | 0.4 | 18 of 37 | 53% |
| EBITDA margin | 3.8 | 10.4 | 30 of 38 | 22% |
| Revenue growth | 2.8 | 11.5 | 27 of 39 | 32% |
| Profit growth | (155.2) | 60.9 | 40 of 42 | 5% |
| Market cap | 98 | 55 | 22 of 48 | 55% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for 6 November 2026 to consider results | results | low | — | — |
| 8 Oct 2026 · Compliance certificate for share dematerialization filed with BSE | compliance | minimal | — | — |
| 8 Oct 2026 · Trading window closure for Q2 FY26 results, with condonation request | compliance | minimal | — | — |
| 30 Sept 2026 · 44th AGM concludes; all 5 resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Nath Industries FY26 Annual Report and 44th AGM Notice filed with BSE | results | high | — | — |
| 12 Aug 2026 · Nath Industries Q1 FY26 PAT Rs 3.85 cr, revenue rises 37% YoY | results | high | — | — |
| 24 Jul 2026 · Board meeting on 12 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 14 Jul 2026 · Compliance Certificate submission for Q1 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 29 Jun 2026 · Trading window closed from July 1, 2026 until 48 hours after Q1 FY27 results | compliance | minimal | — | — |
| 29 May 2026 · Audited Financial Result for quarter/year ended 31.03.2026 alongwith Auditor''s Report on the Audited Financial Results | results | high | — | — |
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.