NSE: PDMJEPAPER · BSE: 539785
PUDUMJEE PAPER PRO. LTD
Makes paper and paper-based products, with its Paper segment accounting for 92% of segment revenue at Rs 774.77 crore in FY26 and a smaller Hygiene Products segment contributing 8% at Rs 67.65 crore. The company focuses on biodegradable specialty papers used as sustainable packaging in food, pharma, hygiene, and confectionery sectors. In FY26 it sold 1,675 MT more paper volume than the previous year, lowering per-tonne prices to pass on cost savings to customers, which kept revenue nearly flat at Rs 807.88 crore and EBITDA margin stable at 18%. Materials are the largest input cost at 50.9% of revenue, followed by other operating expenses at 24.5% and employee costs at 7.9%. The business completed a Rs 110+ crore capex programme that includes a 15.4 MW solar power plant at Bhalwani near Solapur, operational since December 2025 and expected to meet about 35% of annual power needs while reducing carbon emissions by around 27,000 MT. It also installed an AFBC boiler and modernized three paper machines, and is seeking environmental clearance for a Mahad project. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper (92%), Hygiene Products (8%). Asset-heavy paper manufacturer focused on biodegradable specialty papers
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 555 | 759 | 785 | 809 | 808 |
| EBITDA (ex other income) | 57 | 86 | 136 | 124 | 124 |
| margin % | 10.2 | 11.4 | 17.3 | 15.3 | 15.3 |
| Owners' profit | 35 | 59 | 98 | 96 | 94 |
| EPS, as reported (₹) | 3.64 | 6.26 | 10.34 | 10.09 | 9.86 |
| ROE % · ROCE % | 10.1 · 10.7 | 15.0 · 16.0 | 19.9 · 23.8 | 16.4 · 19.6 | 14.0 · 16.6 |
| Debt / equity (x) | 0.20 | 0.12 | 0.03 | 0.02 | 0.03 |
| Cash from operations | 17 | 16 | 133 | 82 | 121 |
| Capex | (71) | (7) | (7) | (26) | (113) |
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 | 222 | 194 | 190 | 196 | 207 | 204 | 201 | 203 |
| Profit before tax | 40 | 27 | 25 | 48 | 23 | 28 | 27 | 45 |
| Net profit | 30 | 20 | 19 | 36 | 17 | 21 | 20 | 34 |
| EPS (₹) | 3.13 | 2.06 | 1.99 | 3.82 | 1.78 | 2.18 | 2.08 | 3.55 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Paper | 775 | 92.0 |
| Hygine Products | 19 | 2.3 |
| Hygiene Products | 31 | 3.7 |
| Hygiene products | 17 | 2.0 |
| Total, before eliminations | 842 | 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) | 9.0 | 13.8 | 13 of 36 | 66% |
| P/B | 1.2 | 0.7 | 28 of 36 | 23% |
| ROCE | 16.2 | 4.4 | 6 of 45 | 89% |
| ROE | 14.0 | 4.0 | 2 of 37 | 97% |
| Debt / Equity | 0.0 | 0.4 | 8 of 37 | 81% |
| EBITDA margin | 25.2 | 10.4 | 4 of 38 | 92% |
| Revenue growth | 3.3 | 11.5 | 26 of 39 | 34% |
| Profit growth | (7.0) | 60.9 | 29 of 42 | 32% |
| Market cap | 822 | 55 | 7 of 48 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · Routine demat/remat compliance certificate submitted for Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · Pudumjee Paper tells NSE no undisclosed info behind volume surge | regulatory legal | medium | — | — |
| 12 Oct 2026 · NSE flags unusual trading volume in Pudumjee Paper Products | general | medium | — | — |
| 7 Oct 2026 · Pudumjee Paper sells MITCON Solar Alliance stake for about Rs 2.4 crore | strategic transactions | low | — | — |
| 28 Sept 2026 · Trading window closed from October 1 until 48 hours after Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Newspaper notice for special window to re-lodge physical share transfers | compliance | minimal | — | — |
| 8 Sept 2026 · Response to BSE query on volume increase | compliance | minimal | — | — |
| 8 Sept 2026 · BSE seeks clarification on volume movement | compliance | low | — | — |
| 7 Sept 2026 · Unusual volume surge prompts exchange query to Pudumjee Paper | compliance | 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.