BSE: 500357
RAMA PAPER MILLS LTD.
Manufactures paper and paper products, but manufacturing operations have been suspended since Q1 FY26 and the company is under Corporate Insolvency Resolution Process since an NCLT Allahabad order dated June 7, 2024, following a petition by Amar Ujala Limited. Revenue in FY26 was Rs 125.85 lakhs, down 81% from Rs 665.13 lakhs in FY25, and comes only from sale of scrap and raw materials. In the last full year of manufacturing (FY24), revenue was Rs 56.6984 crore, with materials cost at 105.7% of revenue and employee cost at 14%. The Board of Directors' powers are suspended and an Insolvency Resolution Professional (Sandeep Kumar Agrawal) is managing the company. Two resolution applicants submitted plans, and the Poddar Global Private Limited plan was approved by the Committee of Creditors with 99.38% voting share and now awaits NCLT approval. The statutory auditor flagged going-concern uncertainty, citing negative net worth of Rs 5,115.48 lakhs, accumulated losses of Rs 7,249.26 lakhs, and current liabilities exceeding total assets by Rs 3,512.05 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Sale of paper and paper products, Sale of scrap and raw materials. Distressed paper manufacturer under insolvency resolution with suspended manufacturing
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · standalone | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 123 | 92 | 79 | 77 | 57 |
| EBITDA (ex other income) | 6 | 4 | 1 | (5) | (18) |
| margin % | 5.1 | 4.2 | 0.7 | (6.0) | (30.9) |
| Owners' profit | 2 | (3) | 3 | (6) | (19) |
| EPS, as reported (₹) | 2.08 | (3.42) | 2.72 | (11.77) | (26.94) |
| ROE % · ROCE % | 29.3 · 24.7 | (92.8) · 0.8 | 42.5 · 14.7 | (667.2) · (60.9) | 104.9 · 135.9 |
| Debt / equity (x) | 2.71 | 14.54 | 3.51 | 40.93 | (2.49) |
| Cash from operations | — | (17) | 17 | (9) | (10) |
| Capex | — | (3) | (4) | (5) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 32 | 20 | 18 | 3 | 16 | 4 | 0 |
| Profit before tax | 0 | 6 | 0 | (8) | (5) | (6) | (4) | (2) |
| Net profit | 0 | 6 | 0 | (8) | (5) | (6) | (4) | (2) |
| EPS (₹) | 0.28 | 6.71 | (1.10) | (8.49) | (5.44) | (13.43) | (4.15) | (1.68) |
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 |
|---|---|---|---|---|
| ROCE | 158.7 | 4.4 | 2 of 45 | 98% |
| EBITDA margin | (2054.6) | 10.4 | 38 of 38 | 0% |
| Revenue growth | (99.8) | 11.5 | 38 of 39 | 3% |
| Profit growth | 80.2 | 60.9 | 19 of 42 | 56% |
| Market cap | 17 | 55 | 37 of 48 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Reg 74(5) demat confirmation certificate for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Rama Paper Mills 41st AGM: All 4 Resolutions Passed with 100% Approval | board shareholder meetings | low | — | — |
| 4 Oct 2026 · AGM 2026: All 4 resolutions passed with 100% approval | compliance | minimal | — | — |
| 1 Oct 2026 · Trading window closure from October 1 for Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · 41st AGM held on 30 Sep 2026 - key resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM outcome: accounts adopted, director and auditor reappointed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Raama Paper Mills Q1 FY27 results, company under insolvency process | results | medium | — | — |
| 17 Sept 2026 · Board to consider Q1 FY27 unaudited results; company under CIRP | results | low | — | — |
| 8 Sept 2026 · Raama Paper Mills submits FY26 Annual Report; AGM on Sept 30 | compliance | medium | — | — |
| 8 Sept 2026 · Book Closure and Annual Report Submission for FY 2025-26 | corporate actions | 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 |
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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.