BSE: 516096
SANGAL PAPERS LTD.
Manufactures paper at a single facility in Village Bhainsa, Mawana, Uttar Pradesh, with installed capacity of 66,000 tonnes per annum after replacing an older 3 MW turbine with a new 4.5 MW unit. FY26 revenue stood at ₹179.34 crore, essentially flat year-on-year, with net profit of ₹2.37 crore. Raw materials are by far the largest cost, at 86.8% of revenue (₹155.62 crore), followed by employee costs at 4.6% and other operating expenses at 4.5%. The company spent ₹12.16 crore on capex in FY26 (6.8% of revenue), largely to fund the turbine upgrade and other capacity work. Production at the Mawana factory was temporarily halted in late January 2026 and resumed on 4 March 2026. Paid-up equity capital is ₹130.73 lakhs at face value of ₹10 per share, with basic EPS of ₹21.62 reported for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper manufacturing. Single-plant, asset-heavy paper manufacturer with high raw material intensity and thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 155 | 226 | 190 | 180 | 179 |
| EBITDA (ex other income) | 4 | 6 | 7 | 8 | 7 |
| margin % | 2.9 | 2.8 | 3.5 | 4.3 | 3.7 |
| Owners' profit | 2 | 3 | 2 | 3 | 2 |
| EPS, as reported (₹) | 12.55 | 25.91 | 18.90 | 21.62 | 18.11 |
| ROE % · ROCE % | 4.6 · 7.6 | 8.7 · 12.6 | 5.9 · 10.5 | 6.4 · 11.0 | 5.1 · 8.4 |
| Debt / equity (x) | 0.51 | 0.64 | 0.64 | 0.61 | 0.67 |
| Cash from operations | 1 | 4 | 4 | 6 | 11 |
| Capex | (1) | (8) | (3) | (4) | (12) |
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 | 43 | 51 | 40 | 47 | 48 | 48 | 47 | 37 |
| Profit before tax | 1 | 2 | 0 | 1 | 1 | 0 | 0 | 1 |
| Net profit | 1 | 2 | 0 | 0 | 1 | 0 | 0 | 1 |
| EPS (₹) | 5.10 | 11.94 | 1.30 | 3.28 | 6.15 | 2.31 | 2.65 | 7.01 |
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) | 10.2 | 13.8 | 17 of 36 | 54% |
| P/B | 0.5 | 0.7 | 13 of 36 | 66% |
| ROCE | 5.0 | 4.4 | 19 of 45 | 59% |
| ROE | 5.1 | 4.0 | 14 of 37 | 64% |
| Debt / Equity | 0.7 | 0.4 | 24 of 37 | 36% |
| EBITDA margin | 6.6 | 10.4 | 26 of 38 | 32% |
| Revenue growth | (21.6) | 11.5 | 34 of 39 | 13% |
| Profit growth | 113.5 | 60.9 | 12 of 42 | 73% |
| Market cap | 24 | 55 | 33 of 48 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Cost auditor vacancy after CMA S.R. Kapur's demise | management changes | medium | — | — |
| 13 Oct 2026 · Newspaper ad on special window for physical share transfers | compliance | minimal | — | — |
| 9 Oct 2026 · Sangal Papers submits rectified registered office address to exchanges | compliance | low | — | — |
| 9 Oct 2026 · Registered Office Address Update on BSE Corp Info Tab | general | low | — | — |
| 7 Oct 2026 · Update on address master data rectification, no office relocation | compliance | minimal | — | — |
| 7 Oct 2026 · Compliance certificate for dematerialization under SEBI Reg 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Board approves address data correction filing with RoC | compliance | minimal | — | — |
| 25 Sept 2026 · Income Tax Demand of Rs 14.67 Lakh via Rectification Order | regulatory legal | medium | — | — |
| 23 Sept 2026 · Sangal Papers AGM: Re-appointment of 2 promoter-family directors | management changes | medium | — | — |
| 23 Sept 2026 · Sangal Papers 46th AGM held via video conferencing; voting results awaited | 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.