NSE: SESHAPAPER · BSE: 502450
SESHASAYEE PAPER & BOARDS
Manufactures paper and paperboard from two plants located in Erode and Tirunelveli, with paper being the sole reportable segment. FY26 revenue stood at ₹1,710.45 cr, with EBITDA margin of 8.5%. Q1 FY27 (Apr-Jun 2026) saw a sharp rebound — standalone revenue rose about 28% year-on-year to ₹492 cr, EBITDA jumped 60% to ₹57.11 cr, and net profit nearly doubled to ₹33.59 cr, supported by sales volume growth of 19.4% and export volume growth of 138%. Raw materials are the dominant input cost at 64.7% of revenue, followed by other operating expenses at 21.6% and employee costs at 6.1%; depreciation accounts for 2.6%. The company is pursuing an acquisition of Servalakshmi Paper — one appeal is pending at NCLAT while two have been withdrawn. A dividend of ₹2 per equity share was declared for FY26, against ₹2.50 in the prior year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper and paperboard (100%). Cyclical, asset-heavy pulp and paper manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,355 | 2,083 | 1,802 | 1,754 | 1,710 |
| EBITDA (ex other income) | 166 | 534 | 340 | 111 | 96 |
| margin % | 12.2 | 25.6 | 18.9 | 6.4 | 5.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 18.27 | 65.72 | 44.96 | 18.13 | 13.70 |
| ROE % · ROCE % | 8.8 · 9.9 | 24.2 · 28.9 | 14.2 · 16.7 | 5.5 · 6.2 | 4.0 · 4.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.01 | 0.04 | 0.00 |
| Cash from operations | 274 | 329 | 202 | (61) | 92 |
| Capex | (104) | (32) | (40) | (63) | (56) |
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 | 398 | 431 | 502 | 385 | 346 | 387 | 592 | 492 |
| Profit before tax | 33 | 15 | 28 | 22 | 24 | 21 | 23 | 44 |
| Net profit | 28 | 17 | 27 | 15 | 22 | 19 | 26 | 32 |
| EPS (₹) | 4.73 | 2.76 | 4.50 | 2.56 | 3.72 | 3.10 | 4.32 | 5.30 |
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) | 12.2 | 13.8 | 18 of 36 | 51% |
| P/B | 0.6 | 0.7 | 14 of 36 | 60% |
| ROCE | 4.1 | 4.4 | 26 of 45 | 43% |
| ROE | 4.0 | 4.0 | 19 of 37 | 50% |
| Debt / Equity | 0.0 | 0.4 | 1 of 37 | 89% |
| EBITDA margin | 11.3 | 10.4 | 18 of 38 | 54% |
| Revenue growth | 27.7 | 11.5 | 10 of 39 | 76% |
| Profit growth | 106.8 | 60.9 | 15 of 42 | 66% |
| Market cap | 1210 | 55 | 4 of 48 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Consolidated September-quarter profit rises 89% as revenue grows 43% | compliance | minimal | — | — |
| 27 Oct 2026 · Promoter buys 5.7 lakh shares, raising stake to 11.125% | compliance | minimal | — | — |
| 27 Oct 2026 · High Energy Batteries raises Seshasayee Paper stake to 0.391% | compliance | minimal | — | — |
| 24 Oct 2026 · September 2026 results: revenue and profit rise sharply; Q3 margin pressure flagged | results | high | — | — |
| 24 Oct 2026 · September quarter sales rise 45% and profit nearly doubles | results | high | — | — |
| 24 Oct 2026 · Quarter revenue up 45%, standalone profit nearly doubles to Rs 34.96 crore | results | high | — | — |
| 21 Oct 2026 · Foreign fund ACIF-1 cuts stake in Seshasayee Paper via open market sale | ownership changes | medium | — | — |
| 9 Oct 2026 · Board meeting on Oct 24, 2026 to consider Q2 FY26 results | results | low | — | — |
| 5 Oct 2026 · Quarterly dematerialisation compliance certificate filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of Q2 FY27 results | compliance | minimal | — | — |
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.