NSE: SAPPL · BSE: 538795
SHREE AJIT PULP & PAPER L
Manufactures kraft paper — Testliner and Multilayer Testliner — at a single facility in Vapi, Gujarat, operating as a single-segment business. FY26 revenue was ₹700.9379 crore, up 38.6598% year-on-year, with net profit of ₹30.0495 crore and EBITDA margin of 13.7326%. Materials are the dominant cost at ₹428.6986 crore (61.2% of revenue), followed by other operating expenses at 21.1% and employee costs at 4.2%. The balance sheet carried total assets of ₹616.4189 crore with a debt-to-equity ratio of 0.92, and the board approved new borrowing facilities of up to ₹390 crore in December 2025. Operations at the Vapi plant were temporarily suspended from 23 July 2026 after unprecedented flooding; the company states its insurance covers the affected assets and damage assessment is underway. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Kraft paper (Testliner and Multilayer Testliner). Single-segment kraft paper manufacturer, asset-heavy, single-plant
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 418 | 372 | 295 | 506 | 701 |
| EBITDA (ex other income) | 46 | 29 | 21 | 51 | 94 |
| margin % | 11.0 | 7.8 | 7.1 | 10.1 | 13.3 |
| Owners' profit | 22 | 0 | 8 | 10 | 30 |
| EPS, as reported (₹) | 40.37 | 38.64 | 14.83 | 11.95 | 33.78 |
| ROE % · ROCE % | 11.5 · 18.6 | 10.0 · 6.1 | 3.6 · 4.5 | 4.0 · 8.0 | 10.8 · 14.7 |
| Debt / equity (x) | 0.24 | 0.81 | 1.00 | 1.15 | 0.92 |
| Cash from operations | (7) | 21 | 19 | 8 | 63 |
| Capex | (16) | (162) | (97) | (47) | (5) |
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 | 118 | 111 | 121 | 155 | 177 | 172 | 177 | 175 |
| Profit before tax | 3 | 2 | 3 | 7 | 10 | 9 | 11 | 12 |
| Net profit | 2 | 1 | 2 | 5 | 7 | 6 | 8 | 10 |
| EPS (₹) | 2.92 | 1.77 | 2.28 | 5.45 | 7.95 | 6.56 | 8.46 | 10.80 |
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) | 9.5 | 13.8 | 15 of 36 | 60% |
| P/B | 1.0 | 0.7 | 22 of 36 | 40% |
| ROCE | 8.1 | 4.4 | 12 of 45 | 75% |
| ROE | 10.8 | 4.0 | 6 of 37 | 86% |
| Debt / Equity | 0.9 | 0.4 | 31 of 37 | 17% |
| EBITDA margin | 16.5 | 10.4 | 9 of 38 | 78% |
| Revenue growth | 12.6 | 11.5 | 19 of 39 | 53% |
| Profit growth | 111.8 | 60.9 | 13 of 42 | 71% |
| Market cap | 285 | 55 | 14 of 48 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Unit 1 restarts after flood disruption | capex operations | high | — | — |
| 2 Oct 2026 · Voting results of 31st AGM - all 3 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 31st AGM proceedings of Shree Ajit Pulp and Paper Ltd filed | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 14 Sept 2026 · Notice of 31st AGM and E-voting Information | compliance | minimal | — | — |
| 9 Sept 2026 · Company Secretary Chinmay Methiwala resigns effective 9 Sept 2026 | management changes | medium | — | — |
| 8 Sept 2026 · Shree Ajit Pulp and Paper submits 31st Annual Report for FY 2025-26 | results | high | — | — |
| 8 Sept 2026 · Notice of 31st AGM to be held on 30 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Record date set for 22 September 2026 AGM | 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.