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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 7,513 | 22.7 | 1.30 | 10.1 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 4,722 | 20.6 | 1.13 | 9.5 | 3.7 | 5.0 | 13.8 | 23.6 |
| SESHASAYEE PAPER & BOARDS | 1,517 | 15.3 | 0.74 | 10.4 | 4.0 | 4.1 | 16.9 | 11.3 |
| ANDHRA PAPER LIMITED | 1,464 | 53.0 | 0.75 | — | 1.0 | 1.2 | — | 17.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 8 Sept 2026 · Book closure announced for 31st AGM on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Notice of 31st AGM via Video Conference on 30 Sept 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · 31st AGM scheduled for September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Independent Director Reema Kalani resigns citing personal commitments | management changes | medium | — | — |
| 24 Aug 2026 · Ms. Reema Kalani resigns as Independent Director of Shree Ajit Pulp and Paper | management changes | medium | — | — |
| 24 Aug 2026 · Independent Director Ms. Reema Kalani resigns from Shree Ajit Pulp and Paper | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| N R AGARWAL INDS LTD |
| 1,078 |
| 17.4 |
| 1.32 |
| — |
| 5.4 |
| 3.9 |
| — |
| 12.4 |
| TAMILNADU NEWSPRT & PAPER | 1,066 | 4.1 | 0.46 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 929 | 10.2 | 1.39 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 712 | 7.6 | 1.24 | — | 10.7 | 8.1 | — | 14.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.6 | 15.3 | 14 of 39 | 66% |
| P/B | 0.9 | 0.8 | 21 of 34 | 39% |
| ROCE | 8.1 | 4.4 | 13 of 49 | 75% |
| ROE | 10.8 | 4.0 | 9 of 45 | 82% |
| Debt / Equity | 0.9 | 0.2 | 39 of 45 | 14% |
| 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 | 259 | 88 | 16 of 46 | 67% |
| 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 |
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.
