BSE: 544372
SHREENATH PAPER PRODUCTS LIMIT
Trades and distributes paper products in India, with no manufacturing of its own — the cost shape shows materials at 0% of revenue. Revenue from operations grew 11.8% year-on-year in FY26, with employee and other operating expenses together accounting for only about 3% of revenue. The cost stack is dominated by finance costs at Rs 277.09 lakhs in FY26 and working-capital interest; the company raised funds through its February 2025 IPO earmarked mainly for working capital, of which Rs 1,798.60 lakhs had been deployed by March 2026. It is exploring paper manufacturing through a 50%-owned associate, Shreenath Paper Industries Pvt Ltd, incorporated in mid-2026 with no prior operations or turnover. Profit after tax slipped marginally to Rs 285.54 lakhs in FY26 from Rs 288.87 lakhs in FY25, with EPS falling to Rs 1.45 from Rs 1.96. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper product trading and distribution. Asset-light, working-capital-heavy paper trading.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 103 | 115 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 1.96 | 1.45 |
| ROE % · ROCE % | — · 15.1 | — · 13.7 |
| Debt / equity (x) | — | — |
| Cash from operations | (7) | (7) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 50 | 55 | 59 |
| Profit before tax | 3 | 1 | 3 |
| Net profit | — | — | — |
| EPS (₹) | 1.30 | 0.39 | 1.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 28,026 | 16.5 | 2.69 | 13.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,680 | 17.2 | 3.62 | 16.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,932 | 16.8 | 4.35 | 11.5 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,637 | 25.1 | 4.23 | 18.8 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,125 | — | 12.51 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 737 | 8.1 | 0.57 | 185.4 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 734 | 64.6 | 6.08 | 46.9 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 601 | 0.9 | — | 50.9 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.7 | 14.3 | 24 of 130 | 82% |
| ROCE | 7.9 | 2.1 | 46 of 177 | 74% |
| Market cap | 25 | 21 | 82 of 179 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Reg 74(5) Certificate submitted for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 3 Oct 2026 · Subsidiary stake raised to 75% in SPIPL, financials to be consolidated | strategic transactions | medium | — | — |
| 26 Sept 2026 · 15th AGM: all resolutions passed, related party deal cleared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 15th AGM held via VC; 3 ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1, 2026 for half-year results | compliance | minimal | — | — |
| 19 Sept 2026 · Board approves acquisition making SPIPL a Subsidiary | strategic transactions | high | — | — |
| 3 Sept 2026 · AGM Notice Published in Newspapers; Meeting Set for September 26, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Shreenath Paper FY26 annual report and 15th AGM notice filed with BSE | results | medium | — | — |
| 2 Sept 2026 · Shreenath Paper submits FY25-26 Annual Report; 15th AGM on Sept 26, 2026 | results | medium | — | — |
| 15 Jul 2026 · Reg 74(5) Certificate Filed; Regulation Not Applicable to Company | 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.