Manufactures paper and paper products from its facilities at Nanjangud and Thandavapura in Karnataka, with paper and paper products accounting for 91.6% of segment revenue and power accounting for the remaining 8.4% over the period covered by the segment data. Revenue in FY26 was Rs 433.81 cr with a net profit of Rs 10.74 cr, after a swing from a loss in FY25. Materials are the dominant cost at 58.4% of revenue, followed by other operating expenses at 22.6% and employee costs at 7.8%. The power segment runs as a captive cogeneration operation linked to the paper mills, and the company is adding 11.6 million units of wind power a year through a 26% stake in Clean Wind Power (Manvi) Pvt Ltd to supply its industrial sites. Paper production was halted for 17 days in October 2025 for annual boiler inspection, and an FY24 fire incident has been generating insurance claims recognised as exceptional items. Total borrowings stand at Rs 1,559 lakhs with a debt-to-equity ratio of 0.70 and an ICRA credit rating of BB+. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper & Paper products (92%), Power (8%). Asset-heavy paper manufacturing with captive cogeneration power
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 305 | 288 | 312 | 369 | 434 |
| EBITDA (ex other income) | 40 | 7 | 17 | 22 | 51 |
| margin % | 13.2 | 2.4 | 5.4 | 6.0 | 11.7 |
| Owners' profit | 22 | (17) | (13) | (10) | 11 |
| EPS, as reported (₹) | 14.44 | (11.08) | (7.16) | 5.14 | 5.73 |
| ROE % · ROCE % | 10.5 · 8.6 | (7.1) · (2.1) | (6.1) · 0.2 | (4.6) · 2.1 | 4.8 · 10.6 |
| Debt / equity (x) | 0.96 | 0.82 | 0.90 | 0.83 | 0.70 |
| Cash from operations | 39 | 1 | (18) | 40 | 43 |
| Capex | (108) | (27) | (4) | (3) | (4) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90 | 102 | 84 | 94 | 107 | 112 | 101 | 114 |
| Profit before tax | (4) | (2) | (4) | (3) | 1 | 4 | 3 | 6 |
| Net profit | (3) | (1) | (3) | (2) | 1 | 3 | 2 | 5 |
| EPS (₹) | (1.52) | (0.64) | (1.78) | 1.20 | 0.52 | 1.50 | 1.27 | 2.44 |
| 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 % |
|---|---|---|---|---|
| 2 Sept 2026 · Open Offer at Rs 120 per share for 26 percent stake in South India Paper Mills | strategic transactions | high | — | — |
| 2 Sept 2026 · Draft Letter of Offer filed for open offer at ₹120 per share for 26% stake | strategic transactions | high | — | — |
| 26 Aug 2026 · 67th AGM notice and e-voting details published in newspapers | compliance | minimal | — | — |
| 25 Aug 2026 · Newspaper ad filed for open offer at Rs 120 per share | compliance | minimal | — | — |
| 25 Aug 2026 · Open Offer filed to acquire 26 percent stake in South India Paper Mills at Rs 120 per share | strategic transactions | high | — | — |
| 25 Aug 2026 · E-voting cutoff set for 17 September 2026 AGM | board shareholder meetings | low | — | — |
| 25 Aug 2026 · FY26 Annual Report: Turnaround with profit of Rs 10.74 cr | results | medium | — | — |
| 25 Aug 2026 · Open Offer by Modi family to acquire 26% of South India Paper Mills at Rs 120 per share | strategic transactions | high | — | — |
| 24 Aug 2026 · Notice of 67th AGM on 17 Sept 2026 via Video Conference | board shareholder meetings | low | — | — |
| 24 Aug 2026 · 67th AGM notice on Sep 17, 2026; remuneration approvals | board shareholder meetings | low | — | — |
| 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) | 20.7 | 15.3 | 28 of 39 | 29% |
| P/B | 1.0 | 0.8 | 22 of 34 | 36% |
| ROCE | 4.4 | 4.4 | 23 of 49 | 54% |
| ROE | 4.8 | 4.0 | 19 of 45 | 59% |
| Debt / Equity | 0.7 | 0.2 | 36 of 45 | 21% |
| EBITDA margin | 13.5 | 10.4 | 14 of 38 | 65% |
| Revenue growth | 21.1 | 11.5 | 14 of 39 | 66% |
| Profit growth | 302.6 | 60.9 | 5 of 42 | 90% |
| Market cap | 223 | 88 | 17 of 46 | 64% |
| 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.
