BSE: 544392
SPINAROO COMMERCIAL LIMITED
Operates in the paper and paper products industry, with FY26 revenue from operations of ₹3,926.78 lakhs, essentially flat versus ₹3,931.47 lakhs the prior year. Raw materials form the dominant cost line at ₹34.43 crore, or 87.7% of revenue, while employee cost is ₹0.5209 crore (1.3%) and other operating costs are ₹3.8446 crore (9.8%). Management invested in a new printing machine during the year to expand production capacity and stated it is targeting higher value-added products. Profit after tax fell to ₹53.62 lakhs from ₹143.83 lakhs, attributed in the annual report to higher raw material costs and softer demand; operating cash flow was negative at ₹636.87 lakhs due to an inventory build-up of ₹485.73 lakhs and a ₹105.80 lakhs rise in trade receivables. The Board approved acquiring up to 15% of sister company Spino Poly Products Private Limited (later postponed) and increased authorised share capital from ₹7 crore to ₹9 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper and paper products. Small, trading-and-processing-heavy paper products company
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 39 | 39 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 2.88 | 0.77 |
| ROE % · ROCE % | — · 32.4 | — · 6.9 |
| Debt / equity (x) | — | — |
| Cash from operations | 1 | (6) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 18 | 19 | 20 |
| Profit before tax | 1 | 1 | 0 |
| Net profit | — | — | — |
| EPS (₹) | 1.65 | 0.88 | 0.13 |
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 | 6,948 | 21.0 | 1.20 | 9.5 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,368 | 23.4 | 1.28 | 10.7 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,295 | 46.8 | 0.67 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,156 | 11.7 | 0.57 | 7.9 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,144 | 18.4 | 1.40 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 890 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 810 | 8.9 | 1.21 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 690 | 7.3 | 1.20 | — | 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) | 17.7 | 13.6 | 23 of 36 | 37% |
| ROCE | 4.5 | 4.4 | 21 of 45 | 55% |
| Market cap | 33 | 56 | 31 of 48 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate filed | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closure ahead of H1 FY27 results announcement | compliance | minimal | — | — |
| 19 Aug 2026 · Board reviews operations and growth plans | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Delay in intimating BSE about Company Secretary resignation and new appointment | regulatory legal | medium | — | — |
| 13 Aug 2026 · Board meeting scheduled for August 19, 2026 to review company performance | board shareholder meetings | low | — | — |
| 11 Jul 2026 · Reg 74(5) Depository Certificate for Quarter ended June 2026 | compliance | minimal | — | — |
| 6 Jul 2026 · Spinaroo explains delay in disclosing Company Secretary change | compliance | low | — | — |
| 4 Jul 2026 · Board accepts Company Secretary resignation, appoints replacement | management changes | medium | — | — |
| 4 Jul 2026 · Spinaroo Commercial: New Company Secretary appointed, former CS resigns | management changes | medium | — | — |
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.