BSE: 544267
SUBAM PAPERS LIMITED
Manufactures Kraft paper and packaging products, with operations carried out through a group of six entities (two wholly-owned subsidiaries, two subsidiaries and two associate companies). A wholly-owned subsidiary, Subam Papers and Boards Private Limited, commenced commercial production at a new automated Kraft paper plant in Tirunelveli, Tamil Nadu, raising consolidated manufacturing capacity to 3,07,750 MTPA and Kraft paper capacity to 2,59,750 MTPA. The Kraft paper is produced in the 80–120 GSM range, aimed at the paper carry bag segment that benefits from single-use plastic bans, and a COGEN power plant under installation at the subsidiary is expected to lift power self-sufficiency from 55.6% to 93.75% once commissioned in June 2026. The group is also setting up a corrugated box unit through the same subsidiary and operates an 80%-owned LLP, Nellai Subam Packaging LLP. Revenue stood at ₹584.0877 crore in FY26 with an EBITDA margin of 7.86%, but net profit was only ₹10.782 crore and net profit ratio fell to 2.21% from 5.77%. Raw materials dominate the cost base at 80.5% of revenue, with capex at 19.4% reflecting the ongoing capacity build-out. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Kraft paper, Corrugated boxes (planned), Co-generated power. Asset-heavy paper manufacturing and packaging in a build-out phase
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 539 | 584 |
| EBITDA (ex other income) | — | 45 |
| margin % | — | 7.7 |
| Owners' profit | — | 0 |
| EPS, as reported (₹) | 15.28 | 4.51 |
| ROE % · ROCE % | — · 13.7 | 2.6 · 5.3 |
| Debt / equity (x) | — | 0.42 |
| Cash from operations | 32 | 35 |
| Capex | (51) | (113) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 270 | 269 | 297 | 146 | 141 | 171 |
| Profit before tax | 24 | 13 | 13 | 0 | (3) | 3 |
| Net profit | — | — | — | — | (2) | (1) |
| EPS (₹) | 0.00 | 5.47 | 5.63 | 0.06 | 1.02 | 0.14 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 16.6 | 48 of 64 | 25% |
| P/B | 1.5 | 1.3 | 34 of 61 | 45% |
| ROCE | 1.9 | 6.9 | 54 of 68 | 21% |
| ROE | 2.6 | 6.8 | 44 of 61 | 28% |
| Debt / Equity | 0.4 | 0.4 | 31 of 61 | 50% |
| EBITDA margin | 7.9 | 12.1 | 45 of 62 | 28% |
| Revenue growth | (36.4) | 14.0 | 57 of 61 | 7% |
| Market cap | 596 | 113 | 20 of 73 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Compliance certificate for Q2 FY27 under SEBI Depository Regulations | compliance | minimal | — | — |
| 26 Sept 2026 · Subam Papers 22nd AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · 22nd AGM of Subam Papers held on September 25, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 22nd Annual General Meeting and E-Voting Intimation | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Subam Papers 22nd AGM notice - September 25, 2026 at Tirunelveli | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 22nd AGM and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Proposed Independent Director appointment at material subsidiary | management changes | medium | — | — |
| 2 Sept 2026 · Subam Papers announces 22nd AGM on September 25, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Manufacturing resumed after fire incident at Tirunelveli factory | capex operations | high | — | — |
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.