NSE: SUNDARAM · BSE: 533166
SUNDARAM MULTI PAP LTD
Sells exercise notebooks, drawing books and office stationery under the Sundaram Books brand and operates an AI-powered digital learning platform for schools. Manufacturing runs from a Palghar, Maharashtra plant, where a new fully automatic notebook-making machine supplied by Line-O-Matics, costing over Rs 30 million, has been installed and solar roof panels fitted across the 4-acre factory site. Distribution is being widened pan-India through new distributors and stockists in Tier II and Tier III cities, with stated targets of doubling sales points and growing the retail footprint by over 40% on a base where Maharashtra and Gujarat are the established strongholds. The Digital Education platform, active for over a decade, delivers curriculum-aligned classroom content and AI-assisted learning tools (automated question banks, instant mind maps, personalised recommendations) to government, aided and private schools in Maharashtra, with offline and low-bandwidth support. For FY26, revenue from operations stood at Rs 137.11 crore at a 6.1% EBITDA margin; the largest cost is materials at 61.2% of revenue (largely paper), followed by employees at 13.2% and other operating expenses at 13.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Exercise notebooks and paper (97%), Software for Educational Content (4%). Asset-light paper-stationery manufacturer with an adjacent digital education vertical.
Exhibit 1: Financial summary, FY19–FY19 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 |
|---|---|
| Revenue | 100 |
| EBITDA (ex other income) | 15 |
| margin % | 14.8 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 0.21 |
| ROE % · ROCE % | 6.9 · 14.0 |
| Debt / equity (x) | 0.39 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 |
|---|---|---|---|---|
| Revenue | 0 | 38 | 19 | 15 |
| Profit before tax | 0 | 1 | (1) | (0) |
| Net profit | 0 | 1 | (1) | (0) |
| EPS (₹) | 0.00 | 0.03 | (0.03) | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DOMS INDUSTRIES LIMITED | 11,233 | 51.7 | 8.63 | 26.8 | 18.4 | 22.7 | — | 12.9 |
| NAVNEET EDUCATION LTD | 2,772 | 7.4 | 132.06 | 501.2 | 17.6 | 20.2 | (54.0) | 27.5 |
| FLAIR WRITING INDUST LTD | 2,462 | 17.6 | 2.15 | 10.1 | 12.4 | 15.4 | — | 17.1 |
| KOKUYO CAMLIN LIMITED | 713 | — | 2.87 | 16.8 | 6.1 | 8.0 | — | — |
| LINC LIMITED | 555 | 17.6 | 2.14 | 8.1 | 12.7 | 17.4 | — | 9.0 |
| ALKOSIGN LIMITED | 69 | 5.8 | — | — | — | 4.9 | — | — |
| KSHITIJ POLYLINE LIMITED | 53 | 14.1 | 0.85 | 8.8 | 6.1 | 6.1 | — | 12.4 |
| SUNDARAM MULTI PAP LTD ◆ | 49 | — | 0.52 | 5.1 | (0.1) | (0.1) | — | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.5 | 2.1 | 2 of 8 | 86% |
| ROCE | (0.1) | 8.0 | 8 of 9 | 13% |
| ROE | (0.1) | 9.3 | 7 of 8 | 14% |
| Debt / Equity | 0.4 | 0.2 | 6 of 8 | 29% |
| EBITDA margin | 21.0 | 15.0 | 2 of 6 | 80% |
| Market cap | 49 | 555 | 8 of 9 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance certificate filed with BSE and NSE | compliance | minimal | — | — |
| 1 Oct 2026 · All 7 resolutions passed at 32nd AGM with strong majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 32nd AGM held on Sept 29, 2026; director re-appointments approved | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 results are declared | compliance | minimal | — | — |
| 2 Sept 2026 · Sundaram Multi Pap fixes book closure dates for 32nd AGM on Sep 29, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper notice of 32nd AGM and e-voting instructions published | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 32nd AGM of Sundaram Multi Pap Ltd on September 29, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Sundaram Multi Pap FY26 Annual Report and 32nd AGM Notice filed | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · Newspaper notice for Sundaram Multi Pap 32nd AGM on Sept 29, 2026 | compliance | minimal | — | — |
| 14 Aug 2026 · Sundaram Multi Pap Q1 FY27 results: Revenue up 22% YoY, returns to profit | 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.