NSE: TNPL · BSE: 531426
TAMILNADU NEWSPRT & PAPER
Manufactures paper and paperboard, which contributed 89.5 percent of FY26 segment revenue at Rs 4,630.66 crore. Also runs an energy segment that added 10.5 percent of segment revenue at Rs 542.84 crore, but this segment booked a small operating loss in FY26. Raw materials — the pulp, fibre and chemicals used in papermaking — are the largest cost at 46.9 percent of revenue (Rs 2,180.32 crore in FY26), followed by other operating expenses at 28.2 percent and employee cost at 10.4 percent. Depreciation of 6.7 percent of revenue and capex of 8.5 percent (Rs 396.68 crore) point to an asset-heavy manufacturing operation with ongoing plant investment. It is a Tamil Nadu state government undertaking; IAS officers are routinely nominated and replaced on its board by government order. FY26 total revenue stood at Rs 4,644.89 crore and net profit at Rs 247.75 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper & Paper Board (90%), Energy (11%). Asset-heavy paper and paperboard manufacturing with ongoing capex and a small energy side-business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,020 | 5,180 | 4,693 | 4,491 | 4,645 |
| EBITDA (ex other income) | 358 | 1,003 | 770 | 428 | 481 |
| margin % | 8.9 | 19.4 | 16.4 | 9.5 | 10.4 |
| Owners' profit | 14 | 388 | 208 | 4 | 248 |
| EPS, as reported (₹) | 2.07 | 56.04 | 30.08 | 0.54 | 35.80 |
| ROE % · ROCE % | 0.9 · 5.0 | 20.0 · 22.3 | 10.0 · 15.3 | 0.2 · 6.5 | 10.7 · 6.8 |
| Debt / equity (x) | 1.40 | 0.55 | 0.86 | 0.76 | 0.69 |
| Cash from operations | 1,111 | 809 | 419 | 570 | 596 |
| Capex | (357) | (107) | (143) | (174) | (397) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 915 | 1,126 | 1,337 | 1,142 | 1,110 | 1,121 | 1,272 | 1,147 |
| Profit before tax | 5 | (65) | 31 | (12) | 13 | 12 | 38 | 8 |
| Net profit | 3 | (43) | 22 | (7) | 8 | 7 | 240 | 6 |
| EPS (₹) | 0.37 | (6.20) | 3.20 | (1.07) | 1.17 | 0.98 | 34.72 | 0.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Paper & Paper Board | 4,631 | 89.5 |
| Energy | 543 | 10.5 |
| Total, before eliminations | 5,173 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.4 | 13.6 | 5 of 36 | 89% |
| P/B | 0.4 | 0.7 | 8 of 36 | 80% |
| ROCE | 1.4 | 4.4 | 33 of 45 | 27% |
| ROE | 10.7 | 4.0 | 7 of 37 | 83% |
| Debt / Equity | 0.7 | 0.4 | 26 of 37 | 31% |
| EBITDA margin | 11.2 | 10.4 | 19 of 38 | 51% |
| Revenue growth | 0.4 | 11.5 | 29 of 39 | 26% |
| Profit growth | 177.5 | 60.9 | 8 of 42 | 83% |
| Market cap | 890 | 56 | 6 of 48 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · TNPL files half-yearly governance report for Sep 2026 quarter | compliance | minimal | — | — |
| 14 Oct 2026 · Special window opened for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 12 Oct 2026 · TNPL files quarterly dematerialisation certificate with exchanges | compliance | minimal | — | — |
| 12 Oct 2026 · Quarterly compliance report for Structured Digital Database Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and H1 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · TNPL 46th AGM: Final dividend of Rs 4 per share declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM 2026: All 5 resolutions passed; Rs. 4 dividend declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · TNPL: All 5 AGM resolutions passed, Rs. 4 dividend declared | compliance | minimal | — | — |
| 24 Sept 2026 · TNPL board approves statutory auditor appointment for FY2026-27 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · TNPL appoints A John Moris and Co as statutory auditor for FY27 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.