NSE: VOITHPAPR · BSE: 522122
VOITH PAPER FABRICS IND L
Manufactures paper fabrics, an industrial textile product used in the paper industry, as suggested by its name and its classification as 'Other Textile Products'. Operations are run from Faridabad, under the wider Voith group (inferred from the investorcare.vifa@voith.com contact). The business is order-led: orders received in FY26 reached ₹2,315.96 million, up 26.5% year-on-year, against revenue of ₹208.949 crore. The order book pointing ahead of revenue points to a B2B industrial supplier serving paper manufacturers. FY26 ran at an EBITDA margin of 33.6%. The cost stack is dominated by other operating expenses (28.3% of revenue), materials (23.3%), and employee costs (13.8%), with depreciation at 7.2% and capex at 10.3% of revenue. The balance sheet is cash-rich, with bank balances of ₹2,437.19 million and reserves of ₹4,193.13 million, supporting a 100% dividend (₹10 per share) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper fabrics (industrial textiles). Order-driven industrial textile supplier to the paper industry
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 145 | 164 | 180 | 190 | 209 |
| EBITDA (ex other income) | 39 | 41 | 45 | 51 | 51 |
| margin % | 27.2 | 25.0 | 25.1 | 26.6 | 24.4 |
| Owners' profit | 29 | 32 | 36 | 40 | 41 |
| EPS, as reported (₹) | 66.77 | 72.34 | 82.67 | 90.87 | 94.36 |
| ROE % · ROCE % | 10.2 · 13.6 | 10.1 · 13.4 | 10.4 · 13.8 | 10.4 · 13.7 | 9.8 · 12.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 19 | 28 | 39 | 46 | 42 |
| Capex | (11) | (20) | (26) | (26) | (22) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 45 | 51 | 53 | 53 | 53 | 50 | 53 |
| Profit before tax | 10 | 14 | 14 | 15 | 17 | 15 | 11 | 12 |
| Net profit | 7 | 10 | 10 | 11 | 13 | 12 | 8 | 9 |
| EPS (₹) | 16.89 | 23.37 | 23.42 | 25.83 | 28.66 | 26.25 | 18.64 | 20.84 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.8 | 16.5 | 83 of 179 | 54% |
| P/B | 1.4 | 1.1 | 109 of 185 | 41% |
| ROCE | 12.7 | 4.3 | 34 of 215 | 85% |
| ROE | 9.8 | 4.7 | 53 of 188 | 72% |
| Debt / Equity | 0.0 | 0.4 | 1 of 188 | 89% |
| EBITDA margin | 29.5 | 9.8 | 14 of 198 | 93% |
| Revenue growth | 1.4 | 6.9 | 110 of 192 | 43% |
| Profit growth | (19.3) | 20.0 | 136 of 203 | 33% |
| Market cap | 613 | 59 | 37 of 223 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for Q2 and half-year results approval | results | low | — | — |
| 17 Oct 2026 · Postal ballot approves Asesh Kumar Mukherjee as new MD of Voith Paper | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Postal Ballot results: Mukherjee appointed as Director and MD | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Compliance certificate on dematerialization of securities for Jul-Sep 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Newspaper ad on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Income Tax assessment order with demand of Rs 3.82 crore for AY 2023-24 | regulatory legal | high | — | — |
| 16 Sept 2026 · Newspaper ads filed for Postal Ballot on Managing Director appointment | compliance | minimal | — | — |
| 15 Sept 2026 · Postal Ballot: Appointment of new Managing Director | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Notice of Postal Ballot Exercise with cut-off date and e-voting schedule | 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.