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Emami Paper Mills Q2 FY27 results: net profit ₹44.43 crore vs ₹12.89 crore, revenue down 35.2%
Emami Paper Mills Limited reported a standalone net profit of ₹44.43 crore for Q2 FY27, up 244.7% from ₹12.89 crore in the year-ago quarter. Revenue was lower at ₹589.78 crore, while EBITDA rose 25.7% to ₹92.97 crore and the margin expanded 7.7 percentage points to 15.8%.
Key points
- Standalone Q2 FY27 revenue was ₹589.78 crore, down 35.2% from ₹910.37 crore in Q2 FY26.
- EBITDA rose to ₹92.97 crore from ₹73.94 crore, while the EBITDA margin increased to 15.8% from 8.1%.
- Net profit increased to ₹44.43 crore from ₹12.89 crore, and basic EPS was ₹7.18 against ₹1.86.
- Against Q1 FY27, revenue rose 5.3% to ₹589.78 crore and net profit rose 15.1% to ₹44.43 crore.
- The board approved the results, two independent director reappointments and Ernst & Young LLP’s reappointment as internal auditor.
How did Emami Paper Mills perform in Q2 FY27?
Emami Paper Mills reported standalone revenue of ₹589.78 crore for Q2 FY27, down 35.2% from ₹910.37 crore in Q2 FY26. Total income fell to ₹591.05 crore from ₹916.88 crore, but EBITDA rose 25.7% to ₹92.97 crore. The EBITDA margin was 15.8%, up 7.7 percentage points from 8.1%.
Profit before tax increased to ₹61.01 crore from ₹19.42 crore, while tax expense was ₹16.58 crore against ₹6.53 crore. Net profit was ₹44.43 crore, compared with ₹12.89 crore a year earlier, and basic EPS rose to ₹7.18 from ₹1.86. The reported profit margin was 7.5%, up 6.1 percentage points from 1.4%.
Sequentially, revenue increased 5.3% from ₹560.16 crore in Q1 FY27 to ₹589.78 crore, while EBITDA rose 12.1% to ₹92.97 crore from ₹82.94 crore. The EBITDA margin increased 1.0 percentage point to 15.8%, profit before tax rose to ₹61.01 crore from ₹53.26 crore, and net profit increased to ₹44.43 crore from ₹38.61 crore. Basic EPS was ₹7.18 against ₹6.21. The results are standalone; no consolidated figures were provided.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 589.78 | 560.16 | 910.37 | −35.2% | +5.3% |
| Other income | 1.27 | 0.21 | 6.51 | −80.5% | +504.8% |
| Total expenses | 530.04 | 507.11 | 897.46 | −40.9% | +4.5% |
| EBITDA | 92.97 | 82.94 | 73.94 | +25.7% | +12.1% |
| EBITDA margin | 15.8% | 14.8% | 8.1% | +7.7 pp | +1.0 pp |
| Profit before tax | 61.01 | 53.26 | 19.42 | +214.2% | +14.6% |
| Tax | 16.58 | 14.65 | 6.53 | +153.9% | +13.2% |
| Net profit | 44.43 | 38.61 | 12.89 | +244.7% | +15.1% |
| EPS (₹) | 7.18 | 6.21 | 1.86 | +286.0% | +15.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Emami Paper Mills' costs and profit?
Against Q2 FY26, total expenses fell to ₹530.04 crore from ₹897.46 crore. Cost of materials consumed declined to ₹379.64 crore from ₹607.73 crore, employee cost to ₹24.53 crore from ₹46.45 crore, finance costs to ₹19.70 crore from ₹34.38 crore, and depreciation to ₹13.53 crore from ₹26.65 crore. Other expenses were ₹91.18 crore against ₹170.43 crore.
Other income fell to ₹1.27 crore from ₹6.51 crore, while there was no exceptional item in either quarter. Profit before tax rose to ₹61.01 crore from ₹19.42 crore, but tax expense increased to ₹16.58 crore from ₹6.53 crore. Net profit consequently increased to ₹44.43 crore from ₹12.89 crore. The filings do not state a reason for the changes in the cost lines or other income.
Compared with Q1 FY27, total expenses were ₹530.04 crore against ₹507.11 crore. Cost of materials consumed rose to ₹379.64 crore from ₹352.84 crore, employee cost to ₹24.53 crore from ₹23.94 crore, finance costs to ₹19.70 crore from ₹16.96 crore, and depreciation to ₹13.53 crore from ₹12.93 crore. Other expenses fell to ₹91.18 crore from ₹93.79 crore, while other income rose to ₹1.27 crore from ₹0.21 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 379.64 | 607.73 | −228.09 | −37.5% |
| Employee cost | 24.53 | 46.45 | −21.92 | −47.2% |
| Finance costs | 19.70 | 34.38 | −14.68 | −42.7% |
| Depreciation | 13.53 | 26.65 | −13.12 | −49.2% |
| Other expenses | 91.18 | 170.43 | −79.25 | −46.5% |
| Total expenses | 530.04 | 897.46 | −367.42 | −40.9% |
| Other income | 1.27 | 6.51 | −5.24 | −80.5% |
| Tax | 16.58 | 6.53 | +10.05 | +153.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,891.97 crore, compared with ₹1,822.48 crore at 31 March 2026. Total equity fell to ₹509.72 crore from ₹575.31 crore, while borrowings rose to ₹932.30 crore from ₹817.15 crore. Cash and cash equivalents were ₹0.14 crore at both dates. Inventories increased to ₹430.60 crore from ₹387.79 crore, trade receivables to ₹342.87 crore from ₹273.60 crore, and trade payables to ₹206.51 crore from ₹196.35 crore.
For H1 FY27, operating cash flow was ₹86.71 crore, compared with ₹122.55 crore in H1 FY26. Investing cash flow was negative ₹16.73 crore against negative ₹19.54 crore, while financing cash flow was negative ₹69.98 crore against negative ₹103.03 crore. Capital expenditure was ₹16.77 crore, compared with ₹19.34 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,892 | 1,822 |
| Total equity | 509.72 | 575.31 |
| Borrowings | 932.30 | 817.15 |
| Cash and equivalents | 0.14 | 0.14 |
| Inventories | 430.60 | 387.79 |
| Trade receivables | 342.87 | 273.60 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 86.71 | 122.55 |
| Cash from investing | −16.73 | −19.54 |
| Cash from financing | −69.98 | −103.03 |
| Capital expenditure | 16.77 | 19.34 |
Source: Company's results filing (XBRL).
How has Emami Paper Mills done over the last 8 quarters?
Revenue in the latest trend series bottomed at ₹454.31 crore in Q3 FY25 before reaching ₹910.37 crore in Q2 FY26; it then declined to ₹496.41 crore in Q4 FY26 and recovered to ₹589.78 crore in Q2 FY27. The current direction for revenue was higher than in Q1 FY27, when it was ₹560.16 crore.
Net profit rose from ₹1.70 crore in Q3 FY25 to ₹44.43 crore in Q2 FY27, with the latest result above ₹38.61 crore in Q1 FY27. Profit increased year-on-year in each of the last five quarters. EBITDA margin also moved upward, from 6.4% in Q3 FY25 to 15.8% in Q2 FY27, after 14.8% in Q1 FY27.
What else did the company announce?
On 30 October 2026, the board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026, along with the auditors’ limited review report. The same-day filing did not announce a dividend or a fund raise. The board also approved the reappointment of Amit Kiran Deb and Sumit Banerjee as non-executive independent directors for a second term of five consecutive years from 20 January 2027 to 19 January 2032, subject to shareholder approval by postal ballot.
The board approved Ernst & Young LLP’s reappointment as internal auditor from Q3 FY27 through Q2 FY29. The meeting began at 12:30 p.m. and concluded at 1:45 p.m. The board had earlier notified the exchanges on 22 October 2026 that the results meeting was scheduled for 30 October 2026 and that the trading window was closed from 1 October until 48 hours after the results declaration.
How did Emami Paper Mills shares react?
After the filing appeared, the stock was 11.6% higher five minutes later, 4.0% higher after 15 minutes and 3.5% higher after 30 minutes. From the previous close of ₹116.60, the reaction-day close was 0.1% lower at the reference price of ₹115.90. By the next day’s close, the stock was 2.0% below its pre-results close.
| After the filing | Stock | Paper & Paper Products median |
|---|---|---|
| 5 minutes | +11.6% | |
| 15 minutes | +4.0% | |
| 30 minutes | +3.5% | |
| Reaction day | −0.1% | −1.5% |
| Next day | −2.0% | −0.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | +21.7% |
| 28 May 2026 | +8.7% |
| 12 February 2026 | −2.3% |
| 31 October 2025 | −1.1% |
| 1 July 2025 | +0.6% |
| 20 May 2025 | +2.1% |
| 13 February 2025 | −2.8% |
| 7 November 2024 | −2.6% |
Source: MarketPing price-reaction measurement.
How did other Paper & Paper Products companies do?
Twelve other Paper & Paper Products companies were compared for the quarter, with a median revenue growth of 26.2%. All 12 grew revenue faster than Emami Paper, while none grew more slowly. Among the 14 peers for which profit was compared, 12 reported higher profit, and all 12 companies in the revenue comparison reported higher profit.
| Emami Paper Mills revenue growth (YoY) | −35.2% |
|---|---|
| Median of 12 other Paper & Paper Products companies | +26.2% |
| Companies with slower revenue growth than Emami Paper Mills | 0 of 12 |
| Companies with faster revenue growth than Emami Paper Mills | 12 of 12 |
| Companies whose net profit rose | 12 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Emami Paper Mills' revenue in Q2 FY27?
Revenue from operations was ₹589.78 crore, down 35.2% from ₹910.37 crore in Q2 FY26 (standalone).
Did Emami Paper Mills make a profit in Q2 FY27?
Yes. Net profit was ₹44.43 crore, against a net profit of ₹12.89 crore in Q2 FY26.
What was Emami Paper Mills' EPS in Q2 FY27?
Basic earnings per share were ₹7.18, against ₹1.86 in Q2 FY26.
How did Emami Paper Mills shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.1% from the previous close; the median Paper & Paper Products stock moved −1.5%.
When did Emami Paper Mills announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Consideration And Approval Of The Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 22 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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