Emami Paper Mills Ltd

EMAMIPAP

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Market Cap

₹ 545 Cr

P/E

29.45

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Emami Paper Mills Limited is India's largest newsprint manufacturer, known for its recycled-fiber paper production facilities in Balasore, Orissa, and Kolkata, West Bengal.

The company is a key supplier to major Indian dailies like The Times of India and Hindustan Times, indicating a stronghold in the newsprint segment.

Noteworthy is the company's evolution from a sick unit to a leading player, enabled by strategic mergers, such as the integration with Emami Paper Mills Ltd in 2000.

With significant expansions and innovations, such as retrofitting a Size Press in 2022-23, Emami Paper has increased its production capacity to cater to writing and printing paper demand.

The company is part of the diverse Emami Group, expanding its competencies beyond paper manufacturing into various business interests.

Sector

Paper

Industry

Paper - Large

Market Cap

545 Cr

Volatility

High Risk

P/E Ratio

29.5

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

0.9

52W High

128.10

52W Low

78.00

Sales CAGR

-3.30%

-0.51%

4.94%

10Y

15.07%

Profit CAGR

-69.15%

-39.04%

—

10Y

-0.78%

ROE

TTM

3.18%

8.35%

10.33%

10Y

9.32%

ROCE

TTM

6.59%

12.40%

15.27%

10Y

11.83%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KUANTUM	92.07	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.87	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	89.00	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99
ORIENTPPR	22.49	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14
RAMANEWS	30.86	457 Cr	—	0.00	0.00	85.78	1.96	-21.16
RUCHIRA	118.80	356 Cr	5.27	0.71	4.20	13.53	13.20	8.62
GENUSPAPER	13.50	343 Cr	47.68	0.69	0.00	1.36	4.91	0.61

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	539	437	515	484	504	495	454	475	460	451
Expenses	504	385	434	414	460	458	425	444	422	414
Operating Profit	35	52	81	70	44	37	29	31	38	36
OPM %	6.50	11.87	15.72	14.51	8.74	7.53	6.43	6.55	8.20	8.05
Other Income	0.46	0.21	0.84	1.81	0.65	0.57	1.49	1.75	1.60	4.91
Interest	20	17	16	16	15	15	16	16	17	17
Depreciation	14	12	13	21	13	13	13	13	13	14
Profit Before Tax	1.78	22	53	35	17	10	1.79	4.01	9.35	10
Tax %	25.28	25.99	25.44	23.19	26.69	25.07	5.03	2.24	32.51	34.66
Net Profit	1.33	16	39	27	13	7.59	1.70	3.92	6.31	6.58
EPS in Rs	0.02	2.21	4.96	3.42	1.61	0.95	0.08	0.45	0.81	0.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,185	1,366	1,538	1,515	1,216	1,958	2,381	1,994	1,928	1,884
Expenses	1,012	1,195	1,300	1,307	1,039	1,644	2,159	1,758	1,786	1,749
Operating Profit	173	171	239	209	177	314	222	236	142	135
OPM %	14.63	12.53	15.51	13.76	14.57	16.04	9.31	11.85	7.36	7.18
Other Income	24	11	3.65	-23	93	-3.89	2.46	3.32	4.46	5.41
Interest	70	84	107	117	95	83	63	67	61	63
Depreciation	56	64	69	73	72	74	68	60	52	52
Profit Before Tax	26	24	66	-4.52	103	153	93	112	33	25
Tax %	26.98	31.55	33.59	-131.19	50.25	25.16	25.70	24.83	22.10	22.78
Net Profit	19	16	44	-10	51	115	69	84	26	20
EPS in Rs	2.66	2.23	7.27	-1.72	8.40	14.45	8.71	10.61	3.09	2.23
Dividend Payout %	19.05	44.28	16.51	0.00	0.00	11.07	18.37	15.08	48.19	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	12	12	12	12	12	12
Reserves	376	222	231	246	207	527	641	687	762	666
Borrowings	1,037	1,276	1,376	1,375	1,245	908	786	858	606	770
Other Liabilities	232	302	346	477	454	341	340	419	334	370
Total Liabilities	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,817
Fixed Assets	1,195	1,220	1,282	1,297	1,298	1,225	1,161	1,148	1,085	1,059
CWIP	4.58	4.79	8.74	103	0.98	0.10	31	3.70	9.72	3.77
Investments	0.58	56	56	44	24	54	49	39	45	59
Other Assets	458	532	617	667	595	509	538	785	574	695
Total Assets	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,817

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-80	-15	69	275	313	246	329	32	351	44
Cash from Investing Activity	-102	-60	-124	-157	31	-7.26	-34	-24	-10	-17
Cash from Financing Activity	167	30	39	-123	-335	-246	-307	-8.98	-336	-32
Net Cash Flow	-14	-45	-16	-4.45	9.77	-7.22	-12	-0.04	4.96	-4.98

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%
FIIs	0.52%	0.52%	0.52%	0.50%	0.50%	0.50%	0.50%	0.56%	0.55%	0.55%	0.54%	0.53%
DIIs	4.29%	4.30%	4.30%	4.33%	3.81%	3.01%	1.03%	0.58%	0.00%	0.00%	0.00%	0.04%
Public	20.22%	20.22%	20.22%	20.20%	20.72%	21.52%	23.50%	23.88%	24.47%	24.47%	24.49%	24.46%
Total Shareholders	12,911	13,264	13,239	13,072	13,087	14,409	16,325	19,211	21,275	21,138	20,916	20,191

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 14, 2024	Diwakar finvest private limited	Insider - Promoter Group	Disposal	114.29	8.56 Cr	7,48,739	1.23
Jun 14, 2024	Smt.priti a.sureka	Insider - Promoter Group	Acquisition	114.29	8.56 Cr	7,48,739	1.23

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Postal Ballot Notice

5 days ago

Notice of Postal Ballot and E-Voting

Lloyds Enterprises Limited announces the dispatch of Postal Ballot Notice and remote e-voting information to shareholders in compliance with applicable regulations.

Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	539	437	515	484	504	495	454	475	460	451
Expenses	504	385	434	414	460	458	425	444	422	414
Operating Profit	35	52	81	70	44	37	29	31	38	36
OPM %	6.50	11.87	15.72	14.51	8.74	7.53	6.43	6.55	8.20	8.05
Other Income	0.46	0.21	0.84	1.81	0.65	0.57	1.49	1.75	1.60	4.91
Interest	20	17	16	16	15	15	16	16	17	17
Depreciation	14	12	13	21	13	13	13	13	13	14
Profit Before Tax	1.78	22	53	35	17	10	1.79	4.01	9.35	10
Tax %	25.28	25.99	25.44	23.19	26.69	25.07	5.03	2.24	32.51	34.66
Net Profit	1.33	16	39	27	13	7.59	1.70	3.92	6.31	6.58
EPS in Rs	0.02	2.21	4.96	3.42	1.61	0.95	0.08	0.45	0.81	0.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,185	1,366	1,538	1,515	1,216	1,958	2,381	1,994	1,928	1,884
Expenses	1,012	1,195	1,300	1,307	1,039	1,644	2,159	1,758	1,786	1,749
Operating Profit	173	171	239	209	177	314	222	236	142	135
OPM %	14.63	12.53	15.51	13.76	14.57	16.04	9.31	11.85	7.36	7.18
Other Income	24	11	3.65	-23	93	-3.89	2.46	3.32	4.46	5.41
Interest	70	84	107	117	95	83	63	67	61	63
Depreciation	56	64	69	73	72	74	68	60	52	52
Profit Before Tax	26	24	66	-4.52	103	153	93	112	33	25
Tax %	26.98	31.55	33.59	-131.19	50.25	25.16	25.70	24.83	22.10	22.78
Net Profit	19	16	44	-10	51	115	69	84	26	20
EPS in Rs	2.66	2.23	7.27	-1.72	8.40	14.45	8.71	10.61	3.09	2.23
Dividend Payout %	19.05	44.28	16.51	0.00	0.00	11.07	18.37	15.08	48.19	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	12	12	12	12	12	12
Reserves	376	222	231	246	207	527	641	687	762	666
Borrowings	1,037	1,276	1,376	1,375	1,245	908	786	858	606	770
Other Liabilities	232	302	346	477	454	341	340	419	334	370
Total Liabilities	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,817
Fixed Assets	1,195	1,220	1,282	1,297	1,298	1,225	1,161	1,148	1,085	1,059
CWIP	4.58	4.79	8.74	103	0.98	0.10	31	3.70	9.72	3.77
Investments	0.58	56	56	44	24	54	49	39	45	59
Other Assets	458	532	617	667	595	509	538	785	574	695
Total Assets	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,817

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-80	-15	69	275	313	246	329	32	351	44
Cash from Investing Activity	-102	-60	-124	-157	31	-7.26	-34	-24	-10	-17
Cash from Financing Activity	167	30	39	-123	-335	-246	-307	-8.98	-336	-32
Net Cash Flow	-14	-45	-16	-4.45	9.77	-7.22	-12	-0.04	4.96	-4.98

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KUANTUM	92.07	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.87	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	89.00	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99
ORIENTPPR	22.49	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14
RAMANEWS	30.86	457 Cr	—	0.00	0.00	85.78	1.96	-21.16
RUCHIRA	118.80	356 Cr	5.27	0.71	4.20	13.53	13.20	8.62
GENUSPAPER	13.50	343 Cr	47.68	0.69	0.00	1.36	4.91	0.61

Overview

Detailed Summary

Emami Paper Mills Limited is India's largest newsprint manufacturer, known for its recycled-fiber paper production facilities in Balasore, Orissa, and Kolkata, West Bengal.

The company is a key supplier to major Indian dailies like The Times of India and Hindustan Times, indicating a stronghold in the newsprint segment.

Noteworthy is the company's evolution from a sick unit to a leading player, enabled by strategic mergers, such as the integration with Emami Paper Mills Ltd in 2000.

With significant expansions and innovations, such as retrofitting a Size Press in 2022-23, Emami Paper has increased its production capacity to cater to writing and printing paper demand.

The company is part of the diverse Emami Group, expanding its competencies beyond paper manufacturing into various business interests.

Sector

Paper

Industry

Paper - Large

Market Cap

545 Cr

Volatility

High Risk

P/E Ratio

29.5

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

0.9

52W High

128.10

52W Low

78.00

Sales CAGR

-3.30%

-0.51%

4.94%

10Y

15.07%

Profit CAGR

-69.15%

-39.04%

—

10Y

-0.78%

ROE

TTM

3.18%

8.35%

10.33%

10Y

9.32%

ROCE

TTM

6.59%

12.40%

15.27%

10Y

11.83%