Ganga Papers India Ltd

GANGAPA

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Market Cap

₹ 94 Cr

P/E

62.07

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ganga Papers India Limited specializes in manufacturing various types of kraft paper, including high-grade and special quality kraft paper, primarily used for corrugated cartons and boxes.

The company has expanded its production capacity from an initial 6,000 tpa to 15,000 tpa over the years, showcasing a commitment to growth in the paper manufacturing sector.

In addition to kraft paper, Ganga Papers is setting up facilities to produce newsprint and white printing paper, indicating diversification in product offerings.

The joint venture in Dubai, Unipack Containers and Carton Products, allows the company to expand its reach internationally with a 49% stake in operations.

The company has undergone significant restructuring, including a rehabilitation scheme approved by BIFR, indicating efforts to stabilize and modernize operations.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

94 Cr

Volatility

Low Risk

P/E Ratio

62.1

Industry P/E

16.5

PEG Ratio

13.1

P/B Ratio

3.0

52W High

113.50

52W Low

75.13

Sales CAGR

4.97%

-2.99%

13.04%

10Y

14.00%

Profit CAGR

4.73%

-33.81%

-3.59%

10Y

4.34%

ROE

TTM

4.84%

7.19%

12.06%

10Y

12.53%

ROCE

TTM

6.23%

16.79%

19.76%

10Y

17.85%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NATHIND	66.15	125 Cr	7.35	0.47	0.00	6.46	8.38	3.79
SVJ	490.00	113 Cr	158.87	8.20	0.00	0.00	0.00	5.92
GANGAPA	86.90	94 Cr	62.07	3.00	0.00	4.84	6.23	1.59
THREEMPAPE	34.01	69 Cr	10.39	0.77	0.00	0.00	0.00	3.48
MALUPAPER	35.40	61 Cr	—	0.00	0.00	104.58	-10.74	-10.75
MOHITPPR	30.00	45 Cr	7.01	0.82	0.00	11.70	10.76	3.26
KAYPOWR	12.30	44 Cr	39.69	0.57	0.00	0.00	0.00	—

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	62	57	64	62	66	57	70	64	62	71
Expenses	60	55	62	61	64	56	69	62	61	69
Operating Profit	1.69	1.56	1.63	1.84	1.44	1.48	1.26	1.75	1.61	1.77
OPM %	2.72	2.74	2.55	2.95	2.19	2.58	1.79	2.73	2.58	2.51
Other Income	0.04	0.10	0.04	0.14	0.03	0.03	0.03	0.28	0.02	0.03
Interest	0.75	0.71	0.69	0.63	0.51	0.58	0.30	0.68	0.63	0.80
Depreciation	0.56	0.56	0.56	0.56	0.55	0.55	0.55	0.55	0.59	0.59
Profit Before Tax	0.41	0.39	0.42	0.79	0.42	0.38	0.45	0.79	0.41	0.41
Tax %	24.39	30.77	26.19	25.32	26.19	10.53	35.56	22.78	26.83	24.39
Net Profit	0.31	0.27	0.31	0.59	0.31	0.34	0.28	0.61	0.31	0.31
EPS in Rs	0.28	0.25	0.29	0.55	0.29	0.32	0.26	0.57	0.29	0.28

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	83	102	132	140	177	282	298	245	258	254
Expenses	77	98	126	133	169	271	289	239	252	248
Operating Profit	5.76	4.35	6.47	6.84	8.03	12	9.18	6.70	5.94	6.10
OPM %	6.95	4.25	4.89	4.90	4.55	4.09	3.08	2.73	2.31	2.40
Other Income	0.07	0.10	0.60	0.69	2.08	0.41	0.18	0.32	0.38	0.36
Interest	1.70	1.65	3.11	3.36	2.43	2.63	2.75	2.78	2.07	2.19
Depreciation	0.85	0.64	1.93	2.09	2.14	2.12	2.16	2.24	2.21	2.24
Profit Before Tax	1.29	1.53	2.02	2.08	5.54	7.21	4.44	2.01	2.05	2.03
Tax %	-35.26	2.61	18.69	10.40	25.44	25.68	26.71	26.44	24.19	24.14
Net Profit	1.74	1.49	1.64	1.86	4.13	5.36	3.25	1.48	1.55	1.54
EPS in Rs	1.62	1.38	1.53	1.72	3.83	4.96	3.02	1.37	1.44	1.40
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

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	11	11	11	11	11	11	11	11	11	11
Reserves	-2.64	-0.90	0.59	2.23	4.10	8.23	14	17	18	20
Borrowings	18	22	28	32	35	34	41	44	37	35
Other Liabilities	11	11	13	18	17	29	29	22	17	20
Total Liabilities	37	43	52	63	67	83	95	94	84	86
Fixed Assets	8.30	7.75	7.32	28	27	25	23	22	20	25
CWIP	3.39	6.66	22	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Other Assets	26	29	23	35	40	57	72	72	63	61
Total Assets	37	43	52	63	67	83	95	94	84	86

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	1.98	2.36	7.60	0.06	7.13	1.09	1.96	-6.71	8.88	7.54
Cash from Investing Activity	-0.16	-5.44	-14	-1.82	-0.72	-0.08	-0.33	-0.09	-0.17	-6.71
Cash from Financing Activity	-5.16	3.22	6.57	1.78	-2.46	0.04	0.41	0.80	-9.79	-3.44
Net Cash Flow	-3.34	0.14	0.00	0.03	3.95	1.05	2.04	-6.00	-1.08	-2.61

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	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
Public	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%	24.77%
Total Shareholders	631	657	645	672	701	834	859	874	861	828	827	823

Projection

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Concalls

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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	62	57	64	62	66	57	70	64	62	71
Expenses	60	55	62	61	64	56	69	62	61	69
Operating Profit	1.69	1.56	1.63	1.84	1.44	1.48	1.26	1.75	1.61	1.77
OPM %	2.72	2.74	2.55	2.95	2.19	2.58	1.79	2.73	2.58	2.51
Other Income	0.04	0.10	0.04	0.14	0.03	0.03	0.03	0.28	0.02	0.03
Interest	0.75	0.71	0.69	0.63	0.51	0.58	0.30	0.68	0.63	0.80
Depreciation	0.56	0.56	0.56	0.56	0.55	0.55	0.55	0.55	0.59	0.59
Profit Before Tax	0.41	0.39	0.42	0.79	0.42	0.38	0.45	0.79	0.41	0.41
Tax %	24.39	30.77	26.19	25.32	26.19	10.53	35.56	22.78	26.83	24.39
Net Profit	0.31	0.27	0.31	0.59	0.31	0.34	0.28	0.61	0.31	0.31
EPS in Rs	0.28	0.25	0.29	0.55	0.29	0.32	0.26	0.57	0.29	0.28

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	83	102	132	140	177	282	298	245	258	254
Expenses	77	98	126	133	169	271	289	239	252	248
Operating Profit	5.76	4.35	6.47	6.84	8.03	12	9.18	6.70	5.94	6.10
OPM %	6.95	4.25	4.89	4.90	4.55	4.09	3.08	2.73	2.31	2.40
Other Income	0.07	0.10	0.60	0.69	2.08	0.41	0.18	0.32	0.38	0.36
Interest	1.70	1.65	3.11	3.36	2.43	2.63	2.75	2.78	2.07	2.19
Depreciation	0.85	0.64	1.93	2.09	2.14	2.12	2.16	2.24	2.21	2.24
Profit Before Tax	1.29	1.53	2.02	2.08	5.54	7.21	4.44	2.01	2.05	2.03
Tax %	-35.26	2.61	18.69	10.40	25.44	25.68	26.71	26.44	24.19	24.14
Net Profit	1.74	1.49	1.64	1.86	4.13	5.36	3.25	1.48	1.55	1.54
EPS in Rs	1.62	1.38	1.53	1.72	3.83	4.96	3.02	1.37	1.44	1.40
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

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	11	11	11	11	11	11	11	11	11	11
Reserves	-2.64	-0.90	0.59	2.23	4.10	8.23	14	17	18	20
Borrowings	18	22	28	32	35	34	41	44	37	35
Other Liabilities	11	11	13	18	17	29	29	22	17	20
Total Liabilities	37	43	52	63	67	83	95	94	84	86
Fixed Assets	8.30	7.75	7.32	28	27	25	23	22	20	25
CWIP	3.39	6.66	22	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Other Assets	26	29	23	35	40	57	72	72	63	61
Total Assets	37	43	52	63	67	83	95	94	84	86

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	1.98	2.36	7.60	0.06	7.13	1.09	1.96	-6.71	8.88	7.54
Cash from Investing Activity	-0.16	-5.44	-14	-1.82	-0.72	-0.08	-0.33	-0.09	-0.17	-6.71
Cash from Financing Activity	-5.16	3.22	6.57	1.78	-2.46	0.04	0.41	0.80	-9.79	-3.44
Net Cash Flow	-3.34	0.14	0.00	0.03	3.95	1.05	2.04	-6.00	-1.08	-2.61

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 (%)
NATHIND	66.15	125 Cr	7.35	0.47	0.00	6.46	8.38	3.79
SVJ	490.00	113 Cr	158.87	8.20	0.00	0.00	0.00	5.92
GANGAPA	86.90	94 Cr	62.07	3.00	0.00	4.84	6.23	1.59
THREEMPAPE	34.01	69 Cr	10.39	0.77	0.00	0.00	0.00	3.48
MALUPAPER	35.40	61 Cr	—	0.00	0.00	104.58	-10.74	-10.75
MOHITPPR	30.00	45 Cr	7.01	0.82	0.00	11.70	10.76	3.26
KAYPOWR	12.30	44 Cr	39.69	0.57	0.00	0.00	0.00	—

Overview

Detailed Summary

Ganga Papers India Limited specializes in manufacturing various types of kraft paper, including high-grade and special quality kraft paper, primarily used for corrugated cartons and boxes.

The company has expanded its production capacity from an initial 6,000 tpa to 15,000 tpa over the years, showcasing a commitment to growth in the paper manufacturing sector.

In addition to kraft paper, Ganga Papers is setting up facilities to produce newsprint and white printing paper, indicating diversification in product offerings.

The joint venture in Dubai, Unipack Containers and Carton Products, allows the company to expand its reach internationally with a 49% stake in operations.

The company has undergone significant restructuring, including a rehabilitation scheme approved by BIFR, indicating efforts to stabilize and modernize operations.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

94 Cr

Volatility

Low Risk

P/E Ratio

62.1

Industry P/E

16.5

PEG Ratio

13.1

P/B Ratio

3.0

52W High

113.50

52W Low

75.13

Sales CAGR

4.97%

-2.99%

13.04%

10Y

14.00%

Profit CAGR

4.73%

-33.81%

-3.59%

10Y

4.34%

ROE

TTM

4.84%

7.19%

12.06%

10Y

12.53%

ROCE

TTM

6.23%

16.79%

19.76%

10Y

17.85%