Sangal Papers Ltd

SANPA

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Market Cap

₹ 28 Cr

P/E

16.60

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Sangal Papers is a major manufacturer of newsprint, writing, and printing papers. It caters to both commercial and government sectors with a diverse portfolio of paper products.

The company specializes in the production of kraft paper, used in packaging industries for items like grocery and pizza boxes. These papers are food grade approved.

Sangal Papers has innovated by reducing waste paper usage through agricultural residues, achieving cost-effectiveness and improving realizations since 1992.

The company employs advanced manufacturing equipment across three machines to produce its specialized paper products, including colored variants for diverse applications.

Originally focused on kraft paper, Sangal Papers expanded its offerings to include writing, printing, and newsprint papers, adapting to market conditions.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

16.6

Industry P/E

16.5

PEG Ratio

0.8

P/B Ratio

0.6

52W High

325.00

52W Low

151.10

Sales CAGR

-5.29%

5.16%

7.48%

10Y

7.12%

Profit CAGR

14.57%

19.86%

9.41%

10Y

6.11%

ROE

TTM

3.75%

6.94%

5.63%

10Y

7.58%

ROCE

TTM

6.39%

11.34%

9.59%

10Y

11.79%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KAYPOWR	12.70	44 Cr	39.69	0.57	0.00	0.00	0.00	—
ABRIL	44.20	35 Cr	—	1.47	0.00	6.99	8.81	5.78
SPINAROO	40.50	28 Cr	19.66	1.61	0.00	7.56	9.50	4.66
SANPA	215.95	28 Cr	16.60	0.63	0.00	3.75	6.39	1.69
ASTRON	6.08	28 Cr	—	0.35	0.00	-60.63	-16.09	-23.78
VAPIENTER	121.00	28 Cr	18.06	0.76	0.00	4.20	5.34	4.06
SHKARTP	7.45	14 Cr	745.00	4.74	0.00	0.71	2.18	0.25

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	50	47	46	49	43	51	40	47	48	48
Expenses	47	46	43	47	41	48	39	45	46	47
Operating Profit	2.16	0.17	2.45	1.92	1.89	3.33	1.09	1.50	1.98	1.15
OPM %	4.36	0.37	5.38	3.94	4.44	6.51	2.75	3.20	4.16	2.38
Other Income	0.15	0.22	0.16	0.47	0.13	0.20	0.10	0.21	0.15	0.32
Interest	0.60	0.63	0.65	0.66	0.62	0.65	0.67	0.59	0.56	0.56
Depreciation	0.44	0.44	0.44	0.39	0.48	0.51	0.44	0.49	0.48	0.49
Profit Before Tax	1.27	-0.68	1.52	1.36	0.92	2.37	0.08	0.63	1.09	0.42
Tax %	28.35	32.35	24.34	36.03	27.17	34.18	-112.50	31.75	26.61	28.57
Net Profit	0.91	-0.45	1.15	0.86	0.67	1.56	0.17	0.43	0.80	0.30
EPS in Rs	6.98	-3.47	8.80	6.59	5.10	11.94	1.30	3.28	6.15	2.31

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	107	121	148	126	106	155	226	190	180	185
Expenses	99	114	139	121	103	151	220	184	172	177
Operating Profit	8.26	6.31	9.03	4.33	3.24	4.45	6.31	6.72	7.81	7.90
OPM %	7.71	5.23	6.09	3.45	3.06	2.87	2.79	3.53	4.33	4.26
Other Income	0.31	0.63	1.15	0.83	0.47	0.65	2.02	0.99	0.64	0.66
Interest	2.14	1.54	1.67	1.97	1.58	1.55	1.94	2.52	2.53	2.47
Depreciation	0.93	1.01	1.18	1.29	1.36	1.43	1.59	1.72	1.92	1.92
Profit Before Tax	2.62	3.63	7.33	1.90	0.76	2.12	4.80	3.47	4.00	4.17
Tax %	34.76	28.38	16.24	5.32	14.63	22.52	29.44	28.76	29.37	29.02
Net Profit	1.71	2.60	6.14	1.80	0.65	1.64	3.39	2.47	2.83	2.96
EPS in Rs	12.95	19.90	46.93	13.78	4.99	12.70	25.89	18.90	21.62	13.04
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	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31
Reserves	20	21	24	30	32	33	34	38	40	43
Borrowings	21	17	19	17	19	19	19	25	26	27
Other Liabilities	14	13	19	20	17	18	19	26	22	21
Total Liabilities	57	53	63	68	69	71	74	90	90	92
Fixed Assets	21	21	25	28	30	32	30	36	35	40
CWIP	0.08	1.98	0.00	0.32	0.00	0.00	0.12	0.00	2.64	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	35	31	38	40	39	39	44	54	52	53
Total Assets	57	53	63	68	69	71	74	90	90	92

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	3.99	9.04	2.31	8.30	2.53	6.71	1.21	4.49	4.30	5.77
Cash from Investing Activity	-1.87	-2.43	0.07	-4.80	-2.43	-3.47	-0.08	-7.50	-2.98	-4.06
Cash from Financing Activity	-2.03	-6.12	-0.09	-3.47	-0.11	-3.36	-1.14	3.83	-0.96	-2.18
Net Cash Flow	0.09	0.49	2.29	0.03	-0.01	-0.12	-0.00	0.82	0.35	-0.48

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	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%	39.48%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%	60.52%
Total Shareholders	8,342	8,286	8,274	8,252	8,206	8,128	8,020	8,015	8,024	7,997	7,994	7,964

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 04, 2025	Ashok kumar madrecha	Bulk	Buy	275.91	0.26 Cr	9,377	0.71
Sep 04, 2025	Sujit krishna puthran	Bulk	Sell	278.58	0.20 Cr	7,020	0.53
Oct 21, 2024	Manju gaggar	Bulk	Buy	304.16	0.27 Cr	8,911	0.68

Projection

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Presentations

Concalls

Reports

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Overall

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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	50	47	46	49	43	51	40	47	48	48
Expenses	47	46	43	47	41	48	39	45	46	47
Operating Profit	2.16	0.17	2.45	1.92	1.89	3.33	1.09	1.50	1.98	1.15
OPM %	4.36	0.37	5.38	3.94	4.44	6.51	2.75	3.20	4.16	2.38
Other Income	0.15	0.22	0.16	0.47	0.13	0.20	0.10	0.21	0.15	0.32
Interest	0.60	0.63	0.65	0.66	0.62	0.65	0.67	0.59	0.56	0.56
Depreciation	0.44	0.44	0.44	0.39	0.48	0.51	0.44	0.49	0.48	0.49
Profit Before Tax	1.27	-0.68	1.52	1.36	0.92	2.37	0.08	0.63	1.09	0.42
Tax %	28.35	32.35	24.34	36.03	27.17	34.18	-112.50	31.75	26.61	28.57
Net Profit	0.91	-0.45	1.15	0.86	0.67	1.56	0.17	0.43	0.80	0.30
EPS in Rs	6.98	-3.47	8.80	6.59	5.10	11.94	1.30	3.28	6.15	2.31

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	107	121	148	126	106	155	226	190	180	185
Expenses	99	114	139	121	103	151	220	184	172	177
Operating Profit	8.26	6.31	9.03	4.33	3.24	4.45	6.31	6.72	7.81	7.90
OPM %	7.71	5.23	6.09	3.45	3.06	2.87	2.79	3.53	4.33	4.26
Other Income	0.31	0.63	1.15	0.83	0.47	0.65	2.02	0.99	0.64	0.66
Interest	2.14	1.54	1.67	1.97	1.58	1.55	1.94	2.52	2.53	2.47
Depreciation	0.93	1.01	1.18	1.29	1.36	1.43	1.59	1.72	1.92	1.92
Profit Before Tax	2.62	3.63	7.33	1.90	0.76	2.12	4.80	3.47	4.00	4.17
Tax %	34.76	28.38	16.24	5.32	14.63	22.52	29.44	28.76	29.37	29.02
Net Profit	1.71	2.60	6.14	1.80	0.65	1.64	3.39	2.47	2.83	2.96
EPS in Rs	12.95	19.90	46.93	13.78	4.99	12.70	25.89	18.90	21.62	13.04
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	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31
Reserves	20	21	24	30	32	33	34	38	40	43
Borrowings	21	17	19	17	19	19	19	25	26	27
Other Liabilities	14	13	19	20	17	18	19	26	22	21
Total Liabilities	57	53	63	68	69	71	74	90	90	92
Fixed Assets	21	21	25	28	30	32	30	36	35	40
CWIP	0.08	1.98	0.00	0.32	0.00	0.00	0.12	0.00	2.64	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	35	31	38	40	39	39	44	54	52	53
Total Assets	57	53	63	68	69	71	74	90	90	92

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	3.99	9.04	2.31	8.30	2.53	6.71	1.21	4.49	4.30	5.77
Cash from Investing Activity	-1.87	-2.43	0.07	-4.80	-2.43	-3.47	-0.08	-7.50	-2.98	-4.06
Cash from Financing Activity	-2.03	-6.12	-0.09	-3.47	-0.11	-3.36	-1.14	3.83	-0.96	-2.18
Net Cash Flow	0.09	0.49	2.29	0.03	-0.01	-0.12	-0.00	0.82	0.35	-0.48

Overview

Detailed Summary

Sangal Papers is a major manufacturer of newsprint, writing, and printing papers. It caters to both commercial and government sectors with a diverse portfolio of paper products.

The company specializes in the production of kraft paper, used in packaging industries for items like grocery and pizza boxes. These papers are food grade approved.

Sangal Papers has innovated by reducing waste paper usage through agricultural residues, achieving cost-effectiveness and improving realizations since 1992.

The company employs advanced manufacturing equipment across three machines to produce its specialized paper products, including colored variants for diverse applications.

Originally focused on kraft paper, Sangal Papers expanded its offerings to include writing, printing, and newsprint papers, adapting to market conditions.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

16.6

Industry P/E

16.5

PEG Ratio

0.8

P/B Ratio

0.6

52W High

325.00

52W Low

151.10

Sales CAGR

-5.29%

5.16%

7.48%

10Y

7.12%

Profit CAGR

14.57%

19.86%

9.41%

10Y

6.11%

ROE

TTM

3.75%

6.94%

5.63%

10Y

7.58%

ROCE

TTM

6.39%

11.34%

9.59%

10Y

11.79%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KAYPOWR	12.70	44 Cr	39.69	0.57	0.00	0.00	0.00	—
ABRIL	44.20	35 Cr	—	1.47	0.00	6.99	8.81	5.78
SPINAROO	40.50	28 Cr	19.66	1.61	0.00	7.56	9.50	4.66
SANPA	215.95	28 Cr	16.60	0.63	0.00	3.75	6.39	1.69
ASTRON	6.08	28 Cr	—	0.35	0.00	-60.63	-16.09	-23.78
VAPIENTER	121.00	28 Cr	18.06	0.76	0.00	4.20	5.34	4.06
SHKARTP	7.45	14 Cr	745.00	4.74	0.00	0.71	2.18	0.25