Shree Ajit Pulp and Paper Ltd

SAPPL

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Market Cap

₹ 214 Cr

P/E

11.43

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Shree Ajit Pulp and Paper Ltd. (SAPPL) is a manufacturer of multilayer testliner and testliner paper used for packaging products like corrugated boxes and cartons.

The company has progressively expanded its production capacity from 16,500 tonnes to 108,000 tonnes per annum, showcasing significant growth through consistent innovation and technological advancements.

SAPPL has diversified into renewable energy by commissioning wind power plants for captive consumption, indicating strategic investments in sustainability.

The company's history includes setting up subsidiaries and joint ventures, such as Shree Samrat Pulp and Paper Pvt. Ltd., highlighting its efforts to expand operational reach.

The company has undergone modernization phases to enhance its existing unit, exhibiting a commitment to maintain and improve operational efficiencies.

Sector

Paper

Industry

Paper - Large

Market Cap

214 Cr

Volatility

Low Risk

P/E Ratio

11.4

Industry P/E

17.1

PEG Ratio

0.8

P/B Ratio

0.8

52W High

293.95

52W Low

180.00

Sales CAGR

71.64%

6.52%

16.03%

10Y

8.82%

Profit CAGR

14.18%

-27.90%

-13.73%

10Y

-2.77%

ROE

TTM

7.19%

5.62%

8.09%

10Y

9.71%

ROCE

TTM

10.60%

7.04%

9.77%

10Y

11.81%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORIENTPPR	22.67	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14
RAMANEWS	30.99	457 Cr	—	0.00	0.00	85.78	1.96	-21.16
RUCHIRA	119.15	356 Cr	5.27	0.71	4.20	13.53	13.20	8.62
GENUSPAPER	13.35	343 Cr	47.68	0.69	0.00	1.36	4.91	0.61
SHREYANIND	177.60	245 Cr	5.22	0.56	2.82	10.72	13.09	7.35
SAPPL	241.45	214 Cr	11.43	0.82	0.00	7.19	10.60	3.10
CHADPAP	—	9 Cr	—	0.16	0.00	-12.87	0.51	-2.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	76	68	43	107	118	111	121	155	177	173
Expenses	70	63	38	102	107	101	108	137	154	152
Operating Profit	5.47	4.87	4.98	5.47	11	9.99	13	18	23	21
OPM %	7.21	7.15	11.56	5.09	9.19	8.96	10.40	11.40	12.98	12.08
Other Income	0.90	0.39	0.08	5.65	0.24	0.05	0.04	1.57	0.13	0.09
Interest	0.84	0.98	0.98	4.61	4.59	4.59	5.80	7.57	7.90	7.33
Depreciation	1.82	1.86	1.85	3.58	3.56	3.59	4.29	4.90	4.95	5.01
Profit Before Tax	3.71	2.42	2.23	2.94	2.96	1.86	2.51	6.77	10	8.58
Tax %	28.03	52.89	28.70	3.06	26.01	26.34	26.29	32.94	31.26	32.05
Net Profit	2.67	1.14	1.59	2.85	2.19	1.38	1.86	4.54	7.07	5.84
EPS in Rs	2.99	1.28	1.78	5.12	2.92	1.77	2.28	5.45	7.95	6.56

Consolidated Profit Loss (in ₹ Crores)

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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	222	253	270	240	267	418	372	295	506	564
Expenses	190	225	225	206	221	372	343	274	454	501
Operating Profit	32	28	44	34	45	46	29	21	51	63
OPM %	14.28	10.96	16.49	14.28	17.01	10.99	7.84	7.06	10.11	11.20
Other Income	0.11	-0.91	1.14	1.03	-0.10	-2.49	9.80	7.01	1.90	1.79
Interest	4.16	5.65	5.15	4.40	3.51	4.54	6.50	7.40	23	26
Depreciation	5.41	6.46	7.00	7.56	7.50	7.32	7.21	9.12	16	18
Profit Before Tax	9.09	11	33	23	34	32	25	11	14	21
Tax %	29.17	32.20	28.40	14.80	29.91	31.63	18.10	26.97	33.19	30.64
Net Profit	6.44	7.67	24	20	24	22	21	8.25	9.42	15
EPS in Rs	7.21	8.59	26.83	22.32	26.88	24.22	23.19	11.17	12.42	22.24
Dividend Payout %	6.24	5.24	1.68	2.02	2.23	2.48	2.59	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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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	5.36	5.36	5.36	5.36	5.36	5.36	5.36	5.36	7.50	8.91
Reserves	81	88	95	118	138	161	182	203	220	239
Borrowings	25	38	44	29	25	24	46	169	226	285
Other Liabilities	45	42	43	46	42	54	48	51	63	67
Total Liabilities	157	173	187	199	210	245	282	429	516	600
Fixed Assets	91	89	111	127	134	129	128	140	294	408
CWIP	1.11	5.81	1.82	3.32	3.36	0.90	2.61	139	44	0.43
Investments	0.01	4.75	4.53	7.58	7.82	7.14	3.69	13	0.04	0.03
Other Assets	65	73	69	62	65	108	147	136	179	192
Total Assets	157	173	187	199	210	245	282	429	516	600

Consolidated Cash Flows (in ₹ Crores)

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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	17	14	18	45	32	25	-7.33	21	19	7.98
Cash from Investing Activity	-3.88	-27	-18	-24	-14	0.46	-15	-146	-87	-46
Cash from Financing Activity	-13	13	0.72	-21	-10	-10	16	110	66	48
Net Cash Flow	-0.01	0.01	-0.00	0.11	8.22	15	-7.09	-15	-1.95	10

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Feb 2024	Mar 2024	Jun 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	56.83%	56.84%	56.84%	59.34%	59.34%	59.39%	59.34%	59.39%	59.39%	59.39%	59.39%	59.39%
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	43.17%	43.16%	43.16%	40.66%	40.66%	40.61%	40.66%	40.61%	40.61%	40.61%	40.61%	40.61%
Total Shareholders	1,921	1,899	1,895	2,863	2,592	2,398	2,372	2,482	2,525	2,402	2,349	2,276

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 12, 2023	Suresh chimanlal shah	Insider - Promoter	Acquisition	265.97	0.76 Cr	28,500	0.54

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	76	68	43	107	118	111	121	155	177	173
Expenses	70	63	38	102	107	101	108	137	154	152
Operating Profit	5.47	4.87	4.98	5.47	11	9.99	13	18	23	21
OPM %	7.21	7.15	11.56	5.09	9.19	8.96	10.40	11.40	12.98	12.08
Other Income	0.90	0.39	0.08	5.65	0.24	0.05	0.04	1.57	0.13	0.09
Interest	0.84	0.98	0.98	4.61	4.59	4.59	5.80	7.57	7.90	7.33
Depreciation	1.82	1.86	1.85	3.58	3.56	3.59	4.29	4.90	4.95	5.01
Profit Before Tax	3.71	2.42	2.23	2.94	2.96	1.86	2.51	6.77	10	8.58
Tax %	28.03	52.89	28.70	3.06	26.01	26.34	26.29	32.94	31.26	32.05
Net Profit	2.67	1.14	1.59	2.85	2.19	1.38	1.86	4.54	7.07	5.84
EPS in Rs	2.99	1.28	1.78	5.12	2.92	1.77	2.28	5.45	7.95	6.56

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	222	253	270	240	267	418	372	295	506	564
Expenses	190	225	225	206	221	372	343	274	454	501
Operating Profit	32	28	44	34	45	46	29	21	51	63
OPM %	14.28	10.96	16.49	14.28	17.01	10.99	7.84	7.06	10.11	11.20
Other Income	0.11	-0.91	1.14	1.03	-0.10	-2.49	9.80	7.01	1.90	1.79
Interest	4.16	5.65	5.15	4.40	3.51	4.54	6.50	7.40	23	26
Depreciation	5.41	6.46	7.00	7.56	7.50	7.32	7.21	9.12	16	18
Profit Before Tax	9.09	11	33	23	34	32	25	11	14	21
Tax %	29.17	32.20	28.40	14.80	29.91	31.63	18.10	26.97	33.19	30.64
Net Profit	6.44	7.67	24	20	24	22	21	8.25	9.42	15
EPS in Rs	7.21	8.59	26.83	22.32	26.88	24.22	23.19	11.17	12.42	22.24
Dividend Payout %	6.24	5.24	1.68	2.02	2.23	2.48	2.59	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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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	5.36	5.36	5.36	5.36	5.36	5.36	5.36	5.36	7.50	8.91
Reserves	81	88	95	118	138	161	182	203	220	239
Borrowings	25	38	44	29	25	24	46	169	226	285
Other Liabilities	45	42	43	46	42	54	48	51	63	67
Total Liabilities	157	173	187	199	210	245	282	429	516	600
Fixed Assets	91	89	111	127	134	129	128	140	294	408
CWIP	1.11	5.81	1.82	3.32	3.36	0.90	2.61	139	44	0.43
Investments	0.01	4.75	4.53	7.58	7.82	7.14	3.69	13	0.04	0.03
Other Assets	65	73	69	62	65	108	147	136	179	192
Total Assets	157	173	187	199	210	245	282	429	516	600

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	17	14	18	45	32	25	-7.33	21	19	7.98
Cash from Investing Activity	-3.88	-27	-18	-24	-14	0.46	-15	-146	-87	-46
Cash from Financing Activity	-13	13	0.72	-21	-10	-10	16	110	66	48
Net Cash Flow	-0.01	0.01	-0.00	0.11	8.22	15	-7.09	-15	-1.95	10

Overview

Detailed Summary

Shree Ajit Pulp and Paper Ltd. (SAPPL) is a manufacturer of multilayer testliner and testliner paper used for packaging products like corrugated boxes and cartons.

SAPPL has diversified into renewable energy by commissioning wind power plants for captive consumption, indicating strategic investments in sustainability.

The company's history includes setting up subsidiaries and joint ventures, such as Shree Samrat Pulp and Paper Pvt. Ltd., highlighting its efforts to expand operational reach.

The company has undergone modernization phases to enhance its existing unit, exhibiting a commitment to maintain and improve operational efficiencies.

Sector

Paper

Industry

Paper - Large

Market Cap

214 Cr

Volatility

Low Risk

P/E Ratio

11.4

Industry P/E

17.1

PEG Ratio

0.8

P/B Ratio

0.8

52W High

293.95

52W Low

180.00

Sales CAGR

71.64%

6.52%

16.03%

10Y

8.82%

Profit CAGR

14.18%

-27.90%

-13.73%

10Y

-2.77%

ROE

TTM

7.19%

5.62%

8.09%

10Y

9.71%

ROCE

TTM

10.60%

7.04%

9.77%

10Y

11.81%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORIENTPPR	22.67	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14
RAMANEWS	30.99	457 Cr	—	0.00	0.00	85.78	1.96	-21.16
RUCHIRA	119.15	356 Cr	5.27	0.71	4.20	13.53	13.20	8.62
GENUSPAPER	13.35	343 Cr	47.68	0.69	0.00	1.36	4.91	0.61
SHREYANIND	177.60	245 Cr	5.22	0.56	2.82	10.72	13.09	7.35
SAPPL	241.45	214 Cr	11.43	0.82	0.00	7.19	10.60	3.10
CHADPAP	—	9 Cr	—	0.16	0.00	-12.87	0.51	-2.12