Overview

Detailed Summary

South India Paper Mills Limited (SIPM) manufactures paper, paperboards, cartons, and generates power. Its operations are based in Karnataka, India.
SIPM's annual production capacity recently increased to 350 metric tons per day, demonstrating a significant enhancement in manufacturing capabilities.
The company strategically utilizes recycled scrap paper and some purchased pulp, highlighting its commitment to sustainable practices.
SIPM has invested in advanced co-generation power facilities, significantly reducing energy costs and bolstering competitiveness.
SIPM initiated a Printing & Packaging Division in 2007, focusing on providing high-quality packaging materials to brand owners.

Sector: Paper
Industry: Paper - Medium / Small
Market Cap: 165 Cr
Volatility: Low Risk
P/E Ratio: 41.3
Industry P/E: 30.2
PEG Ratio: 1.5
P/B Ratio: 0.8
52W High: 99.00
52W Low: 65.10

Sales CAGR

1Y: 18.25%
3Y: 6.54%
5Y: 11.16%
10Y: 5.97%

Profit CAGR

1Y: 28.22%
3Y: —
5Y: —
10Y: —

ROE

TTM: -0.94%
3Y: -5.98%
5Y: 0.09%
10Y: 4.04%

ROCE

TTM: 4.26%
3Y: -0.04%
5Y: 3.70%
10Y: 6.79%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
STARPAPER	135.00	210 Cr	5.40	0.30	2.60	5.50	6.64	4.61
SIPAPER	86.41	165 Cr	41.34	0.77	0.00	-0.94	4.26	0.86
AARADHYA	111.00	157 Cr	10.95	2.10	0.00	15.64	16.60	9.27
SKPMIL	105.45	143 Cr	46.87	3.95	0.00	7.63	11.48	2.71
MAGNUM	18.62	127 Cr	-11.36	0.19	0.00	-1.65	2.14	-0.94
SVJ	463.00	113 Cr	27.84	8.20	0.00	0.00	0.00	5.92
NATHIND	53.00	98 Cr	8.04	0.37	0.00	6.46	8.38	2.80

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	73	72	91	90	102	84	94	107	112	101
Expenses	68	67	85	85	95	79	88	96	99	89
Operating Profit	4.64	4.71	5.28	4.75	6.42	4.22	6.03	10	13	12
OPM %	6.37	6.55	5.82	5.29	6.31	5.05	6.41	9.75	11.59	12.01
Other Income	0.14	0.14	0.42	0.49	0.96	0.36	0.15	0.15	0.16	0.07
Interest	4.73	4.71	4.81	4.92	4.87	4.89	4.94	5.10	5.16	4.90
Depreciation	4.56	4.40	4.46	4.13	4.13	4.14	4.17	4.15	4.16	4.17
Profit Before Tax	-4.51	-4.26	-3.57	-3.80	-1.62	-4.45	-2.92	1.31	3.76	3.17
Tax %	25.28	25.12	23.81	25.26	25.31	25.17	22.60	25.19	25.27	25.24
Net Profit	-3.38	-3.19	-2.73	-2.84	-1.21	-3.33	-2.26	0.98	2.81	2.37
EPS in Rs	-1.80	-1.70	-1.45	-1.52	-0.64	-1.78	-1.20	0.52	1.50	1.27

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	207	135	242	218	227	305	288	312	369	386
Expenses	165	122	206	183	189	268	294	295	348	359
Operating Profit	42	12	36	34	38	38	-6.24	17	21	27
OPM %	20.34	9.23	15.00	15.80	16.64	12.32	-2.17	5.52	5.81	7.01
Other Income	1.12	1.94	0.80	0.83	3.49	3.34	14	1.16	1.97	1.62
Interest	3.88	4.78	4.45	4.11	4.46	5.88	16	18	20	20
Depreciation	9.51	8.79	9.50	9.77	10	9.44	16	18	17	17
Profit Before Tax	18	0.81	23	21	27	26	-24	-18	-13	-7.68
Tax %	34.30	-18.21	20.89	25.25	28.46	15.51	30.61	24.87	24.59	24.22
Net Profit	12	0.95	18	16	19	22	-17	-13	-9.64	-5.82
EPS in Rs	6.38	0.50	9.80	8.50	10.17	11.55	-10.23	-7.16	-5.14	2.09
Dividend Payout %	18.82	156.25	12.24	14.11	7.87	6.93	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	15	15	15	15	15	15	15	19	19	19
Reserves	112	126	125	141	154	171	191	215	202	192
Borrowings	29	44	47	32	37	100	199	192	198	175
Other Liabilities	60	46	48	50	47	53	66	65	38	57
Total Liabilities	216	230	235	239	253	339	471	490	457	443
Fixed Assets	114	136	130	132	128	120	304	343	331	317
CWIP	16	11	15	7.82	15	106	39	17	0.09	0.29
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.13
Other Assets	86	83	90	99	110	113	127	129	125	125
Total Assets	216	230	235	239	253	339	471	490	457	443

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	30	26	-1.65	39	40	22	39	0.72	-18	40
Cash from Investing Activity	-44	-29	1.40	-12	-31	-77	-105	-13	-1.44	1.58
Cash from Financing Activity	12	3.43	-1.92	-21	-2.63	51	84	18	-12	-41
Net Cash Flow	-2.03	0.63	-2.17	5.42	5.66	-4.02	18	5.41	-32	0.64

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	33.21%	33.19%	33.16%	33.16%	33.16%	33.14%	33.11%	33.06%	32.63%	31.28%	30.85%	27.91%
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	0.40%	0.39%	0.39%	0.39%	0.39%	0.39%	0.39%	0.39%	0.39%	0.39%	0.40%	0.39%
Public	66.40%	66.42%	66.45%	66.45%	66.45%	66.47%	66.50%	66.55%	66.98%	68.33%	68.76%	71.70%
Total Shareholders	4,714	4,649	4,649	4,700	4,827	5,418	5,189	5,072	5,039	5,018	5,052	5,105

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