Tamil Nadu Newsprint & Papers Ltd

TNPL

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Market Cap

₹ 992 Cr

P/E

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Tamil Nadu Newsprint and Papers Limited (TNPL) is a leading manufacturer and marketer of paper, paper board, cement, and power in India, using bagasse as a primary raw material.

TNPL boasts significant export success, supplying paper products to 30 countries worldwide and has established a reputation for environmental sustainability.

The company has made substantial investments in renewable energy, including a significant capacity of wind power and bio-methanation plants which reduce environmental impact.

A pioneering effort in using industrial waste, TNPL established a cement plant to utilize lime sludge and fly ash, demonstrating innovative environmental responsibility.

Recently, TNPL has focused on expanded production capacity, with substantial investments in new paper machines and expansion in power generation capabilities at its facilities.

Sector

Paper

Industry

Paper - Large

Market Cap

992 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

0.5

52W High

216.95

52W Low

115.05

Sales CAGR

-2.57%

3.76%

5.29%

10Y

6.58%

Profit CAGR

-98.21%

-36.18%

-50.86%

10Y

-37.60%

ROE

TTM

-0.97%

9.80%

5.90%

10Y

7.18%

ROCE

TTM

4.37%

14.81%

10.15%

10Y

10.88%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANDHRAPAP	67.00	1,332 Cr	65.05	0.69	1.49	1.07	2.12	0.80
TNPL	143.30	992 Cr	—	0.48	2.10	-0.97	4.37	-0.33
PDMJEPAPER	98.70	937 Cr	10.23	1.48	0.61	14.50	19.20	10.83
NRAIL	491.85	840 Cr	34.61	1.07	0.81	3.09	5.56	1.12
KUANTUM	92.27	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.15	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	90.11	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99

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	1,263	958	1,241	1,231	1,119	915	1,126	1,337	1,142	1,110
Expenses	949	801	1,104	1,069	969	790	1,071	1,234	1,041	987
Operating Profit	314	157	137	162	150	125	55	103	101	123
OPM %	24.86	16.36	11.05	13.15	13.41	13.66	4.86	7.71	8.88	11.09
Other Income	11	20	19	20	11	13	11	57	12	18
Interest	55	58	57	53	53	57	54	52	48	50
Depreciation	70	71	75	75	74	76	76	77	77	78
Profit Before Tax	200	48	23	53	34	5.05	-65	31	-12	13
Tax %	35.75	36.64	30.47	38.20	35.67	48.71	33.65	28.25	37.31	37.35
Net Profit	129	30	16	33	22	2.59	-43	22	-7.41	8.10
EPS in Rs	18.59	4.38	2.34	4.77	3.17	0.37	-6.20	3.20	-1.07	1.17

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	3,102	3,125	4,083	3,471	2,768	4,020	5,180	4,693	4,491	4,519
Expenses	2,229	2,693	3,434	2,863	2,508	3,662	4,177	3,923	4,063	4,135
Operating Profit	873	432	649	608	260	358	1,003	770	428	384
OPM %	28.15	13.81	15.90	17.52	9.41	8.91	19.35	16.40	9.53	8.50
Other Income	37	34	-34	36	70	49	46	69	97	94
Interest	252	245	233	223	193	156	182	223	216	212
Depreciation	208	222	227	231	235	229	264	291	304	307
Profit Before Tax	306	-28	155	191	-99	22	603	325	5.30	-41
Tax %	13.60	-50.62	39.18	31.75	34.03	34.95	35.65	35.90	29.68	36.94
Net Profit	265	-42	94	130	-65	14	388	208	3.72	-26
EPS in Rs	37.34	-6.09	13.64	18.79	-9.41	2.07	56.04	30.08	0.54	-2.90
Dividend Payout %	19.62	-82.10	54.99	31.93	-31.88	193.24	8.92	13.30	555.56	—

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	69	69	69	69	69	69	69	69	69	69
Reserves	1,440	1,635	1,534	1,582	1,644	1,527	1,520	1,875	2,020	2,018
Borrowings	2,529	2,395	1,959	1,530	1,806	2,733	2,239	1,871	1,801	1,604
Other Liabilities	1,380	1,535	1,963	2,350	2,058	1,653	1,946	2,308	2,154	2,191
Total Liabilities	5,419	5,634	5,525	5,531	5,577	5,983	5,774	6,123	6,045	5,883
Fixed Assets	2,432	4,094	4,066	3,883	3,729	3,510	3,292	4,456	4,299	4,099
CWIP	1,815	59	18	14	62	939	1,357	20	16	55
Investments	6.35	6.41	6.35	5.96	5.55	5.81	5.85	5.86	5.71	5.65
Other Assets	1,166	1,475	1,435	1,628	1,780	1,528	1,119	1,641	1,725	1,723
Total Assets	5,419	5,634	5,525	5,531	5,577	5,983	5,774	6,123	6,045	5,883

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	620	284	833	819	241	423	1,111	806	419	570
Cash from Investing Activity	-894	-90	-115	-47	-207	-682	-353	-101	-136	-162
Cash from Financing Activity	270	-253	-574	-849	-36	333	-760	-652	-270	-493
Net Cash Flow	-4.19	-59	144	-77	-1.48	74	-2.31	53	14	-86

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	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%	35.32%
FIIs	3.58%	4.05%	3.76%	4.63%	4.89%	4.67%	4.80%	4.27%	4.94%	5.37%	5.38%	5.05%
DIIs	21.12%	19.31%	16.71%	14.91%	16.72%	19.53%	19.57%	18.28%	17.00%	16.43%	16.08%	15.42%
Public	39.97%	41.32%	44.22%	45.14%	43.06%	40.48%	40.31%	42.12%	42.74%	42.88%	43.21%	44.21%
Total Shareholders	40,483	40,986	42,695	49,813	43,595	43,293	43,595	47,707	53,160	52,956	51,290	51,276

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 25, 2025	Life insurance corporation of...	Bulk	Sell	171.00	6.84 Cr	4,00,000	0.57
Dec 20, 2024	Point break capital lp	Bulk	Buy	211.74	12.70 Cr	6,00,000	0.86
Dec 19, 2024	Point break capital lp	Bulk	Buy	207.10	12.43 Cr	6,00,000	0.86
Dec 10, 2024	Wisdomtree india investment p...	Bulk	Sell	182.55	6.53 Cr	3,57,804	0.51
Jan 12, 2024	Ashok kumar lodha	Bulk	Sell	288.41	10.67 Cr	3,70,000	0.53
Sep 11, 2023	Cd equifinance private limited	Bulk	Sell	269.61	16.91 Cr	6,27,039	0.90

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

4 hours ago

Newspaper Publication for Share Transfer Requests

Announcement of special window for re-lodgement of transfer requests for physical shares, with a deadline for submissions.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY16

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Financial Statements

AI Powered Summary

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AI Mode

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	1,263	958	1,241	1,231	1,119	915	1,126	1,337	1,142	1,110
Expenses	949	801	1,104	1,069	969	790	1,071	1,234	1,041	987
Operating Profit	314	157	137	162	150	125	55	103	101	123
OPM %	24.86	16.36	11.05	13.15	13.41	13.66	4.86	7.71	8.88	11.09
Other Income	11	20	19	20	11	13	11	57	12	18
Interest	55	58	57	53	53	57	54	52	48	50
Depreciation	70	71	75	75	74	76	76	77	77	78
Profit Before Tax	200	48	23	53	34	5.05	-65	31	-12	13
Tax %	35.75	36.64	30.47	38.20	35.67	48.71	33.65	28.25	37.31	37.35
Net Profit	129	30	16	33	22	2.59	-43	22	-7.41	8.10
EPS in Rs	18.59	4.38	2.34	4.77	3.17	0.37	-6.20	3.20	-1.07	1.17

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	3,102	3,125	4,083	3,471	2,768	4,020	5,180	4,693	4,491	4,519
Expenses	2,229	2,693	3,434	2,863	2,508	3,662	4,177	3,923	4,063	4,135
Operating Profit	873	432	649	608	260	358	1,003	770	428	384
OPM %	28.15	13.81	15.90	17.52	9.41	8.91	19.35	16.40	9.53	8.50
Other Income	37	34	-34	36	70	49	46	69	97	94
Interest	252	245	233	223	193	156	182	223	216	212
Depreciation	208	222	227	231	235	229	264	291	304	307
Profit Before Tax	306	-28	155	191	-99	22	603	325	5.30	-41
Tax %	13.60	-50.62	39.18	31.75	34.03	34.95	35.65	35.90	29.68	36.94
Net Profit	265	-42	94	130	-65	14	388	208	3.72	-26
EPS in Rs	37.34	-6.09	13.64	18.79	-9.41	2.07	56.04	30.08	0.54	-2.90
Dividend Payout %	19.62	-82.10	54.99	31.93	-31.88	193.24	8.92	13.30	555.56	—

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	69	69	69	69	69	69	69	69	69	69
Reserves	1,440	1,635	1,534	1,582	1,644	1,527	1,520	1,875	2,020	2,018
Borrowings	2,529	2,395	1,959	1,530	1,806	2,733	2,239	1,871	1,801	1,604
Other Liabilities	1,380	1,535	1,963	2,350	2,058	1,653	1,946	2,308	2,154	2,191
Total Liabilities	5,419	5,634	5,525	5,531	5,577	5,983	5,774	6,123	6,045	5,883
Fixed Assets	2,432	4,094	4,066	3,883	3,729	3,510	3,292	4,456	4,299	4,099
CWIP	1,815	59	18	14	62	939	1,357	20	16	55
Investments	6.35	6.41	6.35	5.96	5.55	5.81	5.85	5.86	5.71	5.65
Other Assets	1,166	1,475	1,435	1,628	1,780	1,528	1,119	1,641	1,725	1,723
Total Assets	5,419	5,634	5,525	5,531	5,577	5,983	5,774	6,123	6,045	5,883

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	620	284	833	819	241	423	1,111	806	419	570
Cash from Investing Activity	-894	-90	-115	-47	-207	-682	-353	-101	-136	-162
Cash from Financing Activity	270	-253	-574	-849	-36	333	-760	-652	-270	-493
Net Cash Flow	-4.19	-59	144	-77	-1.48	74	-2.31	53	14	-86

Overview

Detailed Summary

Tamil Nadu Newsprint and Papers Limited (TNPL) is a leading manufacturer and marketer of paper, paper board, cement, and power in India, using bagasse as a primary raw material.

TNPL boasts significant export success, supplying paper products to 30 countries worldwide and has established a reputation for environmental sustainability.

The company has made substantial investments in renewable energy, including a significant capacity of wind power and bio-methanation plants which reduce environmental impact.

A pioneering effort in using industrial waste, TNPL established a cement plant to utilize lime sludge and fly ash, demonstrating innovative environmental responsibility.

Recently, TNPL has focused on expanded production capacity, with substantial investments in new paper machines and expansion in power generation capabilities at its facilities.

Sector

Paper

Industry

Paper - Large

Market Cap

992 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

0.5

52W High

216.95

52W Low

115.05

Sales CAGR

-2.57%

3.76%

5.29%

10Y

6.58%

Profit CAGR

-98.21%

-36.18%

-50.86%

10Y

-37.60%

ROE

TTM

-0.97%

9.80%

5.90%

10Y

7.18%

ROCE

TTM

4.37%

14.81%

10.15%

10Y

10.88%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANDHRAPAP	67.00	1,332 Cr	65.05	0.69	1.49	1.07	2.12	0.80
TNPL	143.30	992 Cr	—	0.48	2.10	-0.97	4.37	-0.33
PDMJEPAPER	98.70	937 Cr	10.23	1.48	0.61	14.50	19.20	10.83
NRAIL	491.85	840 Cr	34.61	1.07	0.81	3.09	5.56	1.12
KUANTUM	92.27	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.15	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	90.11	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99