Andhra Paper Limited (ANDHRAPAP)

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Andhra Paper Limited (ANDHRAPAP) · mywealthgrid

About

Andhra Paper Limited manufactures paper products in India's materials sector with market cap ₹1,187.23 Cr. Quarterly margins swing sharply—from losses to double-digit profitability—indicating significant operational or commodity-driven volatility.

Face value: ₹2

Market cap

₹1,419 Cr

P/E

51.4×

P/B

0.7×

Dividend yield

0.7%

ROE

ROCE

Debt / equity

0.12

OPM

EPS (TTM)

₹1.4

Book value

₹97.5

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Extreme margin volatility: Sep 2025 loss of ₹20.26 Cr at -1.88% OPM vs Jun 2026 profit of ₹30.32 Cr at 12.39%—verify root cause (fixed-cost leverage, commodity cycles, demand swings, or product mix shifts).

ROE of 0.96% is minimal; shareholders earning negligible returns on deployed capital.

Valuation elevated: PE of 42.97 is high relative to profitability volatility and 3.96% average OPM—verify whether market is pricing earnings recovery not yet visible in results.

Commodity input sensitivity: pulp, waste paper, and energy costs directly impact margins; verify hedging practices and supply-chain exposure.

Generated analysis · source review pending

Growth drivers

Jun 2026 OPM of 12.39% proves the company can achieve double-digit profitability at ₹390+ Cr revenue—sustaining this would drive substantial earnings growth.

D/E ratio of 0.12 provides substantial debt capacity for growth capex or operational improvements.

Eight quarters averaged ₹400 Cr revenue; growth above ₹500 Cr requires market-share gains or volume expansion—verify competitive positioning.

Jun 2026 achieved ₹30.32 Cr profit at 12.39% OPM on ₹393.77 Cr revenue vs Mar 2026's ₹7.72 Cr at 4.76% OPM on ₹527 Cr—cost-structure stabilization would unlock significant earnings upside.

Generated analysis · source review pending

1,622 historical price candles were omitted because the exchange source has not been verified.

₹71.4-1.3%1Y

Quick read

rule-based

Pros

+Dividend payout of 36% of profit
+High promoter holding of 72.5% with no pledge

Cons

−Low return on equity of 8.4% (3-yr avg)
−Thin operating margin of 4%
−Profit declined 67.1% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

31/100

Business quality: 21
Growth: 29
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jk Paper LimitedJKPAPERJKPAPER	₹6,937 Cr	₹9,373 Cr	₹7,365 Cr	₹968 Cr	13.1%	₹324 Cr	3.9%	7.4%	4.9%	69
West Coast Paper Mills LimitedWSTCSTPAPRWSTCSTPAPR	₹4,802 Cr	₹5,116 Cr	₹4,389 Cr	₹505 Cr	9.7%	₹237 Cr	3.6%	6%	4.4%	106
Seshasayee Paper And Boards LimitedSESHAPAPERSESHAPAPER	₹1,491 Cr	₹1,491 Cr	₹1,817 Cr	₹119 Cr	5.6%	₹99 Cr	4.8%	4.6%	4.1%	79
Andhra Paper LimitedANDHRAPAPANDHRAPAP	₹1,419 Cr	₹1,652 Cr	₹1,702 Cr	₹82 Cr	4%	₹28 Cr	1.1%	2%	1%	68
N R Agarwal Industries LimitedNRAILNRAIL	₹1,121 Cr	₹1,910 Cr	₹2,340 Cr	₹232 Cr	8.1%	₹62 Cr	2%	8.8%	5.5%	44
Tamil Nadu Newsprint & Papers LimitedTNPLTNPL	₹1,022 Cr	₹2,620 Cr	₹4,649 Cr	₹494 Cr	10.4%	₹261 Cr	5.3%	7%	11.3%	-31
Pudumjee Paper Products LimitedPDMJEPAPERPDMJEPAPER	₹907 Cr	₹930 Cr	₹814 Cr	₹125 Cr	15.3%	₹91 Cr	11.6%	17.8%	14.9%	91
Emami Paper Mills LimitedEMAMIPAPEMAMIPAP	₹707 Cr	₹1,524 Cr	₹2,008 Cr	₹241 Cr	10.3%	₹94 Cr	3.2%	14%	9.8%	107
Satia Industries LimitedSATIASATIA	₹683 Cr	₹982 Cr	₹1,443 Cr	₹119 Cr	9.1%	₹-8 Cr	2.8%	4.6%	3.8%	110
Kuantum Papers LimitedKUANTUMKUANTUM	₹670 Cr	₹1,530 Cr	₹1,174 Cr	₹162 Cr	14.8%	₹36 Cr	3.8%	5.4%	3.4%	77
Shree Rama Newsprint LimitedRAMANEWSRAMANEWS	₹433 Cr	₹810 Cr	₹33 Cr	₹-2 Cr	0.7%	₹-69 Cr	-209.4%	0.8%	—	-50
Orient Paper & Industries LimitedORIENTPPRORIENTPPR	₹344 Cr	₹631 Cr	₹895 Cr	₹-32 Cr	-4.2%	₹-71 Cr	-3.2%	-4.2%	-1.9%	32

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,135	323	323	1,427	1,270	887	1,380	2,098	1,801	1,541	1,701
COGS	-7	125	125	479	378	356	486	823	851	927	1,105
Gross profit	—	198	198	949	891	531	894	1,275	950	614	597
	1,028	134	134	570	589	470	673	540	519	480	529
	114	64	64	379	302	61	221	735	431	135	67
OPM %	10%	19.8%	19.8%	26.5%	23.8%	6.9%	16%	35%	23.9%	8.7%	4%
Depreciation	73	17	17	68	76	73	72	63	66	88	107
Interest	40	8	8	9	5	5	5	7	4	18	18
	7	-12	-12	9	15	11	45	37	95	89	84
Profit before tax	56	27	27	311	236	-6	188	701	456	117	25
Tax	19	11	11	111	23	-2	49	179	116	28	7
Tax %	34.6%	41.5%	41.5%	35.7%	9.7%	-25.8%	25.8%	25.5%	25.4%	24.1%	26.6%
	37	16	16	200	213	-5	140	522	340	89	19
PAT margin %	3.3%	4.8%	4.8%	14%	16.8%	-0.5%	10.1%	24.9%	18.9%	5.8%	1.1%
EPS (₹)	9.3	3.9	3.9	50.3	53.5	-1.2	35.1	131.4	85.4	4.5	0.9
EPS adjusted (₹)	1.9	0.8	—	—	—	-0.2	7	26.3	17.1	4.5	0.9
	0%	0%	0%	0%	0%	—	21.3%	9.5%	11.7%	22.4%	53.2%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	40	40	40	40	40	40	40	40
Reserves	411	442	935	1,054	1,542	1,853	1,901	1,900
	447	234	31	59	55	114	283	232
	369	485	327	345	368	443	381	367
Total equity & liabilities	1,268	1,202	1,333	1,498	2,005	2,451	2,605	2,538
	820	789	619	585	577	795	1,024	1,000
CWIP	17	3	8	8	29	114	30	279
Investments	15	15	219	383	887	1,029	909	650
	415	395	487	523	512	513	642	609
Total assets	1,268	1,202	1,333	1,498	2,005	2,451	2,605	2,538

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.5%	70.2%	59.9%	64.8%	60.8%	52.7%	39.9%	35.1%
EBITDA margin %	26.5%	23.8%	6.9%	16%	35%	23.9%	8.7%	4%
EBIT margin %	21.8%	17.8%	-1.4%	10.8%	32%	20.3%	3%	-2.4%
PAT margin %	14%	16.8%	-0.5%	10.1%	24.9%	18.9%	5.8%	1.1%
Working capital
Receivable days	—	—	31	27	26	12	26	33
Inventory days	—	—	169	109	77	102	127	87
Payable days	—	—	134	122	87	98	75	53
NWC days	—	—	66	14	16	16	78	68
Leverage
Current ratio	—	—	2.21	2.38	3.4	3.06	2.97	2.95
Debt to EBITDA	—	—	0.5	0.27	0.07	0.27	2.1	3.45
Debt to equity	—	—	0.03	0.05	0.03	0.06	0.15	0.12
Interest coverage	38.1	45.3	0.6	35.6	100.9	104.3	7.5	2.4
Asset turnover	—	—	0.67	0.92	1.05	0.73	0.59	0.67
Return ratios
Return on assets %	—	—	-0.3%	9.3%	26.1%	13.9%	3.4%	0.7%
Return on capital employed %	—	—	0.3%	17%	50.6%	24.9%	6.4%	2%
Return on equity %	—	—	-0.5%	12.8%	33%	17.9%	4.6%	1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.31%	72.31%	72.31%	72.31%	72.45%	72.45%	72.45%	72.45%	72.45%	72.45%	72.45%	72.45%
	2.65%	2.62%	2.33%	2.31%	1.35%	1.02%	0.96%	0.84%	0.78%	0.79%	0.34%	0.27%
	2.56%	2.22%	2.6%	2.6%	4.53%	4.67%	4.67%	4.68%	4.68%	4.74%	5.79%	5.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	22.48%	22.85%	22.76%	22.78%	21.67%	21.86%	21.92%	22.03%	22.09%	22.02%	21.42%	21.79%
No. of shareholders	—	—	—	—	—	—	—	—	45,271	43,406	41,461	40,465

Promoter holding up 0.14 percentage points since Sep 2023.

17 deals · 6 Sept 2023 – 7 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	18,18,411	₹73.95	₹13.45 Cr
7 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	18,18,411	₹73.88	₹13.43 Cr
7 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	15,93,777	₹72.96	₹11.63 Cr
7 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	15,93,777	₹72.89	₹11.62 Cr
7 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	13,10,661	₹72.48	₹9.50 Cr
7 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	13,10,661	₹72.39	₹9.49 Cr
14 Mar 2024	CD EQUIFINANCE PRIVATE LIMITED	Bulk	NSE	Sell	4,53,567	₹481.39	₹21.83 Cr
14 Mar 2024	RAVIRAJ DEVELOPERS LTD	Bulk	NSE	Buy	2,66,655	₹482.34	₹12.86 Cr
9 Feb 2024	INFINITY ASSET ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	3,91,588	₹532.00	₹20.83 Cr
9 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,29,783	₹566.73	₹13.02 Cr

1–10 of 17

1 / 2

Mr. Shree Kumar BangurNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Virendraa BangurNon-Executive - Non Independent Director
Mr. Virendra SinhaNon-Executive - Independent Director
Mr. Ramesh Kumar AggarwalNon-Executive - Independent Director
Mr. Deepak JalanNon-Executive - Independent Director
Mrs. Papia SenguptaNon-Executive - Independent Director
Mr. Saurabh BangurExecutive Director-MD
Mr. Mukesh JainExecutive Director
Mr. Bijay Kumar SankuCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

3.22%

of the company's equity

All mutual funds

5.11%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
Conservative Hybrid Fund	SBI Mutual Fund	64 L	38.84	0.38%	3.218%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

18 announcementsExport CSV

8 Sept 2026, 1:03 pmCompany Update

Intimation Under Regulation 30

General PDF

3 Sept 2026, 4:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 6:24 pmCompany Update

Regulation_30_Intimation On Further Update On Kadiyam Unit

General PDF

13 Aug 2026, 6:29 pmCompany Update

Annual Outage_Rajahmundry Unit.

General PDF

11 Aug 2026, 6:45 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

24 Jul 2026, 3:52 pmBoard Meeting

Board Meeting Intimation for Consider And Approve The Un-Audited Financial Results For Quarter Ended June 30, 2026

Exchange filing PDF

23 Jul 2026, 4:36 pmCompany Update

Disclosure_Regulation30_Further Update On Resumption Of Manufacturing Operations At Kadiyam

General PDF

22 Jul 2026, 5:37 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
8 Sept 2026, 1:03 pm	Company Update General	Intimation Under Regulation 30	PDF
3 Sept 2026, 4:20 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.5%	70.2%	59.9%	64.8%	60.8%	52.7%	39.9%	35.1%
EBITDA margin %	26.5%	23.8%	6.9%	16%	35%	23.9%	8.7%	4%
EBIT margin %	21.8%	17.8%	-1.4%	10.8%	32%	20.3%	3%	-2.4%
PAT margin %	14%	16.8%	-0.5%	10.1%	24.9%	18.9%	5.8%	1.1%
Working capital
Receivable days	—	—	31	27	26	12	26	33
Inventory days	—	—	169	109	77	102	127	87
Payable days	—	—	134	122	87	98	75	53
NWC days	—	—	66	14	16	16	78	68
Leverage
Current ratio	—	—	2.21	2.38	3.4	3.06	2.97	2.95
Debt to EBITDA	—	—	0.5	0.27	0.07	0.27	2.1	3.45
Debt to equity	—	—	0.03	0.05	0.03	0.06	0.15	0.12
Interest coverage	38.1	45.3	0.6	35.6	100.9	104.3	7.5	2.4
Asset turnover	—	—	0.67	0.92	1.05	0.73	0.59	0.67
Return ratios
Return on assets %	—	—	-0.3%	9.3%	26.1%	13.9%	3.4%	0.7%
Return on capital employed %	—	—	0.3%	17%	50.6%	24.9%	6.4%	2%
Return on equity %	—	—	-0.5%	12.8%	33%	17.9%	4.6%	1%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	111	172	215	310	177	-123	202	536	319	-55	105
	-38	-29	-31	-110	-167	113	-181	-499	-334	-61	2
	-67	-145	-175	-201	-11	11	-12	-41	5	109	-94
Net cash flow	6	-3	9	-1	-1	1	9	-4	-10	-7	12
Free cash flow	—	—	—	—	177	-145	163	421	-12	-320	-194
CFO / Operating profit %	97.7%	269.1%	336.9%	81.9%	58.6%	-202.2%	91.6%	72.9%	74%	-41.2%	155.3%

Andhra Paper Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

11

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Andhra Paper Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends11

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

11

1

1