Emami Paper Mills Limited (EMAMIPAP)

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Emami Paper Mills Limited (EMAMIPAP) · mywealthgrid

About

Emami Paper Mills manufactures paper and paper products in India's materials sector, with a market cap of ₹660 Cr and recent quarterly revenue of ₹560 Cr. The company operates in an industry exposed to raw material cost fluctuations and demand cycles, both of which have driven significant earnings variability.

Face value: ₹2

Market cap

₹707 Cr

P/E

7.5×

P/B

1.2×

Dividend yield

2.7%

ROE

9.8%

ROCE

14%

Debt / equity

1.42

OPM

10.3%

EPS (TTM)

₹15.5

Book value

₹95.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility creates earnings unpredictability: operating margin ranged 6.43% to 14.81% over 20 months (Dec 2024 to Jun 2026)—verify whether recent 14.81% reflects structural improvement or cyclical tailwind
Elevated leverage: debt-to-equity of 1.42 constrains financial flexibility if margins compress or working capital demands spike
Minimal institutional ownership (FII 0.54%, DII 0%) suggests limited analyst coverage or institutional confidence—verify reasons before extrapolating recent results
Raw material cost exposure: paper manufacturing depends on pulp, energy, and fuel prices; recent margin expansion (Jun 2026 OPM 14.81% vs Jun 2025 at 8.2%) may reverse if input costs rise

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue of ₹560.16 Cr marks 22% YoY growth from ₹459.76 Cr; verify whether driven by volume gains, pricing, or product mix
Operating margin expanded from 8.2% (Jun 2025) to 14.81% (Jun 2026), compressing the earnings base and amplifying profit growth—verify if source is cost control, pricing power, or input-cost relief
Net profit of ₹38.61 Cr (Jun 2026) vs ₹6.31 Cr a year prior reflects both revenue growth and margin leverage; durability depends on maintaining cost discipline and volume
Recent margins of 14.81% sit well above 2024–25 baseline of 6–8%, suggesting upside optionality if operational gains prove structural rather than cyclical

Generated analysis · source review pending

2,177 historical price candles were omitted because the exchange source has not been verified.

₹116.8-1.5%1Y

Quick read

rule-based

Pros

+Dividend yield of 2.7%
+High promoter holding of 75% with no pledge

Cons

−Low return on equity of 8.3% (3-yr avg)
−Modest revenue growth of 9.4% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 21
Growth: 47
Valuation: 98

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
	539	1,138	1,355	1,522	1,515	1,216	1,958	2,308	1,994	1,928	1,907
COGS	-352	-763	-906	-962	965	774	1,264	1,681	1,336	1,341	1,270
Gross profit	—	—	—	—	550	443	694	627	658	587	637
	871	1,815	2,133	2,298	341	249	380	405	421	445	441
	21	86	129	185	209	193	314	222	236	142	196
OPM %	3.8%	7.6%	9.5%	12.2%	13.8%	15.9%	16%	9.6%	11.9%	7.4%	10.3%
Depreciation	—	—	64	—	73	72	74	68	60	52	55
Interest	16	57	68	101	117	95	82	63	67	61	68
	6	18	28	17	-23	77	-4	2	3	4	20
Profit before tax	11	33	24	66	-5	103	153	93	112	33	93
Tax	-17	7	8	22	6	52	39	24	28	7	32
Tax %	-158.4%	21.4%	31.6%	33.6%	131.2%	50.2%	25.2%	25.7%	24.8%	22.1%	34.3%
	28	26	16	44	-10	51	115	69	84	26	61
PAT margin %	5.2%	2.3%	1.2%	2.9%	-0.7%	4.2%	5.9%	3%	4.2%	1.4%	3.2%
EPS (₹)	3.6	—	—	7.3	-1.7	8.4	18.2	10.6	13.1	3.5	9.3
EPS adjusted (₹)	—	4.3	2.7	7.3	-1.7	0.4	0.9	11.4	13.9	4.3	10.2
	16.5%	—	—	16.5%	—	0%	8.8%	15.1%	12.2%	45.8%	34.3%
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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	256	256	12	12	12	12
Reserves	201	231	246	—	284	397	687	762	666	563
	1,219	1,376	1,375	—	908	786	858	606	769	817
	283	346	477	—	341	340	419	334	370	430
Total equity & liabilities	1,716	1,964	2,111	—	1,788	1,779	1,976	1,714	1,817	1,822
	1,225	1,282	1,297	1,298	1,225	1,161	1,148	1,085	1,059	1,028
CWIP	5	9	103	—	0	31	4	10	4	5
Investments	50	56	44	—	54	49	39	45	59	42
	436	618	667	—	509	538	785	574	695	748
Total assets	1,716	1,964	2,111	—	1,788	1,779	1,976	1,714	1,817	1,822

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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 %	—	36.3%	36.4%	35.4%	27.2%	33%	30.5%	33.4%

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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
	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%
	0.5%	0.5%	0.5%	0.5%	0.56%	0.55%	0.55%	0.54%	0.53%	0.53%	0.53%	0.54%
	4.33%	3.81%	3.01%	1.03%	0.58%	0%	0%	0%	0.04%	0.07%	0.06%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	20.2%	20.72%	21.52%	23.5%	23.89%	24.48%	24.48%	24.49%	24.46%	24.43%	24.44%	24.49%
No. of shareholders	—	—	—	—	—	—	—	—	20,191	19,650	19,283	19,122

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 11 Jan 2022 – 11 Jan 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jan 2022	ANANT WEALTH CONSULTANTS PRIVATE LIMITED	Bulk	NSE	Sell	5,48,549	₹170.75	₹9.37 Cr
11 Jan 2022	ANANT WEALTH CONSULTANTS PRIVATE LIMITED	Bulk	NSE	Buy	5,48,549	₹169.58	₹9.30 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. ADITYA VARDHAN AGARWALExecutive Director-Chairperson related to Promoter
Mr. MANISH GOENKAExecutive Director
Mrs. RICHA AGARWALNon-Executive - Non Independent Director
Mr. AMIT KIRAN DEBNon-Executive - Independent Director
Mr. SUMIT BANERJEENon-Executive - Independent Director
Mrs. MAMTA BINANINon-Executive - Independent Director
Mr. RANJIT KUMAR PACHNANDANon-Executive - Independent Director
Mr. NIRAJ JALANNon-Executive - Independent Director
Mr. PITAMBER SHARAN PATWARINon-Executive - Non Independent Director
Mr. SUSHIL KUMAR KHETANExecutive Director-CEO
Mr. Mukesh Kumar AgarwalChief Financial Officer

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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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Emami Paper Mills Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

Annual reports

Credit ratings

Intimation of Credit Rating6 Mar 2026

Documents link to external sources (exchange filings, company investor pages).

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Events

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

15

Final dividend28 Aug 2026 · ex-date₹3.2
Final dividend26 Aug 2025 · ex-date₹1.6
Final dividend21 Aug 2024 · ex-date₹1.6
Dividend dividend5 Sept 2023 · ex-date₹1.6
Dividend dividend11 Aug 2022 · ex-date₹1.6
Dividend dividend1 Aug 2019 · ex-date₹1.2
Dividend dividend1 Aug 2018 · ex-date₹1.2
Dividend dividend3 Aug 2017 · ex-date₹1.2
Dividend dividend1 Aug 2016 · ex-date₹0.6
Dividend dividend31 Jul 2015 · ex-date₹0.6
Dividend dividend31 Jul 2014 · ex-date₹0.6
Dividend dividend2 Aug 2013 · ex-date₹0.6
Dividend dividend7 Aug 2012 · ex-date₹0.6
Dividend dividend4 Aug 2011 · ex-date₹0.6
Dividend dividend26 Jul 2010 · ex-date₹0.6

1

Board meeting to consider results22 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

3 announcementsExport CSV

28 Sept 2026, 11:28 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	36.3%	36.4%	35.4%	27.2%	33%	30.5%	33.4%

Date	Category	Subject	Filing
28 Sept 2026, 11:28 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 5:25 pm	Company Update General	Intimation Of Redemption Of Unlisted Series III Optionally Convertible Redeemable Preference Shares (OCRPS) Having ISIN -INE830C04061.	PDF
4 Sept 2026, 5:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-15	69	275	313	246	329	32	351	44	197
	-60	-124	-157	31	-7	-34	-24	-10	-17	-26
	30	39	-123	-335	-246	-307	-9	-336	-32	-172
Net cash flow	-45	-16	-4	10	-7	-12	-0	5	-5	0
Free cash flow	-78	-57	—	—	237	294	6	332	23	168
CFO / Operating profit %	-17.2%	53.5%	148.6%	150.2%	127.4%	104.7%	14.6%	148.7%	30.9%	100.6%

Leverage
Current ratio	0.74	—	0.67	0.83	0.92	1.02	1.04	1.11

Emami Paper Mills 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

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

15

1

Announcements

Not in the F&O segment

No fund holdings on record

15

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Return ratios
Return on assets %	2.1%	—	2.9%	6.5%	3.5%	4.9%	1.4%	3.4%

Working capital
Receivable days	50	—	60	41	42	48	48	52

Emami Paper Mills 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

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends15

Board meetings1

Announcements

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Ratio timeline

Dividends15

Board meetings1

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

15

1

15

1