Shree Ajit Pulp & Paper Limited (SAPPL)

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Shree Ajit Pulp & Paper Limited (SAPPL) · mywealthgrid

About

Shree Ajit Pulp & Paper is a small-cap paper products manufacturer with ₹257.66 Cr market capitalisation in the Materials sector. Revenue has accelerated from ₹43.1 Cr (Dec 2023) to ₹155 Cr (Mar 2025), suggesting expanding production or market reach within the paper and forest products industry.

Face value: ₹10

Market cap

₹275 Cr

P/E

12.7×

P/B

1.5×

Dividend yield

ROE

12.2%

ROCE

19.3%

Debt / equity

0.21

OPM

11%

EPS (TTM)

₹24.3

Book value

₹211.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue jumped 3.6× in nine months; verify whether this reflects structural growth, seasonal strength, or one-time orders
Net profit remains volatile (₹1.37–₹4 Cr per quarter) despite rising revenue, signalling working-capital strain or cost-control inconsistency
EPS collapsed to 0 in Mar 2025 despite ₹4 Cr net profit; verify capital structure changes, share dilution, or exceptional adjustments
Zero FII/DII holdings (vs 59.6% promoter) raise liquidity and institutional-oversight concerns

Generated analysis · source review pending

Growth drivers

Revenue expanded 3.6× from ₹43 Cr (Dec 2023) to ₹155 Cr (Mar 2025); verify whether new capacity, customer acquisition, or order lumps drive this
Operating margin improved to 10.4–11.4% in recent quarters from 5.09% a year ago, reducing cash burn per rupee of sales
D/E ratio of 0.21 leaves debt capacity for working-capital or capex investment if revenue growth continues
Indian paper sector has structural tailwinds from e-commerce packaging and print stabilisation; verify SAPPL's competitive position and market access

Generated analysis · source review pending

2,056 historical price candles were omitted because the exchange source has not been verified.

₹309.7+5.5%1Y

Research score

Structured signal from quality, growth, valuation and momentum.

69/100

Business quality: 48
Valuation: 89

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

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022
	267	418
COGS	147	261
Gross profit	120	158
	74	112
Operating profit (EBITDA)	45	46
OPM %	17%	11%
Depreciation	8	7
Interest	4	5
	1	1
Profit before tax	34	32
Tax	10	10
Tax %	29.9%	31.6%
	24	22
PAT margin %	9%	5.2%
EPS (₹)	44.8	40.4
EPS adjusted (₹)	44.8	40.3
	2.2%	2.5%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022

₹ Cr	Mar 2020	Mar 2021	Mar 2022
Equity capital	5	5	5
Reserves	—	161	182
	—	17	39
	—	61	55
Total equity & liabilities	—	245	282
	134	129	128
CWIP	—	1	3
Investments	—	7	4
	—	108	147
Total assets	—	245	282

₹ Cr	Mar 2017	Mar 2018	Mar 2021	Mar 2022
	14	18	25	-7
	-27	-18	0	-15
	13	1	-10	16
Net cash flow	0	0	15	-7
Free cash flow	—	—	25	-24
CFO / Operating profit %	—	—	55.6%	-15.9%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 57%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -10%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 12%

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022
Margins
Gross margin %	44.8%	37.7%
EBITDA margin %	17%	11%
EBIT margin %	14.2%	9.2%
PAT margin %	9%	5.2%
Working capital
Receivable days	58	49
Inventory days	78	73
Payable days	57	32
NWC days	79	90
Leverage
Current ratio	2.23	1.95
Debt to EBITDA	0.38	0.86
Debt to equity	0.1	0.21
Interest coverage	10.9	8.7
Asset turnover	1.09	1.48
Return ratios
Return on assets %	9.8%	7.7%
Return on capital employed %	19.4%	19.3%
Return on equity %	14.4%	11.5%

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
	56.84%	56.84%	59.34%	59.39%	59.39%	59.39%	59.39%	59.39%	59.39%	59.6%	59.6%	59.6%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	43.16%	43.16%	40.66%	40.61%	40.61%	40.61%	40.61%	40.61%	40.61%	40.4%	40.4%	40.4%
No. of shareholders	—	—	—	—	—	—	—	—	2,276	2,130	2,146	2,143

Promoter holding up 2.76 percentage points since Sep 2023.

Mr. Gautam D. ShahExecutive Director-Chairperson-MD
Mrs. Bela G. ShahExecutive Director
Mr. Yogesh V. KabariaNon-Executive - Independent Director
Mr. Goutam MajumderExecutive Director
Mr. Surekh Rameshchandra DesaiNon-Executive - Independent Director
Mrs. Reema KalaniNon-Executive - Independent Director
Mr. Chinmay Mayank MethiwalaCompany 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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Shree Ajit Pulp & Paper 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

Pursuant to Regulation 30 of the SEBI (LoDR) Regulations, 2015, this is to inform you that ICRA has reaffirmed the credit rating of the company.27 Aug 2025 from ICRA

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

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Events

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

9

Dividend dividend27 Jul 2023 · ex-date₹1
Final dividend9 Sept 2022 · ex-date₹1
Final dividend16 Sept 2021 · ex-date₹1
Dividend dividend16 Sept 2020 · ex-date₹0.75
Final dividend28 Aug 2019 · ex-date₹0.75
Dividend dividend17 Sept 2018 · ex-date₹0.75
Dividend dividend14 Sept 2017 · ex-date₹0.75
Dividend dividend19 Aug 2016 · ex-date₹0.75
Dividend dividend18 Sept 2015 · ex-date₹0.5

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

4 Sept 2026, 4:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2021	Mar 2022
Margins
Gross margin %	44.8%	37.7%
EBITDA margin %	17%	11%
EBIT margin %	14.2%	9.2%
PAT margin %	9%	5.2%
Working capital
Receivable days	58	49
Inventory days	78	73
Payable days	57	32
NWC days	79	90
Leverage
Current ratio	2.23	1.95
Debt to EBITDA	0.38	0.86
Debt to equity	0.1	0.21
Interest coverage	10.9	8.7
Asset turnover	1.09	1.48
Return ratios
Return on assets %	9.8%	7.7%
Return on capital employed %	19.4%	19.3%
Return on equity %	14.4%	11.5%

Date	Category	Subject	Filing
4 Sept 2026, 4:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 4:05 pm	AGM/EGM AGM	Intimation Of 31Sh Annual General Meeting Of The Company Scheduled To Be Held On Wednesday, September 30, 2026.	PDF
25 Aug 2026, 6:01 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
24 Aug 2026, 6:21 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
24 Aug 2026, 6:19 pm	Company Update Resignation of Director	Announcement under Regulation 30 (LODR)-Resignation of Director	PDF
18 Aug 2026, 6:19 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 6:24 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
14 Aug 2026, 6:11 pm	Result Financial Results	Submission Of Unaudited Financial Results For The Quarter Ended 30Th June, 2026.	PDF

Shree Ajit Pulp & Paper Limited

About

Key insights

Key risks

Growth drivers

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

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

Dividends9

Board meetings1

Announcements

Dividends9

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

9

1

9

1