Star Paper Mills Limited (STARPAPER)

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Star Paper Mills Limited (STARPAPER) · mywealthgrid

About

Star Paper Mills Limited operates in commodity and specialty paper products, a sub-segment of the Materials sector. With market cap ₹226.93 Cr and quarterly revenues averaging ₹100-114 Cr, it is a small-cap player trading at a PE multiple of 7.33. Recent quarters show operational stress: operating margins compressed 550 bps from 8.14% (Sep 2024) to 2.7% (Jun 2026), and the stock has returned -13.45% over the past year.

Face value: ₹10

Market cap

₹237 Cr

P/E

7.6×

P/B

0.3×

Dividend yield

ROE

4.7%

ROCE

4.5%

Debt / equity

OPM

4.5%

EPS (TTM)

₹19.8

Book value

₹453.7

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: net profit swung from +14.52 Cr (Sep 2024) to -1.29 Cr loss (Mar 2026), with Jun 2026 recovery to 11.01 Cr still 25% below peak
Margin compression: OPM fell 550 bps from 8.14% (Sep 2024) to 2.7% (Jun 2026); verify whether driven by input-cost spikes or structural demand/pricing pressure
Weak capital efficiency: ROE of 4.71% indicates poor returns on shareholder capital, even during profitable periods
Verify pricing power and competitive position: flat YoY revenue (Mar 2025: ₹114.09 Cr vs Mar 2026: ₹112.59 Cr) coupled with margin collapse suggests potential loss of pricing leverage

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM fell from 8.14% (Sep 2024) to 2.7% (Jun 2026); recovery to historical levels would triple net profit on current revenue
Dividend track record (annual payouts 2022-2025) demonstrates cash-generation capability and suggests profitability can stabilize
Verify whether margin compression reflects raw material cost spikes (recoverable) or structural shifts; 550 bps margin decline traces directly to input costs or demand/pricing pressure
Verify demand trends in company's core segments: flat YoY revenue (Mar 2025: ₹114.09 Cr vs Mar 2026: ₹112.59 Cr) requires checking whether market is growing but company losing share, or segment itself facing headwinds

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹151.8-0.8%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 37.8×
+Dividend yield of 4%
+Dividend payout of 30.2% of profit

Cons

−Low return on equity of 7.1% (3-yr avg)
−Thin operating margin of 4.5%

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 40
Growth: 6
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
	266	92	92	378	341	233	331	493	444	436	410
COGS	-109	28	28	137	130	95	146	195	192	220	216
Gross profit	—	64	64	241	211	138	185	298	253	217	194
	343	45	45	192	163	117	153	218	196	180	175
	33	19	19	49	48	21	32	80	57	37	18
OPM %	12.4%	21.1%	21.1%	13.1%	14.1%	9.1%	9.7%	16.2%	12.8%	8.5%	4.5%
Depreciation	16	1	1	4	5	5	5	5	5	6	7
Interest	3	0	0	1	1	1	0	1	1	1	1
	1	1	1	7	7	9	18	9	30	24	24
Profit before tax	21	19	19	52	49	25	44	83	81	53	34
Tax	4	0	0	-2	12	7	8	18	17	12	1
Tax %	20.4%	0.9%	0.9%	-3.2%	24.2%	29.6%	17.1%	21.2%	20.9%	23%	4.3%
	17	19	19	53	37	18	37	66	64	41	33
PAT margin %	6.2%	20.2%	20.2%	14.1%	10.9%	7.5%	11.1%	13.3%	14.4%	9.4%	8%
EPS (₹)	10.6	11.9	11.9	34.1	23.9	11.2	23.5	42.1	41	26.4	21
EPS adjusted (₹)	10.6	11.9	11.9	—	—	11.2	23.5	42.1	41	26.4	21
	0%	16.8%	21%	7.3%	10.5%	22.3%	14.9%	11.9%	9.8%	13.3%	11.9%
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	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	16	16	16	16	16	16	16	16
Reserves	48	108	337	486	519	579	632	665	693
	7	4	4	0	0	0	0	0	0
	106	97	157	148	137	134	142	142	129
Total equity & liabilities	176	225	514	650	672	728	790	823	838
	85	83	404	414	414	414	425	424	420
CWIP	1	2	2	7	3	3	3	2	4
Investments	32	32	46	94	113	47	194	203	247
	58	107	61	135	141	265	167	194	167
Total assets	176	225	514	650	672	728	790	823	838

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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 %	63.9%	62%	59.3%	56%	60.5%	56.9%	49.6%	47.3%
EBITDA margin %	13.1%	14.1%	9.1%	9.7%	16.2%	12.8%	8.5%	4.5%
EBIT margin %	11.9%	12.6%	6.8%	8.1%	15.1%	11.6%	7%	2.8%
PAT margin %	14.1%	10.9%	7.5%	11.1%	13.3%	14.4%	9.4%	8%
Working capital
Receivable days	—	—	1	7	2	3	5	6
Inventory days	—	—	294	189	179	219	225	198
Payable days	—	—	112	73	57	46	35	34
NWC days	—	—	182	122	124	176	194	170
Leverage
Current ratio	—	—	3.43	4.26	5.25	6.19	6.91	7.9
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	80.3	76.6	43.9	95	171.7	99.5	56.7	37.8
Asset turnover	—	—	0.36	0.49	0.68	0.56	0.53	0.49
Return ratios
Return on assets %	—	—	2.7%	5.5%	9%	8.1%	5%	3.9%
Return on capital employed %	—	—	4.3%	7.4%	14.9%	11.8%	7.2%	4.5%
Return on equity %	—	—	3.5%	6.9%	11%	9.9%	6%	4.6%

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
	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%	44.93%
	1.83%	1.7%	1.7%	1.71%	1.76%	1.69%	1.69%	1.71%	1.68%	1.68%	1.68%	1.64%
	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	53.24%	53.37%	53.37%	53.36%	53.31%	53.38%	53.38%	53.35%	53.38%	53.38%	53.38%	53.42%
No. of shareholders	—	—	—	—	—	—	—	—	17,294	16,874	16,510	16,183

Promoter holding up 0 percentage points since Sep 2023.

48 deals · 5 Aug 2021 – 11 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Feb 2025	SHARAN CHHAJER	Bulk	NSE	Sell	1,11,913	₹179.01	₹2.00 Cr
11 Feb 2025	RAVIRAJ DEVELOPERS LTD	Bulk	NSE	Buy	1,05,000	₹179.09	₹1.88 Cr
31 Jan 2024	KRONE INVESTMENTS	Bulk	NSE	Buy	1,16,801	₹273.01	₹3.19 Cr
31 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,03,926	₹277.45	₹2.88 Cr
31 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,03,926	₹277.59	₹2.88 Cr
31 Jan 2024	KRONE INVESTMENTS	Bulk	NSE	Sell	21,806	₹276.77	₹0.60 Cr
15 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	80,485	₹243.81	₹1.96 Cr
15 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	80,485	₹243.92	₹1.96 Cr
11 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	78,306	₹238.69	₹1.87 Cr
11 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	78,306	₹238.29	₹1.87 Cr

1–10 of 48

1 / 5

Mr. SHRIVARDHAN GOENKANon-Executive - Non Independent Director-Chairperson
Mr. Sandeep Kumar RastogiChief Financial Officer
Mr. MADHUKAR MISHRAExecutive Director-MD
Mrs. PRAGYA JHUNJHUNWALANon-Executive - Non Independent Director
Mr. RISHABH CHAND LODHANon-Executive - Independent Director
Mr. ATULMANI SHARMANon-Executive - Independent Director
Mr. ANOOP MISHRANon-Executive - Independent Director
Mr. SAURABH ARORACompany 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 Star 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

Loading documents…

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

3 announcementsExport CSV

11 Sept 2026, 10:47 amCompany Update

Working Capital Loan Agreement

General PDF

5 Sept 2026, 10:15 amAGM/EGM

Copy Of 87Th AGM Notice

AGM PDF

1 Sept 2026, 12:56 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
11 Sept 2026, 10:47 am	Company Update General	Working Capital Loan Agreement	PDF
5 Sept 2026, 10:15 am	AGM/EGM AGM	Copy Of 87Th AGM Notice	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 %	63.9%	62%	59.3%	56%	60.5%	56.9%	49.6%	47.3%
EBITDA margin %	13.1%	14.1%	9.1%	9.7%	16.2%	12.8%	8.5%	4.5%
EBIT margin %	11.9%	12.6%	6.8%	8.1%	15.1%	11.6%	7%	2.8%
PAT margin %	14.1%	10.9%	7.5%	11.1%	13.3%	14.4%	9.4%	8%
Working capital
Receivable days	—	—	1	7	2	3	5	6
Inventory days	—	—	294	189	179	219	225	198
Payable days	—	—	112	73	57	46	35	34
NWC days	—	—	182	122	124	176	194	170
Leverage
Current ratio	—	—	3.43	4.26	5.25	6.19	6.91	7.9
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	80.3	76.6	43.9	95	171.7	99.5	56.7	37.8
Asset turnover	—	—	0.36	0.49	0.68	0.56	0.53	0.49
Return ratios
Return on assets %	—	—	2.7%	5.5%	9%	8.1%	5%	3.9%
Return on capital employed %	—	—	4.3%	7.4%	14.9%	11.8%	7.2%	4.5%
Return on equity %	—	—	3.5%	6.9%	11%	9.9%	6%	4.6%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	39	36	31	29	19	47	26	15	29
	-3	-35	-31	-28	-25	-13	-41	-9	4	-36
	-10	-3	-7	-5	-5	-5	-7	-9	-8	-7
Net cash flow	-1	1	-2	-2	-2	0	-1	7	12	-13
Free cash flow	9	35	31	25	22	16	42	15	11	20
CFO / Operating profit %	36.7%	200.8%	183.3%	62.4%	134.6%	58.3%	58.7%	45.3%	40.3%	157.3%

Star 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

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

15

1

Compounded sales growth

Compounded profit growth

Return on equity

Star 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

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends15

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

15

1