South India Paper Mills Ltd

₹ 119 1.88%

15 Oct 11:15 a.m.

About

Incorporated in 1959, The South India Paper
Mills Ltd manufactures Paper, Paperboards, Cartons and Power Generation^[1]

Key Points

Product Profile:
a) Paper Division:^[1]
Company deals in corrugating case raw materials viz. Kraft Liner Substitutes, Test
Liners, White Kraft Liners, Fluting Grades,
high-performance fluting and Test Liners
and some Special Application Grades for packaging. Paper substance ranges between 70GSM to 400 GSM with strength ranging between 14 BF and 35 BF.
b) Printing & Packaging Division:^[2]
Plain brown boxes with the single colour
Flexo-graphic printing and glued or stapled closures; boxes and shelf-ready packaging
with 4 color flexographic process printing
in die cut or Regular Slotted designs; small
and micro-fluted boxes with high-quality
multi-color graphics; wraparound boxes

Website BSE

Market Cap ₹ 223 Cr.
Current Price ₹ 119
High / Low ₹ 136 / 70.0
Stock P/E 15.2
Book Value ₹ 119
Dividend Yield 0.00 %
ROCE 9.07 %
ROE 4.76 %
Face Value ₹ 10.0

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Pros

Stock is trading at 1.01 times its book value

Cons

Company has low interest coverage ratio.
Promoter holding is low: 27.8%
Company has a low return on equity of -2.22% over last 3 years.
Promoter holding has decreased over last 3 years: -5.34%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Forest Materials Paper, Forest & Jute Products Paper & Paper Products

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	76.93	72.80	71.91	90.66	89.83	101.77	83.57	94.14	106.89	111.57	101.37	113.99	117.58
	74.32	68.16	67.20	85.38	85.07	95.34	79.35	88.10	96.48	98.65	89.19	98.91	102.33
Operating Profit	2.61	4.64	4.71	5.28	4.76	6.43	4.22	6.04	10.41	12.92	12.18	15.08	15.25
OPM %	3.39%	6.37%	6.55%	5.82%	5.30%	6.32%	5.05%	6.42%	9.74%	11.58%	12.02%	13.23%	12.97%
	0.46	0.14	0.14	0.42	0.49	0.96	0.36	0.15	0.15	0.16	0.07	0.30	0.17
Interest	4.13	4.73	4.71	4.81	4.92	4.87	4.89	4.94	5.10	5.16	4.90	5.11	4.58
Depreciation	4.47	4.56	4.40	4.46	4.13	4.13	4.14	4.17	4.15	4.16	4.17	4.17	4.18
Profit before tax	-5.53	-4.51	-4.26	-3.57	-3.80	-1.61	-4.45	-2.92	1.31	3.76	3.18	6.10	6.66
Tax %	-25.14%	-25.28%	-25.12%	-23.81%	-25.26%	-25.47%	-25.17%	-22.60%	25.19%	25.27%	25.16%	25.08%	25.23%
	-4.14	-3.38	-3.19	-2.73	-2.84	-1.21	-3.33	-2.26	0.98	2.81	2.37	4.57	4.98
EPS in Rs	-2.21	-1.80	-1.70	-1.46	-1.51	-0.65	-1.78	-1.21	0.52	1.50	1.26	2.44	2.66
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	185	206	195	134	241	216	226	304	287	311	367	431	445
	155	170	164	122	204	182	188	266	293	293	346	380	389
Operating Profit	29	36	31	13	37	35	38	38	-6	17	22	51	55
OPM %	16%	18%	16%	9%	15%	16%	17%	12%	-2.1%	6%	6%	12%	12%
	1	9	1	2	1	1	3	3	14	1	2	1	1
Interest	2	2	4	5	5	4	5	6	16	19	20	21	20
Depreciation	8	8	10	9	10	10	10	9	16	18	17	17	17
Profit before tax	21	35	18	1	23	21	27	26	-24	-18	-13	14	20
Tax %	35%	31%	34%	-19%	21%	25%	28%	16%	-31%	-25%	-25%	25%
	14	24	12	1	18	16	19	22	-17	-13	-10	11	15
EPS in Rs	9.02	16.06	7.97	0.63	12.25	10.63	12.70	14.44	-8.89	-7.16	-5.14	5.73	7.86
Dividend Payout %	28%	19%	19%	158%	12%	14%	8%	7%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	8%
5 Years:	14%
3 Years:	15%
TTM:	15%

Compounded Profit Growth
10 Years:	-6%
5 Years:	-9%
3 Years:	33%
TTM:	320%

Stock Price CAGR
10 Years:	-2%
5 Years:	-7%
3 Years:	3%
1 Year:	68%

Return on Equity
10 Years:	2%
5 Years:	-2%
3 Years:	-2%
Last Year:	5%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	15	15	15	15	15	15	15	15	19	19	19	19
Reserves	93	112	126	125	141	154	171	191	215	202	192	204
	17	34	45	53	38	42	100	199	192	198	175	156
	37	55	44	42	45	42	53	66	65	38	57	71
Total Liabilities	162	216	230	235	239	253	339	471	490	457	443	449
	79	114	136	130	132	128	120	304	343	331	317	305
CWIP	2	16	11	15	8	15	106	39	17	0	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	82	86	83	90	99	110	113	127	129	125	125	144
Total Assets	162	216	230	235	239	253	339	471	490	457	443	449

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15	30	26	-2	39	40	22	39	1	-18	40	43
	-7	-44	-29	1	-12	-31	-77	-105	-13	-1	2	-1
	-4	12	3	-2	-21	-3	51	84	18	-12	-41	-39
Net Cash Flow	3	-2	1	-2	5	6	-4	18	5	-32	1	2
Free Cash Flow	7	-23	-3	-1	26	8	-57	-66	-13	-20	38	39
CFO/OP	68%	106%	103%	-13%	121%	125%	68%	111%	-58%	-105%	185%	83%

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	60	64	56	104	60	50	75	58	56	69	58	65
Inventory Days	123	103	109	197	120	126	107	83	94	88	77	69
Days Payable	54	69	60	98	71	52	57	52	76	37	30	34
Cash Conversion Cycle	129	98	105	203	108	123	125	88	74	120	106	100
Working Capital Days	61	35	56	109	71	44	27	-14	-25	2	-8	7
ROCE %	19%	20%	13%	2%	14%	13%	11%	8%	-5%	0%	1%	9%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Paper & Paperboards Production Volume
MT

xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx,xxx		xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx,xxx		xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xx.xx				xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
						xx.xx	xx.xx	xx.xx	xx.xx	xx.xx

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Box Plant (PPD) Installed Capacity
MT/year

Box Plant Conversion Volume (PPD)
MT

Paper Division Installed Capacity
MT/year

Paper Mill Capacity Utilization
%

Box Plant (PPD) Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.16%	33.16%	33.16%	33.14%	33.11%	33.06%	32.63%	31.28%	30.85%	27.91%	27.81%	27.82%
	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%	0.07%	0.07%	0.07%
	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%
	66.45%	66.45%	66.46%	66.46%	66.48%	66.54%	66.98%	68.33%	68.76%	71.69%	71.79%	71.80%
No. of Shareholders	4,649	4,700	4,827	5,418	5,189	5,072	5,039	5,018	5,052	5,105	4,917	4,774

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	44.47%	43.25%	41.88%	41.85%	41.92%	41.90%	33.21%	33.16%	32.63%	27.81%	27.82%
	0.03%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	1.75%	1.76%	1.75%	1.75%	1.75%	0.49%	0.07%	0.07%	0.07%	0.07%	0.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.33%	0.32%	0.32%	0.32%	0.32%
	53.75%	54.86%	56.37%	56.39%	56.32%	57.61%	66.38%	66.46%	66.98%	71.79%	71.80%
No. of Shareholders	3,965	3,892	3,983	3,772	3,994	4,425	4,714	4,827	5,039	4,917	4,774

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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South India Paper Mills Ltd

South India Paper Mills Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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