Three M Paper Boards Ltd
Founded in July 1989, Three M Paper Boards Limited manufactures high-quality recycled paper-based duplex board products for packaging applications across various industries.[1]
- Market Cap ₹ 42.6 Cr.
- Current Price ₹ 22.2
- High / Low ₹ 54.0 / 18.3
- Stock P/E 5.80
- Book Value ₹ 55.6
- Dividend Yield 0.00 %
- ROCE 12.2 %
- ROE 12.1 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.38 times its book value
- Company has delivered good profit growth of 39.5% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 7.22% over past five years.
- Debtor days have increased from 67.0 to 81.0 days.
* 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.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 187 | 165 | 313 | 327 | 272 | 266 | 283 | |
| 177 | 151 | 298 | 308 | 249 | 244 | 262 | |
| Operating Profit | 11 | 14 | 15 | 19 | 23 | 22 | 21 |
| OPM % | 6% | 9% | 5% | 6% | 9% | 8% | 7% |
| 1 | 0 | 3 | 2 | 4 | 3 | 5 | |
| Interest | 7 | 7 | 7 | 10 | 7 | 6 | 7 |
| Depreciation | 6 | 6 | 6 | 6 | 7 | 7 | 9 |
| Profit before tax | -1 | 2 | 5 | 6 | 13 | 12 | 10 |
| Tax % | 188% | 26% | 29% | -11% | 13% | 17% | |
| -3 | 2 | 3 | 7 | 11 | 10 | 7 | |
| EPS in Rs | -46.56 | 26.41 | 50.08 | 101.07 | 8.36 | 5.19 | 3.83 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | -5% |
| TTM: | 6% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 43% |
| TTM: | -33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -47% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 15% |
| Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 13 | 19 | 19 |
| Reserves | 29 | 31 | 34 | 41 | 47 | 85 | 88 |
| 55 | 54 | 78 | 82 | 73 | 62 | 72 | |
| 48 | 51 | 63 | 60 | 62 | 74 | 78 | |
| Total Liabilities | 138 | 142 | 182 | 189 | 195 | 241 | 257 |
| 74 | 71 | 69 | 78 | 76 | 85 | 99 | |
| CWIP | 0 | 0 | 1 | 0 | 2 | 15 | 7 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| 65 | 70 | 110 | 110 | 116 | 139 | 150 | |
| Total Assets | 138 | 142 | 182 | 189 | 195 | 241 | 257 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 13 | 12 | -10 | 24 | 11 | 10 | |
| -3 | -4 | -6 | -18 | -5 | -27 | |
| -8 | -8 | 16 | -5 | -12 | 17 | |
| Net Cash Flow | 2 | -0 | 0 | -0 | -5 | 0 |
| Free Cash Flow | 10 | 9 | -15 | 10 | 5 | -19 |
| CFO/OP | 131% | 82% | -69% | 122% | 63% | 55% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 52 | 64 | 54 | 47 | 73 | 81 |
| Inventory Days | 90 | 126 | 46 | 71 | 64 | 94 |
| Days Payable | 125 | 186 | 100 | 93 | 101 | 130 |
| Cash Conversion Cycle | 16 | 4 | -1 | 25 | 36 | 45 |
| Working Capital Days | -9 | -1 | 20 | 15 | 31 | 45 |
| ROCE % | 10% | 12% | 13% | 16% | 12% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Capacity Utilization Percentage |
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| Collection Period (Receivables) Days |
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| Installed Manufacturing Capacity Tonnes Per Annum (TPA) |
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| Production Volume Metric Tonnes (MT) |
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| Number of Employees Count |
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| Domestic Revenue Contribution Percentage |
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| Export Revenue Contribution Percentage |
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Documents
Announcements
-
Closure of Trading Window
27 Mar - Trading window closed from 01-Apr-2026 until 48 hours after audited results for half-year ended 31-Mar-2026.
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Disclosure As per Regulation 29(2) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011
23 Mar - Promoter Rushabh H. Shah bought 2,000 shares on March 23, 2026; stake now 1,451,000 (7.54%).
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Reporting Under Regulation 7(1)(B) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015
23 Mar - Promoter Rushabh Shah bought 40,000 shares on 23-Mar-2026; holding 1,451,000 (7.54%).
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Board Meeting Outcome for Outcome Of Board Meeting Held On March 13, 2026
12 Mar - Board on March 12, 2026 approved calibrated selling price revision due to higher freight and raw material costs.
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Board Meeting Intimation for Intimation Of Board Meeting To Be Held On Thursday, March 12, 2026
9 Mar - Board meeting on March 12, 2026 to review and approve operational and financial performance.
Business Profile[1] The company manufactures recycled paper-based Duplex Board products for packaging in industries like food, beverage, pharmaceuticals, cosmetics, and consumer goods, catering to domestic and international markets.