Emami Paper Mills Ltd

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Emami Paper Mills Ltd

₹ 114 -1.10%
19 Aug - close price
emamipaper.in BSE: 533208 NSE: EMAMIPAP
About

Incorporated in 1981, Emami Paper Mills Ltd manufactures writing and printing paper, newsprint, and also packaging boards[1]

Key Points

Business Overview:[1]
Emami Paper is among the top 10 paper companies in India and a leading producer
of packaging boards, with a capacity to
produce 2 Lac MTPA using recycled and
virgin fibre. Virgin fibre is one of the fastest-growing segments in the paper industry owing
to the rising demand from fast-moving consumer goods, personal care, pharmaceuticals and e-commerce sectors.
The company is also a leading player in the newsprint (NP) segment with a capacity to produce 1.40 Lac MTPA. While the demand for writing and printing paper (WPP) segment has been stable over the past few years and is likely to grow at a low, single-digit growth rate over the medium term, Emami Paper benefits from being an established player in the segment, with a pan-India presence.

Website BSE NSE - BE
  • Market Cap ₹ 686 Cr.
  • Current Price ₹ 114
  • High / Low ₹ 134 / 55.0
  • Stock P/E 7.26
  • Book Value ₹ 81.9
  • Dividend Yield 2.81 %
  • ROCE 11.4 %
  • ROE 12.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 26.8%

Cons

  • The company has delivered a poor sales growth of 9.41% over past five years.
  • Company has a low return on equity of 11.2% over last 3 years.
  • Contingent liabilities of Rs.210 Cr.
  • Company might be capitalizing the interest cost

* 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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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
539 437 515 484 504 495 454 475 460 451 500 496 560
504 385 434 414 460 458 424 444 422 414 440 434 477
Operating Profit 35 52 81 70 43 37 30 31 38 36 60 62 83
OPM % 6% 12% 16% 14% 9% 8% 7% 7% 8% 8% 12% 13% 15%
0 0 1 2 1 1 1 2 2 5 -2 15 0
Interest 20 17 16 16 14 15 17 16 17 17 18 16 17
Depreciation 14 12 13 21 13 13 13 13 13 14 14 14 13
Profit before tax 2 22 53 35 17 10 2 4 9 10 26 47 53
Tax % 25% 26% 25% 23% 27% 25% 5% 2% 33% 35% 36% 34% 28%
1 16 39 27 13 8 2 4 6 7 17 32 39
EPS in Rs 0.22 2.71 6.51 4.49 2.12 1.25 0.28 0.65 1.04 1.09 2.81 5.21 6.38
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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
521 539 1,140 1,356 1,538 1,515 1,216 1,958 2,381 1,994 1,928 1,907 2,008
470 491 1,012 1,195 1,300 1,307 1,038 1,644 2,159 1,758 1,786 1,711 1,766
Operating Profit 51 47 128 161 239 209 178 314 222 236 142 196 241
OPM % 10% 9% 11% 12% 16% 14% 15% 16% 9% 12% 7% 10% 12%
8 6 24 11 4 -23 92 -4 2 3 4 20 18
Interest 15 16 70 84 107 117 95 83 63 67 61 68 68
Depreciation 27 27 56 64 69 73 72 74 68 60 52 55 55
Profit before tax 17 11 26 24 66 -5 103 153 93 112 33 93 137
Tax % 30% -158% 27% 32% 34% 131% 50% 25% 26% 25% 22% 34%
12 28 19 16 44 -10 51 115 69 84 26 61 94
EPS in Rs 2.01 4.61 3.15 2.71 7.27 -1.73 8.44 18.98 11.43 13.93 4.30 10.15 15.49
Dividend Payout % 30% 13% 19% 44% 16% 0% 0% 8% 14% 11% 37% 32%
Compounded Sales Growth
10 Years: 13%
5 Years: 9%
3 Years: -7%
TTM: 7%
Compounded Profit Growth
10 Years: 10%
5 Years: 40%
3 Years: -3%
TTM: 384%
Stock Price CAGR
10 Years: 5%
5 Years: -9%
3 Years: -4%
1 Year: 21%
Return on Equity
10 Years: 12%
5 Years: 16%
3 Years: 11%
Last Year: 12%

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 12 12 12 12 12 12 12 12 12 12 12 12
Reserves 359 376 222 231 246 207 284 397 443 518 499 484
897 1,135 1,392 1,530 1,548 1,401 1,151 1,029 1,102 850 936 897
142 134 186 191 305 298 341 340 419 334 361 430
Total Liabilities 1,409 1,658 1,812 1,964 2,111 1,918 1,788 1,779 1,976 1,714 1,808 1,822
448 1,195 1,220 1,282 1,297 1,298 1,225 1,161 1,148 1,085 1,059 1,031
CWIP 620 5 5 9 103 1 0 31 4 10 4 5
Investments 1 1 56 56 44 24 54 49 39 45 59 39
341 458 532 618 667 595 509 538 785 574 686 748
Total Assets 1,409 1,658 1,812 1,964 2,111 1,918 1,788 1,779 1,976 1,714 1,808 1,822

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
38 -80 -15 69 275 313 246 329 32 351 44 197
-419 -102 -60 -124 -157 31 -7 -34 -24 -10 -17 -26
307 167 30 39 -123 -335 -246 -307 -9 -336 -32 -172
Net Cash Flow -74 -14 -45 -16 -4 10 -7 -12 -0 5 -5 0
Free Cash Flow -399 -194 -78 -57 118 274 238 294 8 340 26 168
CFO/OP 80% -163% -8% 47% 121% 151% 137% 105% 23% 153% 36% 107%

Ratios

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
Debtor Days 31 70 48 60 50 50 60 41 40 48 45 52
Inventory Days 136 192 117 111 133 111 108 67 91 69 103 114
Days Payable 83 84 42 36 75 76 88 47 46 33 42 58
Cash Conversion Cycle 84 178 123 135 107 86 80 61 84 84 106 109
Working Capital Days -53 -93 -38 -29 -56 -68 -77 -20 -10 1 4 13
ROCE % 2% 2% 6% 6% 10% 8% 8% 17% 10% 12% 7% 11%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Total Installed Capacity
TPA

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Sales Volume
MT
Capacity Utilization
%
Export Share of Revenue
%
Packaging Board Production
MT
Number of Customers
count
Number of Dealers/Distributors
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.98% 74.98% 74.98% 74.98% 74.98% 74.98% 74.98% 74.98% 74.97% 74.97% 74.97% 74.97%
0.50% 0.50% 0.50% 0.50% 0.57% 0.56% 0.55% 0.54% 0.53% 0.53% 0.53% 0.54%
4.32% 3.81% 3.01% 1.03% 0.58% 0.00% 0.00% 0.00% 0.04% 0.07% 0.06% 0.00%
20.20% 20.71% 21.51% 23.49% 23.88% 24.48% 24.47% 24.48% 24.45% 24.42% 24.44% 24.49%
No. of Shareholders 13,07213,08714,40916,32519,21121,27521,13820,91620,19119,65019,28319,122

* 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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