Star Paper Mills Ltd
Incorporated in 1938, Star Paper Mills Ltd manufactures and supplies Paper and Paper Board[1]
- Market Cap ₹ 258 Cr.
 - Current Price ₹ 166
 - High / Low ₹ 247 / 146
 - Stock P/E 6.45
 - Book Value ₹ 436
 - Dividend Yield 2.11 %
 - ROCE 7.76 %
 - ROE 5.91 %
 - Face Value ₹ 10.0
 
Pros
- Company is almost debt free.
 - Stock is trading at 0.38 times its book value
 
Cons
- The company has delivered a poor sales growth of 5.06% over past five years.
 - Company has a low return on equity of 9.66% over last 3 years.
 - Contingent liabilities of Rs.84.6 Cr.
 - Promoters have pledged or encumbered 47.2% of their holding.
 - Earnings include an other income of Rs.27.6 Cr.
 - Dividend payout has been low at 11.6% of profits over last 3 years
 
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 275 | 271 | 272 | 324 | 347 | 378 | 341 | 233 | 331 | 493 | 444 | 436 | 424 | |
| 283 | 256 | 246 | 253 | 274 | 328 | 293 | 212 | 299 | 412 | 387 | 399 | 390 | |
| Operating Profit | -8 | 15 | 27 | 71 | 72 | 49 | 48 | 21 | 32 | 80 | 57 | 37 | 33 | 
| OPM % | -3% | 5% | 10% | 22% | 21% | 13% | 14% | 9% | 10% | 16% | 13% | 8% | 8% | 
| -2 | 1 | 1 | 2 | 5 | 7 | 7 | 9 | 18 | 9 | 30 | 24 | 28 | |
| Interest | 5 | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 
| Depreciation | 11 | 5 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 6 | 7 | 
| Profit before tax | -26 | 8 | 21 | 68 | 72 | 52 | 49 | 25 | 44 | 83 | 81 | 53 | 53 | 
| Tax % | -15% | -107% | 20% | 11% | 25% | -3% | 24% | 30% | 17% | 21% | 21% | 23% | |
| -22 | 16 | 16 | 60 | 54 | 53 | 37 | 18 | 37 | 66 | 64 | 41 | 40 | |
| EPS in Rs | -14.15 | 9.96 | 10.57 | 38.67 | 34.76 | 34.08 | 23.88 | 11.22 | 23.48 | 42.07 | 41.00 | 26.36 | 25.66 | 
| Dividend Payout % | 0% | 0% | 0% | 5% | 7% | 7% | 10% | 22% | 15% | 12% | 10% | 13% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% | 
| 5 Years: | 5% | 
| 3 Years: | 10% | 
| TTM: | -3% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% | 
| 5 Years: | 2% | 
| 3 Years: | 2% | 
| TTM: | -33% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | 18% | 
| 5 Years: | 14% | 
| 3 Years: | -7% | 
| 1 Year: | -18% | 
| Return on Equity | |
|---|---|
| 10 Years: | 10% | 
| 5 Years: | 8% | 
| 3 Years: | 10% | 
| Last Year: | 6% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 
| Reserves | 17 | 31 | 48 | 337 | 390 | 440 | 473 | 486 | 519 | 579 | 632 | 665 | 
| 20 | 14 | 7 | 4 | 2 | 1 | 0 | 1 | 1 | 0 | 5 | 5 | |
| 117 | 109 | 106 | 157 | 154 | 135 | 142 | 147 | 136 | 134 | 137 | 137 | |
| Total Liabilities | 170 | 170 | 176 | 514 | 562 | 592 | 630 | 650 | 672 | 728 | 790 | 822 | 
| 91 | 86 | 85 | 404 | 405 | 410 | 412 | 415 | 415 | 414 | 425 | 424 | |
| CWIP | 1 | 1 | 1 | 2 | 7 | 4 | 7 | 6 | 3 | 3 | 3 | 2 | 
| Investments | 32 | 32 | 32 | 46 | 78 | 81 | 89 | 94 | 113 | 47 | 194 | 203 | 
| 46 | 51 | 58 | 61 | 71 | 96 | 122 | 135 | 141 | 265 | 167 | 194 | |
| Total Assets | 170 | 170 | 176 | 514 | 562 | 592 | 630 | 650 | 672 | 728 | 790 | 822 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 | 15 | 12 | 39 | 36 | 31 | 18 | 29 | 19 | 47 | 26 | 15 | |
| 1 | -0 | -3 | -35 | -31 | -28 | -4 | -25 | -13 | -41 | -9 | 4 | |
| -4 | -10 | -10 | -3 | -7 | -5 | -8 | -5 | -5 | -6 | -9 | -8 | |
| Net Cash Flow | -0 | 5 | -1 | 1 | -2 | -2 | 5 | -2 | 0 | -1 | 7 | 12 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 9 | 14 | 8 | 8 | 7 | 4 | 1 | 7 | 2 | 3 | 5 | 
| Inventory Days | 61 | 70 | 90 | 113 | 144 | 131 | 224 | 294 | 189 | 179 | 219 | 225 | 
| Days Payable | 176 | 211 | 205 | 148 | 136 | 105 | 124 | 112 | 73 | 57 | 46 | 35 | 
| Cash Conversion Cycle | -107 | -133 | -102 | -27 | 16 | 33 | 104 | 182 | 122 | 124 | 176 | 194 | 
| Working Capital Days | -88 | -82 | -52 | -19 | -2 | 13 | 40 | 42 | 43 | 44 | 63 | 81 | 
| ROCE % | -28% | 19% | 36% | 32% | 19% | 12% | 10% | 5% | 9% | 17% | 13% | 8% | 
Documents
Announcements
- 
        
          Details Of Shares Transferred To IEPF In Respect Of Which Dividends Remained Unclaimed And Unpaid For Consecutive 7 Years
          
            24 Oct - 8,255 equity shares transferred to IEPF (Physical 5,748; CDSL 1,196; NSDL 1,311) on 14/10/2025.
 - 
        
          Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
          
            8 Oct - Certificate for SEPT''25 quarter under Reg. 74(5) of SEBI (DP) Regulations, 2018 is attached.
 - 
        
          Status Of Re-Lodgement Of Transfer Requests Of Physical Shares
          
            6 Oct - No re-lodgement transfer requests received or processed between July 2 and Sept 30, 2025.
 - 
        
          Voting Results And Scrutinizer''s Report-86Th AGM
          
            26 Sep - 25 Sep 2025 AGM: dividend Rs3.50/share declared; MD reappointed; audited FY2024-25 financials adopted.
 - Closure of Trading Window 26 Sep
 
Annual reports
- 
    
      Financial Year 2025
      from bse
 - 
    
      Financial Year 2024
      from bse
 - 
    
      Financial Year 2023
      from bse
 - 
    
      Financial Year 2022
      from bse
 - 
    
      Financial Year 2021
      from bse
 - 
    
      Financial Year 2020
      from bse
 - 
    
      Financial Year 2019
      from bse
 - 
    
      Financial Year 2018
      from bse
 - 
    
      Financial Year 2017
      from bse
 - 
    
      Financial Year 2016
      from bse
 - 
    
      Financial Year 2015
      from bse
 - 
    
      Financial Year 2014
      from bse
 - 
    
      Financial Year 2013
      from bse
 - 
    
      Financial Year 2012
      from bse
 - 
    
      Financial Year 2011
      from nse
 
Business Overview:[1]
SPML is is a part of Duncan Goenka Group. It is an ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified integrated Pulp and Paper Mill. Company produces a wide range of Industrial, Packaging and Cultural Papers. It has an R&D Unit recognised by Ministry of Science & Technology