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Swing Capital

Andhra Paper Ltd

NSE: ANDHRAPAP BSE: 502330

Andhra Paper is engaged in the Business of Manufacture and sale of paper, pulp and paper & paper board. [1]

₹63.1
52W: ₹57 — ₹98
PE 67.4 · Book ₹97.5 · -35% vs book
Market Cap₹1,255 Cr
Stock P/E67.4Price to Earnings
ROCE1.98%Return on Capital
ROE0.96%Return on Equity
Div. Yield1.57%Face Value ₹2

Strengths

  • +Stock is trading at 0.66 times its book value
  • +Company has been maintaining a healthy dividend payout of 29.2%

Weaknesses

  • −Company has a low return on equity of 7.32% over last 3 years.
  • −Earnings include an other income of Rs.83.6 Cr.
  • −Working capital days have increased from 55.4 days to 143 days

Shareholding Pattern

Promoters72.45%
FIIs0.33%
DIIs5.79%
Public21.43%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.31%72.45%▲0.172.45%72.45%72.45%72.45%72.45%72.45%
FIIs2.31%1.35%▼1.01.02%▼0.30.96%▼0.10.84%▼0.10.79%▼0.00.79%0.33%▼0.5
DIIs2.6%4.53%▲1.94.67%▲0.14.67%4.68%▲0.04.68%4.74%▲0.15.79%▲1.0
Public22.77%21.67%▼1.121.86%▲0.221.91%▲0.122.03%▲0.122.09%▲0.122.02%▼0.121.43%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales476.58364.38315.89432.28385.7407.37393.42362.08418.69527.05
Expenses366.95329.12282.22379.96357.39387.1359.82368.89403.29501.94
Operating Profit109.6335.2633.6752.3228.3120.2733.6-6.8115.425.11
OPM %23%9.68%10.66%12.1%7.34%4.98%8.54%-1.88%3.68%4.76%
Net Profit82.4738.4127.6841.7211.657.8521.31-20.269.857.72
EPS ₹4.151.931.392.10.590.391.07-1.020.50.39

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,701Cr, up 10.4% YoY. OPM at 4%.

Debt Position

Borrowings at ₹232Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹279Cr (28% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 5.79% (+0.66pp change). FIIs: 0.33% (-1.64pp change). Promoters hold 72.45%.

Margin & Efficiency

ROCE declining from 4% (Mar 2015) to 2% (Mar 2026). Working capital days: 143.

Valuation

PE 67.4x with 1.98% ROCE. Price is -35% above book value of ₹97.5. Dividend yield: 1.57%.

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