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Swing Capital

Emami Paper Mills Ltd

NSE: EMAMIPAP BSE: 533208

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

₹75.2
52W: ₹55 — ₹123
PE 12.8 · Book ₹96.2 · -22% vs book
Market Cap₹455 Cr
Stock P/E12.8Price to Earnings
ROCE6.58%Return on Capital
ROE4.8%Return on Equity
Div. Yield2.12%Face Value ₹2

Strengths

  • +Stock is trading at 0.79 times its book value
  • +Company has been maintaining a healthy dividend payout of 20.9%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 4.94% over past five years.
  • −Company has a low return on equity of 12.3% over last 3 years.
  • −Contingent liabilities of Rs.182 Cr.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.97%
FIIs0.53%
DIIs0.06%
Public24.44%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.98%74.98%74.98%74.98%74.98%74.97%▼0.074.97%74.97%
FIIs0.5%0.57%▲0.10.56%▼0.00.55%▼0.00.54%▼0.00.53%▼0.00.53%0.53%
DIIs1.03%0.58%▼0.50%▼0.60%0%0.04%▲0.00.07%▲0.00.06%▼0.0
Public23.49%23.88%▲0.424.48%▲0.624.47%▼0.024.48%▲0.024.45%▼0.024.42%▼0.024.44%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales437515484504495454475460451500
Expenses385434414460458424444422414440
Operating Profit52817043373031383660
OPM %12%16%14%9%8%7%7%8%8%12%
Net Profit163927138246717
EPS ₹2.716.514.492.121.250.280.651.041.092.81

AI Insights

Revenue Trend

TTM revenue at ₹1,886Cr, down 2.2% YoY. OPM at 9%.

Debt Position

Borrowings at ₹806Cr. Debt-to-equity ratio: 1.41x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹2Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.06% (-4.23pp change). FIIs: 0.53% (+0.01pp change). Promoters hold 74.97%.

Margin & Efficiency

ROCE improving from 5% (Mar 2014) to 7% (Mar 2025). Working capital days: 4.

Valuation

PE 12.8x with 6.58% ROCE. Price is -22% above book value of ₹96.2. Dividend yield: 2.12%.

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