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Swing Capital

Shree Ajit Pulp and Paper Ltd

NSE: SAPPL BSE: 538795

Incorporated in 1995, Shree Ajit Pulp And Paper Ltd does manufacturing of Kraft Paper (Testliner / Multilayer Testliner) which is mainly used for manufacturing of corrugated boxes[1]

₹293
52W: ₹180 — ₹348
PE 10.6 · Book ₹293 · +0% vs book
Market Cap₹260 Cr
Stock P/E10.6Price to Earnings
ROCE7.43%Return on Capital
ROE3.96%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 1.00 times its book value
  • +Company is expected to give good quarter
  • +Company's working capital requirements have reduced from 34.0 days to 22.0 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 3.88% over last 3 years.
  • −Dividend payout has been low at 1.58% of profits over last 3 years

Shareholding Pattern

Promoters59.6%
FIIs0%
DIIs0%
Public40.4%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.39%59.39%59.39%59.39%59.39%59.39%59.6%▲0.259.6%
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public40.61%40.61%40.61%40.62%▲0.040.63%▲0.040.61%▼0.040.39%▼0.240.4%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales68.143.07107.47118.22111.47120.75155.06177.09172.5176.81
Expenses63.2238.08102107.34101.48108.18137.39154.08151.66153.5
Operating Profit4.884.995.4710.889.9912.5717.6723.0120.8423.31
OPM %7.17%11.59%5.09%9.2%8.96%10.41%11.4%12.99%12.08%13.18%
Net Profit0.981.472.842.181.371.8547.065.837.52
EPS ₹1.11.653.192.451.552.094.57.946.558.45

AI Insights

Revenue Trend

TTM revenue at ₹681Cr, up 34.6% YoY. OPM at 12%.

Debt Position

Borrowings at ₹273Cr. Debt-to-equity ratio: 1.08x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 59.6%.

Margin & Efficiency

ROCE declining from 21% (Mar 2014) to 7% (Mar 2025). Working capital days: 22.

Valuation

PE 10.6x with 7.43% ROCE. Price is 0% above book value of ₹293. Dividend yield: 0%.

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