Malu Paper Mills Ltd.
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ABOUT
PROS
- Company is almost debt free
- Latest quarter profit grew 120.8% YoY, showing strong momentum
- Working capital cycle has improved - days down from -81 to -104
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Company is loss-making at the operating / net level
- Net worth is negative - accumulated losses have eroded equity
- Company has a low return on equity of -776.4% over last 3 years
- Company has a low return on capital employed of 0.3%
- Interest coverage is weak at -0.5x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.18x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JKPAPER | 394.75 | 22.07 | 7157.56 | 1.01 | 136.27 | 59.49 | 1887.17 | 12.72 | 7.80 | 15.39 |
| WSTCSTPAPR | 627.30 | 18.04 | 4143.25 | 0.48 | 141.84 | 135.37 | 1051.26 | 10.12 | 7.11 | 19.34 |
| SESHAPAPER | 230.55 | 14.69 | 1454.04 | 0.87 | 31.91 | 106.80 | 492.08 | 27.68 | 5.60 | 8.85 |
| ANDHRAPAP | 61.06 | 43.95 | 1214.18 | 0.82 | 303.16 | 1322.95 | 3937.71 | 900.89 | 1.99 | 12.39 |
| TNPL | 145.60 | 3.86 | 1007.71 | 2.75 | 57.40 | 874.63 | 11466.40 | 903.98 | 5.85 | 10.02 |
| PDMJEPAPER | 91.06 | 9.49 | 864.61 | 0.66 | 337.20 | 830.46 | 2029.20 | 932.93 | 20.10 | 17.53 |
| NRAIL | 502.30 | 13.76 | 854.87 | 0.40 | 34.98 | 111.33 | 646.96 | 43.09 | 8.25 | 11.48 |
| KUANTUM | 71.61 | 17.30 | 624.89 | 3.49 | 62.30 | 416.58 | 3037.50 | 1262.60 | 5.24 | 13.20 |
| SATIA | 57.16 | 0.00 | 571.60 | 0.70 | -17.12 | -154.18 | 361.81 | -2.45 | 10.53 | 14.04 |
| RAMANEWS | 31.16 | 0.00 | 459.68 | 0.00 | -10.50 | -29.46 | 9.72 | 6.02 | 1.87 | -7.68 |
| BBTCL | 224.00 | 13.81 | 459.45 | 0.00 | 14.39 | 727.77 | 180.47 | 18.53 | 3.03 | 18.69 |
| MALUPAPER | 31.20 | 0.00 | 53.22 | 0.00 | 1.28 | 120.76 | 123.52 | 30.94 | -4.11 | 4.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 68 | 61 | 75 | 58 | 65 | 63 | 93 | 94 | 56 | 77 | 106 | 124 | |
| 66 | 64 | 57 | 71 | 57 | 66 | 64 | 92 | 99 | 60 | 80 | 102 | 122 | |
| Operating Profit | 4 | 4 | 4 | 5 | 1 | -1 | -1 | 1 | -5 | -3 | -3 | 5 | 6 |
| OPM % | 5.93% | 6.04% | 7.02% | 6.39% | 1.56% | -1.44% | -1.68% | 0.74% | -5.05% | -5.57% | -4.01% | 4.43% | 4.73% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 0 | 0 | 0 | 0 | -3 | -5 | -5 | -4 | -9 | -8 | -7 | 0 | 2 | |
| Tax % | 16.13% | 25.00% | 27.08% | 77.78% | 29.64% | 25.10% | 29.01% | 33.96% | 29.15% | 26.61% | 30.89% | 648.98% | 30.14% |
| Net Profit | 0 | 0 | 0 | 0 | -2 | -4 | -4 | -3 | -6 | -6 | -5 | -3 | 1 |
| 0 | 0 | 0 | 0 | -1 | -2 | -2 | -2 | -4 | -3 | -3 | -2 | 0 | |
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 228 | 243 | 279 | 274 | 226 | 170 | 212 | 234 | 274 | 278 | 362 | |
| 207 | 220 | 261 | 251 | 213 | 164 | 208 | 235 | 258 | 279 | 363 | |
| Operating Profit | 23 | 23 | 19 | 25 | 14 | 7 | 5 | -0 | 17 | -0 | — |
| OPM % | 10 | 10 | 7 | 9 | 6 | 4 | 2 | -0 | 6 | -0 | — |
| Other Income | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Interest | 16 | 15 | 12 | 10 | 8 | 8 | 8 | 9 | 11 | 11 | 11 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 |
| 3 | 4 | 2 | 10 | 1 | -6 | -8 | -14 | 1 | -17 | -13 | |
| Tax % | 31 | 31 | 32 | 26 | 39 | 6 | 24 | 25 | 39 | 29 | 5 |
| Net Profit | 2 | 3 | 1 | 7 | 1 | -6 | -6 | -10 | 1 | -12 | -12 |
| EPS | 1 | 2 | 1 | 4 | 0 | -3 | -4 | -6 | 1 | -7 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 2 | 1 | 4 | 0 | -3 | -4 | -6 | 1 | -7 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 4%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- -2%
- 3 Years:
- -3%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- -232%
- 5 Years:
- -476%
- 3 Years:
- -776%
- Last Year:
- -2254%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| -2 | 7 | 7 | 14 | 14 | 7 | 0 | -11 | -10 | -23 | |
| 23 | 61 | 66 | 73 | 76 | 86 | 97 | 109 | 119 | 133 | |
| Trade Payables | 15 | 17 | 32 | 19 | 20 | 32 | 33 | 20 | 26 | 29 |
| 92 | 41 | 28 | 11 | 8 | 3 | 1 | 5 | 6 | 1 | |
| Total Liabilities | 145 | 142 | 151 | 135 | 135 | 145 | 148 | 140 | 157 | 157 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 89 | 84 | 80 | 79 | 80 | 76 | 71 | 68 | 65 | 67 | |
| Capital Work in Progress | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 0 | 5 | 0 |
| 18 | 23 | 31 | 27 | 22 | 28 | 42 | 41 | 51 | 47 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 35 | |
| Cash & Bank | 2 | 2 | 2 | 1 | 2 | 1 | 2 | 2 | 2 | 3 |
| 36 | 33 | 36 | 27 | 32 | 39 | 33 | 29 | 3 | 5 | |
| Total Assets | 145 | 142 | 151 | 135 | 135 | 145 | 148 | 140 | 157 | 157 |
| Total Debt | 109 | 110 | 101 | 89 | 88 | 93 | 104 | 123 | 132 | 145 |
| Net Working Capital | 3 | -32 | -39 | -42 | -47 | -51 | -56 | -59 | -61 | -79 |
| Contingent Liabilities | 20 | 16 | 15 | 12 | 8 | 8 | 12 | 12 | 12 | 12 |
| Book Value per Share | 8.67 | 14.13 | 14.39 | 18.18 | 18.04 | 14.11 | 10.11 | 3.73 | 3.98 | -3.35 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 20 | 19 | 19 | 15 | 4 | -2 | -9 | 9 | 4 | |
| Cash from Investing | -2 | 1 | 3 | -4 | -4 | -1 | 0 | -1 | -8 | -3 |
| Cash from Financing | -19 | -22 | -22 | -16 | -11 | -2 | 2 | 11 | -2 | -1 |
| 0 | -0 | -0 | -1 | 1 | -0 | 0 | -0 | 0 | 0 | |
| Free Cash Flow | 19 | 20 | 18 | 15 | 11 | 2 | -2 | -11 | 2 | 1 |
| OCF / Net Profit | 10.47 | 7.02 | 13.30 | 2.54 | 23.37 | -0.61 | 0.36 | 0.88 | 10.37 | -0.31 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 83 | 66 | 44 | 15 | 2 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 1.14 | 1.69 | 0.86 | 4.35 | 0.39 | -3.38 | -3.67 | -6.13 | 0.52 | -7.11 |
| Book Value (₹) | 8.67 | 14.13 | 14.39 | 18.18 | 18.04 | 14.11 | 10.11 | 3.73 | 3.98 | -3.35 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 3.90 | 4.51 | 3.67 | 7.15 | 3.26 | -0.44 | -0.70 | -3.18 | 3.46 | -3.99 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 9.87% | 9.08% | 6.27% | 8.95% | 6.15% | 3.94% | 2.21% | -0.13% | 6.11% | -0.33% |
| Net Margin % | 0.83% | 1.12% | 0.48% | 2.70% | 0.29% | -3.40% | -2.96% | -4.47% | 0.33% | -4.37% |
| ROE % | 14.13% | 14.86% | 6.00% | 26.71% | 2.14% | -21.04% | -30.32% | -88.56% | 13.61% | -2254.33% |
| ROCE % | 14.94% | 14.53% | 10.93% | 16.14% | 7.57% | 1.41% | -0.32% | -4.25% | 9.24% | -4.11% |
| 1.34% | 2.01% | 1.00% | 5.20% | 0.49% | -4.12% | -4.28% | -7.27% | 0.60% | -7.74% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 34 | 33 | 31 | 34 | 40 | 63 | 53 | 41 | 35 | 43 |
| Inventory Days | 29 | 29 | 33 | 39 | 39 | 54 | 60 | 65 | 61 | 64 |
| Payable Days | 44 | 40 | 49 | 59 | 56 | 94 | 78 | 59 | 50 | 52 |
| 19 | 21 | 15 | 14 | 23 | 22 | 36 | 47 | 46 | 55 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 7.34x | 4.55x | 4.11x | 2.86x | 2.85x | 3.88x | 6.01x | 19.32x | 19.37x | -25.38x |
| Interest Coverage (x) | 1.18x | 1.29x | 1.18x | 2.04x | 1.14x | 0.21x | -0.05x | -0.61x | 1.14x | -0.50x |
| 1.06x | 0.62x | 0.64x | 0.56x | 0.54x | 0.57x | 0.58x | 0.55x | 0.59x | 0.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | -1.33% | 6.54% | 15.04% | -1.68% | -17.53% | -25.00% | 24.85% | 10.37% | 17.34% | 1.26% |
| Operating Profit Growth % | 1.18% | 1.26% | -19.24% | 29.54% | -43.34% | -52.01% | -29.90% | -106.33% | 5965.14% | -102.20% |
| Net Profit Growth % | 4.29% | 47.97% | -49.49% | 408.36% | -91.10% | -974.23% | -8.52% | -66.93% | 108.56% | -1455.04% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 108.56% | -1455.09% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 69.49x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.15x | -10.26x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.04x | -526.97x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Malu Paper Mills Limited has informed the Exchange about Shareholders meeting
2026-09-02 - Malu Paper Mills Limited has informed the Exchange about Shareholders meeting
2026-09-02 - Malu Paper Mills Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - Malu Paper Mills Limited has informed the Exchange that Record date for the purpose of Meeting is 15-Sep-2026.
2026-08-28 - Malu Paper Mills Limited has informed the Exchange about Shareholders meeting
2026-07-24 - Malu Paper Mills Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-23 - Malu Paper Mills Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - Malu Paper Mills Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-01 - Malu Paper Mills Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for MALUPAPER
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