Shree Ajit Pulp & Paper Ltd.
•Market Cap₹ 247 Cr.
Current Price
High / Low₹ 334 / 252
Stock P/E6.0
Book Value₹ 333
Price to Book0.68
Dividend Yield0.00 %
ROCE7.4 %
ROE4.0 %
Face Value₹ 10
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Paper: 98.5% • Wind Mill: 1.5%
PROS
- Latest quarter profit grew 162.5% YoY, showing strong momentum
- Company has delivered good sales growth of 16.0% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.70x)
CONS
- Company has a low return on capital employed of 6.4%
- Company has a low return on equity of 4.4% over last 3 years
- Interest coverage is weak at 1.6x - earnings barely cover interest
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 66.4%
- Company has delivered a poor profit growth of -13.7% over past five years
* 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 | 33.72 | -6.95 | 202.92 | 3.29 | 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 | 6.23 | -48.34 | 303.75 | 36.87 | 5.24 | 13.20 |
| SATIA | 57.16 | 0.00 | 571.60 | 0.70 | -171.20 | -641.72 | 3618.15 | 875.45 | 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 |
| SAPPL | 278.00 | 5.96 | 247.29 | 0.00 | 18.54 | 162.34 | 201.17 | 13.59 | 7.43 | 17.86 |
Detailed Comparison with:
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 76 | 68 | 43 | 107 | 118 | 111 | 121 | 155 | 177 | 172 | 177 | 175 | 201 | |
| 70 | 63 | 38 | 102 | 107 | 101 | 108 | 137 | 154 | 152 | 154 | 148 | 178 | |
| Operating Profit | 5 | 5 | 5 | 5 | 11 | 10 | 13 | 18 | 23 | 21 | 23 | 26 | 36 |
| OPM % | 7.21% | 7.15% | 11.59% | 5.09% | 9.19% | 8.96% | 10.41% | 11.40% | 12.99% | 12.08% | 13.18% | 15.12% | 17.86% |
| Other Income | 1 | 0 | -0 | 6 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 | 1 |
| Interest | 1 | 1 | 1 | 5 | 5 | 5 | 6 | 8 | 8 | 7 | 7 | 12 | 8 |
| Depreciation | 2 | 2 | 2 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 |
| 4 | 2 | 2 | 3 | 3 | 2 | 2 | 7 | 10 | 9 | 11 | 12 | 24 | |
| Tax % | 28.65% | 56.64% | 30.48% | 2.74% | 26.10% | 25.95% | 26.00% | 40.83% | 31.19% | 31.97% | 32.16% | 21.50% | 23.60% |
| Net Profit | 3 | 1 | 1 | 3 | 2 | 1 | 2 | 4 | 7 | 6 | 8 | 10 | 19 |
| 5 | 2 | 3 | 5 | 3 | 2 | 2 | 5 | 8 | 7 | 8 | 11 | 2 | |
| Equity Capital | 5 | 5 | 5 | 8 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 222 | 209 | 249 | 270 | 240 | 267 | 418 | 372 | 295 | 506 | 725 | |
| 195 | 190 | 225 | 225 | 206 | 221 | 372 | 343 | 274 | 454 | 631 | |
| Operating Profit | 27 | 19 | 25 | 45 | 35 | 46 | 47 | 30 | 27 | 53 | — |
| OPM % | 12 | 9 | 10 | 17 | 15 | 17 | 11 | 8 | 9 | 10 | — |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 7 | 2 | 4 |
| Interest | 4 | 4 | 6 | 5 | 4 | 4 | 5 | 6 | 7 | 23 | 34 |
| Depreciation | 5 | 5 | 6 | 7 | 8 | 8 | 7 | 7 | 9 | 16 | 20 |
| 18 | 9 | 12 | 33 | 23 | 35 | 35 | 16 | 11 | 14 | 56 | |
| Tax % | 33 | 29 | 31 | 29 | 15 | 29 | 29 | 29 | 28 | 33 | 26 |
| Net Profit | 12 | 6 | 8 | 23 | 20 | 25 | 25 | 11 | 8 | 9 | 41 |
| EPS | 0 | 0 | 0 | 0 | 37 | 46 | 47 | 21 | 11 | 11 | — |
| Dividend Payout % | 3 | 6 | 5 | 2 | 2 | 2 | 2 | 5 | 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 | 15 | 8 | 10 | 29 | 25 | 31 | 32 | 14 | 11 | 11 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 16%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- -14%
- 3 Years:
- -28%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 9%
- 3 Years:
- 4%
- Last Year:
- 4%
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 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 7 | 9 |
| 82 | 88 | 96 | 119 | 138 | 162 | 187 | 197 | 219 | 239 | |
| 10 | 23 | 23 | 9 | 5 | 5 | 33 | 18 | 28 | 60 | |
| Trade Payables | 14 | 17 | 15 | 17 | 15 | 23 | 23 | 21 | 36 | 32 |
| 46 | 46 | 56 | 62 | 53 | 67 | 65 | 213 | 260 | 264 | |
| Total Liabilities | 157 | 179 | 196 | 211 | 215 | 263 | 313 | 456 | 551 | 604 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 82 | 89 | 111 | 127 | 134 | 129 | 128 | 140 | 294 | 408 | |
| Capital Work in Progress | 1 | 6 | 2 | 3 | 3 | 1 | 3 | 139 | 44 | 0 |
| 5 | 6 | 6 | 9 | 9 | 9 | 9 | 9 | 1 | 1 | |
| 16 | 21 | 22 | 23 | 18 | 31 | 52 | 54 | 55 | 68 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 78 | |
| Cash & Bank | 1 | 1 | 1 | 1 | 9 | 25 | 18 | 2 | 1 | 15 |
| 52 | 57 | 53 | 48 | 42 | 68 | 103 | 112 | 103 | 33 | |
| Total Assets | 157 | 179 | 196 | 211 | 215 | 263 | 313 | 456 | 551 | 604 |
| Total Debt | 27 | 44 | 51 | 36 | 30 | 24 | 46 | 169 | 226 | 285 |
| Net Working Capital | 23 | 12 | 16 | 22 | 35 | 57 | 64 | 53 | 25 | 46 |
| Contingent Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Book Value per Share | 162.83 | 174.81 | 189.36 | 231.65 | 267.38 | 312.58 | 358.41 | 378.55 | 302.68 | 277.87 |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 14 | 18 | 45 | 32 | 25 | -7 | 21 | 19 | 8 | |
| Cash from Investing | -4 | -27 | -18 | -24 | -14 | 0 | -15 | -146 | -87 | -46 |
| Cash from Financing | -12 | 13 | 1 | -21 | -10 | -10 | 16 | 110 | 66 | 48 |
| -0 | -0 | -0 | 0 | 8 | 15 | -7 | -15 | -2 | 10 | |
| Free Cash Flow | 14 | 14 | -7 | 21 | 18 | 25 | -16 | -135 | -48 | -80 |
| OCF / Net Profit | 1.36 | 2.23 | 2.15 | 1.94 | 1.63 | 1.02 | -0.29 | 1.86 | 2.47 | 0.85 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 60 | 71 | 41 | -87 | -156 | -253 |
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 (₹) | 22.58 | 11.96 | 15.41 | 43.18 | 36.68 | 46.02 | 46.77 | 21.07 | 10.52 | 10.53 |
| Book Value (₹) | 162.83 | 174.81 | 189.36 | 231.65 | 267.38 | 312.58 | 358.41 | 378.55 | 302.68 | 277.87 |
| Dividend per Share (₹) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 21.78 | 14.92 | 18.58 | 38.05 | 34.36 | 40.60 | 40.88 | 23.35 | 22.67 | 28.88 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 11.50% | 8.39% | 9.73% | 16.60% | 14.59% | 17.21% | 11.22% | 7.95% | 7.06% | 10.09% |
| Net Margin % | 5.12% | 2.89% | 3.27% | 8.58% | 8.17% | 9.25% | 5.99% | 3.04% | 2.68% | 1.86% |
| ROE % | 14.86% | 7.08% | 8.46% | 20.51% | 14.70% | 15.87% | 13.94% | 5.72% | 3.67% | 3.96% |
| ROCE % | 19.69% | 10.49% | 12.09% | 24.20% | 16.50% | 21.02% | 18.43% | 7.33% | 4.44% | 7.42% |
| 7.93% | 3.81% | 4.41% | 11.37% | 9.22% | 10.32% | 8.70% | 2.94% | 1.57% | 1.63% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 48 | 56 | 52 | 49 | 49 | 52 | 43 | 48 | 59 | 48 |
| Inventory Days | 28 | 31 | 31 | 31 | 31 | 34 | 37 | 52 | 68 | 45 |
| Payable Days | 35 | 42 | 36 | 39 | 45 | 46 | 32 | 35 | 61 | 40 |
| 41 | 45 | 47 | 41 | 35 | 39 | 47 | 65 | 66 | 52 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.30x | 0.47x | 0.50x | 0.29x | 0.21x | 0.15x | 0.24x | 0.84x | 1.00x | 1.15x |
| Interest Coverage (x) | 5.42x | 3.17x | 3.10x | 7.33x | 6.25x | 10.94x | 8.72x | 3.44x | 2.48x | 1.62x |
| 1.61x | 1.25x | 1.33x | 1.63x | 2.08x | 2.02x | 1.82x | 1.79x | 1.24x | 1.32x | |
| GROWTH | ||||||||||
| Revenue Growth % | 17.72% | -6.12% | 19.46% | 8.20% | -10.86% | 10.90% | 56.87% | -11.09% | -20.80% | 71.65% |
| Operating Profit Growth % | 39.56% | -31.51% | 32.08% | 82.11% | -21.68% | 30.86% | 2.22% | -37.00% | -7.18% | 93.05% |
| Net Profit Growth % | 69.88% | -47.06% | 28.88% | 180.21% | -15.04% | 25.45% | 1.63% | -54.94% | -30.14% | 19.09% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -50.10% | 0.18% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.85x | 18.06x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.62x | 0.68x |
| 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 | 13.35x | 8.30x |
Documents
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News
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