South India Paper Mills Ltd.
•Market Cap₹ 223 Cr.
Current Price
High / Low—
Stock P/E15.1
Book Value₹ 121
Price to Book0.73
Dividend Yield0.00 %
ROCE9.2 %
ROE5.0 %
Face Value₹ 10
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ABOUT
KEY POINTS
Revenue Breakup Mar 2021 • Paper & Paper Products: 87.6% • Power: 12.4%
PROS
- Operating margins have improved to 11.7% from -1.7%
- Company generates healthy free cash flow
CONS
- Company has a low return on equity of -1.8% over last 3 years
- Company has a low return on capital employed of 3.7%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.23x)
- Promoter holding has decreased over last 2 years: -5.3pp
- Interest coverage is weak at 1.7x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JKPAPER | 414.75 | 23.19 | 7520.20 | 0.96 | 136.27 | 59.49 | 1887.17 | 12.72 | 7.80 | 15.39 |
| WSTCSTPAPR | 713.10 | 20.51 | 4709.95 | 0.42 | 141.84 | 135.37 | 1051.26 | 10.12 | 7.11 | 19.34 |
| SESHAPAPER | 251.25 | 16.00 | 1584.59 | 0.80 | 31.91 | 106.80 | 492.08 | 27.68 | 5.60 | 8.85 |
| ANDHRAPAP | 73.29 | 52.76 | 1457.37 | 0.68 | 303.16 | 1322.95 | 3937.71 | 900.89 | 1.99 | 12.39 |
| NRAIL | 629.10 | 17.23 | 1070.67 | 0.32 | 34.98 | 111.33 | 646.96 | 43.09 | 8.25 | 11.48 |
| TNPL | 153.15 | 4.06 | 1059.96 | 2.61 | 5.74 | 177.46 | 1146.64 | 1.53 | 5.85 | 10.02 |
| PDMJEPAPER | 97.76 | 10.19 | 928.23 | 0.61 | 33.72 | -6.95 | 202.92 | 3.29 | 20.10 | 17.53 |
| SATIA | 68.40 | 0.00 | 684.00 | 0.29 | -171.20 | -641.72 | 3618.15 | 875.45 | 3.99 | 14.04 |
| KUANTUM | 76.62 | 18.51 | 668.61 | 3.26 | 6.23 | -48.34 | 303.75 | 36.87 | 5.24 | 13.20 |
| BBTCL | 227.00 | 13.99 | 465.61 | 0.00 | 14.39 | 727.77 | 180.47 | 18.53 | 3.03 | 18.69 |
| RAMANEWS | 31.08 | 0.00 | 458.50 | 0.00 | -10.50 | -29.46 | 9.72 | 6.02 | 1.87 | -7.68 |
| SIPAPER | 103.50 | 9.73 | 194.06 | 0.00 | 4.98 | 407.96 | 117.58 | 10.00 | 9.16 | 12.96 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 77 | 73 | 72 | 91 | 90 | 102 | 84 | 94 | 107 | 112 | 101 | 114 | 118 | |
| 74 | 68 | 67 | 85 | 85 | 95 | 79 | 88 | 96 | 99 | 89 | 99 | 111 | |
| Operating Profit | 3 | 5 | 5 | 5 | 5 | 6 | 4 | 6 | 10 | 13 | 12 | 15 | 6 |
| OPM % | 3.39% | 6.37% | 6.55% | 5.82% | 5.29% | 6.32% | 5.06% | 6.41% | 9.74% | 11.59% | 12.01% | 13.23% | 5.51% |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Depreciation | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | -6 | -5 | -4 | -4 | -4 | -2 | -4 | -3 | 1 | 4 | 3 | 6 | 7 |
| Tax % | 25.14% | 25.28% | 25.12% | 23.81% | 25.26% | 25.31% | 25.17% | 22.60% | 25.19% | 25.27% | 25.24% | 25.08% | 25.19% |
| Net Profit | -4 | -3 | -3 | -3 | -3 | -1 | -3 | -2 | 1 | 3 | 2 | 5 | 5 |
| -2.21 | -1.80 | -1.70 | -1.45 | -1.52 | -0.64 | -1.78 | -1.20 | 0.52 | 1.50 | 1.27 | 2.44 | 2.65 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 195 | 135 | 242 | 218 | 227 | 305 | 288 | 312 | 369 | 434 | 445 | |
| 165 | 122 | 206 | 183 | 189 | 268 | 294 | 295 | 348 | 383 | 398 | |
| Operating Profit | 30 | 12 | 37 | 35 | 37 | 37 | -6 | 17 | 22 | 51 | 47 |
| OPM % | 15.57% | 9.24% | 15.10% | 15.88% | 16.53% | 12.27% | -2.09% | 5.48% | 5.90% | 11.72% | 10.50% |
| 1 | 2 | 1 | 1 | 4 | 4 | 14 | 2 | 2 | 1 | 1 | |
| Interest | 4 | 5 | 5 | 4 | 5 | 6 | 16 | 19 | 20 | 21 | 20 |
| Depreciation | 10 | 9 | 9 | 10 | 10 | 9 | 16 | 18 | 17 | 17 | 17 |
| Profit before Tax | 18 | 1 | 23 | 21 | 27 | 26 | -24 | -18 | -13 | 14 | 20 |
| Tax % | 34.30% | -18.21% | 20.89% | 25.25% | 28.46% | 15.51% | 30.61% | 24.87% | 24.59% | 25.14% | 25.18% |
| Net Profit | 12 | 1 | 18 | 16 | 19 | 22 | -17 | -13 | -10 | 11 | 15 |
| EPS | 7.97 | 0.64 | 12.25 | 10.63 | 12.70 | 14.44 | -11.08 | -7.16 | -5.14 | 5.73 | — |
| Dividend Payout % | 18.82% | 157.43% | 12.25% | 14.11% | 7.87% | 6.93% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 14%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -8%
- 5 Years:
- -11%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 0%
- 3 Years:
- -2%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 19 | 19 | 19 | 19 |
| 126 | 125 | 141 | 154 | 171 | 191 | 215 | 202 | 192 | 204 | |
| 47 | 55 | 40 | 38 | 102 | 200 | 194 | 176 | 177 | 161 | |
| Trade Payables | 15 | 18 | 22 | 13 | 16 | 22 | 34 | 17 | 19 | 23 |
| 27 | 23 | 21 | 32 | 35 | 42 | 29 | 42 | 37 | 42 | |
| Total Liabilities | 230 | 235 | 239 | 253 | 339 | 471 | 490 | 457 | 443 | 449 |
| 136 | 130 | 132 | 128 | 120 | 304 | 343 | 331 | 317 | 305 | |
| Capital Work in Progress | 11 | 15 | 8 | 15 | 106 | 39 | 17 | 0 | 0 | 0 |
| 28 | 35 | 36 | 32 | 29 | 36 | 42 | 41 | 48 | 47 | |
| 30 | 0 | 0 | 30 | 0 | 0 | 0 | 59 | 58 | 76 | |
| Cash & Bank | 5 | 2 | 8 | 13 | 9 | 27 | 33 | 1 | 1 | 3 |
| 21 | 53 | 55 | 35 | 74 | 64 | 54 | 24 | 18 | 17 | |
| Total Assets | 230 | 235 | 239 | 253 | 339 | 471 | 490 | 457 | 443 | 449 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 26 | -2 | 44 | 40 | 26 | 42 | 3 | -18 | 40 | 43 | |
| Cash from Investing | -29 | 1 | -12 | -31 | -77 | -105 | -13 | -1 | 2 | -1 |
| Cash from Financing | 3 | -2 | -21 | -3 | 51 | 84 | 18 | -12 | -41 | -39 |
| 1 | -2 | 5 | 6 | -4 | 18 | 5 | -32 | 1 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
Recent coverage and analyst commentary for SIPAPER
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