Star Paper Mills Ltd.

•

starpapers.comBSE: 516022NSE: STARPAPER

Market Cap₹ 231 Cr.

Current Price

High / Low₹ 182 / 119

Stock P/E7.5

Book Value₹ 461

Price to Book0.35

Dividend Yield1.69 %

ROCE8.2 %

ROE6.2 %

Face Value₹ 10

Add ratio to table

ABOUT

PROS

Company is almost debt free
Company comfortably covers its interest (56.4x coverage)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (44.8% of PBT)
Recent results are weak - TTM profit is down 19.3% versus prior year
Company has a low return on equity of 9.4% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.51x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Forest MaterialsPaperPaper & Paper Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JKPAPER	394.75	22.07	7157.56	1.01	136.27	59.49	1887.17	12.72	7.80	15.39
2.	WSTCSTPAPR	627.30	18.04	4143.25	0.48	141.84	135.37	1051.26	10.12	7.11	19.34
3.	SESHAPAPER	230.55	14.69	1454.04	0.87	31.91	106.80	492.08	27.68	5.60	8.85
4.	ANDHRAPAP	61.06	43.95	1214.18	0.82	303.16	1322.95	3937.71	900.89	1.99	12.39
5.	TNPL	145.60	3.86	1007.71	2.75	5.74	177.46	1146.64	1.53	5.85	10.02
6.	PDMJEPAPER	91.06	9.49	864.61	0.66	337.20	830.46	2029.20	932.93	20.10	17.53
7.	NRAIL	502.30	13.76	854.87	0.40	349.75	2013.42	6469.56	1330.87	8.25	11.48
8.	KUANTUM	71.61	17.30	624.89	3.49	62.30	416.58	3037.50	1262.60	5.24	13.20
9.	SATIA	57.16	0.00	571.60	0.70	-17.12	-154.18	361.81	-2.45	10.53	14.04
10.	RAMANEWS	31.16	0.00	459.68	0.00	-10.50	-29.46	9.72	6.02	1.87	-7.68
11.	BBTCL	224.00	13.81	459.45	0.00	14.39	727.77	180.47	18.53	3.03	18.69
12.	STARPAPER	148.10	22.14	231.16	1.69	11.00	-14.09	103.46	2.28	8.18	2.69

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
	124	106	115	100	114	111	97	114	101	104	92	113	103
	101	90	101	95	104	102	90	104	95	97	91	108	103
Operating Profit	23	15	10	5	10	9	8	10	6	7	1	4	3
OPM %	18.24%	14.46%	8.96%	5.34%	8.63%	8.16%	7.99%	8.94%	6.20%	6.84%	0.68%	3.94%	2.69%
Other Income	4	8	9	11	8	10	4	1	12	6	12	-6	14
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	2	2	2	2	2	2
	25	22	19	14	16	17	11	9	16	11	11	-3	15
Tax %	21.43%	31.55%	23.52%	-0.14%	15.54%	16.93%	27.61%	43.39%	21.51%	-20.33%	22.33%	62.75%	25.48%
Net Profit	20	15	15	14	14	15	8	5	13	13	8	-1	11
	13	10	9	9	9	9	5	3	8	8	5	-1	1
Equity Capital	16	16	16	16	16	16	16	16	16	16	16	16	16
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
	272	324	347	378	341	233	331	493	444	436	412
	246	253	274	328	293	212	299	413	387	399	399
Operating Profit	28	73	77	57	55	31	50	101	89	61	—
OPM %	10	23	22	15	16	13	15	21	20	14	—
Other Income	1	2	5	7	7	9	18	22	32	24	26
Interest	3	1	1	1	1	1	0	1	1	1	1
Depreciation	4	4	4	4	5	5	5	5	5	6	7
	21	68	72	52	49	25	44	83	81	53	33
Tax %	20	11	25	-3	24	30	17	21	21	23	5
Net Profit	17	60	54	53	37	18	37	66	64	41	31
EPS	11	0	0	34	24	11	23	42	41	26	—
Dividend Payout %	0	5	7	7	10	22	15	12	10	13	—
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	11	39	35	34	24	11	23	42	41	26	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 5%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 2%
3 Years:: 4%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: 1%
3 Years:: -9%
1 Year:: -12%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 8%
3 Years:: 9%
Last Year:: 6%

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	16	16	16	16	16	16	16	16	16	16
	48	337	390	440	473	486	519	579	632	665
	7	4	2	1	0	0	0	0	1	1
Trade Payables	62	43	42	39	44	29	29	30	24	21
	44	114	113	96	98	119	108	104	117	131
Total Liabilities	176	514	562	592	630	650	672	728	790	833
ASSETS	-	-	-	-	-	-	-	-	-	-
	85	404	405	410	412	415	415	414	425	424
Capital Work in Progress	1	2	7	4	7	6	3	3	3	2
	32	46	78	81	89	94	113	47	194	203
	27	33	44	49	80	76	75	96	115	135
	0	0	0	0	0	0	0	0	4	6
Cash & Bank	5	6	4	24	23	41	39	144	25	30
	26	22	23	23	19	18	27	25	23	33
Total Assets	176	514	562	592	630	650	672	728	790	833
Total Debt	7	4	2	1	0	0	0	0	1	1
Net Working Capital	-33	21	64	100	131	143	172	232	278	315
Contingent Liabilities	15	17	8	39	40	40	46	74	82	79
Book Value per Share	40.72	226.05	260.12	291.69	312.84	321.55	342.65	380.83	414.70	436.24
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
	12	39	35	31	17	29	19	47	26	15
Cash from Investing	-3	-35	-31	-28	-4	-25	-13	-41	-9	4
Cash from Financing	-10	-3	-7	-5	-8	-5	-5	-7	-9	-8
	-1	1	-2	-2	5	-2	0	-1	7	12
Free Cash Flow	9	-111	26	25	7	22	17	42	9	12
OCF / Net Profit	0.73	0.64	0.65	0.58	0.47	1.63	0.51	0.71	0.40	0.36
Cumulative 5-Year FCF	0	0	0	0	-44	-31	97	113	97	102

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 (₹)	10.57	38.67	34.76	34.08	23.88	11.22	23.48	42.08	41.01	26.36
Book Value (₹)	40.72	226.05	260.12	291.69	312.84	321.55	342.65	380.83	414.70	436.24
Dividend per Share (₹)	0.00	2.00	2.50	2.50	2.50	2.50	3.50	5.00	4.00	3.50
Cash EPS (₹)	13.29	41.31	37.37	36.89	27.18	14.58	26.92	45.46	44.49	30.45
PROFITABILITY
Operating Margin %	9.54%	21.24%	22.01%	14.45%	15.53%	12.45%	14.36%	19.69%	12.09%	7.93%
Net Margin %	5.72%	17.56%	15.45%	13.59%	10.53%	7.10%	10.52%	12.75%	13.55%	8.85%
ROE %	29.83%	28.99%	14.30%	12.35%	7.90%	3.54%	7.07%	11.63%	10.31%	6.20%
ROCE %	35.58%	32.23%	19.16%	12.08%	10.54%	5.14%	8.62%	14.86%	13.16%	8.18%
	9.17%	17.50%	10.09%	9.22%	6.10%	2.74%	5.54%	9.38%	8.43%	5.07%
EFFICIENCY
Debtor Days	11	9	7	7	6	3	3	3	2	4
Inventory Days	32	32	40	43	66	115	79	61	81	98
Payable Days	305	249	203	160	161	191	107	81	69	47
	-263	-208	-155	-110	-89	-73	-24	-18	14	56
FINANCIAL HEALTH
Debt to Equity (x)	0.10x	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	9.13x	54.06x	69.83x	80.14x	76.87x	43.92x	94.34x	149.98x	97.59x	56.43x
	0.60x	1.34x	2.08x	2.98x	3.49x	3.43x	4.27x	5.25x	6.20x	5.90x
GROWTH
Revenue Growth %	0.43%	18.99%	6.91%	8.99%	-9.74%	-31.55%	41.63%	49.06%	-9.79%	-1.83%
Operating Profit Growth %	75.06%	164.96%	5.95%	-26.84%	-2.86%	-44.15%	63.00%	102.74%	-12.28%	-31.67%
Net Profit Growth %	6.17%	265.75%	-10.10%	-1.96%	-29.94%	-53.00%	109.23%	79.20%	-2.54%	-35.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.54%	-35.71%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.45x	5.85x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.54x	0.35x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.79%	2.27%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.65x	3.47x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.93	44.93	44.93	44.93	44.93	44.93	44.93	44.93	44.93
	1.70	1.75	1.68	1.68	1.71	1.68	1.68	1.68	1.64
	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	53.36	53.31	53.38	53.38	53.35	53.38	53.38	53.38	53.42

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Star Paper Mills Limited has informed the Exchange about Copy of Newspaper Publication in respect of 87th AGM of the company

2026-08-31

Shareholders meeting

2026-08-31 - Star Paper Mills Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Star Paper Mills Limited has informed the Exchange about Copy of Newspaper Publication in respect of June'26 quarter results

2026-08-12

Shareholders meeting

2026-08-12 - Star Paper Mills Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-12

Record Date

2026-08-12 - Star Paper Mills Limited has informed the Exchange that Record date for the purpose of DI is 17-Sep-2026.

2026-08-12

Outcome of Board Meeting

2026-08-12 - Star Paper Mills Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-14

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-14 - Star Paper Mills Limited has informed the Exchange about Certificate under Reg 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th June, 2026

2026-07-07

Disclosure under SEBI Takeover Regulations

2026-07-07 - ISG Traders Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-06-26

Copy of Newspaper Publication

2026-06-26 - Star Paper Mills Limited has informed the Exchange about Copy of Newspaper Publication-Special window for re-lodgement of transfer requests

News

Recent coverage and analyst commentary for STARPAPER

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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

5.74

177.46

1146.64

1.53

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

349.75

2013.42

6469.56

1330.87

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

STARPAPER

148.10

22.14

231.16

1.69

11.00

-14.09

103.46

2.28

8.18

2.69

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

124

106

115

100

114

111

114

101

104

113

103

101

104

102

104

108

103

Operating Profit

OPM %

18.24%

14.46%

8.96%

5.34%

8.63%

8.16%

7.99%

8.94%

6.20%

6.84%

0.68%

3.94%

2.69%

Other Income

-6

Interest

Depreciation

-3

Tax %

21.43%

31.55%

23.52%

-0.14%

15.54%

16.93%

27.61%

43.39%

21.51%

-20.33%

22.33%

62.75%

25.48%

Net Profit

-1

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

272

324

347

378

341

233

331

493

444

436

412

246

253

274

328

293

212

299

413

387

399

Operating Profit

101

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

-3

Net Profit

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

337

390

440

473

486

519

579

632

665

Trade Payables

114

113

119

108

104

117

131

Total Liabilities

176

514

562

592

630

650

672

728

790

833

ASSETS

404

405

410

412

415

414

425

424

Capital Work in Progress

113

194

203

115

135

Cash & Bank

144

Total Assets

176

514

562

592

630

650

672

728

790

833

Total Debt

Net Working Capital

-33

100

131

143

172

232

278

315

Contingent Liabilities

Book Value per Share

40.72

226.05

260.12

291.69

312.84

321.55

342.65

380.83

414.70

436.24

Face Value

10.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-3

-35

-31

-28

-4

-25

-13

-41

-9

Cash from Financing

-10

-3

-7

-5

-8

-5

-7

-9

-8

-1

-2

-1

Free Cash Flow

-111

OCF / Net Profit

0.73

0.64

0.65

0.58

0.47

1.63

0.51

0.71

0.40

0.36

Cumulative 5-Year FCF

-44

-31

113

102

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

10.57

38.67

34.76

34.08

23.88

11.22

23.48

42.08

41.01

26.36

Book Value (₹)

40.72

226.05

260.12

291.69

312.84

321.55

342.65

380.83

414.70

436.24

Dividend per Share (₹)

0.00

2.00

2.50

3.50

5.00

4.00

3.50

Cash EPS (₹)

13.29

41.31

37.37

36.89

27.18

14.58

26.92

45.46

44.49

30.45

PROFITABILITY

Operating Margin %

9.54%

21.24%

22.01%

14.45%

15.53%

12.45%

14.36%

19.69%

12.09%

7.93%

Net Margin %

5.72%

17.56%

15.45%

13.59%

10.53%

7.10%

10.52%

12.75%

13.55%

8.85%

ROE %

29.83%

28.99%

14.30%

12.35%

7.90%

3.54%

7.07%

11.63%

10.31%

6.20%

ROCE %

35.58%

32.23%

19.16%

12.08%

10.54%

5.14%

8.62%

14.86%

13.16%

8.18%

9.17%

17.50%

10.09%

9.22%

6.10%

2.74%

5.54%

9.38%

8.43%

5.07%

EFFICIENCY

Debtor Days

Inventory Days

115

Payable Days

305

249

203

160

161

191

107

-263

-208

-155

-110

-89

-73

-24

-18

FINANCIAL HEALTH

Debt to Equity (x)

0.10x

0.01x

0.00x

Interest Coverage (x)

9.13x

54.06x

69.83x

80.14x

76.87x

43.92x

94.34x

149.98x

97.59x

56.43x

0.60x

1.34x

2.08x

2.98x

3.49x

3.43x

4.27x

5.25x

6.20x

5.90x

GROWTH

Revenue Growth %

0.43%

18.99%

6.91%

8.99%

-9.74%

-31.55%

41.63%

49.06%

-9.79%

-1.83%

Operating Profit Growth %

75.06%

164.96%

5.95%

-26.84%

-2.86%

-44.15%

63.00%

102.74%

-12.28%

-31.67%

Net Profit Growth %

6.17%

265.75%

-10.10%

-1.96%

-29.94%

-53.00%

109.23%

79.20%

-2.54%

-35.71%

0.00%

-2.54%

-35.71%

VALUATION

P/E (x)

0.00x

5.45x

5.85x

P/B (x)

0.00x

0.54x

0.35x

Dividend Yield %

0.00%

1.79%

2.27%

0.00x

3.65x

3.47x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

44.93

1.70

1.75

1.68

1.71

1.68

1.64

0.00

0.01

Government

0.00

53.36

53.31

53.38

53.35

53.38

53.42

Star Paper Mills Ltd.

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Star Paper Mills Ltd.

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI