Banganga Paper Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Banganga Paper Industries Ltd trades at ₹40.9, in a downtrend and 26 weeks into that stage. That is −24.2% against its own 200-day average. It sits at 3% of a 52-week range of ₹40 to ₹86. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a downtrend — week 26 of stage 4, confirmed. At ₹40.9 it trades −24.2% versus its 200-day average and sits at 3% of its 52-week range (₹40–₹86).

Against the market, two honest reads. Cumulative: over the last 3.2 years the stock moved +388% while the NIFTY 500 moved +46% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-02-20) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Banganga Paper Industries Ltd trades at 347.0× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 250.7×, measured across 0.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 347.0× is at the pricey end of its own range (70th percentile), against a long-run median of 250.7× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Banganga Paper Industries Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 0 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

45.8/100 — rank 18 of 18 in Steel Products · 45% evidence confidence · provisional, ranked below fully-evidenced peers

Banganga Paper Industries Ltd scores 45.8 out of 100 against the 18 companies it is compared with in Steel Products, ranking 18. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19.8 + 13.8 + 8.7 + 3.5 = 45.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Banganga Paper Industries Ltd reported ₹19.7 Cr of revenue in the Dec 25 quarter, −5.0% year on year. Over 1 years it has compounded at 14,794.9% a year. The last full year, FY25, came in at ₹58.1 Cr. The last four reported quarters add to ₹85.5 Cr.

FY25 revenue came in at ₹58.1 Cr (+14,794.9% on the year), capping 1 years at 14,794.9% compound. The latest quarter (Dec 25) printed ₹19.7 Cr, −5.0% year on year.

Pace check: the last four quarters averaged +6,188.4% growth against the decade's 14,794.9% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Banganga Paper Industries Ltd's operating margin is 5.7% in the Dec 25 quarter, −2.0 percentage points against the same quarter a year ago.

The latest quarter's operating margin is 5.7%, −2.0 pp against the same quarter a year ago. Across 2 fiscal years the operating margin has ranged −5.1%–8.2%.

🚨 Why the margin moved: operating margin went −2.0 pp year on year while gross margin went +1.2 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Banganga Paper Industries Ltd earned ₹0.1 Cr of net profit in the Dec 25 quarter, −90.8% year on year. Full-year FY25 profit was ₹1.9 Cr. That is 0.4% of the quarter's revenue. The same quarter a year earlier earned ₹0.8 Cr. 2 of the last 10 reported quarters were loss-making.

Dec 25 profit was ₹0.1 Cr, −90.8% year on year. On the full year, FY25 printed ₹1.9 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Banganga Paper Industries Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was ₹−2.4 Cr of operating cash against ₹1.9 Cr of profit. After ₹18.0 Cr of capital spending, ₹−20.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹−2.4 Cr against reported profit of ₹1.9 Cr, leaving free cash of ₹−20.0 Cr after ₹18.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 18.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Banganga Paper Industries Ltd's cash conversion cycle runs 15 days in FY25, down from 168 days in FY24. Capital spending ran ₹18.0 Cr over the last 1 years. At FY25 sales of ₹58.1 Cr each day of that cycle holds about ₹0.2 Cr, so roughly ₹2.0 Cr sits inside the business at any moment.

FY25: debtors at 41 days, inventory at 53 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 15 days, tighter than FY24's 168.

The full loop: cash goes out to suppliers and production on day 0; stock waits 53 days to sell; customers pay about 41 days after that; and suppliers themselves are paid at 79 days — netting out to the 15-day cycle.

In money terms: at FY25 sales of ₹58.1 Cr, each day of the cycle holds about ₹0.2 Cr — so the 15-day loop keeps roughly ₹2.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹18.0 Cr over the last 1 fiscal years against ₹1.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.1 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Banganga Paper Industries Ltd earns a ROCE of 27% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.2% net margin on 1.49× asset turns.

FY25 ROCE is 27%.

Why the return is what it is — the wiring (FY25): 3.2% net margin × 1.49× asset turns × 2.50× balance-sheet leverage ≈ 11.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Banganga Paper Industries Ltd carries ₹10.0 Cr of borrowings against ₹15.6 Cr of equity in FY25, a debt-to-equity of 0.64. Operating profit covers the interest bill 6×. Over 1 years borrowings went from ₹0.0 Cr to ₹10.0 Cr. Capital spending ran ₹18.0 Cr across the last 1 of those years.

FY25: borrowings of ₹10.0 Cr against equity of ₹15.6 Cr — a debt-to-equity of 0.64. Operating profit covers the interest bill 6×. Over 1 years borrowings went from ₹0.0 Cr to ₹10.0 Cr while capital spending ran ₹18.0 Cr in just the last 1 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 20.9 points of Banganga Paper Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 27.3% of the company. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +20.9 points over 8 quarters to 27.3%.

Why the register moved: promoters drove it (+20.9 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Banganga Paper Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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