Emami Paper Mills share price today

Emami Paper Mills Ltd's share price was ₹117.38 at the close on 4 November 2026. It has been rising for 15 weeks. That is 16.6% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 23 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Emami Paper Mills Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 17 April 2026, it has traded between ₹74 and ₹125, and at that close it sat 86% of the way up from that low.

Over the last 6 months the share price moved +56% while the NIFTY 500 moved −5%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: best operating margin in 11 quarters, highest quarterly profit in 15 quarters and revenue up on a year earlier for 4 quarters in a row.

1. Best operating margin in 11 quarters

   Operating margin was 16% in the September 2026 quarter, against 8% a year earlier.

2. Highest quarterly profit in 15 quarters

   Profit of ₹44 crore in the September 2026 quarter is the highest of the last 15 quarters.

3. Revenue up on a year earlier for 4 quarters in a row

   In the September 2026 quarter revenue was ₹590 crore, +30.8% on a year earlier.

For July to September 2026 (the quarter ended 30 September 2026), Emami Paper Mills reported revenue of ₹590 crore, up 30.8% from ₹451 crore a year earlier, and a profit of ₹44.0 crore, up 528.6% from ₹7.00 crore.

Emami Paper Mills results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Emami Paper Mills closed at ₹117.38 on 4 November 2026. Its highest weekly close since April 2026 was ₹124.65 on 16 October 2026.

Emami Paper Mills share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

36 weekly closes from 17 April 2026 to 4 November 2026.

4 Nov 2026: Emami Paper Mills closed at ₹117.38, down 0.1% on the week and up 1.8% on the month. Results for July to September 2026: Revenue up 30.8% and profit up 528.6% on a year earlier.

Earlier

• 28 Aug 2026: ex-date for a dividend of ₹3.20 a share.
• Our read, 22 Aug 2026: Emami Paper is executing an earnings recovery driven by operating leverage, expanding operating margins from 8% to 15% over four quarters, while generating sufficient cash to reduce debt by ₹254 Cr over five years.

Our read of the business

April to June 2026: Operating profit margin reaches 15% on 21.7% revenue expansion to ₹560 Cr.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Emami Paper Mills paid ₹3.20 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 2.73% at the ₹117.38 close on 4 November 2026. The last was a dividend of ₹3.20 a share, ex-date 28 August 2026.

Emami Paper Mills dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Emami Paper Mills Ltd paid out 32% of its profit as dividends in FY26, and it paid a dividend in 10 of its last 12 reported years.

From the NSE corporate-actions record, read 5 November 2026.

Emami Paper Mills' management made 0 promises we could check against what it later reported.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

The changes showing up in Emami Paper Mills' own numbers are costs spread over more sales. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

A reversal in quarterly operating margins below 10% sustained over two consecutive quarters, coupled with an increase in total borrowings above ₹1,000 Cr.

Each change stops working if

• Operating Leverage from Fixed Cost Absorption: Capacity utilization peaks or raw material waste paper costs escalate faster than finished paper price increases.
• Balance Sheet Deleveraging and Interest Reduction: Working capital bloat forces the company to increase short-term working capital borrowings.
• : Paper realization prices drop sharply below marginal production cost across the domestic market.
• High Cash Flow Conversion Yield: Inventory accumulation accelerates beyond the 114 days reached in March 2026.

The main risks

• Elevated Debt to Equity Ratio: Debt to equity of 1.8x leaves the business vulnerable during industry downcycles. ⚠ estimate
• Elongating Cash Conversion Cycle: Cash conversion cycle lengthened from 61 days to 109 days between fiscal 2022 and 2026. ⚠ estimate
• Earnings Flattery from Non-Operating Other Income: Quarterly net profit was flattered by other income spikes in two of the last four quarters. ⚠ estimate
• Paper Sector Commodity Pricing Exposure: Packaging board and paper prices are vulnerable to low imports and raw material price shifts. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Emami Paper Mills reports October to December 2026, these are the check that show whether the story is still on course. First: Operating margin remains above the corresponding earlier quarter while operating profit grows faster than sales.

Emami Paper Mills is on 3 of our India lists: Multibagger study list, Momentum stocks and Dividend stocks.

Emami Paper Mills Ltd earned ₹44.0 Cr of net profit in the Sep 2026 quarter, +528.6% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹61.0 Cr. Over 10 years profit has grown 8.1% a year on average. That is 7.5% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹7.0 Cr.

For the full year, FY26 profit was ₹61.0 Cr (+134.6% on the year before).

Why profit moved: revenue changed +30.8% on a year earlier and the margin moved +8.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +632.1% and revenue +16.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.

FY27-Q2. revenue ₹590 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Emami Paper Mills Ltd reported ₹590 Cr of revenue in the Sep 2026 quarter, +30.8% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 13.5% a year on average. The last full year, FY26, came in at ₹1,907 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The stock trades at a price to earnings multiple of 7.4x, sitting in the 11th percentile of its ten-year range. The ten-year historical median price to earnings ratio is 19.6x. Normalized price to earnings at mid-cycle margins stands at 7.0x.

The last four reported quarters add to ₹2,146 Cr.

FY26 revenue was ₹1,907 Cr, −1.1% on the year before.

Recent pace: the last four quarters grew +16.8% on average, against 13.5% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +16.6%, against +3.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +594.7%, against +23.2% a year (accelerating).

FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.

FY27-Q2. revenue ₹590 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Emami Paper Mills Ltd's operating margin was 16.0% in the Sep 2026 quarter, 8.0 percentage points higher than the same quarter a year ago. Across 12 years it has been between 7.0% and 16.0%. The latest quarter is within that range.

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

Why this happened. Revenue increased 21.7% year over year in June 2026 to ₹560 Cr from ₹460 Cr in June 2025. Because power, fuel, and depreciation are largely fixed, operating profit surged from ₹38 Cr to ₹83 Cr, expanding operating margins from 8% to 15%.

Why the margin moved: operating margin changed +7.7 percentage points on the year while gross margin changed +5.1 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.

FY27-Q2. revenue ₹590 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 346% of Emami Paper Mills Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹197 Cr of operating cash against ₹61.0 Cr of profit. After ₹28.0 Cr of spending on assets, ₹169 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 346% of profit came in as cash: the cash cycle got 29 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Emami Paper Mills Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 109 days in FY26, up from 80 days in FY21. It spent ₹51.0 Cr on assets over the last 3 years. Customers take 52 days to pay, and stock sits for 114 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,907 Cr, each day of that cycle ties up about ₹5.2 Cr, so roughly ₹569 Cr is tied up in the business at any time.

FY26: customers took 52 days to pay and stock sat for 114 days, about 3.8 months of sales sitting as stock, for a full cycle of 109 days, longer than FY21's 80.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 114 days. Customers pay about 52 days after that. Suppliers are paid at 58 days. Together that makes the 109-day cycle.

Spending on assets: ₹51.0 Cr over the last 3 years, against ₹167 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹5.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Emami Paper Mills Ltd's P/E is 5.4×, about the lowest it has ever been. Its usual P/E (the middle reading) is 17.6×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Worked out from its price on 11 October 2026, Emami Paper Mills Ltd's share price assumed profit growth of about 0.1% a year. Over the past 10 years its profit actually grew 8.1% a year. Today its P/E is 5.4×, lower than 100% of its own last 10 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Emami Paper Mills Ltd's business is turning around. EPS growth has swung from −78.7% at its low to +610.5%, improving for 4 quarters in a row, with ROCE steady at 11.0%. This is based on 8 quarters of 4 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it.

The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Emami Paper Mills Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: A reversal in quarterly operating margins below 10% sustained over two consecutive quarters, coupled with an increase in total borrowings above ₹1,000 Cr.

NOT YET CHECKED

Our read, 22 August 2026. Emami Paper is executing an earnings recovery driven by operating leverage, expanding operating margins from 8% to 15% over four quarters, while generating sufficient cash to reduce debt by ₹254 Cr over five years.

What is proven. Emami Paper is executing an earnings recovery driven by operating leverage, expanding operating margins from 8% to 15% over four quarters, while generating sufficient cash to reduce debt by ₹254 Cr over five years.

What is not proven yet. A reversal in quarterly operating margins below 10% sustained over two consecutive quarters, coupled with an increase in total borrowings above ₹1,000 Cr.

What would change our mind. A reversal in quarterly operating margins below 10% sustained over two consecutive quarters, coupled with an increase in total borrowings above ₹1,000 Cr.

The test written in advance. A reversal in quarterly operating margins below 10% sustained over two consecutive quarters, coupled with an increase in total borrowings above ₹1,000 Cr. Measured by: the thesis as written as stated by the next result.

The test written in advance. Elevated Debt to Equity Ratio. Measured by: Elevated Debt to Equity Ratio Total borrowings rising above ₹950 Cr or quarterly interest coverage ratio falling below 2.5x. by the next result.

The test written in advance. Elongating Cash Conversion Cycle. Measured by: Elongating Cash Conversion Cycle Inventory days exceeding 125 days or quarterly working capital requirements requiring debt drawdowns. by the next result.

What the company does. Operating profit margin expanded from 8% in September 2025 to 15% in June 2026, lifting quarterly net profit from ₹7 Cr to ₹39 Cr. Cumulative five-year free cash flow of ₹833 Cr has funded ₹254 Cr of debt repayment, lowering leverage risks even as working capital cycles elongated.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: June 2026 quarterly revenue of ₹560 Cr and net profit of ₹39 Cr indicate notable top-line and bottom-line expansion. The research reads it further: Operating leverage on fixed manufacturing overhead drove net profit up 550% YoY from ₹6 Cr as revenue expanded 21.7% YoY from ₹460 Cr.

What the surface reading misses. The surface reading is: Operating profit margin at 15% is near the 71st percentile of historical range, suggesting high profitability. The research reads it further: The margin expansion reflects operating leverage on fixed power, fuel, and plant overhead as quarterly revenue expanded to ₹560 Cr, recovering from 8% in the prior year.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtbuilding
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Volume recovery expands operating profit margins as fixed manufacturing expenses are spread over higher output. What proves it keeps working: Operating Leverage from Fixed Cost Absorption. It stops working if Capacity utilization peaks or raw material waste paper costs escalate faster than finished paper price increases.

Lever 4 · Paying down debt: building. Debt reduction lowers interest costs, expanding profit before tax margins. What proves it keeps working: Balance Sheet Deleveraging and Interest Reduction. It stops working if Working capital bloat forces the company to increase short-term working capital borrowings.

Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

Emami Paper Mills Ltd earned a ROCE of 11% in FY26. That is up from a low of 2% in FY15. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 3.2% net margin and 1.05× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 3.2% net margin × 1.05× asset turnover × 3.67× leverage (assets divided by equity) ≈ 12.3% on equity. The margin does its share; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Emami Paper Mills Ltd had ₹897 Cr of borrowings against ₹496 Cr of equity in FY26, so its debt is 1.81× its equity. Its operating profit is 3 times its interest bill. Over 5 years borrowings went from ₹1,151 Cr to ₹897 Cr. Over the last 3 of those years it spent ₹51.0 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Why this happened. Total borrowings decreased from ₹1,102 Cr in March 2023 to ₹897 Cr in March 2026, delivering ₹205 Cr in gross deleveraging. Quarterly interest expense remained at ₹16 Cr to ₹18 Cr across recent quarters, providing scope for interest savings as maturing loans are cleared.

The spending on assets is being paid for from cash, not new debt.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 13% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

No group of Emami Paper Mills Ltd's owners changed its stake by a full percentage point over the last two years. Promoters moved +0.0 points over the same period, to 75.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −0.6 points over 8 quarters, to 0.0%; Promoters: +0.0 points over 8 quarters, to 75.0%; Foreign institutions: +0.0 points over 8 quarters, to 0.5%.

For Emami Paper Mills Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

68.6 out of 100, rank 2 of 11 in Paper, with 60% of the evidence available.

Emami Paper Mills Ltd scores 68.6 out of 100 against the 11 companies it is compared with in Paper, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 29.5 + 16 + 11.2 + 11.9 = 68.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Emami Paper Mills ranks 2 of 11 Paper companies on the 4-Factor Sector Score, with 68.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Paper, all 11 compared on one page.

Emami Paper Mills is the 9th largest of 11 Paper companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Seshasayee Paper & Boards, N R Agarwal Industries, Tamil Nadu Newsprint & Papers and Pudumjee Paper Products. Just below it: Satia Industries and Kuantum Papers.

Paper companies close in size

5. Seshasayee Paper & Boards Ltd ₹1,279 crore
6. N R Agarwal Industries Ltd ₹1,132 crore
7. Tamil Nadu Newsprint & Papers Ltd ₹887 crore
8. Pudumjee Paper Products Ltd ₹842 crore
9. Emami Paper Mills Ltd ₹709 crore
10. Satia Industries Ltd ₹640 crore
11. Kuantum Papers Ltd ₹565 crore

All 11 Paper companies, largest first

Companies close in size in other industries

1811. Hy-Tech Engineers Ltd ₹710 crore
1812. Manaksia Steels Ltd ₹710 crore · Steel
1813. Emami Paper Mills Ltd ₹709 crore
1814. Hitech Corporation Ltd ₹708 crore · Packaging - Plastic Containers
1815. Shree Rama Multi-Tech Ltd ₹708 crore · Packaging - Laminates

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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