Emami Paper Mills Ltd
EMAMIPAPEmami Paper Mills Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 10-year range — the business is moving before the market.
Biggest watch item: the price is already 9 weeks into its uptrend — timing risk, not thesis risk.
The price is in a confirmed uptrend (9 weeks in) while the P/E sits at the 12th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +550.0% year on year, and 346% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
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.
Emami Paper Mills Ltd trades at ₹117, in a confirmed uptrend and 9 weeks into that stage. That is +22.2% against its own 200-day average. It sits at 98% of a 52-week range of ₹74 to ₹118. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks.
Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹117 it trades +22.2% versus its 200-day average and sits at 98% of its 52-week range (₹74–₹118).
Against the market, two honest reads. Cumulative: over the last 5 months the stock moved +55% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 15 straight weeks — 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.
Story check
Emami Paper Mills Ltd's story is not scored yet against the markers our research file 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.
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.
Layer 1 read, 22 August 2026 — KEEP. A paper mill's margin has climbed four quarters running and the share still costs seven times earnings. Profit per quarter has gone from 7 Cr to 39 Cr in a year as the operating margin climbed 8% to 12% to 13% to 15%, with the newest quarter the best of the last twelve on both sales (560 Cr, up 21.7%) and margin. Most of that gain sits at the raw-material line rather than in overheads, which means the company is earning a wider gap between what paper sells for and what it costs to make — a real price recovery, not an accounting effect. At 7.4 times earnings the share is in the cheapest eighth of its own decade, and unlike most cheap cyclicals it stays cheap when you put margins back to normal, because today's margin is only slightly above its ten-year average. Two honest warnings: borrowings…
What would change Layer 1’s mind. The timeline's own falsification is margin back below 10% for two straight quarters with borrowings above 1,000 Cr. I sharpen it to the next print, the September 2026 quarter: operating margin holding at 13% or above is the confirmation that four quarters of gain are structural rather than one favourable pricing window, since 13% is above the ten-year mid-point of 12.7%. Margin falling back to 10% or below in that quarter would say the paper spread has already turned, and because sales have…
Layer 2 read, 22 August 2026 — BENCH. Emami Paper's recovery is real, but the industry is adding too much supply. Operating margin reached 15% and quarterly profit ₹39 Cr, but the company has no call explaining whether this is durable. The external capital-cycle check shows institutions crowding in while industry capex and work-in-progress surge, producing LATE_CYCLE_FLOOD; the modelled valuation cushion also falls sharply after normalization [db_queries_run:computed_fair_values, ⚠ model context].
What would change Layer 2’s mind. BENCH would flip to ADVANCE if the next company-backed update shows margin holding above 10%, borrowings below ₹1,000 Cr and the cash cycle improving despite sector capacity additions.
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. — the thesis as written as stated by the next result.
The test written in advance. Elevated Debt to Equity Ratio — 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 — 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. Trailing price to earnings of 7.4x sits in the 11th percentile of historical valuation, closely aligning with normalized price to earnings of 7.0x. 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.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Operating Leverage from Fixed Cost… | in play | — | Volume recovery expands operating profit margins as fixed manufacturing expenses are spread over higher output. | Capacity utilization peaks or raw material waste paper costs escalate faster than finished paper price increases. |
| Balance Sheet Deleveraging and Interest… | in play | — | Debt reduction lowers interest costs, expanding profit before tax margins. | Working capital bloat forces the company to increase short-term working capital borrowings. |
| Valuation Multiple Support at Cyclical… | in play | — | Valuation of 7.4x price to earnings provides downside cushion against historical median multiples. | Paper realization prices drop sharply below marginal production cost across the domestic market. |
| High Cash Flow Conversion Yield | in play | — | Three-year operating cash flow conversion of 3.46x net profit provides self-funding capacity. | Inventory accumulation accelerates beyond the 114 days reached in March 2026. |
🚨 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.
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 Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Emami Paper Mills Ltd reported ₹560 Cr of revenue in the Jun 26 quarter, +21.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 13.5% a year. The last full year, FY26, came in at ₹1,907 Cr. The last four reported quarters add to ₹2,007 Cr.
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.
FY26 revenue came in at ₹1,907 Cr (−1.1% on the year), capping 10 years at 13.5% compound. The latest quarter (Jun 26) printed ₹560 Cr, +21.7% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +6.8% growth against the decade's 13.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +6.5% over the last 4 quarters against +1.7%/yr over the last 8 — accelerating; TTM profit +375.0% vs +0.0%/yr — accelerating.
FY26-Q4. revenue ₹496 Cr and profit ₹32 Cr as reported.
FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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.
Emami Paper Mills Ltd's operating margin is 15.0% in the Jun 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 7.0% to 16.0%. The current quarter sits inside that band.
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%.
The latest quarter's operating margin is 15.0%, +7.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 7.0%–16.0%.
Why the margin moved: operating margin went +6.6 pp year on year while gross margin went +5.6 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹496 Cr and profit ₹32 Cr as reported.
FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Emami Paper Mills Ltd earned ₹39.0 Cr of net profit in the Jun 26 quarter, +550.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹61.0 Cr. The 10-year compound rate is 8.1%. That is 7.0% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.
Jun 26 profit was ₹39.0 Cr, +550.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹61.0 Cr (+134.6%), and the 10-year compound rate is 8.1%.
Why profit moved: revenue contributed +21.7% and the margin +7.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +496.9% vs revenue +6.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹496 Cr and profit ₹32 Cr as reported.
FY27-Q1. revenue ₹560 Cr and profit ₹39 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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.
Over the last 3 fiscal years 346% of Emami Paper Mills Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹197 Cr of operating cash against ₹61.0 Cr of profit. After ₹28.0 Cr of capital spending, ₹169 Cr was left as free cash.
FY26: operating cash of ₹197 Cr against reported profit of ₹61.0 Cr, leaving free cash of ₹169 Cr after ₹28.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 346% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 346%: the cash cycle stretched 29 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
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).
Emami Paper Mills Ltd's cash conversion cycle runs 109 days in FY26, up from 80 days in FY21. Capital spending ran ₹51.0 Cr over the last 3 years. At FY26 sales of ₹1,907 Cr each day of that cycle holds about ₹5.2 Cr, so roughly ₹569 Cr sits inside the business at any moment.
FY26: debtors at 52 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 109 days, looser than FY21's 80.
The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 52 days after that; and suppliers themselves are paid at 58 days — netting out to the 109-day cycle.
In money terms: at FY26 sales of ₹1,907 Cr, each day of the cycle holds about ₹5.2 Cr — so the 109-day loop keeps roughly ₹569 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹51.0 Cr over the last 3 fiscal years against ₹167 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹5.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
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.
Emami Paper Mills Ltd earns a ROCE of 11% in FY26. That is up from a trough of 2% in FY15. Return on invested capital clears the cost of that capital by −4.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.2% net margin on 1.05× asset turns.
FY26 ROCE is 11%, recovered from a FY15 trough of 2% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 3.2% net margin × 1.05× asset turns × 3.67× balance-sheet leverage ≈ 12.3% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 7.3% − 12.0% = a −4.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
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.
Emami Paper Mills Ltd carries ₹897 Cr of borrowings against ₹496 Cr of equity in FY26, a debt-to-equity of 1.81. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹1,151 Cr to ₹897 Cr. Capital spending ran ₹51.0 Cr across the last 3 of those years.
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.
FY26: borrowings of ₹897 Cr against equity of ₹496 Cr — a debt-to-equity of 1.81. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹1,151 Cr to ₹897 Cr while capital spending ran ₹51.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
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.
Domestic institutions cut 1.0 points of Emami Paper Mills Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.0% of the company. Promoters moved +0.0 points over the same window, to 75.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −1.0 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%.
🚨 Why the register moved: domestic institutions drove it (−1.0 points) — distribution into the market’s bid.
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.
Emami Paper Mills 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.
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.
Emami Paper Mills Ltd trades at 7.5× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 17.8×, measured across 10.3 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 7.5× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 17.8× measured over 10.3 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 27 August 2026 price, Emami Paper Mills Ltd was paying for profit growth of about 0.1% a year. Profit itself has compounded 8.1% a year over the past 10 years. Today the market pays 7.5× P/E, the 12th percentile of its own 10-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 18 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
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).
Emami Paper Mills 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 10 quarters across 3 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.
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.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −1.1% | −7.1% | +9.4% | +13.5% |
| Profit | +134.6% | −4.0% | +3.6% | +8.1% |
| EPS | +136.0% | −3.9% | +3.8% | +8.2% |
4-Factor Sector Score
67.2/100 — rank 2 of 11 in Paper · 65% evidence confidence
Emami Paper Mills Ltd scores 67.2 out of 100 against the 11 companies it is compared with in Paper, ranking 2. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 27.5 + 16.6 + 11.2 + 11.9 = 67.2. 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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1N R Agarwal Industries LtdNRAIL | 69.3/100Favorable setup87% evidence | BREAKING OUT | 31.8/35 Revenue 32.6% · PAT 100% · OPM change 7.4 pp 95% evidence | 11.8/25 ROCE 8.5% · OPM 11% 95% evidence | 7.9/20 P/E 16.1× · PEG — 50% evidence | 17.8/20 RS sector 16.7% · RS bench 35.8% · 1Y 61.8%6 of 12 weeks ahead 100% evidence |
| Exact sum: 31.8 + 11.8 + 7.9 + 17.8 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Emami Paper Mills Ltdthis pageEMAMIPAP | 67.2/100Favorable setup65% evidence | BREAKING OUT | 27.5/35 Revenue 6.5% · PAT 100% · OPM change 7 pp 95% evidence | 16.6/25 ROCE 11.4% · OPM 15% 95% evidence | 11.2/20 P/E 7.5× · PEG — 15% evidence | 11.9/20 RS sector — · RS bench 31.4% · 1Y —10 of 10 weeks ahead 25% evidence |
| Exact sum: 27.5 + 16.6 + 11.2 + 11.9 = 67.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3West Coast Paper Mills LtdWSTCSTPAPR | 57.2/100Mixed-positive evidence82% evidence | LEADER | 16.3/35 Revenue 7.8% · PAT -13.1% · OPM change 7 pp 95% evidence | 13.6/25 ROCE 6.2% · OPM 19% 76% evidence | 7.3/20 P/E 22.1× · PEG — 50% evidence | 20.0/20 RS sector 38.2% · RS bench 60.6% · 1Y 56.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 16.3 + 13.6 + 7.3 + 20 = 57.2 · Decision use: Price leads the evidence: RS versus the benchmark is 60.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4JK Paper LtdJKPAPER | 53.0/100Mixed-positive evidence82% evidence | TURNING | 16.7/35 Revenue 10% · PAT -4.9% · OPM change 0 pp 95% evidence | 14.1/25 ROCE 7.4% · OPM 15% 76% evidence | 8.2/20 P/E 23.9× · PEG — 50% evidence | 14.0/20 RS sector 1.5% · RS bench 18.4% · 1Y 10.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.7 + 14.1 + 8.2 + 14 = 53 · Decision use: Price leads the evidence: RS versus the benchmark is 18.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5Pudumjee Paper Products LtdPDMJEPAPER | 51.4/100Mixed-positive evidence81% evidence | BREAKING OUT | 12.0/35 Revenue 1.6% · PAT -12.4% · OPM change 1 pp 95% evidence | 20.1/25 ROCE 18.1% · OPM 18% 95% evidence | 12.9/20 P/E 10.6× · PEG — 50% evidence | 6.4/20 RS sector -32.8% · RS bench 12.2% · 1Y -20.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 12 + 20.1 + 12.9 + 6.4 = 51.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Seshasayee Paper & Boards LtdSESHAPAPER | 44.6/100Mixed-negative evidence87% evidence | TURNING | 21.2/35 Revenue 5.9% · PAT 13.8% · OPM change 4 pp 95% evidence | 7.4/25 ROCE 5.6% · OPM 9% 95% evidence | 11.2/20 P/E 15.9× · PEG — 50% evidence | 4.8/20 RS sector -11.5% · RS bench 3.3% · 1Y -6.9%2 of 12 weeks ahead 100% evidence |
| Exact sum: 21.2 + 7.4 + 11.2 + 4.8 = 44.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Tamil Nadu Newsprint & Papers LtdTNPL | 44.3/100Mixed-negative evidence72% evidence | TURNING | 16.4/35 Revenue 2.9% · PAT 100% · OPM change 1.1 pp 71% evidence | 11.7/25 ROCE 6.4% · OPM 10% 95% evidence | 11.5/20 P/E 3.9× · PEG — 15% evidence | 4.7/20 RS sector -11% · RS bench 4% · 1Y -7.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 11.7 + 11.5 + 4.7 = 44.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Andhra Paper LtdANDHRAPAP | 39.2/100Mixed-negative evidence80% evidence | TURNING | 11.8/35 Revenue 5.2% · PAT -66.3% · OPM change 3 pp 95% evidence | 6.5/25 ROCE 0% · OPM 12% 95% evidence | 8.5/20 P/E 53.7× · PEG — 15% evidence | 12.4/20 RS sector -2.7% · RS bench 13.6% · 1Y -6.5%2 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 6.5 + 8.5 + 12.4 = 39.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Kuantum Papers LtdKUANTUM | 32.6/100Adverse evidence87% evidence | TURNING | 10.5/35 Revenue 11.9% · PAT -59.4% · OPM change -4.9 pp 95% evidence | 9.4/25 ROCE 5.2% · OPM 13.2% 95% evidence | 9.7/20 P/E 19× · PEG — 50% evidence | 3.0/20 RS sector -20.9% · RS bench -7.4% · 1Y -29.1%3 of 12 weeks ahead 100% evidence |
| Exact sum: 10.5 + 9.4 + 9.7 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Satia Industries LtdSATIA | 27.0/100Adverse evidence87% evidence | TURNING | 2.3/35 Revenue -2.8% · PAT -80% · OPM change -3 pp 95% evidence | 6.0/25 ROCE 3.9% · OPM 14% 95% evidence | 7.3/20 P/E 13.2× · PEG — 50% evidence | 11.4/20 RS sector -8.3% · RS bench 7.1% · 1Y -17.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 2.3 + 6 + 7.3 + 11.4 = 27 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11KS Smart Technlogies Limited516038 | 40.4/100Thin evidence · provisional28% evidence | ASLEEP | 17.9/35 Revenue — · PAT — · OPM change — 3% evidence | 6.2/25 ROCE -6% · OPM 4.1% 76% evidence | 8.8/20 P/E 25.5× · PEG — 15% evidence | 7.5/20 RS sector — · RS bench -27% · 1Y 60.9%0 of 12 weeks ahead 25% evidence |
| Exact sum: 17.9 + 6.2 + 8.8 + 7.5 = 40.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Emami Paper Mills Ltd's share price today?
Emami Paper Mills Ltd trades at ₹117. The company is valued at ₹706 Cr. The stock sits at 98% of its 52-week range of ₹74–₹118, +22.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 9 weeks in. — as of 18 September 2026.
What were Emami Paper Mills Ltd's latest quarterly results?
Emami Paper Mills Ltd reported revenue of ₹560 Cr and net profit of ₹39.0 Cr for the Jun 26 quarter. Revenue rose 21.7% and profit rose 550.0% year on year. Earnings per share were ₹6.38. The operating margin was 15.0%, 7.0 pp higher than a year earlier. — as of 18 September 2026.
What is Emami Paper Mills Ltd's revenue?
Emami Paper Mills Ltd reported revenue of ₹560 Cr in the Jun 26 quarter, +21.7% year on year. For the full FY26 fiscal year, revenue was ₹1,907 Cr (−1.1%). Over the last 10 years revenue compounded at 13.5% a year. — as of 18 September 2026.
What is Emami Paper Mills Ltd's profit?
Emami Paper Mills Ltd earned ₹39.0 Cr of net profit in the Jun 26 quarter, +550.0% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹61.0 Cr. The operating margin ran 15.0% in the latest quarter. — as of 18 September 2026.
What is Emami Paper Mills Ltd's market cap?
Emami Paper Mills Ltd's market capitalisation is ₹706 Cr at a share price of ₹117. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 18 September 2026.
What is Emami Paper Mills Ltd's P/E ratio?
Emami Paper Mills Ltd trades at a P/E of 7.5×, at the 12th percentile of its own 10-year range, against a long-run median of 17.8×. This is a comparison with the stock's own history, not a value call — as of 18 September 2026.
Does Emami Paper Mills Ltd pay a dividend?
Yes — Emami Paper Mills Ltd's dividend payout was 32% of profit in FY26, and it recorded a payout in 10 of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 18 September 2026.
Is Emami Paper Mills Ltd overvalued?
On its own history, Emami Paper Mills Ltd looks cheap: its P/E of 7.5× has been cheaper only 12% of the time in 10 years (long-run median 17.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 18 September 2026.
Is Emami Paper Mills Ltd growing?
Yes — Emami Paper Mills Ltd is growing: latest-quarter revenue +21.7% year on year, profit +550.0%, and the margin +7.0 pp at 15.0%. The 10-year compound rates are 13.5% (revenue) and 8.1% (profit). The earnings engine currently reads: improving — as of 18 September 2026.
How is Emami Paper Mills Ltd performing?
Emami Paper Mills Ltd is in a confirmed uptrend, 9 weeks in. Its latest quarter's revenue rose 21.7% and profit rose 550.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 15 weeks. This describes what the data did, not a rating. — as of 18 September 2026.
Is Emami Paper Mills Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 9 of stage 2), trading +22.2% versus its 200-day average and at 98% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 18 September 2026.
Is Emami Paper Mills Ltd beating the market?
On recent form, yes — Emami Paper Mills Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5 months the stock moved +55% against the NIFTY 500's −1% — ahead of the index over the full window. — as of 18 September 2026.
Will Emami Paper Mills Ltd's share price go up?
This page publishes no price forecast for Emami Paper Mills Ltd. What it measures instead: the share price is ₹117, the price is in a confirmed uptrend 9 weeks in. Its P/E of 7.5× sits at the 12th percentile of its own 10-year range. — as of 18 September 2026.
Who owns Emami Paper Mills Ltd?
Promoters hold 75.0% of Emami Paper Mills Ltd, foreign institutions 0.5%, domestic institutions 0.0% and the public 24.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 1.0 points over 8 quarters. — as of 18 September 2026.
Does Emami Paper Mills Ltd have too much debt?
It carries real leverage — Emami Paper Mills Ltd's debt-to-equity is 1.81, and operating profit covers the interest bill 3×. FY26 borrowings were ₹897 Cr against equity of ₹496 Cr. Read the returns on this page with that leverage in mind — as of 18 September 2026.
What is Emami Paper Mills Ltd's capex?
Emami Paper Mills Ltd spent ₹51.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹28.0 Cr, with ₹5.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 18 September 2026.
What is Emami Paper Mills Ltd's cash flow?
Emami Paper Mills Ltd generated ₹197 Cr of operating cash flow in FY26 and ₹169 Cr of free cash flow after ₹28.0 Cr of capital spending. Reported profit that year was ₹61.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 18 September 2026.
Is Emami Paper Mills Ltd's profit real cash?
Yes — over the last 3 fiscal years, 346% of Emami Paper Mills Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹197 Cr against reported profit of ₹61.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 18 September 2026.
Where is Emami Paper Mills Ltd in its business cycle?
Emami Paper Mills Ltd's FY26 operating margin was 10.0%, against a 12-year band of 7.0%–16.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 18 September 2026.
What growth does Emami Paper Mills Ltd's price assume?
At its price on 27 August 2026, Emami Paper Mills Ltd was priced for profit growth of about 0.1% a year. Profit itself has compounded 8.1% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 18 September 2026.
What could break the Emami Paper Mills Ltd story?
Biggest watch item: the price is already 9 weeks into its uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 18 September 2026.
Is Emami Paper Mills Ltd a stock worth studying right now?
This is not investment advice. The machine read: Emami Paper Mills Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 18 September 2026.
Not SEBI Registered !! Not Investment advice !!