Emami Paper Mills Limited (EMAMIPAP) share price

₹116.00 on NSE as of 2026-09-11. -1.48% on the day. market cap ₹702 Cr. P/E 7.9. 52-week range ₹56.59 to ₹122.88. Forest Materials.

Emami Paper Mills Q1 FY27: ₹560 Crore of Revenue, ₹123.75 Crore of Preference Shares Coming Due

At a glance

Emami Paper Mills reported revenue from operations of ₹560.16 crore for the quarter ended 30 June 2026, against ₹459.76 crore in the same quarter last year and ₹496.41 crore in the preceding quarter. Operating profit came in at ₹82.94 crore, up from ₹37.68 crore a year earlier, with operating margin at 15% versus 8%. Profit after tax was ₹38.61 crore against ₹6.31 crore, a rise of 512%. Quarterly EPS stood at ₹6.38.

Other income for the quarter was ₹0.21 crore — near zero, which means the profit came from the paper business rather than anything sitting on the side. That contrasts with the March 2026 quarter, where other income was ₹15.05 crore against operating profit of ₹62.16 crore.

Alongside the results, the board noted two redemptions of Optionally Convertible Redeemable Preference Shares: ₹45 crore due 31 July 2026 and ₹78.75 crore due 16 September 2026, ₹123.75 crore in total.

For the full year ended March 2026, the company reported sales of ₹1,907 crore and net profit of ₹61 crore, against ₹1,928 crore and ₹26 crore in FY25. Borrowings stood at ₹817 crore at March 2026, down from ₹941 crore a year earlier.

India Ratings affirmed the company's bank loan facilities at IND A-/Stable in March 2026, describing the liquidity position as adequate.

One quarter of operating profit at ₹82.94 crore is the highest quarterly figure in the ten quarters on record here. What the balance sheet does with it is a separate story.

Introduction

Incorporated in 1981, Emami Paper Mills Ltd manufactures writing and printing paper, newsprint, and packaging boards. It is part of the Kolkata-based Emami Group, whose flagship, Emami Limited, holds 13.13% of the company directly, with the bulk of promoter holding sitting in two investment vehicles, Diwakar Finvest and Suraj Finvest.

The recent corporate record is mostly about two things: who runs the company, and who is owed money by it.

On the first: Vivek Chawla stepped down and Sushil Kumar Khetan was appointed CEO effective 2 September 2025. In December 2025, the Whole-time Director and Company Secretary resigned effective 5 December, and Khetan was appointed Whole-time Director from 6 December 2025 for three years, with shareholders approving on 8 January 2026. Aditya V. Agarwal was re-appointed Executive Chairman in October 2024.

On the second: the preference share ledger has been a recurring board agenda item. In March 2025, shareholders approved a variation in preference share terms. In October 2025, 15,00,000 8% preference shares were reclassified as non-cumulative redeemable preference shares, redeemable at ₹716, with maturity extended four years. In December 2025, the board approved a ₹28.8 crore OCRPS redemption for 20 January 2026. And now, ₹123.75 crore across two dates this quarter and next.

Per India Ratings, promoter funding formed around 38% of total debt in 9MFY26, in the form of non-cumulative optionally convertible or redeemable preference shares. The agency notes the group has extended the maturity of around 82% of the 4.25 million preference shares due for redemption or conversion over FY25-FY26, and that management has confirmed the group will continue to provide support as needed.

Other filings from the period: a solar power procurement PPA executed in May 2024, a High Court order for the arrest of a vessel over damaged goods in August 2024, settled that same month, and cautionary letters received from BSE and NSE in April 2025.

Business model

They make paper. Then, because the world stopped reading paper, they made the machines that make paper capable of making a different kind of paper.

The company runs mills at Balasore in Odisha and Dakshineswar in Kolkata, with roughly 1.50 lakh TPA of capacity for newsprint, writing and printing paper, and roughly 2 lakh TPA for consumer packaging board in recycled and virgin grades. It is India's largest newsprint producer and the only manufacturer in Eastern India — a superlative that, per India Ratings, describes a segment where margins have been weak on rising imports and a shift in user preference to online news platforms.

Being the biggest producer of a shrinking product is an unusual place to stand, and management appears to have noticed roughly a decade ago. The company entered packaging board in 2015 with 135,000 mtpa, gradually raised to 200,000 mtpa by FY20. Per India Ratings, all newsprint machines have been made fully flexible to produce newsprint, writing and printing paper, and Kraft paper interchangeably. A machine that can change its mind is a rarer asset in Indian manufacturing than it sounds.

The product profile runs to newsprint, writing and printing paper, and multilayer coated high-end packaging boards, with newer developments including oil-and-grease-resistant paper and bulky paper. End users span print media, FMCG, education, retail, e-commerce and general industry — which is to say the customer base includes both the newspaper that is dying and the delivery box that killed it.

Geographically, newsprint operations sit in the east and packaging board in the north and west. Exports of Kraft paper and virgin and recycled paperboard go to Bangladesh, Vietnam, the Middle East and Thailand, though per India Ratings the export share was 8% in FY25 and is likely to remain subdued in FY26.

The cost side explains a great deal. Per India Ratings, waste paper and pulp form 60%-65% of total cost, roughly two-thirds of the waste-paper requirement is imported, and pulp is entirely imported. The agency describes the company as a price taker. So the input is priced in dollars by global markets and the output is priced by whoever is dumping paper into India that month. The entire import exposure is hedged through forward covers, and foreign currency loans are completely hedged.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Emami Paper Mills Limited.

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