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Last Updated: April 2, 2026, 2:52 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 533208 | NSE: EMAMIPAP

Emami Paper Mills Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹39.79Overvalued by 35.51%vs CMP ₹61.70

P/E (10.5) × ROE (4.8%) × BV (₹96.20) × DY (2.59%)

₹115.58Undervalued by 87.33%vs CMP ₹61.70
MoS: +46.6% (Strong)Confidence: 50/100 (Moderate)Models: 5 Under, 1 Fair, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹31.1630%Over (-49.5%)
Graham NumberEarnings₹110.0022%Under (+78.3%)
Net Asset ValueAssets₹96.2710%Under (+56%)
EV/EBITDAEnterprise₹187.5812%Under (+204%)
Earnings YieldEarnings₹55.9010%Fair (-9.4%)
ROCE CapitalReturns₹228.4510%Under (+270.3%)
Revenue MultipleRevenue₹318.927%Under (+416.9%)
Consensus (7 models)₹115.58100%Undervalued
Key Drivers: EPS CAGR -21.7% drags value — could be higher if earnings stabilize. | ROE 4.8% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -21.7%

*Investments are subject to market risks

Investment Snapshot

39
Emami Paper Mills Ltd scores 39/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health34/100 · Weak
ROCE 6.6% WeakROE 4.8% WeakD/E 2.38 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 75.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 10% Steady
Quarterly Momentum25/100 · Weak
Revenue (4Q): -8% YoY DecliningProfit (4Q): -79% YoY Declining
Industry Rank45/100 · Moderate
P/E 10.5 vs industry 25.3 Cheaper than peersROCE 6.6% vs industry 9.3% AverageROE 4.8% vs industry 134.8% Below peers3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:52 am

Market Cap 373 Cr.
Current Price 61.7
Intrinsic Value₹115.58
High / Low 123/55.0
Stock P/E10.5
Book Value 96.2
Dividend Yield2.59 %
ROCE6.58 %
ROE4.80 %
Face Value 2.00
PEG Ratio-0.48

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Emami Paper Mills Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Emami Paper Mills Ltd 373 Cr. 61.7 123/55.010.5 96.22.59 %6.58 %4.80 % 2.00
Fundamental Analysis of Ruchira Papers Ltd 400 Cr. 134164/91.15.85 1383.76 %24.0 %19.7 % 10.0
Orient Paper & Industries Ltd 341 Cr. 16.1 31.5/13.2 73.30.00 %2.60 %3.08 % 1.00
Genus Paper & Boards Ltd 266 Cr. 10.4 22.0/8.6528.3 20.30.00 %4.73 %0.61 % 1.00
Star Paper Mills Ltd 200 Cr. 128 190/1165.12 4492.73 %7.76 %5.91 % 10.0
Industry Average694.36 Cr69.4125.25107.280.86%9.32%134.80%6.50

All Competitor Stocks of Emami Paper Mills Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 612.43564.91552.30539.25436.64515.26484.47503.69495.09454.31474.95459.76450.61
Expenses 547.41531.00533.36504.21384.79433.82414.45460.46457.70424.23443.84422.08414.35
Operating Profit 65.0233.9118.9435.0451.8581.4470.0243.2337.3930.0831.1137.6836.26
OPM % 10.62%6.00%3.43%6.50%11.87%15.81%14.45%8.58%7.55%6.62%6.55%8.20%8.05%
Other Income 0.370.600.990.460.210.841.810.650.571.491.751.604.91
Interest 13.8015.5018.1420.1117.4116.2415.5013.8614.9216.6115.8017.0517.33
Depreciation 16.7217.0817.2913.6112.4913.2420.9312.5612.9113.1713.0512.8813.77
Profit before tax 34.871.93-15.501.7822.1652.8035.4017.4610.131.794.019.3510.07
Tax % 28.22%26.94%-27.29%25.28%25.99%25.44%23.19%26.69%25.07%5.03%2.24%32.51%34.66%
Net Profit 25.031.41-11.271.3316.4039.3727.1912.807.591.703.926.316.58
EPS in Rs 4.140.23-1.860.222.716.514.492.121.250.280.651.041.09

Last Updated: January 1, 2026, 9:04 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 12:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5475215391,1401,3561,5381,5151,2161,9582,3811,9941,9281,886
Expenses 4764704911,0121,1951,3001,3071,0381,6442,1591,7581,7861,721
Operating Profit 705147128161239209178314222236142165
OPM % 13%10%9%11%12%16%14%15%16%9%12%7%9%
Other Income 38624114-2392-42347
Interest 1915167084107117958363676168
Depreciation 32272756646973727468605254
Profit before tax 231711262466-5103153931123350
Tax % 20%30%-158%27%32%34%131%50%25%26%25%22%
Net Profit 191228191644-105111569842634
EPS in Rs 3.082.014.613.152.717.27-1.738.4418.9811.4313.934.305.59
Dividend Payout % 20%30%13%19%44%16%0%0%8%14%11%37%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-36.84%133.33%-32.14%-15.79%175.00%-122.73%610.00%125.49%-40.00%21.74%-69.05%
Change in YoY Net Profit Growth (%)0.00%170.18%-165.48%16.35%190.79%-297.73%732.73%-484.51%-165.49%61.74%-90.79%

Emami Paper Mills Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:5%
3 Years:-1%
TTM:-3%
Compounded Profit Growth
10 Years:10%
5 Years:19%
3 Years:-41%
TTM:-80%
Stock Price CAGR
10 Years:8%
5 Years:9%
3 Years:-16%
1 Year:-18%
Return on Equity
10 Years:11%
5 Years:14%
3 Years:12%
Last Year:5%

Last Updated: September 5, 2025, 3:30 am

Balance Sheet

Last Updated: December 4, 2025, 1:12 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 12121212121212121212121212
Reserves 306359376222231246207284397443518499570
Borrowings 5988971,1351,3921,5301,5481,4011,1511,0291,102850941806
Other Liabilities 81142134186191305298341340419334364476
Total Liabilities 9971,4091,6581,8121,9642,1111,9181,7881,7791,9761,7141,8171,865
Fixed Assets 4524481,1951,2201,2821,2971,2981,2251,1611,1481,0851,0591,053
CWIP 167620559103103141042
Investments 11156564424544939455956
Other Assets 377341458532618667595509538785574695754
Total Assets 9971,4091,6581,8121,9642,1111,9181,7881,7791,9761,7141,8171,865

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 9538-80-15692753132463293235144
Cash from Investing Activity + -116-419-102-60-124-15731-7-34-24-10-17
Cash from Financing Activity + 1103071673039-123-335-246-307-9-336-32
Net Cash Flow 90-74-14-45-16-410-7-12-05-5
Free Cash Flow -40-399-194-78-57118274238294834026
CFO/OP 142%80%-163%-8%47%121%151%137%105%23%153%36%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-528.00-846.0046.00127.00160.00238.00208.00177.00313.00221.00-614.00-799.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 313170486050506041404848
Inventory Days 87136192117111133111108679169103
Days Payable 308384423675768847463340
Cash Conversion Cycle 87841781231351078680618484110
Working Capital Days -50-53-93-38-29-56-68-77-20-1014
ROCE %5%2%2%6%6%10%8%8%17%10%12%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.98%74.98%74.98%74.98%74.98%74.98%74.98%74.98%74.98%74.98%74.97%74.97%
FIIs 0.52%0.52%0.50%0.50%0.50%0.50%0.57%0.56%0.55%0.54%0.53%0.53%
DIIs 4.29%4.29%4.32%3.81%3.01%1.03%0.58%0.00%0.00%0.00%0.04%0.07%
Public 20.22%20.21%20.20%20.71%21.51%23.49%23.88%24.48%24.47%24.48%24.45%24.42%
No. of Shareholders 13,26413,23913,07213,08714,40916,32519,21121,27521,13820,91620,19119,650

Shareholding Pattern Chart

No. of Shareholders

Emami Paper Mills Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HSBC Small Cap Fund - Regular Plan 1,855,505 0.17 24.231,855,5052025-04-22 17:25:360%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 3.4913.1210.6218.178.43
Diluted EPS (Rs.) 3.3210.618.7114.458.40
Cash EPS (Rs.) 12.8423.9022.6031.1920.36
Book Value[Excl.RevalReserv]/Share (Rs.) 84.5287.7075.2467.6948.92
Book Value[Incl.RevalReserv]/Share (Rs.) 84.5287.7075.2467.6948.92
Dividend / Share (Rs.) 1.601.601.601.600.00
Revenue From Operations / Share (Rs.) 318.68329.56381.51323.59201.04
PBDIT / Share (Rs.) 24.1839.6137.0452.1732.66
PBIT / Share (Rs.) 15.6329.6525.8739.9620.73
PBT / Share (Rs.) 5.5218.5415.3925.3516.96
Net Profit / Share (Rs.) 4.3013.9311.4318.988.44
PBDIT Margin (%) 7.5812.029.7116.1216.24
PBIT Margin (%) 4.908.996.7812.3410.31
PBT Margin (%) 1.735.624.037.838.43
Net Profit Margin (%) 1.344.222.995.864.19
Return on Networth / Equity (%) 5.0815.8815.1928.0317.25
Return on Capital Employeed (%) 8.1015.3213.8121.1311.94
Return On Assets (%) 1.434.913.506.452.85
Long Term Debt / Equity (X) 0.610.430.600.841.37
Total Debt / Equity (X) 1.501.141.891.922.38
Asset Turnover Ratio (%) 1.091.081.231.100.65
Current Ratio (X) 1.051.040.920.830.67
Quick Ratio (X) 0.480.580.430.470.37
Inventory Turnover Ratio (X) 6.264.555.856.172.90
Dividend Payout Ratio (NP) (%) 37.2117.2921.070.060.00
Dividend Payout Ratio (CP) (%) 12.4510.0810.660.030.00
Earning Retention Ratio (%) 62.7982.7178.9399.940.00
Cash Earning Retention Ratio (%) 87.5589.9289.3499.970.00
Interest Coverage Ratio (X) 2.393.563.533.832.07
Interest Coverage Ratio (Post Tax) (X) 1.432.252.092.470.77
Enterprise Value (Cr.) 1441.441535.111780.702018.061679.79
EV / Net Operating Revenue (X) 0.740.760.771.031.38
EV / EBITDA (X) 9.856.417.956.398.50
MarketCap / Net Operating Revenue (X) 0.260.340.290.500.61
Retention Ratios (%) 62.7882.7078.9299.930.00
Price / BV (X) 0.981.301.492.422.52
Price / Net Operating Revenue (X) 0.260.340.290.500.61
EarningsYield 0.050.120.100.110.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Emami Paper Mills Ltd. is a Public Limited Listed company incorporated on 26/09/1981 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L21019WB1981PLC034161 and registration number is 034161. Currently Company is involved in the business activities of Manufacture of pulp, paper and paperboard. Company's Total Operating Revenue is Rs. 1928.04 Cr. and Equity Capital is Rs. 12.10 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paper & Paper Products687, Anandapur, 1st Floor, Kolkata West Bengal 700107Contact not found
Management
NamePosition Held
Mr. Aditya V AgarwalExecutive Chairman
Mr. Manish GoenkaVice Chairman
Mr. Vivek ChawlaWholeTime Director & CEO
Mr. P S PatwariNon Executive Director
Mrs. Richa AgarwalNon Executive Director
Mr. Sumit BanerjeeIndependent Director
Mr. Amit Kiran DebIndependent Director
Mrs. Mamta BinaniIndependent Director
Mr. Ranjit Kumar PachnandaIndependent Director
Mr. Niraj JalanIndependent Director

FAQ

What is the intrinsic value of Emami Paper Mills Ltd and is it undervalued?

As of 09 April 2026, Emami Paper Mills Ltd's intrinsic value is ₹115.58, which is 87.33% higher than the current market price of ₹61.70, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (4.80 %), book value (₹96.2), dividend yield (2.59 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Emami Paper Mills Ltd?

Emami Paper Mills Ltd is trading at ₹61.70 as of 09 April 2026, with a FY2026-2027 high of ₹123 and low of ₹55.0. The stock is currently near its 52-week low. Market cap stands at ₹373 Cr..

How does Emami Paper Mills Ltd's P/E ratio compare to its industry?

Emami Paper Mills Ltd has a P/E ratio of 10.5, which is below the industry average of 25.25. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Emami Paper Mills Ltd financially healthy?

Key indicators for Emami Paper Mills Ltd: ROCE of 6.58 % is on the lower side compared to the industry average of 9.32%; ROE of 4.80 % is below ideal levels (industry average: 134.80%). Dividend yield is 2.59 %.

Is Emami Paper Mills Ltd profitable and how is the profit trend?

Emami Paper Mills Ltd reported a net profit of ₹26 Cr in Mar 2025 on revenue of ₹1,928 Cr. Compared to ₹115 Cr in Mar 2022, the net profit shows a declining trend.

Does Emami Paper Mills Ltd pay dividends?

Emami Paper Mills Ltd has a dividend yield of 2.59 % at the current price of ₹61.70. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Emami Paper Mills Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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