Emami Paper Mills Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹60.42Overvalued by 46.05%vs CMP ₹112.00

P/E (7.2) × ROE (12.4%) × BV (₹81.90) × DY (2.86%)

₹114.86Fairly Valued by 2.55%vs CMP ₹112.00

MoS: +2.5% (Thin)Confidence: 37/100 (Low)Models: 3 Under, 1 Fair, 3 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹47.32	30%	Over (-57.8%)
Graham Number	Earnings	₹101.49	22%	Fair (-9.4%)
Net Asset Value	Assets	₹81.34	10%	Over (-27.4%)
EV/EBITDA	Enterprise	₹171.03	12%	Under (+52.7%)
Earnings Yield	Earnings	₹55.90	10%	Over (-50.1%)
ROCE Capital	Returns	₹227.29	10%	Under (+102.9%)
Revenue Multiple	Revenue	₹316.16	7%	Under (+182.3%)
Consensus (7 models)		₹114.86	100%	Fairly Valued

Key Drivers: EPS CAGR -21.7% drags value — could be higher if earnings stabilize. | Wide model spread (₹47–₹316) — high uncertainty.

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

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 8:25 pm +05:30. Annual results through Mar 2025; quarterly results through Sep 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹1,928.00 Cr, versus ₹1,994.00 Cr in Mar 2024 (-3.3% year on year). Net profit for Mar 2025 was ₹26.00 Cr, versus ₹84.00 Cr in Mar 2024 (-69.0% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹44.00 Cr against net profit of ₹26.00 Cr. Cash flow covered 1.69 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹897.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Emami Paper Mills Ltd scores 56/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health55/100 · Moderate

ROCE 11.4% AverageROE 12.4% GoodD/E 1.50 High debtInterest Coverage 2.4x AdequateProfitable 5/5 available years Reported history

Smart Money60/100 · Moderate

FII holding up 0.01% (6mo) Slight increasePromoter holding at 75.0% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 2.39x Cash-backed earningsOPM stable around 10% Steady

Quarterly Momentum25/100 · Weak

Revenue (4Q): -8% YoY DecliningProfit (4Q): -79% YoY Declining

Industry Rank65/100 · Strong

P/E 7.2 vs industry 25.5 Lower P/EROCE 11.4% vs industry 16.1% AverageROE 12.4% vs industry 7.5% Above peers3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 8:25 pm

Market Cap	683 Cr.
Current Price	112
Intrinsic Value	₹116.06
High / Low	134/55.0
Stock P/E	7.23
Book Value	81.9
Dividend Yield	2.86 %
ROCE	11.4 %
ROE	12.4 %
Face Value	2.00
PEG Ratio	-0.33

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

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

Stock P/E Current Price Intrinsic Value

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	683 Cr.	112	134/55.0	7.23	81.9	2.86 %	11.4 %	12.4 %	2.00
Satia Industries Ltd	677 Cr.	67.7	83.8/50.6		109	0.59 %	3.94 %	3.83 %	1.00
Kuantum Papers Ltd	700 Cr.	80.2	118/65.0	19.4	141	3.12 %	5.24 %	3.45 %	1.00
Pudumjee Paper Products Ltd	906 Cr.	95.4	127/63.1	9.95	70.5	0.63 %	18.1 %	12.8 %	1.00
Orient Paper & Industries Ltd	356 Cr.	16.8	29.8/13.2		69.2	0.00 %	4.24 %	1.88 %	1.00
Industry Average	2,144.81 Cr	158.56		40.40	136.28	0.51%	14.29%	7.21%	6.52

All Competitor Stocks of Emami Paper Mills Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	612.43	564.91	552.30	539.25	436.64	515.26	484.47	503.69	495.09	454.31	474.95	459.76	450.61
Expenses	547.41	531.00	533.36	504.21	384.79	433.82	414.45	460.46	457.70	424.23	443.84	422.08	414.35
Operating Profit	65.02	33.91	18.94	35.04	51.85	81.44	70.02	43.23	37.39	30.08	31.11	37.68	36.26
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	0.37	0.60	0.99	0.46	0.21	0.84	1.81	0.65	0.57	1.49	1.75	1.60	4.91
Interest	13.80	15.50	18.14	20.11	17.41	16.24	15.50	13.86	14.92	16.61	15.80	17.05	17.33
Depreciation	16.72	17.08	17.29	13.61	12.49	13.24	20.93	12.56	12.91	13.17	13.05	12.88	13.77
Profit before tax	34.87	1.93	-15.50	1.78	22.16	52.80	35.40	17.46	10.13	1.79	4.01	9.35	10.07
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	25.03	1.41	-11.27	1.33	16.40	39.37	27.19	12.80	7.59	1.70	3.92	6.31	6.58
EPS in Rs	4.14	0.23	-1.86	0.22	2.71	6.51	4.49	2.12	1.25	0.28	0.65	1.04	1.09

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	547	521	539	1,140	1,356	1,538	1,515	1,216	1,958	2,381	1,994	1,928	1,886
Expenses	476	470	491	1,012	1,195	1,300	1,307	1,038	1,644	2,159	1,758	1,786	1,721
Operating Profit	70	51	47	128	161	239	209	178	314	222	236	142	165
OPM %	13%	10%	9%	11%	12%	16%	14%	15%	16%	9%	12%	7%	9%
Other Income	3	8	6	24	11	4	-23	92	-4	2	3	4	7
Interest	19	15	16	70	84	107	117	95	83	63	67	61	68
Depreciation	32	27	27	56	64	69	73	72	74	68	60	52	54
Profit before tax	23	17	11	26	24	66	-5	103	153	93	112	33	50
Tax %	20%	30%	-158%	27%	32%	34%	131%	50%	25%	26%	25%	22%
Net Profit	19	12	28	19	16	44	-10	51	115	69	84	26	34
EPS in Rs	3.08	2.01	4.61	3.15	2.71	7.27	-1.73	8.44	18.98	11.43	13.93	4.30	5.59
Dividend Payout %	20%	30%	13%	19%	44%	16%	0%	0%	8%	14%	11%	37%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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: September 3, 2026, 1:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	359	376	222	231	246	207	284	397	443	518	499	484
Borrowings	897	1,135	1,392	1,530	1,548	1,401	1,151	1,029	1,102	850	936	897
Other Liabilities	142	134	186	191	305	298	341	340	419	334	361	430
Total Liabilities	1,409	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,808	1,822
Fixed Assets	448	1,195	1,220	1,282	1,297	1,298	1,225	1,161	1,148	1,085	1,059	1,031
CWIP	620	5	5	9	103	1	0	31	4	10	4	5
Investments	1	1	56	56	44	24	54	49	39	45	59	39
Other Assets	341	458	532	618	667	595	509	538	785	574	686	748
Total Assets	1,409	1,658	1,812	1,964	2,111	1,918	1,788	1,779	1,976	1,714	1,808	1,822

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	38	-80	-15	69	275	313	246	329	32	351	44	197
Cash from Investing Activity +	-419	-102	-60	-124	-157	31	-7	-34	-24	-10	-17	-26
Cash from Financing Activity +	307	167	30	39	-123	-335	-246	-307	-9	-336	-32	-172
Net Cash Flow	-74	-14	-45	-16	-4	10	-7	-12	-0	5	-5	0
Free Cash Flow	-399	-194	-78	-57	118	274	238	294	8	340	26	168
CFO/OP	80%	-163%	-8%	47%	121%	151%	137%	105%	23%	153%	36%	107%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-399.00	-194.00	-78.00	-57.00	118.00	274.00	238.00	294.00	8.00	340.00	26.00	168.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	31	31	70	48	60	50	50	60	41	40	48	48
Inventory Days	87	136	192	117	111	133	111	108	67	91	69	103
Days Payable	30	83	84	42	36	75	76	88	47	46	33	40
Cash Conversion Cycle	87	84	178	123	135	107	86	80	61	84	84	110
Working Capital Days	-50	-53	-93	-38	-29	-56	-68	-77	-20	-10	1	4
ROCE %	5%	2%	2%	6%	6%	10%	8%	8%	17%	10%	12%	7%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.97%	74.97%	74.97%	74.97%
FIIs	0.50%	0.50%	0.50%	0.50%	0.57%	0.56%	0.55%	0.54%	0.53%	0.53%	0.53%	0.54%
DIIs	4.32%	3.81%	3.01%	1.03%	0.58%	0.00%	0.00%	0.00%	0.04%	0.07%	0.06%	0.00%
Public	20.20%	20.71%	21.51%	23.49%	23.88%	24.48%	24.47%	24.48%	24.45%	24.42%	24.44%	24.49%
No. of Shareholders	13,072	13,087	14,409	16,325	19,211	21,275	21,138	20,916	20,191	19,650	19,283	19,122

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HSBC Small Cap Fund - Regular Plan	1,855,505	0.17	24.23	1,855,505	2025-04-22 17:25:36	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	3.49	13.12	10.62	18.17	8.43
Diluted EPS (Rs.)	3.32	10.61	8.71	14.45	8.40
Cash EPS (Rs.)	12.84	23.90	22.60	31.19	20.36
Book Value[Excl.RevalReserv]/Share (Rs.)	84.52	87.70	75.24	67.69	48.92
Book Value[Incl.RevalReserv]/Share (Rs.)	84.52	87.70	75.24	67.69	48.92
Dividend / Share (Rs.)	1.60	1.60	1.60	1.60	0.00
Revenue From Operations / Share (Rs.)	318.68	329.56	381.51	323.59	201.04
PBDIT / Share (Rs.)	24.18	39.61	37.04	52.17	32.66
PBIT / Share (Rs.)	15.63	29.65	25.87	39.96	20.73
PBT / Share (Rs.)	5.52	18.54	15.39	25.35	16.96
Net Profit / Share (Rs.)	4.30	13.93	11.43	18.98	8.44
PBDIT Margin (%)	7.58	12.02	9.71	16.12	16.24
PBIT Margin (%)	4.90	8.99	6.78	12.34	10.31
PBT Margin (%)	1.73	5.62	4.03	7.83	8.43
Net Profit Margin (%)	1.34	4.22	2.99	5.86	4.19
Return on Networth / Equity (%)	5.08	15.88	15.19	28.03	17.25
Return on Capital Employeed (%)	8.10	15.32	13.81	21.13	11.94
Return On Assets (%)	1.43	4.91	3.50	6.45	2.85
Long Term Debt / Equity (X)	0.61	0.43	0.60	0.84	1.37
Total Debt / Equity (X)	1.50	1.14	1.89	1.92	2.38
Asset Turnover Ratio (%)	1.09	1.08	1.23	1.10	0.65
Current Ratio (X)	1.05	1.04	0.92	0.83	0.67
Quick Ratio (X)	0.48	0.58	0.43	0.47	0.37
Inventory Turnover Ratio (X)	6.26	4.55	5.85	6.17	2.90
Dividend Payout Ratio (NP) (%)	37.21	17.29	21.07	0.06	0.00
Dividend Payout Ratio (CP) (%)	12.45	10.08	10.66	0.03	0.00
Earning Retention Ratio (%)	62.79	82.71	78.93	99.94	0.00
Cash Earning Retention Ratio (%)	87.55	89.92	89.34	99.97	0.00
Interest Coverage Ratio (X)	2.39	3.56	3.53	3.83	2.07
Interest Coverage Ratio (Post Tax) (X)	1.43	2.25	2.09	2.47	0.77
Enterprise Value (Cr.)	1441.44	1535.11	1780.70	2018.06	1679.79
EV / Net Operating Revenue (X)	0.74	0.76	0.77	1.03	1.38
EV / EBITDA (X)	9.85	6.41	7.95	6.39	8.50
MarketCap / Net Operating Revenue (X)	0.26	0.34	0.29	0.50	0.61
Retention Ratios (%)	62.78	82.70	78.92	99.93	0.00
Price / BV (X)	0.98	1.30	1.49	2.42	2.52
Price / Net Operating Revenue (X)	0.26	0.34	0.29	0.50	0.61
EarningsYield	0.05	0.12	0.10	0.11	0.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

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

Emami Paper Mills Ltd: the stored intrinsic value estimate is ₹114.86, compared with a stored share price of ₹112.00. The model value is 2.6% above that quote. The model classifies this as fairly valued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Emami Paper Mills Ltd?

The stored share price is ₹112.00. Price-data record updated: 25 September 2026, 8:25 pm +05:30. This is not a live quote. The stored 52-week high / low is 134/55.0; this is a rolling range, not a financial-year range.

How have Emami Paper Mills Ltd's revenue and profit changed?

Does Emami Paper Mills Ltd's profit convert into cash?

What should I check in Emami Paper Mills Ltd's balance sheet?

Reported borrowings were ₹897.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Emami Paper Mills Ltd's P/E with other stocks?

The stored P/E is 7.23. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Emami Paper Mills Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.