Malu Paper Mills Limited
NSE: MALUPAPER · Paper & Paper Products · sector
₹30.40NSE close 2026-10-26
Key numbers
Market cap₹52 cr
Price₹30.40
52w high / low₹44 / ₹27
P/E–Sector median 13.8x
P/B–Sector median 0.6x
Book value₹-14.9
Dividend yield–Sector median 1.38%
ROE–Sector median 5.8%
ROCE-1.0%Sector median 5.9%
OPM1.0%Sector median 8.2%
Debt / equity–Sector median 0.42x
EV/EBITDA56.8xSector median 8.0x
Interest cover-0.1x
Current ratio0.47x
Sales growth 3y+12.5%Sector median -4.5%
Profit growth 3y–Sector median -13.6%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 40 companies in Paper & Paper Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹4 cr vs borrowings ₹153 cr (FY26): borrowings are higher by ₹149 cr.
- Borrowings rose in each of the last 3 years (₹122 cr → ₹153 cr).
- Operating profit covered interest -0.1x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 3.10 percentage points in a year, to 72.90% (2026-09-30).
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 7 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- No dividend in the last 5 financial years.
- Price ₹30.40 on 2026-10-26: -31.1% from the 52-week high, +12.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹48.71 · low ₹29.41
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65 | 63 | 93 | 94 | 56 | 77 | 106 | 123 |
| EBITDA | -1 | -1 | 1 | -5 | -3 | -3 | 4 | 6 |
| OPM % | -1.6% | -1.9% | 0.6% | -5.2% | -5.7% | -4.2% | 4.0% | 4.7% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | -4 | -4 | -3 | -6 | -6 | -5 | -3 | 1 |
| EPS (₹) | -2.15 | -2.15 | -1.65 | -3.61 | -3.28 | -2.99 | -1.56 | 0.75 |
| Revenue YoY | -12.8% | +22.6% | +13.7% | +30.8% | ||||
| Profit YoY | – | – | – | – |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 212 | 234 | 274 | 278 | 333 | 362 |
| EBITDA | 4 | -1 | 17 | -1 | -7 | 4 |
| Net profit | -6 | -10 | 1 | -12 | -20 | -12 |
| EPS (₹) | -3.61 | -6.07 | 0.54 | -7.11 | -11.43 | -7.08 |
| Revenue growth | +10.4% | +17.3% | +1.3% | +19.9% | +15.2% | |
| Profit growth | – | – | -1,447.8% | – | – | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +12.5% | +14.4% | +15.2% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -16.5% (2y) | -21.1% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 6 | 7 | -6 | -25 |
| Borrowings | – | 122 | 131 | 142 | 153 |
| Cash & equivalents | – | 2 | 2 | 3 | 4 |
| Total assets | – | 151 | 167 | 172 | 181 |
| Fixed assets | – | 68 | 65 | 67 | 68 |
| Capital work in progress | – | 0 | 5 | 0 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 23 | 31 | 34 | 39 |
| Inventory | – | 41 | 51 | 47 | 43 |
| Payables | – | 20 | 26 | 29 | 47 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -2 | -9 | 10 | 4 | 7 |
| Cash from investing | 0 | -1 | -8 | -3 | -7 |
| Cash from financing | 2 | 11 | -2 | -1 | -1 |
| Capex | 0 | 1 | 8 | 2 | 6 |
| Free cash flow | -2 | -11 | 2 | 1 | 1 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -164.3% | 13.2% | 212.0% | 76.6% |
| ROCE % | – | -4.2% | 9.0% | -4.2% | -9.3% |
| Debtor days | – | 35 | 41 | 45 | 43 |
| Inventory days | – | 91 | 109 | 86 | 68 |
| Payable days | – | 43 | 55 | 53 | 74 |
| Cash conversion cycle (days) | – | 83 | 95 | 78 | 37 |
| Working capital days | – | -92 | -81 | -104 | -117 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 72.90% |
| Public (non-institutions) | 27.10% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 69.80% | 69.80% | 69.80% | 69.80% | 69.80% | 69.80% | 69.80% | 72.90% |
| Promoter group | % |
|---|---|
| Sushila Malu | 11.39% |
| Frontline Commercial Pvt. Ltd. | 7.97% |
| Kaveridevi Jeetmal Malu | 5.48% |
| Wistaria Farms Private Ltd | 5.44% |
| Purushottam Malu | 3.83% |
| Vasudeo Bhanwarlal Malu | 3.82% |
| Shrawan Kumar Malu | 3.57% |
| Sashikala Vasudeo Malu | 3.52% |
| Sunflame Fuels Pvt. Ltd | 2.77% |
| Marigold Farms Pvt. Ltd. | 2.17% |
| Suman Malu | 2.12% |
| Banwarilal Bhanwarlal Malu | 1.96% |
| Malu Vasudeo Bhanwarlal | 1.95% |
| Bharat Shrawankumar Malu | 1.68% |
| Punamchand R Malu | 1.68% |
| Public holders above 1% | % |
|---|---|
| Bips Tradecom Llp | 1.91% |
| Atulkumar Rameshwar Rathi | 1.90% |
9,237 shareholders. Pledged: 0.00% of promoter shares.
Peers in Paper & Paper Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| JKPAPER | ₹6,689 cr | 20.2x | 1.2x | 5.9% | 8.0% | 12.9% | +3.2% | 1.27% |
| WSTCSTPAPR | ₹5,203 cr | 22.6x | 1.4x | 6.5% | 9.4% | 11.5% | -4.5% | 0.74% |
| SESHAPAPER | ₹1,290 cr | 13.0x | 0.6x | 4.9% | 5.9% | 6.5% | -6.3% | 1.22% |
| ANDHRAPAP | ₹1,279 cr | 46.3x | 0.7x | 1.4% | 2.4% | 4.8% | -6.7% | 1.56% |
| NRAIL | ₹1,122 cr | 18.1x | 1.4x | 7.8% | 10.0% | 9.7% | +6.7% | 0.31% |
| TNPL | ₹899 cr | 3.4x | 0.4x | 11.8% | 6.6% | 10.6% | -3.6% | 2.31% |
| PDMJEPAPER | ₹807 cr | 8.8x | 1.2x | 14.5% | 18.3% | 15.4% | +2.1% | 0.71% |
| EMAMIPAP | ₹685 cr | 7.7x | 1.2x | 14.9% | 14.7% | 12.0% | -6.2% | 2.12% |
| SATIA | ₹625 cr | – | 0.6x | -0.7% | 3.6% | 7.8% | -8.3% | 0.32% |
| MALUPAPER | ₹52 cr | – | – | – | -1.0% | 1.0% | +12.5% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-17 | Other | Annual General Meeting |
| 2023-09-18 | Other | Annual General Meeting |
| 2022-09-20 | Other | Annual General Meeting |
| 2021-09-07 | Other | Annual General Meeting |
| 2020-09-15 | Other | Annual General Meeting |
| 2019-09-18 | Other | Annual General Meeting |
| 2018-09-11 | Other | Annual General Meeting |
| 2017-09-14 | Other | Annual General Meeting |
| 2016-09-15 | Other | Annual General Meeting |
| 2015-09-10 | Other | Annual General Meeting |
| 2014-09-11 | Other | Annual General Meeting |
| 2012-09-13 | Other | Annual General Meeting |
| 2011-09-15 | Other | Annual General Meeting |
| 2010-09-08 | Other | Annual General Meeting |
| 2009-09-17 | Other | Annual General Meeting |
| 2008-09-18 | Other | Annual General Meeting |
| 2007-09-13 | Other | Agm |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Commodities |
| Industry | Paper & Paper Products |
| Sub-industry | Paper & Paper Products |
| Symbol | MALUPAPER |
| BSE code | 532728 |
| ISIN | INE383H01017 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.