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Emami Paper Mills Limited (EMAMIPAP)

₹121.48 -0.10% last close, 16 Oct

📊 NSE: EMAMIPAP 🏢 Paper 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Emami Paper's revenue was ₹560 Cr (+21.8% year on year), and net profit ₹38.6 Cr (+511.9% year on year); the operating margin was 14.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹560	+21.8%	—
Operating profit	₹82.9	+120.1%	—
Net profit	₹38.6	+511.9%	—
EPS (₹)	6.21	+639.3%	—
Operating margin	14.8%	—	—

Full quarterly financials → Results calendar →

EMAMIPAP exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 2 sessions in about the last 20.

₹121.48NSE close · -0.10%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Emami Paper redeems 11.25 lakh Series III OCRPS worth ₹78.75 Cr

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 16 Sep 2026, 05:24 PM

Emami Paper Mills has redeemed 11,25,000 unlisted Series III Optionally Convertible Redeemable Preference Shares (OCRPS) on September 16, 2026. The redemption was executed at a face value of ₹100 each along with a premium of ₹600 each, resulting in a total cash outflow of ₹78.75 crore. This outflow represents approximately 10.9% of the company's market cap of ₹725 crore and 13.7% of net worth. The redemption was funded entirely out of available profits, reserves, and retained earnings, eliminating potential equity dilution.

Redeemed 11,25,000 unlisted Series III OCRPS (ISIN: INE830C04061)
Redemption executed at face value of ₹100 plus a premium of ₹600 per share (₹700 total per share)
Total redemption outflow amounts to ₹78.75 crore
Funded out of company's internal profits, reserves, and retained earnings

💡 Track the upcoming Q2 FY27 balance sheet to observe the reduction in cash/reserves and confirm there are no remaining overhangs of convertible instruments.

Emami Paper Mills AGM Approves All 8 Resolutions Including Dividend & Leadership Terms

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 07:31 PM

Emami Paper Mills Limited has announced the voting results and scrutinizer's report for its 44th Annual General Meeting held on September 4, 2026. All 8 ordinary and special resolutions were approved by shareholders with the requisite majority. Key approved items include the adoption of FY26 financial statements, declaration of dividends on preference and equity shares, and the re-appointment and remuneration revisions for Vice-Chairman Manish Goenka and Executive Chairman Aditya V. Agarwal. A total of 78 shareholders attended via video conferencing with over 75% of outstanding shares polled on key ordinary business.

All 8 resolutions passed with requisite majority, with >99.99% votes cast in favor across items
Adoption of FY26 financial statements and dividend declaration approved with 100% of votes polled in favor (45,395,973 votes)
Re-appointment of Manish Goenka as Whole-time Director/Vice-Chairman approved for a 3-year term effective July 1, 2026
Total of 78 shareholders attended the 44th AGM via video conferencing (21 promoter group, 57 public)

💡 Track upcoming corporate announcements for the dividend payment timeline and Q2 FY27 operational performance, particularly export growth and raw material pricing trends.

Emami Paper Mills Concludes 44th AGM; Approves ₹3.20 Per Equity Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 05:49 PM

Emami Paper Mills Limited conducted its 44th Annual General Meeting (AGM) on September 4, 2026, via Video Conferencing. Key resolutions tabled included the adoption of FY26 audited financial statements and declaration of an equity dividend of ₹3.20 per share (160% on face value of ₹2) alongside an 8% dividend on preference shares. Shareholders also considered the re-appointment and remuneration revision of Vice-Chairman Manish Goenka for a 3-year term effective July 1, 2026, and remuneration terms for Executive Chairman Aditya V. Agarwal. Final voting results and the Scrutinizer's report will be disclosed separately.

Declared an equity dividend of ₹3.20 per share (160% on face value of ₹2) for FY26
Declared an 8% per annum dividend (₹8 per share of face value ₹100) on outstanding Preference Shares
Proposed re-appointment of Mr. Manish Goenka as Whole-time Director (Vice Chairman) for 3 years w.e.f. July 1, 2026
44th AGM held and concluded on September 4, 2026, between 11:30 AM and 12:50 PM IST

💡 Monitor the formal submission of consolidated e-voting results and Scrutinizer's Report to confirm the passing of all resolutions.

Aug 28 Record Date set for Final Dividend; Emami Paper Mills to hold 44th AGM on Sep 4

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 06:11 PM

Emami Paper Mills has scheduled its 44th Annual General Meeting (AGM) for September 4, 2026, to be conducted via video conferencing. The company has established August 28, 2026, as the record date for determining shareholder eligibility for the final dividend and e-voting. This administrative filing follows a fiscal year where the company reported TTM revenue of Rs 1,411 Cr and a PAT of Rs 30 Cr. Shareholders without registered email addresses have been dispatched physical letters containing QR codes to access the FY 2025-26 Annual Report.

44th Annual General Meeting scheduled for September 4, 2026, at 11:30 a.m. IST.
Record date for final dividend and e-voting eligibility fixed as August 28, 2026.
Remote e-voting period to run from September 1, 2026, to September 3, 2026.
Company reported TTM revenue of Rs 1,411 Cr and OPM of 9.5% for FY26.

💡 Investors should ensure their bank and contact details are updated with the RTA by the August 28 record date to ensure seamless dividend credit. Monitor the upcoming Annual Report for management commentary on mitigating pricing pressure from low-priced imports.

Emami Paper Mills Releases FY26 Annual Report; AGM Scheduled for Sept 4, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 03:56 PM

Emami Paper Mills has submitted its Annual Report for FY 2025-26, detailing its strategic shift toward value-added premium paper segments and export expansion. The company reported TTM revenue of ₹1,411 Cr with a PAT of ₹30 Cr, though it continues to operate with a high debt of ₹817 Cr (D/E 1.42). Management is focusing on manufacturing flexibility and process optimization to counter pricing pressure from low-priced imports from China and Indonesia. The 44th Annual General Meeting (AGM) is scheduled for September 4, 2026.

44th Annual General Meeting (AGM) scheduled for September 4, 2026, via video conferencing.
Consumer complaints reduced to 257 in FY 2025-26 from 332 in the previous year, with a 100% resolution rate.
Market capitalization as of March 31, 2026, stood at ₹342.61 Cr, compared to the current market cap of ₹775 Cr.
Export revenue reached ₹149.00 Cr in FY 2024-25, representing a key growth pillar for the company.
CSR initiatives reached over 60,719 beneficiaries through environmental programs and 32,028 through healthcare.

💡 Investors should monitor the Management Discussion and Analysis (MDA) for updates on how the company plans to deleverage its balance sheet (Debt: ₹817 Cr) and improve margins amidst rising import competition.

160% Equity Dividend (Rs 3.20/share) and 44th AGM Scheduled for Sept 4, 2026

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 10 Aug 2026, 03:14 PM

Emami Paper Mills has issued a notice for its 44th Annual General Meeting (AGM) to be held on September 4, 2026. The board has recommended an equity dividend of 160% (Rs 3.20 per share) and an 8% dividend on preference shares for FY 2025-26. Key agenda items include the re-appointment of Mr. Manish Goenka as Vice Chairman for a three-year term and a revision of his remuneration. The company reported a TTM PAT of Rs 30 Cr on a revenue base of Rs 1411 Cr, reflecting a payout despite industry-wide pricing pressures.

Proposed equity dividend of 160%, amounting to Rs 3.20 per share on a face value of Rs 2
Preference share dividend declared at 8% (Rs 8 per share) for the outstanding period of FY 2025-26
AGM scheduled for September 4, 2026, at 11:30 AM via Video Conferencing
Re-appointment of Mr. Manish Goenka as Vice Chairman for 3 years effective July 1, 2026
Deadline for submitting tax-related documents for dividend processing is August 28, 2026

💡 Investors should ensure their PAN and bank details are updated by August 28, 2026, to receive the dividend with appropriate tax treatment and monitor the AGM voting results for management remuneration approvals.

Aug 28 set as Record Date for FY26 Dividend and 44th AGM

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 04 Aug 2026, 02:05 PM

Emami Paper Mills Limited has announced August 28, 2026, as the Record Date for determining shareholder eligibility for the FY 2025-26 dividend. The 44th Annual General Meeting (AGM) is scheduled for September 4, 2026, via video conferencing. The dividend, once approved at the AGM, will be paid within 30 days. Investors must ensure their PAN and bank details are updated by the record date to facilitate electronic payment and appropriate TDS deduction.

Record Date for dividend eligibility fixed for August 28, 2026
44th Annual General Meeting scheduled for September 4, 2026, at 11:30 a.m.
Book closure period set from August 29, 2026, to September 4, 2026
Dividend payment to be processed within 30 days of shareholder approval
Tax residency documents for non-resident shareholders must be submitted by August 28, 2026

💡 Ensure that bank mandates and PAN details are updated with your Depository Participant before August 28, 2026, to receive the dividend directly and avoid higher TDS rates.

Rs 45 Cr Redemption of Optionally Convertible Redeemable Preference Shares (OCRPS)

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 31 Jul 2026, 04:29 PM

Emami Paper Mills Limited has redeemed 7,50,000 unlisted Series II - Tranche IV Optionally Convertible Redeemable Preference Shares (OCRPS) on July 31, 2026. The redemption was executed at a face value of Rs 100 plus a premium of Rs 500 per share, totaling a cash outflow of Rs 45 Cr. This payment was funded entirely through the company's internal profits and reserves. The action eliminates potential equity dilution that could have occurred if the shares were converted.

Redemption of 7,50,000 OCRPS completed on July 31, 2026
Total redemption price of Rs 600 per share, including a Rs 500 premium
Total cash outflow of Rs 45 Cr, representing approximately 150% of TTM PAT (Rs 30 Cr)
Funded via internal profits and reserves, avoiding additional debt for this repayment

💡 Investors should monitor the upcoming quarterly cash flow statement to see the impact on liquidity and check for any remaining outstanding preference share tranches.

Emami Paper Mills Issues Corrigendum to Correct Board Meeting Commencement Time

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 23 Jul 2026, 11:47 AM

Emami Paper Mills Limited has issued a corrigendum regarding its board meeting held on July 22, 2026. The filing corrects a clerical error where the meeting's start time was previously reported as 12:30 p.m. instead of the actual 12:00 noon. The meeting concluded at 12:40 p.m., and the company noted that the XBRL filing already contained the correct time.

Board meeting commencement time corrected from 12:30 p.m. to 12:00 noon
Meeting concluded at 12:40 p.m. on July 22, 2026
Total duration of the board meeting was 40 minutes
XBRL filing for the same event was already accurate with the 12:00 noon start time

💡 No action is required as this is a purely administrative correction of a clerical error in a previous filing.

512% YoY PAT Growth in Q1; Rs 123.75 Cr Preference Share Redemption Announced

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jul 2026, 01:02 PM

Emami Paper Mills reported a robust Q1 FY27 with revenue growing 21.8% YoY to Rs 560.16 Cr. Net profit (PAT) surged 512% to Rs 38.61 Cr, driven by significant margin expansion as PBT rose from Rs 9.35 Cr to Rs 53.26 Cr. The company also announced the redemption of two series of preference shares totaling Rs 123.75 Cr (including premiums) by September 2026. This redemption represents approximately 21.5% of the company's current net worth of Rs 575 Cr.

Revenue from operations increased 21.8% YoY to Rs 560.16 Cr from Rs 459.76 Cr.
Net Profit (PAT) grew over 6x to Rs 38.61 Cr compared to Rs 6.31 Cr in the previous year's quarter.
Total cash outflow of Rs 123.75 Cr scheduled for preference share redemptions by September 16, 2026.
Basic EPS improved significantly to Rs 6.21 from Rs 0.84 in Q1 FY26.
Operating margins improved as total expenses grew only 12.2% despite a 21.8% rise in revenue.

💡 Monitor the impact of the Rs 123.75 Cr cash outflow on the company's liquidity and debt levels (D/E is 1.42). Watch if the improved margins are sustainable against global pulp price volatility and import pressures.

Rs 2.60 Cr GST Demand-Cum-Show Cause Notice Received by Emami Paper Mills

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 21 Jul 2026, 06:21 PM

Emami Paper Mills has received a Demand-Cum-Show Cause Notice from the GST Authority in Bhubaneswar for approximately Rs 2.60 crore. The notice pertains to the period from FY 2020-21 to FY 2022-23 and involves alleged non-payment of GST on water charges and security services under reverse charge, as well as wrongful input tax credit claims. While the demand represents about 8.7% of the company's TTM Net Profit of Rs 30 crore, it is only 0.18% of its TTM Revenue. The company intends to contest the notice and does not expect a material impact on its operations.

Aggregate demand of approximately Rs 2.60 crore plus interest and penalties under Section 74.
Notice covers a three-year period from FY 2020-21 to FY 2022-23.
Allegations include non-payment of GST on water charges paid to the Government of Odisha.
The demand amount represents 0.18% of the company's TTM Revenue of Rs 1411 crore.
Company will file a formal reply before the Adjudicating Authority to contest the claims.

💡 Monitor the company's future disclosures for the final adjudication order to see if the Rs 2.60 crore demand is confirmed, reduced, or dropped.

Emami Paper Mills Submits Quarterly SEBI Compliance Certificate for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 12:31 PM

Emami Paper Mills has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent (RTA), Maheshwari Datamatics Private Limited, covers the period from April 1, 2026, to June 30, 2026. The RTA confirmed that no dematerialization requests for equity shares were processed during this specific quarter. This is a standard procedural filing required for all listed companies in India to ensure the integrity of shareholding records.

Covers the quarterly compliance period from 01/04/2026 to 30/06/2026
Certificate issued by RTA Maheshwari Datamatics Private Limited on 02/07/2026
Confirms zero dematerialization requests were confirmed during the three-month period
Filing submitted to BSE and NSE on 06/07/2026

💡 This is a routine administrative filing with no impact on business fundamentals. Investors should monitor the company's upcoming Q1 FY27 financial results for operational performance updates.

Emami Paper Mills to Close Trading Window from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 02:37 PM

Emami Paper Mills Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is ahead of the declaration of the Un-audited Financial Results for the first quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives and will remain in effect until 48 hours after the results are declared. The specific date for the board meeting to consider these results will be communicated at a later time.

Trading window closure begins on Wednesday, July 1, 2026
Closure pertains to the Un-audited Financial Results for the quarter ending June 30, 2026
Restriction applies to Designated Persons and their immediate relatives
Window will reopen 48 hours after the official declaration of financial results

💡 This is a routine regulatory filing with no immediate impact on the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the company's Q1 performance.

Emami Paper PAT Surges 136% to ₹61.38 Cr in FY26; Recommends ₹3.20 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 May 2026, 04:21 PM

Emami Paper Mills Limited reported a robust financial performance for the fiscal year ended March 31, 2026, with Profit After Tax (PAT) more than doubling to ₹61.38 crore from ₹26.01 crore in the previous year. Despite a marginal 1% decline in annual revenue to ₹1,907.23 crore, the company significantly improved its margins. The Board has recommended a healthy equity dividend of 160% (₹3.20 per share) and approved the re-appointment of Manish Goenka as Vice Chairman for a three-year term.

Net Profit for FY 2025-26 jumped 136% YoY to ₹61.38 crore compared to ₹26.01 crore in FY 2024-25.
Recommended an equity dividend of 160% (₹3.20 per share of face value ₹2) and a preference dividend of 8% (₹8 per share).
Q4 FY26 PAT stood at ₹31.50 crore, showing massive growth compared to ₹3.92 crore in the same quarter last year.
Profit Before Tax (PBT) for the full year rose to ₹93.36 crore from ₹33.39 crore in the previous fiscal.
Shri Manish Goenka re-appointed as Whole-time Director and Vice Chairman for 3 years starting July 1, 2026.

💡 The significant improvement in the bottom line despite flat revenue suggests strong operational efficiency and margin expansion. Investors should consider the 160% dividend as a positive sign of cash flow health.

Emami Paper FY26 PAT Jumps 136% to ₹61.38 Cr; Recommends ₹3.20 Equity Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 May 2026, 04:16 PM

Emami Paper Mills Limited reported a significant turnaround in profitability for the financial year ended March 31, 2026, with Net Profit surging 136% to ₹61.38 crore from ₹26.01 crore in the previous year. Despite a marginal 1% decline in annual revenue to ₹1,907.23 crore, the company improved its margins substantially. The Board has recommended a healthy equity dividend of 160% (₹3.20 per share) and ensured leadership stability by re-appointing Manish Goenka as Vice Chairman for three years.

Net Profit for FY26 grew by 136% YoY to ₹61.38 crore compared to ₹26.01 crore in FY25.
Recommended an equity dividend of ₹3.20 per share (160% on face value of ₹2) for FY26.
Profit Before Tax (PBT) nearly tripled to ₹93.36 crore from ₹33.39 crore in the previous fiscal.
Revenue from operations remained stable at ₹1,907.23 crore despite global paper market fluctuations.
Shri Manish Goenka re-appointed as Whole-time Director (Vice Chairman) for a 3-year term effective July 1, 2026.

💡 Investors should take note of the sharp recovery in bottom-line performance and the attractive dividend yield. The stock may see positive momentum as the company demonstrates improved operational efficiency and management continuity.

View All EMAMIPAP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined 3.30% YoY to INR 1,928.04 Cr in FY 2024-25. Export sales grew 29.6% YoY to INR 149.00 Cr, while domestic revenue declined approximately 5.4% YoY to INR 1,779.04 Cr.

Geographic Revenue Split

Domestic sales contributed 92.27% (INR 1,779.04 Cr) and Export sales contributed 7.73% (INR 149.00 Cr) of total revenue in FY 2024-25.

Profitability Margins

Gross and net profitability were impacted by lower Net Sales Realisation (NSR). Profit After Tax (PAT) margin was 1.35% (INR 26.01 Cr) in FY 2024-25, down from 4.23% (INR 84.30 Cr) in FY 2023-24.

EBITDA Margin

EBITDA margin contracted to 7.65% (INR 147.55 Cr) in FY 2024-25 from 12.04% (INR 240.15 Cr) in FY 2023-24, a decrease of 439 basis points due to sustained pressure on realizations.

⚙️ Operational Drivers

Raw Materials

Imported pulp is the primary raw material, representing a significant portion of manufacturing costs.

Import Sources

Global markets for imported pulp; specific countries are not listed, though pricing pressure is noted from China and Indonesia imports.

Raw Material Costs

Raw material costs rose in FY 2024-25, exerting pressure on performance. The company uses hedging and strategic sourcing from multiple sources to mitigate supply disruptions.

Manufacturing Efficiency

Sales volumes improved in FY 2024-25 compared to FY 2023-24, though specific capacity utilization percentages were not provided.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth is targeted through cost reduction, productivity enhancement, and efficiency improvements. The company is specifically focusing on expanding its export footprint, which grew 30% in FY 2024-25, and leveraging its diversified mix of newsprint and paperboard to optimize asset utilization.

Products & Services

Newsprint, Writing and Printing Paper, and multilayer coated Paperboard.

Brand Portfolio

Emami Paper.

Market Expansion

Targeting growth in export markets, which reached INR 149.00 Cr in FY 2024-25.

🌍 External Factors

Industry Trends

The paper industry is facing pricing pressure from low-priced imports. Emami is positioning itself for the future by diversifying its product mix and increasing its focus on the export segment to build resilience.

Competitive Landscape

Key competition arises from international manufacturers in China and Indonesia who are exporting products into India at lower price points.

Competitive Moat

The company's moat is built on its diversified product portfolio (Newsprint and Paperboard) and its established brand under the Emami Group. Sustainability is supported by ISO certifications (9001, 14001, 45001) and cost-reduction initiatives.

Macro Economic Sensitivity

Highly sensitive to global pulp prices and international trade dynamics, particularly import dumping from Asian competitors.

Geopolitical Risks

Trade barriers and pricing strategies from China and Indonesia impact domestic market competitiveness.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by pollution norms and manufacturing standards, evidenced by ISO 9001:2015 and environmental certifications.

Environmental Compliance

Compliant with ISO 14001:2015 (Environmental Management System) and ISO 45001:2018 (Occupational Health and Safety).

⚠️ Risk Analysis

Key Uncertainties

Key risks include raw material supply disruptions (imported pulp), market demand fluctuations affecting asset utilization, and liquidity risks from a high debt burden.