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JK Paper Limited (JKPAPER)

₹396.10 +1.46% last close, 16 Oct

📊 NSE: JKPAPER 🏢 Paper 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, JK Paper's revenue was ₹1,887 Cr (+12.7% year on year, -4.0% on the previous quarter), and net profit ₹136 Cr (+59.5% year on year); the operating margin was 15.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,887	+12.7%	-4.0%
Operating profit	₹290	+17.3%	+4.6%
Net profit	₹136	+59.5%	+51.4%
EPS (₹)	7.18	+49.6%	+41.6%
Operating margin	15.4%	—	—

Full quarterly financials → Results calendar →

JKPAPER delivery percentage

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

On Fri, 16 Oct 2026, 34.31% of the JKPAPER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.14%. That is close to its usual level.

34.31%Delivery, 16 Oct

43.14%Own 20-session average

0.5×Volume vs its average

₹396.10NSE close · +1.46%

Delivery in the last 5 sessions: 21.1% · 39.7% · 21.2% · 49.5% · 34.3%

Delivery across the market →

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

JK Paper Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 05:56 PM

JK Paper Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MCS Share Transfer Agent Limited on October 5, 2026, confirms that securities received for dematerialisation within the quarter were processed within 15 days. The underlying physical share certificates were mutilated and cancelled, and depository records updated accordingly. This is a recurring regulatory filing with no operational or financial impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
RTA confirmation issued by MCS Share Transfer Agent Limited dated October 5, 2026
Securities received for dematerialisation were confirmed and processed within 15 days of receipt

💡 No action required. Investors should track forthcoming Q2 FY27 operational and financial performance announcements.

JK Paper Appoints Gunjan Shah, Former Bata India MD & CEO, as President (Paper)

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 12 Oct 2026, 02:07 PM

JK Paper has announced the appointment of Gunjan Dinesh Kumar Shah as President (Paper) and inducted him into Senior Management effective October 12, 2026, subject to Board approval. Shah brings nearly 30 years of consumer, retail, and FMCG experience, having previously served a 5-year tenure as MD & CEO of Bata India Limited and nearly 14 years at Britannia Industries. The appointment comes as JK Paper (TTM revenue of Rs 7,319 Cr) focuses on strengthening branded distribution and improving realizations across its copier and packaging board segments.

Gunjan Dinesh Kumar Shah appointed as President (Paper) effective October 12, 2026
Appointee previously served a 5-year tenure as MD & CEO of Bata India Limited
Spent nearly 14 years at Britannia Industries, including roles as Chief Commercial Officer and Head of International Business
Shah is 51 years of age and holds an engineering degree from VJTI and a PGDM from IIM Calcutta

💡 Monitor formal Board ratification and track any strategic updates in go-to-market execution or product premiumization in upcoming quarterly earnings calls.

JK Paper Receives Rs 2.54 Cr GST Demand and Penalty Order; To File Appeal

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 22 Sep 2026, 05:26 PM

JK Paper has received an order from the Assistant Commissioner of C.G.S.T., Tapi, Gujarat, demanding Rs 2.54 crore. The aggregate amount comprises Rs 1.27 crore in tax and Rs 1.27 crore in penalties (plus applicable interest) for alleged excess Input Tax Credit claims from FY21 to FY23. The company considers the demand unjustified and intends to appeal before the Commissioner (Appeals). Given JK Paper's TTM revenue of Rs 7,319 crore and TTM PAT of Rs 332 crore, the monetary impact is immaterial at less than 0.04% of annual sales.

Total GST demand of Rs 2,53,91,496 received on September 21, 2026
Demand split equally into Rs 1,26,95,748 of tax and Rs 1,26,95,748 of penalty, plus interest
Covers alleged excess Input Tax Credit claims across FY 2020-21 to FY 2022-23
Company plans to file an appeal before Commissioner (Appeals)

💡 Track the filing and resolution of the appeal before the Commissioner (Appeals); no operational disruption or significant financial impact is expected.

CRISIL Reaffirms JK Paper's AA/Stable Rating Across Bank Facilities and NCDs

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 16 Sep 2026, 06:05 PM

CRISIL Ratings has reaffirmed JK Paper Limited's long-term credit rating at 'CRISIL AA/Stable' for bank loan facilities aggregating to Rs 3,280.50 crore and various NCD tranches totaling Rs 760 crore. Commercial paper of Rs 250 crore has also been reaffirmed at the top short-term rating of 'CRISIL A1+'. The ratings reaffirmation indicates steady creditworthiness and comfortable liquidity against the company's total debt of Rs 2,192 crore (D/E of 0.44).

CRISIL AA/Stable rating reaffirmed for Rs 3,280.50 crore bank loan facilities
NCDs aggregating to Rs 760 crore (Rs 300 cr, Rs 285 cr, Rs 125 cr, Rs 50 cr) reaffirmed at CRISIL AA/Stable
Commercial Paper of Rs 250 crore reaffirmed at CRISIL A1+
Fixed Deposits of Rs 100 crore reaffirmed at CRISIL AA/Stable

💡 Track operating margin stability and quarterly debt service coverage as the company integrates its packaging acquisitions and commissions the BCTMP pulp mill.

JK Paper Acquires Remaining 20% in Radhesham Wellpack for ₹44.02 Cr, Makes it Wholly Owned

🟢 POSITIVE ⭐ 5/10

M&A 📅 09 Sep 2026, 05:46 PM

JK Paper has acquired the remaining 20% equity stake in Radhesham Wellpack Private Limited (RWPL) for a cash consideration of ₹44.02 crore on September 09, 2026. This transaction involves 25,000 equity shares of ₹100 each pursuant to the agreement dated December 13, 2024. Following this acquisition, RWPL has transitioned into a 100% wholly owned subsidiary of JK Paper. The deal size represents roughly 0.6% of JK Paper's TTM revenue of ₹7,319 crore and 0.59% of its ₹7,505 crore market cap.

Acquired remaining 20% stake comprising 25,000 equity shares of ₹100 each in Radhesham Wellpack Private Limited (RWPL)
Total consideration paid stands at ₹44.02 crore
RWPL becomes a 100% wholly owned subsidiary of JK Paper on September 09, 2026
Executed under terms of the Share Purchase and Shareholders' Agreement dated December 13, 2024

💡 Track integration updates and operational synergies in upcoming quarterly results, particularly within the packaging and corrugated box business.

JK Paper Shareholders Approve Rs 4/Share Dividend and CMD Re-appointment at 65th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Sep 2026, 12:04 PM

JK Paper Limited submitted the Scrutinizer's Report and voting results for its 65th Annual General Meeting held on September 02, 2026. All 8 resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and declaration of a final dividend of Rs 4 per equity share. Shareholders also approved the re-appointment of Harsh Pati Singhania as Chairman & Managing Director for 5 years effective January 1, 2027, despite 70.55% of institutional votes cast against the resolution.

Declared final dividend of Rs 4 per equity share for the financial year ended March 31, 2026
Approved re-appointment of Harsh Pati Singhania as CMD for a 5-year term starting January 1, 2027 (85.60% overall votes in favour)
Institutional shareholders cast 70.55% of their votes against the CMD re-appointment resolution (1.97 cr votes against)
Overall voter turnout across resolutions was approximately 75.48% (13.68 cr votes polled out of 18.13 cr shares)

💡 Track the dividend payment timeline following shareholder approval and monitor corporate governance developments given institutional dissent on management re-appointment.

JK Paper Appoints Ronak Jhuthawat & Co. as Secretarial Auditor for 5 Years

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 09:39 PM

JK Paper Limited informed the stock exchanges that its shareholders have approved the appointment of M/s. Ronak Jhuthawat & Co., Company Secretaries, as the Secretarial Auditor of the company. The approval was granted at the 65th Annual General Meeting held on September 02, 2026. The appointment is for a period of 5 years, spanning FY 2026-27 to FY 2030-31 until the conclusion of the 70th AGM. This is a routine statutory secretarial compliance and audit appointment.

Shareholders approved the secretarial auditor appointment at the 65th AGM on September 02, 2026
Appointed firm: M/s. Ronak Jhuthawat & Co. (Firm Registration No. P2025RJ104300)
Tenure: 5 years from FY 2026-2027 to FY 2030-2031 (until 70th AGM in 2031)

💡 Track statutory compliance reports in subsequent annual filings; no financial or operational action is required on this routine governance update.

JK Paper Concludes 65th AGM; Approves ₹4/Share Dividend and CMD Re-Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 04:43 PM

JK Paper Limited held its 65th Annual General Meeting on September 2, 2026. Key resolutions transacted include the adoption of FY26 financial statements and the approval of a dividend of ₹4 (40%) per equity share. Shareholders also considered the re-appointment of Chairman & Managing Director Harsh Pati Singhania for a 5-year term starting January 1, 2027. Final Scrutinizer voting results will be submitted to exchanges separately.

Concluded 65th Annual General Meeting on September 02, 2026
Declared dividend of Rs. 4/- (40%) per equity share for FY26
Re-appointed Shri Harsh Pati Singhania as CMD for 5 years w.e.f. January 1, 2027
Appointed M/S Ronak Jhuthawat & Co. as Secretarial Auditors for a 5-year term

💡 Track the upcoming submission of the consolidated Scrutinizer's voting report and the execution of the ₹4/share dividend payout.

JK Paper Appoints Arvind Kumar as Company Secretary and Compliance Officer w.e.f. Sept 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 02:30 PM

JK Paper Limited has approved the appointment of Shri Arvind Kumar as Company Secretary and Compliance Officer, effective September 01, 2026. He transitions from his current role as Chief General Manager (Company Law) and has been designated as a whole-time Key Managerial Personnel (KMP). Mr. Kumar brings 26 years of secretarial, SEBI regulatory, and corporate governance experience across major Indian conglomerates. This represents a routine statutory management appointment with no financial impact on the company.

Appointment of Shri Arvind Kumar as Company Secretary and Compliance Officer effective September 01, 2026
Appointee brings 26 years of experience across secretarial, SEBI, and FEMA compliances
Designated as a whole-time Key Managerial Personnel (KMP) and Senior Management member
Board meeting approving the appointment concluded within 25 minutes (1:45 PM to 2:10 PM on September 01, 2026)

💡 Track statutory filings and corporate governance continuity. No specific operational or investment action required as this is a standard administrative transition.

JK Paper Issues Revised FY26 Annual Report; Proposes ₹4 Dividend and CMD Re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Aug 2026, 12:44 PM

JK Paper has released a revised Annual Report for FY 2025-26 to correct alignment errors, maintaining the 65th Annual General Meeting (AGM) for September 2, 2026. The company has proposed a dividend of ₹4 per equity share, which represents a yield of approximately 1% based on the current price of ₹390.6. Key resolutions include the re-appointment of Harsh Pati Singhania as Chairman & Managing Director for a five-year term starting January 1, 2027. Safety performance for FY 2025-26 showed a Lost Time Injury Frequency Rate (LTIFR) of 0.04.

Proposed dividend of ₹4 per equity share for the financial year ended March 31, 2026
65th Annual General Meeting scheduled for September 2, 2026, at 12:30 P.M. IST
Re-appointment of Harsh Pati Singhania as CMD for a 5-year term effective January 1, 2027
Lost Time Injury Frequency Rate (LTIFR) reported at 0.04 for employees and workers in FY 2025-26
Appointment of Secretarial Auditors for a 5-year period from FY 2026-27 to 2030-31

💡 Investors should note the AGM date of September 2, 2026, for the approval of the ₹4 dividend and monitor the voting results regarding the re-appointment of key leadership personnel.

JK Paper sets Aug 19, 2026 as Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 06 Aug 2026, 02:46 PM

JK Paper has fixed August 19, 2026, as the record date to determine shareholder eligibility for the FY 2025-26 dividend. The final dividend is subject to approval at the company's 65th Annual General Meeting (AGM) scheduled for September 2, 2026. Payment will be processed within four weeks of the AGM. This follows a fiscal year where TTM PAT stood at Rs 281 Cr, down from Rs 402 Cr in FY25.

Record date for FY26 dividend entitlement fixed as August 19, 2026
65th Annual General Meeting (AGM) scheduled for September 2, 2026
Dividend payment to be completed within 4 weeks of the AGM date
Company reported TTM revenue of Rs 7,106 Cr and PAT of Rs 281 Cr

💡 Investors should ensure shares are in their demat account by the record date to be eligible. Monitor the AGM on September 2 for management commentary on margin recovery and the BCTMP pulp mill progress.

JK Paper Sets August 26 as Cut-off Date for 65th AGM E-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 02:39 PM

JK Paper Limited has announced the schedule for its 65th Annual General Meeting (AGM) to be held on September 2, 2026. The company has fixed August 26, 2026, as the cut-off date to determine shareholder eligibility for voting. The remote e-voting period will run for three days, starting from August 30, 2026, and concluding on September 1, 2026. This is a standard procedural filing required under the Companies Act and SEBI regulations.

65th Annual General Meeting (AGM) scheduled for September 2, 2026
Cut-off date for voting eligibility fixed as August 26, 2026
Remote e-voting period starts August 30, 2026 (10:00 A.M.)
Remote e-voting period ends September 1, 2026 (5:00 P.M.)
Voting facility provided through Central Depository Services (India) Limited (CDSL)

💡 Investors should review the AGM notice for specific resolutions and ensure their shareholding is reflected in the records by the August 26 cut-off to exercise voting rights.

JK Paper sets August 26 as cut-off date for 65th AGM e-voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 02:37 PM

JK Paper Limited has announced the schedule for its 65th Annual General Meeting (AGM) to be held on September 2, 2026. The company has fixed August 26, 2026, as the cut-off date to determine shareholder eligibility for voting. The e-voting period will run for three days, starting from August 30, 2026, and concluding on September 1, 2026. This is a standard regulatory procedure for listed companies to facilitate shareholder participation in corporate governance.

65th Annual General Meeting (AGM) scheduled for September 2, 2026
Cut-off date for voting eligibility fixed as August 26, 2026
E-voting window open from August 30, 2026 (10:00 AM) to September 1, 2026 (5:00 PM)
Voting facility provided through Central Depository Services (India) Limited (CDSL)

💡 Investors should review the Annual Report 2025-26 and the AGM notice to understand the specific resolutions being put to vote, particularly regarding any dividend declarations or management changes.

JK Paper Sets Aug 26 as Cut-Off Date for 65th AGM E-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 02:35 PM

JK Paper Limited has announced the schedule for its 65th Annual General Meeting (AGM) and the associated e-voting process. The company has fixed August 26, 2026, as the cut-off date to determine shareholder eligibility for voting. The remote e-voting period will run from August 30, 2026 (10:00 AM) to September 1, 2026 (5:00 PM). The AGM is scheduled to be held on September 2, 2026, where shareholders can also vote via ballot/polling paper.

65th Annual General Meeting (AGM) scheduled for September 2, 2026
Cut-off date for voting eligibility fixed as August 26, 2026
Remote e-voting window open for 3 days from August 30 to September 1, 2026
E-voting services to be provided by Central Depository Services (India) Limited (CDSL)

💡 Shareholders should review the AGM notice for specific resolutions and ensure their shareholding is finalized by the August 26 cut-off date to participate in the voting process.

JK Paper to hold 65th AGM on Sept 2; proposes ₹4/share dividend and CMD re-appointment

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Aug 2026, 02:33 PM

JK Paper has scheduled its 65th Annual General Meeting (AGM) for September 2, 2026, to adopt FY26 financial results and approve a final dividend of ₹4 per share. A key resolution includes the re-appointment of Harsh Pati Singhania as Chairman & Managing Director for a five-year term starting January 1, 2027. The company is also seeking shareholder approval for the continuation of Smt. Vinita Singhania as a Non-Executive Director beyond the age of 75. These administrative steps ensure leadership continuity as the company pursues its 6-7% volume growth target in the paperboard segment.

Proposed dividend of ₹4 per equity share for the financial year ended March 31, 2026
Re-appointment of Harsh Pati Singhania as CMD for a 5-year term effective January 1, 2027
AGM scheduled for September 2, 2026, at the registered office in Gujarat
Ratification of Cost Auditor remuneration at ₹1,25,000 for FY 2026-27
Appointment of Secretarial Auditors for a 5-year term with first-year remuneration of ₹75,000

💡 Investors should monitor the voting results post-September 2 to confirm the approval of the dividend and leadership mandates.

View All JKPAPER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 1.71% YoY to INR 7,120.20 Cr in FY25. While specific segment percentages are not fully itemized, the company reported increased sales volumes in Paper & Boards, which was offset by a marginal decline in realizations. Standalone revenue from operations decreased 1.08% from INR 6,201.05 Cr to INR 6,133.77 Cr.

Geographic Revenue Split

Not disclosed in available documents; however, the company notes that global APAC region capacity expansions are impacting domestic pricing through increased imports.

Profitability Margins

Profitability saw a sharp decline in FY25: Consolidated Profit After Tax (PAT) fell 63.64% to INR 411.98 Cr from INR 1,133.20 Cr. Return on Capital Employed (ROCE) plummeted from 20.5% in FY24 to 7.9% in FY25 due to higher raw material costs and lower realizations.

EBITDA Margin

Consolidated EBITDA margin contracted significantly from 26.3% (INR 1,842.86 Cr) in FY24 to 14.5% (INR 1,036.29 Cr) in FY25, a YoY decrease of 43.77% in absolute EBITDA value. This was driven by a sharp spike in hardwood prices and pricing pressure from cheap imports.

Capital Expenditure

Planned capital expenditure for FY26 is INR 750-800 Cr. This includes INR 600-650 Cr for a new Bleached Chemi-ThermoMechanical Pulp (BCTMP) mill for backward integration and INR 100-150 Cr for regular maintenance capex.

Credit Rating & Borrowing

The company maintains a 'Strong' liquidity profile with an adjusted interest coverage ratio of 5.37x in FY25. Total debt decreased 17.67% to INR 1,749.74 Cr as of March 31, 2025, following scheduled repayments and a prepayment of INR 380.23 Cr.

⚙️ Operational Drivers

Raw Materials

Hardwood (primary virgin paper material), Pulp, Coal, and Chemicals. Hardwood costs increased significantly due to competition from the MDF and plywood industries.

Import Sources

Hardwood is sourced domestically through farm forestry programs in areas adjacent to plants (Odisha, Gujarat, Telangana). Imported pulp is used to supplement domestic supply, though the BCTMP mill aims to substitute these imports.

Key Suppliers

Not specifically named; however, the company relies on its own farm forestry network for hardwood and independent vendors for coal and chemicals.

Capacity Expansion

Current installed capacity is 761,000 tonnes per annum (TPA) across three plants. Planned expansion includes the BCTMP pulp mill at the CPM unit to be completed in FY26 to improve operating efficiency and substitute imported pulp.

Raw Material Costs

Raw material costs increased significantly in FY25, contributing to a rise in total expenses from INR 5,561.75 Cr to INR 6,299.37 Cr (a 13.26% increase). Procurement strategy focuses on farm forestry to secure long-term hardwood supply.

Manufacturing Efficiency

Capacity utilization remains high at above 100%. Operating margins are expected to improve by 250-300 bps in the near term as hardwood availability improves and the BCTMP mill comes online.

Logistics & Distribution

The company utilizes a robust distribution network and superior dealer reach to maintain its market-leading position in the copier and corrugated box segments.

📈 Strategic Growth

Expected Growth Rate

6-7%

Growth Strategy

Growth will be driven by a 6-7% volume increase in the paperboard segment and a 2-3% improvement in realizations. Strategic focus includes the acquisition of Borkar Packaging Pvt Ltd (BPPL) to strengthen the packaging market position and the completion of the BCTMP mill for cost optimization.

Products & Services

Copier paper, coated paper, paperboards, corrugated boxes, and animal nutrition products.

Brand Portfolio

JK Paper, Sirpur Paper Mills, Horizon Packs (HPPL), Securipax (SPPL), and Borkar Packaging (BPPL).

New Products/Services

Expansion into the corrugated packaging and animal nutrition sectors is expected to lessen reliance on traditional WPP segments, though specific revenue contribution percentages for new launches are not disclosed.

Market Expansion

Targeting the corrugated packaging segment through inorganic acquisitions (HPPL, SPPL, RWPL, QVPL, and BPPL) to capture high-growth packaging demand.

Market Share & Ranking

Market leader in the Indian copier segment and the corrugated box segment.

Strategic Alliances

Acquired 85% stake in Horizon Packs Pvt Ltd and Securipax Packaging Pvt Ltd; recently announced the acquisition of Borkar Packaging Pvt Ltd.

🌍 External Factors

Industry Trends

The industry is currently facing a downturn due to high raw material costs and import pressure. However, it is evolving toward sustainable packaging, with JK Paper positioning itself through corrugated box acquisitions and backward integration.

Competitive Landscape

Competes with domestic virgin paper manufacturers and low-cost importers from the APAC region. Competition for wood also comes from the MDF and plywood sectors.

Competitive Moat

Durable advantages include a dominant market share in the copier segment, an extensive dealer network, and a 761,000 TPA production scale. These are sustainable due to the high capital intensity (INR 750-800 Cr annual capex) required for competitors to match efficiency.

Macro Economic Sensitivity

Highly sensitive to domestic consumption trends; the February 2025 Budget's personal tax cuts (INR 1 Lac Cr savings) and infrastructure spending (INR 11.21 Lac Cr) are expected to boost paper demand.

Consumer Behavior

The trend toward digitization poses a long-term risk to WPP demand, which the company is countering by shifting focus to the growing packaging and paperboard segments.

Geopolitical Risks

Trade barriers and capacity expansions in the APAC region lead to 'dumping' of paper products in India, adversely affecting domestic realizations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms regarding water discharge and forestry regulations. Import duties on paper are a key regulatory factor affecting the company's ability to compete with APAC imports.

Environmental Compliance

Maintains ISO 14001:2015 and ISO 45001:2018 certifications. Invests in advanced effluent recycling and treatment to mitigate resource risks related to water overuse.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates; the 2025 Budget's fiscal deficit target of 4.4% suggests a stable fiscal environment for corporate operations.

Legal Contingencies

No material reportable weaknesses or significant pending court cases that would impact financial stability were disclosed in the annual report.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility (hardwood) and the threat of digitisation reducing paper demand are the primary uncertainties, potentially impacting margins by 300-500 bps.