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Malu Paper Mills Limited (MALUPAPER)

₹32.40 +0.50% last close, 16 Oct

📊 NSE: MALUPAPER 🏢 Paper 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Malu Paper's revenue was ₹124 Cr (+30.8% year on year, +15.7% on the previous quarter), and net profit ₹1.3 Cr (against a loss a year earlier); the operating margin was 4.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹124	+30.8%	+15.7%
Operating profit	₹5.8	from loss	+30.1%
Net profit	₹1.3	from loss	from loss
EPS (₹)	0.75	from loss	from loss
Operating margin	4.7%	—	—

Full quarterly financials → Results calendar →

MALUPAPER delivery percentage

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

On Fri, 16 Oct 2026, 40.98% of the MALUPAPER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.61%. That is lower than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.

40.98%Delivery, 16 Oct

58.61%Own 20-session average

0.3×Volume vs its average

₹32.40NSE close · +0.50%

Delivery in the last 5 sessions: 43.1% · 47.6% · 57.0% · 53.2% · 41.0%

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

Malu Paper Mills Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 11:54 PM

Malu Paper Mills Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The RTA confirmed that all securities received for dematerialisation during the period were properly processed, listed, and physical certificates mutilated as required. This is a standard quarterly administrative filing with no impact on business operations or financials.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
Pertains to the quarter ended 30th September 2026
Issued by Registrar and Share Transfer Agent MUFG Intime India Pvt Ltd dated 03-10-2026
Confirmed processing, listing, and mutilation of dematerialised share certificates within prescribed timelines

💡 No action required by investors. Track upcoming Q2 FY27 operational and financial results when announced.

Malu Paper Mills Shareholders Approve All 4 Resolutions at 33rd AGM with >99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 03:43 PM

Malu Paper Mills Limited has declared the combined voting results for its 33rd Annual General Meeting held on September 23, 2026. A total of 1,19,52,597 votes were polled out of 1,70,59,250 outstanding shares, representing a 70.0652% voter turnout. All four resolutions—including adoption of FY26 financial statements, re-appointment of director Mr. Purushottam Malu, and appointments/remunerations of secretarial and cost auditors—were passed with over 99.99% approval. Promoter turnout was high at 98.63% of their holdings, while public non-institutional participation stood at 4.05%.

Overall voter turnout stood at 70.0652% with 1,19,52,597 total votes polled
Adoption of FY26 Audited Standalone Financial Statements passed with 99.9996% votes in favour
Re-appointment of director Mr. Purushottam Malu approved with 99.9996% in favour
Promoter group polled 1,17,44,185 votes representing 98.6297% of promoter shareholding
Public non-institutional turnout was modest at 4.0453% (2,08,412 votes polled)

💡 Track the upcoming Q2 FY27 quarterly results to assess profitability margins and operational performance following an operating profit of Rs 5.84 cr in Q1 FY27.

Malu Paper Mills Convenes 33rd AGM on Sep 23, 2026; Issues FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 07:27 PM

Malu Paper Mills Limited has scheduled its 33rd Annual General Meeting (AGM) for September 23, 2026, and released its Annual Report for FY 2025-26. Key agenda items include the adoption of FY26 financial statements, the reappointment of director Purushottam Malu, and the appointment of secretarial auditors for a 5-year term at ₹60,000 per annum. Remote e-voting will take place between September 19 and September 22, 2026. The report also notes that the company has no CSR liability owing to negative average profits over the preceding three financial years.

33rd AGM scheduled for September 23, 2026 at 3:00 PM IST at the Nagpur registered office
Remote e-voting window open from September 19, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
Appointment of CS Priyanka Jaiswal & Associates as Secretarial Auditor for 5 years (FY27 to FY31) at ₹60,000 p.a.
Ratification of Cost Auditor remuneration of ₹60,000 for FY 2026-27

💡 Shareholders can review the comprehensive FY26 Annual Report disclosures and cast their votes via remote e-voting before 5:00 PM on September 22, 2026.

Malu Paper Mills Schedules 33rd AGM for Sep 23, 2026; Issues FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 06:24 PM

Malu Paper Mills Limited has issued the notice for its 33rd Annual General Meeting (AGM) scheduled for September 23, 2026, alongside releasing its Annual Report for FY 2025-26. Key agenda items include the adoption of FY26 audited financial statements, the reappointment of director Mr. Purushottam Malu, and the appointment of secretarial auditors for a five-year term at ₹60,000 per annum. Remote e-voting will take place from September 19, 2026, to September 22, 2026. The company also confirmed it is exempt from CSR obligations due to negative average profits over the past three years.

33rd AGM scheduled to be held on September 23, 2026 at 3:00 PM IST in Nagpur.
Remote e-voting window opens on September 19, 2026 (9:00 AM) and closes on September 22, 2026 (5:00 PM).
Proposed appointment of Secretarial Auditor for a 5-year term (FY 2026-27 to FY 2030-31) at ₹60,000 per annum.
Proposed ratification of Cost Auditor remuneration of ₹60,000 for FY 2026-27.

💡 Shareholders can review the detailed notes in the FY26 Annual Report and participate in e-voting between September 19 and September 22, 2026.

Malu Paper Mills Announces Book Closure from Sep 16 to Sep 23, 2026 for 33rd AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 05:45 PM

Malu Paper Mills Limited has informed the exchanges of its book closure dates and record date pursuant to Regulation 42 of SEBI LODR. The Register of Members and Share Transfer Books will remain closed from September 16, 2026 to September 23, 2026 (both days inclusive) for the company's 33rd Annual General Meeting. The record date for determining shareholder eligibility is set for September 15, 2026.

Book closure scheduled from September 16, 2026 to September 23, 2026 (both days inclusive)
Record date set for September 15, 2026 for meeting eligibility
Book closure conducted for the purpose of holding the 33rd Annual General Meeting

💡 Track the upcoming 33rd AGM notice and voting resolutions to review operational updates and full-year FY26 performance details.

Malu Paper Schedules 33rd AGM for Sep 23, 2026; Approves 5-Year Auditor Appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 05:44 PM

Malu Paper Mills Limited has scheduled its 33rd Annual General Meeting (AGM) for Wednesday, September 23, 2026. The cut-off date for e-voting eligibility is set for September 15, 2026, with the register of members closed from September 16 to September 23, 2026. Additionally, the Board recommended the appointment of M/s. Priyanka Jaiswal & Associates as Secretarial Auditor for a 5-year term from FY 2026-27 to FY 2030-31, subject to shareholder approval.

33rd AGM scheduled to be held on Wednesday, September 23, 2026 at 03:00 p.m.
Cut-off date for AGM e-voting eligibility set as Tuesday, September 15, 2026
Register of Members closed from September 16, 2026 to September 23, 2026
Recommended CS Priyanka Jaiswal as Secretarial Auditor for 5 years (FY 2026-27 to FY 2030-31)

💡 Shareholders seeking to participate or vote at the AGM should ensure their holdings are settled by the cut-off date of September 15, 2026, and track the upcoming Annual Report release for full FY26 operational disclosures.

₹1.28 Cr Net Profit: Malu Paper Reports Turnaround in Q1 FY27 as Revenue Surges 127% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 04:13 PM

Malu Paper Mills has reported a significant financial turnaround in Q1 FY27, posting a net profit of ₹1.28 crore compared to a loss of ₹6.15 crore in the same quarter last year. Total income surged by 126.9% YoY to ₹123.52 crore, driven by a strategic shift toward high-margin paper variants and improved price realization. EBITDA turned positive at ₹5.84 crore, a sharp recovery from an EBITDA loss of ₹4.77 crore in Q1 FY26. This performance marks the end of a prolonged streak of quarterly losses, suggesting successful execution of operational restructuring.

Total income increased by 126.9% YoY to ₹123.52 crore from ₹54.44 crore
Net profit of ₹1.28 crore achieved after a substantial loss of ₹19.64 crore in the full FY26
EBITDA improved to ₹5.84 crore from a loss of ₹4.77 crore in the year-ago period
Finance costs remained high at ₹2.59 crore, consuming approximately 44% of the quarterly EBITDA
Basic Earnings Per Share (EPS) turned positive at ₹0.75 compared to negative ₹3.61 YoY

💡 Monitor the sustainability of operating margins over the next 2-3 quarters to ensure the turnaround is structural rather than a one-off benefit from raw material price cycles.

Malu Paper Mills Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 02:23 PM

Malu Paper Mills Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, covers the quarter ended June 30, 2026. It confirms that physical share certificates received for dematerialization were processed, listed on the stock exchanges, and subsequently mutilated or cancelled as per regulatory requirements. This is a standard administrative filing with no impact on the company's financial performance or operations.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests
Confirmation that securities are listed on the National Stock Exchange and Bombay Stock Exchange
Physical certificates were mutilated and cancelled after due verification within prescribed timelines

💡 No action is required from investors as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material business updates.

Malu Paper Mills Closes Trading Window from July 01, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Jul 2026, 02:38 PM

Malu Paper Mills Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the un-audited financial results are declared. The date for the board meeting to consider these results has not yet been disclosed and will be intimated separately.

Trading window closed effective from July 01, 2026
Closure applies to the quarter ended June 30, 2026
Restriction covers all Directors, Promoters, and Designated persons
Window to reopen 48 hours after the declaration of un-audited financial results

💡 Investors should watch for the upcoming announcement regarding the specific date of the Board Meeting to review the Q1 financial performance.

Malu Paper Mills Reports Non-Large Corporate Status with ₹4.73 Cr Borrowings

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 May 2026, 07:30 PM

Malu Paper Mills Limited has officially disclosed that it does not meet the criteria for a 'Large Corporate' (LC) as defined by SEBI for the financial year ending March 31, 2026. The company reported total outstanding borrowings of ₹4.73 Crores as of the end of the fiscal year. This disclosure is a mandatory annual regulatory requirement to determine if a company must raise a specific portion of its incremental borrowings through debt securities. As the company does not meet the LC threshold, these specific debt issuance mandates do not apply.

Confirmed status as a Non-Large Corporate entity for the period ending March 31, 2026.
Total outstanding borrowings reported at ₹4.73 Crores as of the fiscal year end.
Compliance filing as per SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 regarding debt securities.
No credit rating was applicable for the previous financial year in the context of this disclosure.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should continue to monitor the company's operational performance and quarterly financial results.

Malu Paper Mills FY26 Revenue Rises 20% to ₹334 Cr; Net Loss Widens to ₹19.5 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 28 May 2026, 05:11 PM

Malu Paper Mills reported a 20% year-on-year increase in total income to ₹334.05 crore for the financial year ended March 31, 2026. However, the company's bottom line remains under severe pressure, with the annual net loss widening to ₹19.53 crore from ₹12.13 crore in the previous year. While Q4 FY26 showed a sequential improvement in EBITDA to ₹4.69 crore, the overall financial health is concerning due to negative equity of ₹42.55 crore. The company has also appointed new Cost Auditors for the upcoming financial year.

Total income for FY26 grew to ₹334.05 crore, up from ₹278.43 crore in FY25.
Annual net loss expanded to ₹19.53 crore, resulting in a negative EPS of ₹11.43.
Q4 FY26 net loss stood at ₹2.69 crore, a slight recovery from the ₹5.10 crore loss in Q3 FY26.
Other Equity is reported at a negative ₹42.55 crore as of March 31, 2026, indicating eroded net worth.
The Board approved the appointment of M/s. Deepak Khanuja & Associates as Cost Auditors for FY 2026-27.

💡 Investors should exercise high caution as the company is consistently loss-making and has significantly eroded its net worth. Monitor for any signs of operational turnaround or potential capital infusion to address the negative equity.

Malu Paper Mills Files Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Apr 2026, 04:44 PM

Malu Paper Mills Limited has submitted its quarterly compliance certificate for the period ended March 31, 2026, as required under SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that all regulatory requirements regarding the dematerialization of securities were met. Interestingly, the registrar noted that no requests for dematerialization or rematerialization were actually received during this specific quarter. This filing is a standard administrative procedure and does not reflect any change in the company's operational or financial status.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Reported zero requests for dematerialization or rematerialization during the quarter.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming financial results for material performance indicators.

Malu Paper Mills Announces Trading Window Closure Starting April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Mar 2026, 04:47 PM

Malu Paper Mills Limited has informed the stock exchanges that its trading window will be closed effective April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of the company's audited financial results. The restriction applies to all Directors, Promoters, and Designated persons. The window will remain closed until 48 hours after the financial results for the quarter and year ended March 31, 2026, are made public.

Trading window closure begins on April 1, 2026
Restriction applies to Directors, Promoters, and specified connected persons
Window to reopen 48 hours after the declaration of Q4 and FY26 audited results
Date of the Board Meeting for result approval to be announced separately

💡 This is a routine regulatory filing and does not require any immediate action from retail investors. Investors should monitor future announcements for the specific date of the board meeting to review financial performance.

Malu Paper Q3 FY26: Revenue Grows 22.6% YoY to ₹76.78 Cr, Net Loss Widens to ₹5.10 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 05:51 PM

Malu Paper Mills reported a 22.6% YoY increase in revenue to ₹76.78 crore for the quarter ended December 31, 2025. Despite the top-line growth, the company remains loss-making at both the EBITDA and PAT levels, reporting a net loss of ₹5.10 crore for the quarter. Management attributed the losses to challenging market conditions and price competition affecting input cost recovery. However, the company has secured a new supply tender for the Maharashtra State Board, which is expected to improve future capacity utilization and profitability.

Total Income from Operations increased to ₹76.90 crore in Q3 FY26 from ₹62.76 crore in Q3 FY25.
Net Loss widened to ₹5.10 crore for the quarter, compared to a loss of ₹3.67 crore in the year-ago period.
EBITDA loss stood at ₹3.09 crore, slightly improved from a loss of ₹3.14 crore in the preceding quarter.
Secured a significant tender for Writing and Printing Paper supply to the Maharashtra State Board Textbook Publications.
Management is actively pursuing monetization of surplus land assets and promoter capital infusion to improve liquidity.

💡 Investors should exercise caution as the company continues to report consistent losses and negative EBITDA. While the new government tender and land monetization plans are positive developments, a sustainable turnaround in margins is required before considering a long-term position.

Malu Paper Mills Q3 Results: Revenue Grows 22% YoY, but Net Loss Widens to ₹5.10 Crore

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 05:45 PM

Malu Paper Mills reported a challenging third quarter with a net loss of ₹5.10 crore, widening from a loss of ₹3.67 crore in the same period last year. Despite the bottom-line pressure, revenue from operations saw a healthy growth of 22.6% YoY, reaching ₹76.78 crore. The company continues to struggle with negative EBITDA, reporting a loss of ₹3.09 crore for the quarter due to high input costs and intense market competition. Management is banking on a turnaround through new government supply tenders and potential land monetization.

Revenue from operations increased to ₹76.78 crore in Q3 FY26 compared to ₹62.62 crore in Q3 FY25.
Net loss for the quarter widened to ₹5.10 crore from ₹3.67 crore in the year-ago period.
EBITDA remained negative at ₹3.09 crore, though slightly improved from the ₹3.14 crore loss in the previous quarter.
Nine-month (9M FY26) cumulative net loss stands at ₹16.84 crore.
Company secured a supply tender for Writing and Printing Paper from Maharashtra State Board Textbook Publications.

💡 Investors should exercise caution as the company remains loss-making at both the EBITDA and PAT levels. While the new government contract and land monetization plans offer some hope, a sustainable turnaround in margins is required before considering a fresh position.

View All MALUPAPER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations reached INR 277.89 Cr in FY25, representing a marginal growth of 1.26% compared to INR 274.44 Cr in FY24; segment-specific growth percentages are not disclosed.

Geographic Revenue Split

The company markets products in China, Africa, and Asia, with foreign exchange earnings of INR 0.13 Cr in FY25, a significant 88% decrease from INR 1.11 Cr in FY24; regional percentage contributions are not disclosed.

Profitability Margins

Profitability deteriorated significantly with a Net Profit Margin of -4.37% in FY25 compared to 0.32% in FY24, primarily due to volatile raw material costs and high finance charges.

EBITDA Margin

EBITDA margin turned negative at -0.14% (INR -0.38 Cr) in FY25 from 6.33% (INR 17.37 Cr) in FY24, a YoY decline of 102.2% in absolute EBITDA value.

Capital Expenditure

Historical debt reduction was achieved through promoter support, but planned capital expenditure for future periods is not disclosed in available documents.

Credit Rating & Borrowing

CRISIL downgraded the long-term rating to 'CRISIL BB-/Stable' from 'CRISIL BB/Stable' due to moderated business risk and declining operating margins; finance costs stood at INR 11.42 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Waste paper is the primary raw material, representing the largest portion of the cost structure; specific cost percentages are not disclosed.

Capacity Expansion

The company operates manufacturing plants in Saoner Taluka, Maharashtra; current installed capacity and specific expansion timelines are not disclosed.

Raw Material Costs

Raw material costs are highly volatile due to the cyclical nature of waste paper prices, which historically caused operating margins to fluctuate between 1.83% and 8.56%.

Manufacturing Efficiency

Manufacturing efficiency is impacted by high working capital intensity; specific capacity utilization percentages are not disclosed.

📈 Strategic Growth

Growth Strategy

Growth is pursued through the maintenance of established relationships with stakeholders and expansion into international markets including China, Africa, and Asia, supported by over two decades of promoter experience.

Products & Services

The company manufactures and sells kraft paper, newsprint, and writing and printing paper.

Brand Portfolio

Malu Paper

Market Expansion

The company has successfully marketed products in China and continues to target existing markets in Africa and Asia to diversify its revenue base.

🌍 External Factors

Industry Trends

The industry is seeing demand catalysis from the e-commerce and packaging sectors, though it remains cyclical and sensitive to raw material volatility.

Competitive Moat

The company's moat is based on the promoters' 20+ years of experience and established relationships with suppliers and customers, though this is partially offset by high cyclicality.

Macro Economic Sensitivity

The business is highly sensitive to demand-supply balances in the paper industry and global waste paper price cycles.

Consumer Behavior

Increased demand for sustainable packaging and e-commerce growth are positive drivers for kraft paper demand.

Geopolitical Risks

Exposure to the China market presents potential geopolitical and trade-related risks to export revenue.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental and pollution norms for paper manufacturing; specific compliance costs are not disclosed.

Taxation Policy Impact

The company recorded a tax credit of INR 5.00 Cr in FY25 due to reported losses, compared to a tax expense of INR 0.58 Cr in FY24.

Legal Contingencies

Secretarial audit reports indicate compliance with the Companies Act and other statutory provisions; specific values for pending litigation are not disclosed.