Satia Industries Limited (SATIA)
₹68.14 +1.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Satia Industries' revenue was ₹362 Cr (-2.5% year on year, -7.2% on the previous quarter), and net profit ₹-17.1 Cr (against a profit a year earlier); the operating margin was 14.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹362 | -2.5% | -7.2% |
| Operating profit | ₹50.8 | -19.3% | +198.9% |
| Net profit | ₹-17.1 | to loss | to loss |
| EPS (₹) | -1.71 | to loss | to loss |
| Operating margin | 14.0% | — | — |
SATIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.27% of the SATIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.1%. That is close to its usual level. Turnover was only ₹50 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 43.9% · 59.9% · 51.2% · 64.8% · 51.3%
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
Satia Industries 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 from Registrar and Share Transfer Agent Beetal Financial & Computer Services confirms that share certificates received for dematerialisation were processed, confirmed to depositories, and mutilated/cancelled as mandated. This is a periodic administrative filing with no impact on business operations or financials.
- Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
- Certificate issued by RTA Beetal Financial & Computer Services (P) Ltd on October 5, 2026
- Confirmation provided that dematerialised securities are listed on the relevant stock exchanges
Satia Industries Limited has announced the successful restart of Paper Machine-3 (PM-3) at its Rupana, Punjab facility on September 7, 2026. The restart follows the completion of a major technological upgradation and rebuild project aimed at improving operational capabilities. Currently, PM-3 is undergoing trial runs and testing before commercial production commences. Total installed capacity across the company previously exceeded 2,00,000 MTPA, and commercial stabilization will be key to operational output.
- Paper Machine-3 (PM-3) was restarted on September 7, 2026
- Restart follows a major technological upgradation and rebuild project at Rupana, Punjab
- PM-3 is presently undergoing trials and testing before full commercial operations commence
- Company holds over 2,00,000 MTPA of total installed capacity
Satia Industries Limited concluded its 45th Annual General Meeting on September 30, 2026. Shareholders approved all four ordinary resolutions with requisite majority, including the adoption of FY26 financial statements and declaration of a final dividend of 40% (Rs 0.40 per equity share of face value Rs 1). Additionally, the reappointment of executive director Mr. Chirag Satia was approved with 99.62% votes in favor, alongside ratification of cost auditor remuneration.
- Final dividend of 40% (Rs 0.40 per equity share of face value Rs 1) approved for FY26
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved
- Re-appointment of Executive Director Mr. Chirag Satia approved with 15,551,447 votes in favor (99.62%)
- Total voting participation recorded at 15,610,802 votes across 50,069 shareholders on the record date (September 23, 2026)
Satia Industries Limited concluded its 45th Annual General Meeting on September 30, 2026. Shareholders approved all four ordinary resolutions with requisite majority, including the adoption of FY26 financial statements and declaration of a final dividend of 40% (Rs 0.40 per equity share of face value Rs 1). Additionally, the reappointment of executive director Mr. Chirag Satia was approved with 99.62% votes in favor, alongside ratification of cost auditor remuneration.
- Final dividend of 40% (Rs 0.40 per equity share of face value Rs 1) approved for FY26
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved
- Re-appointment of Executive Director Mr. Chirag Satia approved with 15,551,447 votes in favor (99.62%)
- Total voting participation recorded at 15,610,802 votes across 50,069 shareholders on the record date (September 23, 2026)
Satia Industries Limited concluded its 45th Annual General Meeting on September 30, 2026. Shareholders approved all four ordinary resolutions with requisite majority, including the adoption of FY26 financial statements and declaration of a final dividend of 40% (Rs 0.40 per equity share of face value Rs 1). Additionally, the reappointment of executive director Mr. Chirag Satia was approved with 99.62% votes in favor, alongside ratification of cost auditor remuneration.
- Final dividend of 40% (Rs 0.40 per equity share of face value Rs 1) approved for FY26
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved
- Re-appointment of Executive Director Mr. Chirag Satia approved with 15,551,447 votes in favor (99.62%)
- Total voting participation recorded at 15,610,802 votes across 50,069 shareholders on the record date (September 23, 2026)
Satia Industries Limited has notified the stock exchanges regarding the closure of its trading window effective October 1, 2026. This administrative closure complies with SEBI (Prohibition of Insider Trading) Regulations for considering financial results for the quarter ending September 30, 2026. The window will reopen on the third calendar day following the board meeting where results are declared. The exact date of the board meeting will be announced later.
- Trading window closure effective from October 1, 2026
- Closure is on account of financial results for the quarter ended September 30, 2026
- Window will reopen on the 3rd calendar day after conclusion of the Board Meeting
- Intimation sent to BSE and NSE on September 23, 2026
Satia Industries Limited has issued a communication to shareholders providing the weblink to access its Annual Report for the financial year ended March 31, 2026. The company announced that its 45th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 10:30 AM IST. The meeting will take place at its registered office in Rupana, Malout-Muktsar Road, District Sri Muktsar Sahib, Punjab. This filing serves as an administrative intimation under SEBI Listing Regulations.
- 45th Annual General Meeting scheduled for September 30, 2026, at 10:30 AM IST
- Meeting to be held at the Registered Office in Rupana, District Sri Muktsar Sahib, Punjab
- Weblinks provided for FY26 Annual Report and AGM Notice for shareholders without registered emails
- Filing issued in compliance with SEBI LODR Regulation 36(1)(b) and MCA circulars
Satia Industries Limited has issued the notice for its 45th Annual General Meeting (AGM) scheduled for September 30, 2026. Key agenda items include the declaration of a final dividend of 40% (Rs 0.40 per share on face value of Rs 1) for FY2025-26. The book closure is scheduled from September 24, 2026 to September 30, 2026, with the voting cut-off date set as September 23, 2026. Other business includes the re-appointment of retiring Executive Director Mr. Chirag Satia and approval of Rs 2,00,000 remuneration for cost auditors.
- Final dividend recommended at 40% (Rs 0.40 per equity share of Rs 1 face value) for FY2025-26
- 45th Annual General Meeting scheduled for September 30, 2026 at 10:30 AM
- Share transfer books and register of members closed from September 24, 2026 to September 30, 2026
- Remote e-voting window open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM) based on September 23, 2026 cut-off date
- Remuneration of Rs 2,00,000 plus taxes proposed for cost auditors M/s Balwinder & Associates for FY 2026-27
Satia Industries reported revenue from operations of ₹361.81 cr for the quarter ended June 30, 2026, down 2.45% YoY from ₹370.92 cr in Q1 FY26. Operating Profit Before Tax held relatively steady at ₹29.12 cr (vs ₹30.79 cr YoY), but the company posted a net loss of ₹17.12 cr due to a one-time non-cash deferred tax charge of ₹39.33 cr after shifting to the concessional tax regime (effective rate of 25.168%). Additionally, the company initiated a planned 5-month shutdown of Paper Machine 3 (PM3) starting June 1, 2026, for modernization. The record date for dividend and AGM voting rights has been fixed for September 23, 2026.
- Revenue from operations reached ₹361.81 cr in Q1 FY27, declining 2.45% YoY from ₹370.92 cr in Q1 FY26
- Reported net loss of ₹17.12 cr compared to a net profit of ₹31.60 cr in Q1 FY26, impacted by ₹39.33 cr in deferred tax expense
- Profit Before Tax (PBT) came in at ₹29.12 cr compared to ₹30.79 cr in the corresponding prior-year period
- Paper Machine 3 placed under a planned 5-month shutdown effective June 1, 2026, for refurbishment to enhance capacity and speed
- Record date for dividend entitlement and AGM voting is set for September 23, 2026
Satia Industries reported a 2% YoY decline in revenue to ₹3,618 Mn for Q1 FY27, primarily due to a planned shutdown of its PM3 machine for modernization. While EBITDA fell 20% YoY to ₹508 Mn, margins improved significantly on a sequential basis from 6% to 14% due to better pricing realizations and lower import dumping. The company reported a net loss of ₹171 Mn, which was entirely attributed to a one-time non-cash deferred tax charge from switching to a concessional tax regime. Operationally, the PM3 machine is undergoing a 4-5 month refurbishment to enhance future capacity and efficiency.
- Revenue of ₹3,618 Mn in Q1 FY27, a 2% YoY decline and 7% QoQ decline.
- EBITDA margin improved by 800 bps sequentially to 14.0% from 6.0% in Q4 FY26.
- Reported a net loss of ₹171 Mn due to a one-time non-cash deferred tax charge; cash flow remains unaffected.
- Paper Machine 3 (PM3) shut down on June 1, 2026, for a 4-5 month modernization program.
- Gross margins improved to 50.9% in Q1 FY27 from 48.0% in Q4 FY26, driven by better pricing.
Satia Industries released its Q1 FY27 investor presentation, reporting revenue from operations of ₹361.8 cr (INR 3,618 Mn), down 2% YoY and 7% QoQ. Profit before tax stood at ₹29.1 cr, but high tax outgo of ₹46.2 cr resulted in a net loss of ₹17.1 cr (INR -171 Mn) compared to a net profit of ₹31.6 cr in Q1 FY26. Management noted a moderating import intensity environment and announced an ongoing 4-5 month refurbishment program for Paper Machine 3 (PM3) to enhance capacity and efficiency. The company is also expanding into cup-moulding machinery in its tableware segment, expected to begin production in Q2 FY27.
- Q1 FY27 Revenue from operations declined 2% YoY to ₹361.8 cr (INR 3,618 Mn) compared to ₹370.9 cr in Q1 FY26
- Net loss stood at ₹17.1 cr (INR -171 Mn) vs net profit of ₹31.6 cr in Q1 FY26, yielding a negative EPS of ₹-1.71
- Modernization and upgradation program for Paper Machine 3 (PM3) underway with refurbishment work expected to take 4-5 months
- Tableware cutlery vertical operates 15 total units, with new cup-moulding machinery scheduled to start production in Q2 FY27
Satia Industries reported a net loss of ₹17.12 cr for Q1 FY27, a sharp reversal from a ₹31.60 cr profit YoY, primarily due to a one-time deferred tax charge of ₹39.33 cr. The company transitioned to a new concessional tax regime (Section 115BAA), which resulted in a total tax expense of ₹46.24 cr for the quarter. Revenue from operations declined 2.5% YoY to ₹361.81 cr, while Profit Before Tax (PBT) remained positive at ₹29.12 cr. The Board has fixed September 23, 2026, as the record date for the dividend.
- Net Loss of ₹17.12 cr reported in Q1 FY27 against a profit of ₹31.60 cr in Q1 FY26.
- Total tax expense surged to ₹46.24 cr, including a ₹39.33 cr deferred tax impact from shifting tax regimes.
- Revenue from operations stood at ₹361.81 cr, down from ₹370.92 cr in the corresponding quarter last year.
- Paper segment remains the primary driver with ₹361.37 cr in revenue, while the Agriculture segment contributed only ₹0.45 cr.
- Record date for dividend and AGM voting rights confirmed as September 23, 2026.
Satia Industries reported a net loss of ₹17.12 crore for Q1 FY27, a sharp reversal from a profit of ₹31.60 crore in Q1 FY26. While revenue from operations remained relatively stable at ₹361.81 crore (down 2.4% YoY), the bottom line was severely impacted by a one-time deferred tax charge of ₹39.33 crore. This charge resulted from the company opting for the concessional tax regime under Section 115BAA. Operationally, the company remained profitable with a Profit Before Tax (PBT) of ₹29.12 crore, though this was also down 5.4% YoY.
- Net loss of ₹17.12 crore reported for Q1 FY27 against a profit of ₹31.60 crore in the previous year's quarter.
- Revenue from operations stood at ₹361.81 crore, a slight decline from ₹370.92 crore in Q1 FY26.
- One-time deferred tax expense of ₹39.33 crore recognized due to transition to a lower tax regime.
- Record date for the annual dividend and AGM voting rights fixed for September 23, 2026.
- Paper segment remains the primary driver, contributing ₹361.36 crore to the total revenue.
Satia Industries reported a marginal 2.4% YoY decline in revenue to ₹361.81 cr for the quarter ended June 30, 2026. While operational performance remained relatively stable with a Profit Before Tax (PBT) of ₹29.12 cr (down 5.4% YoY), the company posted a net loss of ₹17.12 cr. This bottom-line hit is primarily due to a one-time deferred tax charge of ₹39.33 cr resulting from the company's transition to a concessional tax regime under Section 115BAA. Excluding this accounting adjustment, the core business remains profitable.
- Revenue from operations stood at ₹361.81 cr, a 2.4% decrease from ₹370.92 cr in Q1 FY26
- Reported a Net Loss of ₹17.12 cr against a Net Profit of ₹31.60 cr in the previous year's corresponding quarter
- One-time deferred tax expense of ₹39.33 cr recognized due to adoption of the new tax regime
- Profit Before Tax (PBT) showed resilience at ₹29.12 cr compared to ₹30.79 cr YoY
- Paper segment remains the primary driver with revenue of ₹361.36 cr
India Ratings (Ind-Ra) has affirmed Satia Industries' long-term rating at 'IND A+' with a stable outlook. The affirmation comes despite a sharp decline in EBITDA margins to a 15-year low of ~8.5% in FY26 (down from 18% in FY25) due to low-priced imports and high raw material costs. The company is currently executing a capacity upgrade for its PM-3 machine, expected to add 18,000-20,000 TPA by Q3 FY27. While net leverage rose to 1.4x in FY26 and is expected to exceed 2.0x in FY27 due to capex, Ind-Ra expects a meaningful recovery in FY28.
- EBITDA margins hit a 15-year low of ~8.5% in FY26, down significantly from 18% in FY25.
- Net leverage (Net Debt/EBITDA) increased to 1.4x in FY26 from 0.4x in FY25 due to lower profitability.
- Ongoing PM-3 machine upgrade will add 18,000-20,000 TPA capacity, representing a ~10% increase in total capacity.
- State textbook segment, which commands higher margins, continues to contribute 30%-50% of overall sales.
- Total bank loan facilities rated at ₹699 crore (INR 6,990 million) and proposed commercial paper at ₹35 crore.
Financial Performance
Revenue Growth by Segment
In H1 FY26, the Paper segment generated INR 680.11 Cr, a decline of 7.6% YoY from INR 736.53 Cr. The Co-Generation Division grew 23.8% YoY to INR 160.09 Cr from INR 129.30 Cr. The Agriculture segment declined 36% YoY to INR 1.89 Cr from INR 2.96 Cr.
Geographic Revenue Split
The company operates a pan-India network with 100+ dealers and three branch offices in Delhi, Chandigarh, and Jaipur. Specific regional percentage splits are not disclosed in available documents.
Profitability Margins
Profitability saw a sharp decline in Q2 FY26; Net PAT margin fell to -7.9% compared to 3.6% in Q2 FY25. H1 FY26 PAT margin stood at 1.0% vs 8.6% YoY, representing a 753 bps compression due to elevated input costs and low-priced imports.
EBITDA Margin
EBITDA margin for Q2 FY26 was 2.1%, a significant drop of 1114 bps from 13.2% in Q2 FY25. EBITDA fell 85% YoY to INR 6.6 Cr from INR 45.1 Cr, driven by depressed market realizations and an inverted GST duty structure.
Capital Expenditure
The company added a 100,000 MTPA paper machine in FY22. Current Capital Work-in-Progress (CWIP) stands at INR 149.98 Cr as of September 30, 2025, up from INR 99.41 Cr in March 2025. The PM3 redevelopment project has been deferred to ensure operational continuity.
Credit Rating & Borrowing
Net Debt:Equity ratio improved to 0.14x in H1 FY26 from 0.30x in FY25. Finance costs for H1 FY26 were INR 10.89 Cr, a 16.4% decrease from INR 13.02 Cr YoY, indicating lower borrowing costs or reduced debt levels.
Operational Drivers
Raw Materials
Primary raw materials include wood and agricultural residues. Wood prices and fuel costs are the most significant cost drivers, though specific percentage of total cost for each is not disclosed.
Import Sources
Not disclosed in available documents; however, the company is located in Muktsar, Punjab, and utilizes local agricultural resources.
Capacity Expansion
Current total installed capacity exceeds 2,00,000 MTPA. The company scaled from 4,950 MTPA in 1984 to its current level, with the most recent major expansion (PM4) adding 100,000 MTPA in FY22.
Raw Material Costs
Raw material availability is expected to improve in H2 FY26. Management noted that easing wood prices and better availability will support a phased recovery in profit margins from the current depressed levels.
Manufacturing Efficiency
Tableware products (cutlery) machines are currently operating at 100% capacity. The company is fully backward integrated with pulping and chemical recovery to maintain cost competitiveness.
Logistics & Distribution
Distribution is handled through a pan-India network of 100+ dealers and institutional sales channels.
Strategic Growth
Growth Strategy
Growth will be driven by expanding specialty product lines, maximizing the cutlery business opportunity where machines are at 100% capacity, and focusing on value-added portfolios. The company aims to restore momentum through technological upgradation and cost competitiveness.
Products & Services
Writing paper, Printing paper, Specialty paper, and Tableware products including biodegradable cutlery.
Brand Portfolio
Satia Industries Limited (SIL).
New Products/Services
Expansion into specialty product lines and biodegradable cutlery is expected to contribute to future revenue, though specific percentage contributions are not yet quantified.
Market Expansion
The company is focusing on institutional customers and expanding its dealer network to capitalize on the growing demand for sustainable tableware.
External Factors
Industry Trends
The Indian paper industry is currently facing high input costs and an inverted GST structure. The trend is shifting toward sustainable packaging and biodegradable tableware, where the company is positioning itself with 100% capacity utilization in cutlery.
Competitive Landscape
The landscape is characterized by intense competition from low-priced imports and other domestic integrated paper mills.
Competitive Moat
The company's moat is its full backward integration (pulp, chemical recovery, and power self-sufficiency), which provides a cost advantage over non-integrated players. This sustainability is reinforced by a 540-acre eucalyptus plantation.
Macro Economic Sensitivity
The business is sensitive to global paper prices and import duties. A revenue decline of 9% YoY in Q2 FY26 was attributed to temporary macro pressures rather than a fundamental demand shift.
Consumer Behavior
There is an increasing shift toward eco-friendly and biodegradable products, supporting the company's strategic focus on the tableware and cutlery segment.
Geopolitical Risks
Global trade dynamics leading to low-priced imports into India pose a significant risk to domestic realizations and market share.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental pollution norms and GST regulations. Management is actively engaging policymakers to address the inverted GST structure affecting the paper industry.
Environmental Compliance
The company holds ISO 9001, 14001, and 45001 certifications and produces paper with the 'ECO MARK', indicating high compliance with environmental standards.
Taxation Policy Impact
The company is impacted by an inverted GST duty structure, which increases working capital. Current tax liabilities for H1 FY26 were INR 2.1 Cr.
Risk Analysis
Key Uncertainties
Key risks include volatility in wood prices (input cost risk) and government policy regarding paper imports (realization risk). A 1% shift in realizations could significantly impact the 2.1% EBITDA margin.
Geographic Concentration Risk
The manufacturing facility is concentrated in Muktsar, Punjab, though distribution is pan-India.
Third Party Dependencies
Dependency on a network of 100+ dealers for open market sales.
Technology Obsolescence Risk
The company mitigates technology risk through continuous technological upgradation, such as the addition of the state-of-the-art PM4 in FY22.
Credit & Counterparty Risk
Other financial assets stand at INR 6.1 Cr, and bank balances at INR 7.66 Cr, suggesting stable liquidity despite the quarterly loss.
