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Shreyans Industries Limited (SHREYANIND)

₹151.36 +2.65% last close, 16 Oct

📊 NSE: SHREYANIND 🏢 Paper 📢 Latest filing: 14 Aug 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Shreyans Industries' revenue was ₹168 Cr (-6.1% year on year, +5.7% on the previous quarter), and net profit ₹-10.0 Cr (against a profit a year earlier); the operating margin was -6.5%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹168	-6.1%	+5.7%
Operating profit	₹-11.0	to loss	loss widened
Net profit	₹-10.0	to loss	loss widened
EPS (₹)	-7.58	to loss	loss widened
Operating margin	-6.5%	—	—

Full quarterly financials → Results calendar →

SHREYANIND delivery percentage

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

On Fri, 16 Oct 2026, 57.13% of the SHREYANIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 75.79%. That is lower than usual for this stock. Turnover was only ₹45 lakh, so a handful of trades can move this figure. It traded 3.7 times its average daily volume.

57.13%Delivery, 16 Oct

75.79%Own 20-session average

3.7×Volume vs its average

₹151.36NSE close · +2.65%

Delivery in the last 5 sessions: 63.6% · 51.5% · 65.2% · 67.9% · 57.1%

Delivery across the market →Unusual volume today →

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

Shreyans Industries Approves Rs 1.50 Dividend and 3-Year Management Re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 14 Aug 2026, 12:35 PM

Shreyans Industries' shareholders have approved a final dividend of Rs 1.50 per share for FY26 during the 46th AGM. The meeting ratified the re-appointment of the core leadership team, including the Chairman and Managing Director, for new three-year terms effective late 2026. Despite a sharp decline in TTM PAT to Rs 6 Cr from Rs 88 Cr in FY24, the company is maintaining its dividend payout. Voting results showed strong support, with over 99% approval for all major resolutions and a total shareholder turnout of 65.57%.

Approved a final dividend of Rs 1.50 per equity share for the financial year ended March 31, 2026
Re-appointed Mr. Rajneesh Oswal as Chairman and Managing Director for a 3-year term (Sept 2026 - Aug 2029)
Re-appointed Mr. Vishal Oswal as Vice Chairman and Managing Director for a 3-year term
Total shareholder participation in the voting process stood at 65.57% of the 13,824,550 total shares
All resolutions, including the adoption of FY26 audited financial statements, were passed with over 99.5% majority

💡 Investors should monitor the company's operational recovery in upcoming quarters, specifically focusing on whether Operating Profit Margins (OPM) can rebound from the current 1.1% toward historical double-digit levels.

₹1.50 Dividend and Key Management Re-appointments Approved at 45th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Aug 2026, 04:59 PM

Shreyans Industries concluded its 45th Annual General Meeting on August 12, 2026, where shareholders approved a final dividend of ₹1.50 per equity share for FY26. The meeting also processed the re-appointment of three key promoter-directors, including Chairman Rajneesh Oswal and Vice-Chairman Vishal Oswal, for three-year terms. This comes after a difficult FY26 where PAT fell to ₹6 Cr from ₹50 Cr in FY25. Detailed voting results are expected within two working days.

Final dividend of ₹1.50 per equity share declared for the financial year ended March 31, 2026.
Re-appointment of Mr. Rajneesh Oswal (CMD) and Mr. Vishal Oswal (Vice-Chairman & MD) for 3-year terms until August 2029.
Remote e-voting was conducted between August 8 and August 11, 2026, with a cut-off date of August 5, 2026.
The company reported a significant drop in OPM to 1.12% in FY26 compared to 10.86% in FY25.
Ratification of remuneration for Cost Auditors M/s Rajan Sabharwal and Associates for FY27.

💡 Investors should monitor the final voting results for any significant dissent on management remuneration and track the dividend payment timeline. The primary focus remains on the company's ability to recover margins in the Writing and Printing Paper (WPP) segment.

Shreyans Industries Reports ₹3.24 Cr Net Loss in Q1 FY27 as Power and Material Costs Surge

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 03:26 PM

Shreyans Industries reported a net loss of ₹3.24 Cr for Q1 FY27, a sharp reversal from a profit of ₹17.27 Cr in Q1 FY26. While revenue grew 4.2% YoY to ₹160.13 Cr, total expenses jumped 21.8% to ₹173.58 Cr, driven by a 56% spike in power and fuel costs and a 31% rise in raw material costs. The bottom line was cushioned by ₹10.01 Cr in other income, including ₹6.92 Cr in investment fair value gains. The company continues to struggle with thin margins, as seen in its TTM OPM of just 1.1%.

Net loss of ₹3.24 Cr compared to a profit of ₹17.27 Cr in the same quarter last year.
Power and fuel expenses surged 56.4% YoY to ₹41.53 Cr, accounting for 25.9% of revenue.
Cost of materials consumed increased 30.8% YoY to ₹90.87 Cr.
Other income of ₹10.01 Cr included a ₹6.92 Cr gain on fair valuation of investments.
Basic EPS fell to -₹2.34 from ₹12.49 in the year-ago period.

💡 Monitor the trend in Net Sales Realizations (NSR) and the company's ability to pass on rising energy costs to customers. Watch for the execution of the ₹13 Cr quality-focused capex intended to improve operational efficiency.

Shreyans Industries Sets Aug 5, 2026 as Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 18 Jul 2026, 04:58 PM

Shreyans Industries has fixed August 5, 2026, as the record date to determine shareholder eligibility for the FY 2025-26 dividend. The dividend is subject to approval at the 46th Annual General Meeting (AGM) scheduled for August 12, 2026. This announcement follows a difficult financial year where the company reported a net loss of ‡10 Cr in the March 2026 quarter. The book closure period for the AGM and dividend payment will run from August 6 to August 12, 2026.

Record date for dividend entitlement fixed as August 5, 2026
46th Annual General Meeting (AGM) scheduled for August 12, 2026
Book closure period set from August 6, 2026, to August 12, 2026
Company reported TTM revenue of ‡623 Cr against a recent quarterly loss of ‡10 Cr in Mar 2026

💡 Investors should monitor the AGM results on August 12 for the confirmed dividend amount and management's outlook on reversing the recent trend of quarterly losses.

₹1.50 Dividend and Re-appointment of Key Management at 46th AGM on August 12

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 18 Jul 2026, 04:53 PM

Shreyans Industries has scheduled its 46th Annual General Meeting (AGM) for August 12, 2026, to approve a final dividend of ₹1.50 per equity share for FY26. The company is seeking shareholder approval for the re-appointment of three key promoter-directors—Rajneesh, Vishal, and Kunal Oswal—for new three-year terms starting in late 2026. This comes despite a challenging financial period where the company reported a net loss of ₹10 Cr in the March 2026 quarter and maintains a thin TTM operating margin of 1.1%. The proposed dividend payout is estimated at approximately ₹2.05 Cr, representing about 34% of the TTM PAT of ₹6 Cr.

Final dividend of ₹1.50 per equity share proposed for the financial year ended March 31, 2026.
AGM scheduled for August 12, 2026, with a record date of August 5, 2026, for dividend eligibility.
Re-appointment of Rajneesh Oswal as Chairman & MD for a 3-year term (Sept 2026 - Aug 2029).
Re-appointment of Vishal Oswal as Vice-Chairman & MD for a 3-year term (Sept 2026 - Aug 2029).
Ratification of Cost Auditor remuneration at ₹75,000 plus taxes for FY27.

💡 Monitor the voting results of the AGM, particularly regarding management remuneration clauses that allow for 'minimum remuneration' in years with inadequate profits, given the recent quarterly losses.

Shreyans Industries Submits Regulation 74(5) Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 02:28 PM

Shreyans Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Skyline Financial Services, confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. The Registrar and Transfer Agent (RTA) verified, mutilated, and cancelled the certificates within the mandated 15-day period. This is a standard procedural filing required for all listed companies in India.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed and records updated within 15 days
Confirmation provided by Skyline Financial Services Pvt. Ltd., the SEBI-registered RTA
Physical certificates were mutilated and cancelled as per regulatory requirements

💡 No action is required from investors as this is a routine administrative filing confirming the company's adherence to share-handling regulations.

Shreyans Industries to Close Trading Window from July 1 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 11:16 AM

Shreyans Industries Limited has announced the closure of its trading window effective July 1, 2026, in compliance with SEBI Insider Trading Regulations. This closure is a standard procedure ahead of the declaration of the un-audited financial results for the quarter ended June 30, 2026. The restriction applies to all promoters, directors, KMPs, and designated persons. The trading window will remain closed until 48 hours after the financial results are officially announced.

Trading window closure effective from July 1, 2026.
Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
Window to reopen 48 hours after the declaration of financial results.
Applies to all Promoters, Directors, KMPs, and Designated persons.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor the upcoming board meeting date for the actual Q1 earnings release.

Shreyans Industries Appoints Amit Arora as CFO Effective June 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Jun 2026, 04:48 PM

Shreyans Industries Limited has officially appointed Mr. Amit Arora as its Chief Financial Officer and Key Managerial Personnel, effective June 1, 2026. Mr. Arora is a qualified Chartered Accountant with 26 years of experience in finance and accounts. He has been with the company since 2013, previously serving as Senior General Manager (Finance & Accounts). This internal promotion ensures leadership continuity and leverages his 13-year tenure within the organization's financial operations.

Mr. Amit Arora appointed as CFO and Key Managerial Personnel effective June 1, 2026
Brings 26 years of experience in Finance, Accounts, Taxation, and Strategic Planning
Internal promotion of a long-term employee who joined the company in 2013
Qualified Chartered Accountant (Batch of 2000) with no relationship to existing directors

💡 This is a routine leadership transition and an internal promotion, suggesting stability in the company's financial management. Investors should monitor for any significant changes in capital allocation or financial reporting style in upcoming quarters.

Shreyans Industries CFO Rakesh Kumar Mahajan Retires Effective May 30, 2026

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 30 May 2026, 02:57 PM

Shreyans Industries Limited has announced that Mr. Rakesh Kumar Mahajan will retire from his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). The retirement is effective from the close of business hours on May 30, 2026. This move follows the company's previous Board Meeting outcome letter dated May 20, 2026. Investors should note that the company is now in a transition phase for its top financial leadership.

Mr. Rakesh Kumar Mahajan ceases to be CFO and KMP effective May 30, 2026.
The retirement was formally communicated to the exchanges on May 30, 2026.
The transition follows a Board Meeting held earlier on May 20, 2026.
The company is compliant with Regulation 30 of SEBI (LODR) Regulations, 2015 regarding this disclosure.

💡 Monitor upcoming company announcements for the appointment of a new CFO to ensure a smooth leadership transition and continuity in financial oversight.

Shreyans Industries FY26 Net Profit Plummets 87% to ₹6.47 Cr; Declares ₹1.50 Dividend

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 20 May 2026, 04:49 PM

Shreyans Industries reported a severe decline in profitability for the financial year ended March 31, 2026, with net profit dropping to ₹6.47 crore from ₹50.60 crore in the previous year. The company recorded a net loss of ₹10.48 crore in Q4 FY26, a sharp reversal from the ₹18.46 crore profit in Q4 FY25. Despite the poor financial performance, the board recommended a final dividend of ₹1.50 per share. Additionally, the company announced the appointment of Amit Arora as the new CFO effective June 1, 2026.

Annual Net Profit fell 87.2% YoY to ₹646.78 lacs in FY26 from ₹5,060.15 lacs in FY25.
Reported a Net Loss of ₹1,048.30 lacs for the quarter ended March 31, 2026.
Total Income for FY26 remained stagnant at ₹63,425.09 lacs compared to ₹63,457.70 lacs in FY25.
Power & Fuel expenses surged to ₹13,385.32 lacs from ₹10,919.29 lacs, severely impacting margins.
Recommended a final dividend of ₹1.50 per equity share (15% on face value of ₹10).

💡 Investors should exercise caution as the company's profitability has been significantly eroded by rising operational costs despite stable revenues. The stock may face downward pressure following the Q4 loss and sharp decline in annual EPS from ₹36.60 to ₹4.68.

Shreyans Industries FY26 Net Profit Crashes 87% to ₹6.47 Cr; Declares ₹1.50 Dividend

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 20 May 2026, 04:16 PM

Shreyans Industries reported a significant decline in profitability for FY26, with net profit plummeting 87% YoY to ₹6.47 crore from ₹50.60 crore. The company recorded a net loss of ₹10.48 crore in Q4 FY26, a sharp reversal from the ₹18.46 crore profit in the same quarter last year, primarily due to a surge in raw material and power costs. Despite the weak earnings, the board has recommended a final dividend of ₹1.50 per share. The company also announced a transition in leadership with Amit Arora taking over as CFO from June 1, 2026.

Annual Net Profit fell 87.2% YoY to ₹646.78 lacs in FY26 compared to ₹5,060.15 lacs in FY25.
Reported a Net Loss of ₹1,048.30 lacs for Q4 FY26 versus a profit of ₹1,845.58 lacs in Q4 FY25.
Total expenses for the year rose to ₹62,645.86 lacs, driven by a 22.5% increase in Power & Fuel costs.
Board recommended a final dividend of ₹1.50 per equity share for the financial year ended March 31, 2026.
Management transition announced with Amit Arora appointed as CFO effective June 1, 2026, following Rakesh Kumar Mahajan's retirement.

💡 Investors should exercise caution as the company's margins have been severely impacted by rising input and energy costs, leading to a quarterly loss. It is advisable to wait for signs of margin stabilization under the new CFO before making fresh investments.

Shreyans Industries FY26 Net Profit Drops 87% to ₹6.47 Cr; Recommends ₹1.50 Dividend

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 20 May 2026, 04:12 PM

Shreyans Industries reported a sharp decline in financial performance for FY26, with net profit plummeting 87.2% to ₹6.47 crore from ₹50.60 crore in the previous year. The fourth quarter was particularly weak, with the company swinging to a net loss of ₹10.48 crore compared to a profit of ₹18.46 crore in Q4 FY25. Despite the earnings erosion, the Board has recommended a final dividend of ₹1.50 per share. The company also announced a transition in leadership with a new CFO taking charge from June 2026.

Recommended a final dividend of ₹1.50 per equity share for the financial year ended March 31, 2026.
Annual Net Profit fell significantly to ₹6.47 crore in FY26 from ₹50.60 crore in FY25.
Recorded a net loss of ₹10.48 crore in Q4 FY26 versus a profit of ₹18.46 crore in Q4 FY25.
Power & Fuel expenses rose sharply to ₹133.85 crore in FY26 from ₹109.19 crore in FY25, impacting margins.
Amit Arora appointed as Chief Financial Officer effective June 1, 2026, following the retirement of Rakesh Kumar Mahajan.

💡 Investors should exercise caution as the company has experienced a massive margin contraction and a quarterly loss despite stable revenues. The dividend yield is a minor positive, but the sharp rise in operational costs like power and fuel needs to be monitored closely.

Shreyans Industries FY26 Net Profit Plummets 87% to ₹6.47 Cr; ₹1.50 Dividend Declared

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 20 May 2026, 04:07 PM

Shreyans Industries Limited reported a sharp 87.2% decline in annual net profit to ₹6.47 crore for FY26, down from ₹50.60 crore in FY25. The company faced a challenging Q4, posting a net loss of ₹10.48 crore compared to a profit of ₹18.46 crore in the year-ago period, largely due to a spike in raw material and power costs. Despite the earnings hit, the board recommended a final dividend of ₹1.50 per share. Management changes were also announced, including the appointment of Amit Arora as the new CFO effective June 1, 2026.

Annual Net Profit dropped significantly to ₹646.78 lacs in FY26 from ₹5,060.15 lacs in FY25.
Q4 FY26 recorded a Net Loss of ₹1,048.30 lacs versus a profit of ₹1,845.58 lacs in Q4 FY25.
Power & Fuel expenses rose by 22.6% YoY to ₹133.85 crore, severely impacting the bottom line.
Full-year EPS declined sharply to ₹4.68 from ₹36.60 in the previous financial year.
Board recommended a final dividend of ₹1.50 per share, subject to shareholder approval.

💡 The stock is likely to face downward pressure due to the substantial erosion in profitability and the quarterly loss. Investors should wait for signs of margin recovery and stabilization in energy costs before considering new positions.

Shreyans Industries to Close Trading Window from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Mar 2026, 03:35 PM

Shreyans Industries Limited has announced the closure of its trading window effective from April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, to prevent insider trading ahead of financial disclosures. The window will remain closed for all promoters, directors, and designated persons until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure to commence on April 1, 2026
Closure applies to Promoters, Directors, KMPs, and Designated persons
Window will reopen 48 hours after the announcement of Q4 and FY26 audited results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine regulatory filing. Investors should wait for the upcoming audited financial results to assess the company's performance.

Shreyans Industries Reports Q3 FY26 Net Loss of ₹2.55 Cr; Revenue Declines 6% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 02:31 PM

Shreyans Industries reported a weak performance for Q3 FY26, swinging to a net loss of ₹2.55 crore from a profit of ₹9.10 crore in the same quarter last year. Revenue from operations declined 6.1% year-on-year to ₹159.20 crore, although it showed sequential growth of 11.9% from Q2. Profitability was severely hampered by a significant rise in raw material costs and power/fuel expenses, coupled with a loss in fair valuation of investments. Consequently, the EPS for the quarter turned negative at ₹(1.84).

Net Loss of ₹2.55 crore in Q3 FY26 compared to a Net Profit of ₹9.10 crore in Q3 FY25.
Revenue from operations stood at ₹159.20 crore, down 6.1% YoY but up 11.9% sequentially.
Total expenses rose to ₹168.43 crore, with raw material costs increasing to ₹80.66 crore from ₹69.38 crore YoY.
Power and Fuel expenses surged to ₹39.74 crore, up from ₹29.25 crore in the corresponding quarter last year.
Earnings Per Share (EPS) fell to ₹(1.84) from ₹6.58 in Q3 FY25.

💡 Investors should exercise caution as the company has entered a loss-making phase due to intense margin pressure from rising input and energy costs. It is advisable to monitor the company's ability to pass on these costs and the trend in global paper prices before making further commitments.

View All SHREYANIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations decreased by 11.78% YoY, falling from INR 699.17 Cr in FY24 to INR 616.77 Cr in FY25, primarily due to a decline in volume and Net Sales Realizations (NSR) in the Writing and Printing Paper (WPP) segment.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company operates two manufacturing plants in Punjab (Ahmedgarh and Banah).

Profitability Margins

Net Profit Ratio declined from 12.58% in FY24 to 8.17% in FY25. Return on Equity (ROE) dropped significantly by 51.04%, from 25.53% to 12.50%, while Return on Capital Employed (ROCE) fell from 27.58% to 14.81% due to lower operational profits.

EBITDA Margin

EBITDA margin (before other income) contracted from 13.96% in FY24 to 11.27% in FY25, representing a YoY decline of 28.76% in absolute EBITDA value (from INR 97.59 Cr to INR 69.52 Cr).

Capital Expenditure

The company planned a capital expenditure of approximately INR 13.00 Cr in FY24, focused on quality improvements for Writing and Printing Paper, funded entirely through internal accruals.

Credit Rating & Borrowing

Long-term bank facilities (INR 30.45 Cr) and Fixed Deposits (INR 1.46 Cr) are rated 'CARE A-; Stable'; Short-term facilities (INR 55.00 Cr) are rated 'CARE A2+'. Ratings were reaffirmed in November 2025.

⚙️ Operational Drivers

Raw Materials

The company utilizes agricultural residues and pulp for Writing and Printing Paper (WPP) production. Specific percentage of total cost per material is not disclosed, but margins are highly susceptible to raw material price volatility.

Import Sources

Raw materials are primarily sourced from regions proximal to the manufacturing plants in Ahmedgarh (Distt. Malerkotla) and Banah (Distt. S.B.S Nagar), Punjab.

Capacity Expansion

The company operates two plants: Shreyans Papers and Shree Rishabh Papers. While initial capacity was 10,000 MTPA, current focus is on quality-led capex (INR 13 Cr) rather than specific MTPA volume expansion.

Raw Material Costs

Profitability is constrained by raw material price volatility. While input prices softened in FY24, the benefit was offset by a decline in Net Sales Realizations (NSR) in FY25.

Manufacturing Efficiency

Decrease in operational profit led to a downfall in the Debt Service Coverage Ratio (DSCR) from 7.50x to 4.99x and Interest Service Coverage Ratio (ISCR) from 30.11x to 19.05x in FY25.

Logistics & Distribution

The company leverages its proximity to raw material sources in Punjab to optimize distribution and procurement costs.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth is targeted through a 20% scale improvement and maintaining PBILDT margins above 15%. This will be achieved via quality-focused capex (INR 13 Cr), leveraging an established distribution network, and utilizing its 42-year track record in the WPP industry.

Products & Services

Writing and Printing Paper (WPP).

Brand Portfolio

Shreyans Papers and Shree Rishabh Papers.

New Products/Services

Focus is on quality improvement of existing WPP products to sustain market position.

Market Expansion

The company utilizes a well-established distribution network to maintain its market presence in the competitive WPP segment.

🌍 External Factors

Industry Trends

The Writing and Printing Paper industry is evolving with a focus on quality and sustainable sourcing. The industry is currently facing pressure from fluctuating realizations despite some softening in input costs.

Competitive Landscape

The industry is characterized by intense competition from both large organized players and unorganized local manufacturers.

Competitive Moat

The company's moat is built on 42+ years of experience, established promoter reputation, and strategic plant locations near raw material sources in Punjab, providing a sustainable cost advantage in logistics.

Macro Economic Sensitivity

Highly sensitive to industrial cycles and raw material price volatility which impacts PBILDT margins.

Consumer Behavior

Demand for WPP is driven by the education sector and commercial printing requirements.

Geopolitical Risks

Global paper demand-supply dynamics and international pulp prices impact domestic Net Sales Realizations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental norms and manufacturing standards applicable to the paper industry. The company maintains compliance with SEBI (LODR) and Companies Act 2013.

Environmental Compliance

Not specifically disclosed in INR values, though the company operates in a regulated industry regarding pollution and emissions.

Taxation Policy Impact

The company followed standard Indian Accounting Standards; Profit After Tax (PAT) for FY25 was INR 50.39 Cr on a PBT of INR 67.75 Cr, implying an effective tax rate of approximately 25.6%.

Legal Contingencies

The company has exposures toward litigations relating to various matters as of March 31, 2025. These are classified as Key Audit Matters due to the significant management judgment required to determine potential economic outflows.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of Net Sales Realizations (NSR), which caused a 42.72% drop in PAT in FY25. A decline in unencumbered mutual fund investments is a negative rating sensitivity factor.