Tamil Nadu Newsprint & Papers Limited (TNPL)
₹139.23 +0.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tamil Nadu's revenue was ₹1,160 Cr (+0.5% year on year), and net profit ₹5.7 Cr (against a loss a year earlier); the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,160 | +0.5% | — |
| Operating profit | ₹129 | +12.9% | — |
| Net profit | ₹5.7 | from loss | — |
| Operating margin | 11.1% | — | — |
TNPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.56% of the TNPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.81%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 30.0% · 58.5% · 41.0% · 64.2% · 47.6%
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
Tamil Nadu Newsprint & Papers Limited (TNPL) submitted its quarterly integrated corporate governance report for the period ended September 30, 2026. The filing confirms full compliance with SEBI LODR norms across its 8-member board and committees. Zero investor complaints were received or remained pending during the quarter, and no fines, penalties, or cyber security incidents were recorded. This is a standard statutory disclosure with no financial impact.
- Board composition stands at 8 total directors, including an executive Chairman & MD and 4 independent directors
- Investor complaints received and unresolved at the end of the quarter were 0
- Zero fines, penalties, or acquisitions of unlisted company shares reported for the half-year ended September 30, 2026
- Zero cybersecurity breaches or data loss incidents reported during the quarter
Tamil Nadu Newsprint and Papers Limited (TNPL) announced the voting results of its 46th Annual General Meeting held on September 24, 2026. Shareholders approved all five proposed resolutions with over 99.9% majority, including the declaration of a final dividend of Rs 4 per share (40% on Rs 10 face value). Other approved agenda items included adoption of FY26 financial statements, re-appointment of Director Dr. S Vijayakumar, and auditor remunerations. Total voting participation stood at 43.59% of total outstanding shares across 51,591 shareholders on record.
- Approval of final dividend of Rs. 4/- (40%) per equity share of Rs. 10/- each with 99.99% votes in favour
- Total voter turnout represented 3,01,65,968 shares, or 43.59% of total 6,92,10,600 shares
- All 5 ordinary resolutions passed with >99.97% approval
- Company had 51,591 total shareholders as of cut-off date September 17, 2026
Tamil Nadu Newsprint and Papers Limited (TNPL) announced the voting results of its 46th Annual General Meeting held on September 24, 2026. Shareholders approved all five proposed resolutions with over 99.9% majority, including the declaration of a final dividend of Rs 4 per share (40% on Rs 10 face value). Other approved agenda items included adoption of FY26 financial statements, re-appointment of Director Dr. S Vijayakumar, and auditor remunerations. Total voting participation stood at 43.59% of total outstanding shares across 51,591 shareholders on record.
- Approval of final dividend of Rs. 4/- (40%) per equity share of Rs. 10/- each with 99.99% votes in favour
- Total voter turnout represented 3,01,65,968 shares, or 43.59% of total 6,92,10,600 shares
- All 5 ordinary resolutions passed with >99.97% approval
- Company had 51,591 total shareholders as of cut-off date September 17, 2026
Tamil Nadu Newsprint & Papers Limited (TNPL) announced that its Board of Directors approved the appointment of M/s. A. John Moris & Co., Chartered Accountants, as Statutory and Tax Auditors for FY 2026-2027. The appointment was made pursuant to directions from the Comptroller and Auditor General of India (CAG) dated September 9, 2026. The auditor's tenure is for a period of 1 year covering FY 2026-27. This is a standard statutory compliance procedure for state government enterprises and carries no direct operational or financial impact.
- Appointment of M/s. A. John Moris & Co. (FRN: 007220S) as Statutory and Tax Auditors approved on September 24, 2026
- CAG issued the appointment letter on September 9, 2026 under Section 139 of the Companies Act, 2013
- Auditor tenure is set for 1 year covering FY 2026-2027
- The appointed audit firm was established in 1996 and operates 23 branches with 31 partners
Tamil Nadu Newsprint & Papers Limited (TNPL) announced that its Board of Directors approved the appointment of M/s. A. John Moris & Co., Chartered Accountants, as Statutory and Tax Auditors for FY 2026-2027. The appointment was made pursuant to directions from the Comptroller and Auditor General of India (CAG) dated September 9, 2026. The auditor's tenure is for a period of 1 year covering FY 2026-27. This is a standard statutory compliance procedure for state government enterprises and carries no direct operational or financial impact.
- Appointment of M/s. A. John Moris & Co. (FRN: 007220S) as Statutory and Tax Auditors approved on September 24, 2026
- CAG issued the appointment letter on September 9, 2026 under Section 139 of the Companies Act, 2013
- Auditor tenure is set for 1 year covering FY 2026-2027
- The appointed audit firm was established in 1996 and operates 23 branches with 31 partners
CareEdge Ratings has reaffirmed Tamil Nadu Newsprint and Papers Limited's (TNPL) credit ratings across bank facilities totaling ₹3,767.94 crore. The reaffirmed ratings stand at 'CARE A; Stable' for long-term facilities (₹1,692.94 crore), 'CARE A1' for short-term facilities (₹1,725.00 crore), and 'CARE A; Stable / CARE A1' for dual-tenor facilities (₹350.00 crore). The reaffirmation highlights modest operational improvement, with PBILDT margin improving to 10.81% in FY26 (from 9.93% in FY25) and Q1FY27 net profit turning to ₹5.74 crore versus a loss of ₹7.41 crore in Q1FY26. However, credit strengths remain tempered by TNPL's leveraged balance sheet (total debt of ₹1,613 crore as per recent financials) and ongoing capex execution risks.
- CareEdge reaffirmed 'CARE A; Stable' on ₹1,692.94 crore long-term bank facilities and 'CARE A1' on ₹1,725.00 crore short-term facilities.
- Dual-tenor long-term/short-term facilities of ₹350.00 crore reaffirmed at 'CARE A; Stable / CARE A1'.
- CARE noted Total Operating Income rose to ~₹4,669 crore in FY26 from ₹4,515 crore in FY25, with PBILDT margin expanding to 10.81% from 9.93%.
- Q1FY27 operations posted a PAT of ₹5.74 crore, recovering from a net loss of ₹7.41 crore in Q1FY26.
- Tissue paper project expected to support revenue diversification and operational growth starting Q3FY27.
Tamil Nadu Newsprint and Papers Limited (TNPL) has submitted the notice for its 46th Annual General Meeting, scheduled for September 24, 2026, along with its FY2025-26 Annual Report. For FY26, the company reported its highest-ever paper production of 4.34 lakh MT and record sales volume of 4.48 lakh MT. In the packaging board segment, production reached a record 2.00 lakh MT with sales of 1.99 lakh MT. Additionally, the company noted that its new 100 TPD tissue paper machine is in advanced stages of trial runs and operational stabilization.
- 46th Annual General Meeting scheduled for September 24, 2026 at 12:30 PM IST via VC/OAVM
- Reported record paper production of 4.34 lakh MT and record sales volume of 4.48 lakh MT in FY26
- Packaging board segment achieved record production of 2.00 lakh MT and sales of 1.99 lakh MT
- 100 TPD Tissue Paper Machine entered advanced stage of trial run and operational stabilization
Tamil Nadu Newsprint & Papers Limited (TNPL) has issued the notice for its 46th Annual General Meeting scheduled for September 24, 2026, via Video Conferencing. Alongside the notice, the company circulated its FY 2025-26 Annual Report, highlighting peak operational volumes including paper sales of 4.48 lakh MT and packaging board sales of 1.99 lakh MT. The company also reported that its 100 TPD tissue paper machine is currently in the advanced stage of trial runs and operational stabilization. Financially, TNPL reported FY26 revenue of Rs 2,300.61 crore with a minor net loss of Rs 0.64 crore.
- 46th Annual General Meeting scheduled for September 24, 2026 at 12:30 PM IST via Video Conferencing
- Record paper sales volume of 4.48 Lakh MT and paper production of 4.34 Lakh MT achieved in FY26
- Record packaging board sales of 1.99 Lakh MT against production of 2.00 Lakh MT
- A 100 TPD tissue paper machine is in advanced trial runs and operational stabilization
- Wind farms with 35.5 MW installed capacity generated 462.21 lakh kWh units of green power in FY26
TNPL reported a turnaround in Q1 FY27, posting a net profit of ₹5.74 Cr compared to a loss of ₹7.41 Cr in the same quarter last year. Total revenue remained nearly flat at ₹1146.64 Cr, while EBITDA improved to ₹128.61 Cr, up 12.9% YoY. The company achieved profitability despite geopolitical tensions in West Asia raising the costs of imported coal, pulp, and chemicals. Production volumes saw a slight decline, with paper output down 6% YoY to 99,914 MT.
- Net Profit of ₹5.74 Cr in Q1 FY27 vs a loss of ₹7.41 Cr in Q1 FY26
- EBITDA increased to ₹128.61 Cr from ₹113.92 Cr in the corresponding previous quarter
- Paper production decreased to 99,914 MT from 106,375 MT YoY
- Packaging Board production stood at 48,064 MT, down from 49,682 MT YoY
- Finance costs reduced to ₹42.90 Cr from ₹48.41 Cr in the year-ago period
TNPL reported a turnaround in Q1 FY27, posting a net profit of Rs 5.74 Cr compared to a loss of Rs 7.41 Cr in the same quarter last year. While revenue remained nearly flat at Rs 1146.64 Cr, EBITDA grew 12.9% YoY to Rs 128.61 Cr. The company faced headwinds from geopolitical crises in West Asia, which increased the costs of imported coal, pulp, and chemicals. Additionally, the board appointed Thiru Prince Tholkappian, a 37-year industry veteran, as the Chief Risk Officer (CRO).
- Turnaround to a net profit of Rs 5.74 Cr from a loss of Rs 7.41 Cr in Q1 FY26.
- EBITDA improved to Rs 128.61 Cr from Rs 113.92 Cr in the corresponding previous quarter.
- Paper production volume decreased by 6% YoY to 99,914 MT.
- Packaging Board production saw a slight decline of 3.2% YoY to 48,064 MT.
- Finance costs reduced by 11.4% YoY to Rs 42.90 Cr from Rs 48.41 Cr.
TNPL reported a turnaround in Q1 FY27, posting a Profit After Tax (PAT) of ₹5.74 Cr compared to a loss of ₹7.41 Cr in the same quarter last year. Revenue from operations remained nearly flat at ₹1,146.64 Cr, while EBITDA improved by 12.9% YoY to ₹128.61 Cr. The profitability comes despite a decline in production volumes for both paper (down 6.1%) and packaging board (down 3.2%). The company has also transitioned to the new tax regime with an effective rate of 25.168% starting April 1, 2026.
- Turnaround to PAT of ₹5.74 Cr from a loss of ₹7.41 Cr in Q1 FY26
- EBITDA increased to ₹128.61 Cr from ₹113.92 Cr in the previous year's corresponding quarter
- Paper production decreased to 99,914 MT from 106,375 MT YoY
- Packaging board production fell to 48,064 MT from 49,682 MT YoY
- Finance costs reduced by 11.4% YoY to ₹42.90 Cr
TNPL shareholders have formally approved the appointment of Thiru R Kannan, I.A.S., and Thiru N Venkatesh, I.A.S., as Directors with over 99.9% majority. The voting process, conducted via postal ballot, saw a total turnout of 46.36% of the company's 6.92 crore shares. Promoter participation was 100% in favor, while public non-institutional participation remained extremely low at 0.21%. These appointments confirm the board's earlier induction of these nominee directors in June 2026.
- Appointment of Thiru R Kannan approved with 99.95% of votes in favor (32,069,592 votes).
- Appointment of Thiru N Venkatesh approved with 99.98% of votes in favor (32,079,521 votes).
- Total voting turnout represented 46.36% of the 69,210,600 outstanding shares.
- Promoter group holding 24,444,900 shares voted 100% in favor of both resolutions.
- Only 273 shareholders out of 50,793 total shareholders participated in the e-voting process.
TNPL shareholders have approved the appointment of Thiru R Kannan and Thiru N Venkatesh, both I.A.S. officers, as Directors of the company. The resolutions were passed via postal ballot with over 99.9% approval for both candidates. Out of 50,793 total shareholders, 273 participated in the e-voting process, representing 46.36% of the total share capital. The promoter group, which holds 35.32% of the company, voted 100% in favor of the appointments.
- Resolution 1 for Thiru R Kannan received 3,20,69,592 votes in favor (99.95%)
- Resolution 2 for Thiru N Venkatesh received 3,20,79,521 votes in favor (99.98%)
- Total voting turnout represented 46.36% of the 6,92,10,600 outstanding shares
- The promoter group cast 2,44,44,900 votes, all in favor of the resolutions
- Public institutional investors cast 75,75,445 votes, also 100% in favor
Shareholders of Tamil Nadu Newsprint & Papers Limited (TNPL) have approved the appointment of Thiru R Kannan, I.A.S., and Thiru N Venkatesh, I.A.S., as Directors via a postal ballot. The appointments were passed with the requisite majority following the notice issued on June 24, 2026. This move maintains the board representation of the Government of Tamil Nadu, which holds a 35.32% stake in the company. TNPL currently operates with a TTM revenue of ₹2,301 Cr and is managing a debt of ₹1,613 Cr.
- Appointment of 2 IAS officers as Directors approved by shareholders.
- Voting conducted via Postal Ballot (remote e-voting) based on the June 24, 2026 notice.
- Promoter holding (Government of Tamil Nadu) stands at 35.32% as of March 2026.
- Company reported TTM revenue of ₹2,301 Cr and a marginal net loss of ₹1 Cr.
Tamil Nadu Newsprint & Papers Limited (TNPL) has received shareholder approval for the appointment of Thiru R Kannan, I.A.S., and Thiru N Venkatesh, I.A.S., as Directors. The approval was obtained through a Postal Ballot process with the requisite majority as of July 31, 2026. These appointments are consistent with the company's structure as a state-promoted entity, where the Government of Tamil Nadu holds a 35.32% stake. The board oversight will be crucial as the company manages its Rs 1,613 Cr debt and executes its diversification into the tissue paper segment.
- Appointment of 2 I.A.S. officers as Directors approved by shareholders with requisite majority
- Voting conducted via Postal Ballot (remote e-voting) based on the notice dated June 24, 2026
- Company maintains a significant debt position of Rs 1,613 Cr against a net worth of Rs 2,316 Cr
- Promoter holding remains stable at 35.32% as of the latest March 2026 filing
- TNPL reported TTM revenue of Rs 2,301 Cr with a marginal net loss of Rs 0.64 Cr in FY26
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) declined 9.4% YoY in FY24 to INR 4,692.8 Cr from INR 5,179.9 Cr in FY23. H1 FY25 revenue further declined 8.4% YoY to INR 2,033.4 Cr. The Print and Writing Paper (PWP) segment accounts for ~74% of revenue, while the packaging board segment contributes ~26%.
Geographic Revenue Split
Domestic sales account for ~80% of total revenue, with ~20% of PWP sales specifically directed to the Government of Tamil Nadu (GoTN) for textbooks. Exports contribute the remaining ~20% of sales.
Profitability Margins
Net profit (PAT) margins declined from 7.5% (INR 387.9 Cr) in FY23 to 4.4% (INR 208.2 Cr) in FY24, and further dropped to 1.2% (INR 24.5 Cr) in H1 FY25. The company reported a net loss in Q1 FY26 due to a 16.5% reduction in sales realizations and high raw material costs.
EBITDA Margin
Operating Profit Margin (OPBDIT/OI) moderated from 18.8% in FY23 to 16.1% in FY24 and 13.5% in H1 FY25. This 530-bps compression over 18 months was driven by low-priced ASEAN imports and a sharp rise in pulpwood prices.
Capital Expenditure
Planned capex of INR 600-650 Cr over FY25 and FY26. This includes setting up a tissue paper plant and revamping steam/power systems. Funding is structured at an 80:20 debt-to-equity ratio, with INR 240 Cr specifically identified as new debt.
Credit Rating & Borrowing
Long-term rating maintained at ICRA A+ (Stable) and CARE A+ (Stable). Borrowing costs are competitive due to financial flexibility as a state-promoted entity; however, interest coverage ratio (ICR) declined from 5.4x in FY23 to 2.06x in FY25.
Operational Drivers
Raw Materials
Principal fiber sources include Bagasse (sugar cane residue), Wood Pulp, and De-inked Pulp. Raw material costs increased significantly in FY24/FY25 due to a shortage of domestic pulpwood plantations.
Import Sources
Sourced domestically from Tamil Nadu through a farm forestry scheme covering 282,321 acres. Bagasse is sourced via long-term tie-ups with sugar mills in Tamil Nadu. Hardwood and pulp are also impacted by global pricing and ASEAN import dynamics.
Key Suppliers
Primary suppliers include various sugar mills in Tamil Nadu for bagasse and local marginalized farmers for pulpwood under the captive plantation scheme.
Capacity Expansion
Current PWP capacity is 4.40 lakh MTPA and Paperboard capacity is 2.00 lakh MTPA. Planned expansion includes a new tissue paper machine to diversify the product mix by FY26.
Raw Material Costs
Raw material costs as a percentage of revenue rose in FY24/FY25. Pulpwood prices saw a sharp rise due to inadequate plantations in previous years. Procurement strategy focuses on backward integration and farm forestry to mitigate price volatility.
Manufacturing Efficiency
PWP mill utilization was high at ~97% in FY25. The company can produce up to 4.8 lakh TPA from existing facilities without major additional capex by optimizing machine speeds.
Logistics & Distribution
Distribution is managed through a network of non-exclusive dealers accounting for 45% of PWP sales, while 35% is handled through direct sales to government and private corporations.
Strategic Growth
Expected Growth Rate
5%
Growth Strategy
Growth will be driven by the commissioning of the new tissue paper plant, focusing on high-margin products like copier paper, and leveraging the Government's Minimum Import Price (MIP) on virgin multi-layer paper board to regain market share from imports.
Products & Services
Newsprint, Printing and Writing Paper (PWP), Copier Paper, Folding Box Board (FBB), Solid Bleached Sulphate (SBS) board, and High-grade Cement (from waste by-products).
Brand Portfolio
TNPL (Tamil Nadu Newsprint and Papers Limited).
New Products/Services
Tissue paper production is the primary new launch, expected to contribute to revenue post-FY26 following the INR 600 Cr investment.
Market Expansion
Targeting the high-growth packaging segment (FMCG, Pharma, E-commerce) which benefits from the shift away from plastic and low per-capita paper consumption in India.
Market Share & Ranking
TNPL is one of the largest integrated paper players in India and operates the largest single-location paper plant in the country.
Strategic Alliances
Promoted by the Government of Tamil Nadu (35.32% stake) and originally IDBI; maintains strong banking relationships for debt refinancing.
External Factors
Industry Trends
The industry is shifting toward packaging and specialty papers (tissue) as digitization impacts traditional PWP. Domestic demand remains favorable due to low per-capita usage compared to global averages.
Competitive Landscape
Faces intense competition from large domestic players and low-cost imports from ASEAN countries which benefit from lower raw material costs.
Competitive Moat
Moat is built on 'Cost Leadership' through bagasse-based manufacturing (cheaper than wood pulp) and 'Backward Integration' via captive power and plantations. Sustainability is high due to the 35% government ownership providing financial flexibility.
Macro Economic Sensitivity
Highly sensitive to domestic GDP growth and education sector spending. Demand for packaging is linked to FMCG and e-commerce growth rates.
Consumer Behavior
Increasing consumer preference for eco-friendly packaging in food and cosmetics is driving demand for TNPL's high-grade boards (FBB/SBS).
Geopolitical Risks
Trade dynamics with ASEAN countries are critical; the influx of low-priced imports from China and Indonesia has historically forced TNPL to cut prices by over 6%.
Regulatory & Governance
Industry Regulations
Beneficiary of the Government of India's Minimum Import Price (MIP) on virgin multi-layer paper board, which restricts low-cost competition. Subject to strict environmental norms for chemical pulping.
Environmental Compliance
High compliance focus; uses lime sludge and fly ash to produce cement, effectively managing industrial waste. ESG policy includes a farm forestry scheme for marginalized farmers.
Taxation Policy Impact
Standard corporate tax rates apply; profitability decline has reduced the absolute tax outflow in FY25.
Risk Analysis
Key Uncertainties
Volatility in global pulp prices and the sustainability of the Minimum Import Price (MIP) protection are the primary uncertainties impacting margins by an estimated 2-3%.
Geographic Concentration Risk
High concentration in South India, particularly Tamil Nadu, for both raw material sourcing and government sales (~20%).
Third Party Dependencies
Dependent on Tamil Nadu sugar mills for bagasse supply; any disruption in the sugar industry affects fiber availability for paper production.
Technology Obsolescence Risk
Risk of PWP obsolescence due to digital textbooks and media; mitigated by diversifying into tissue and packaging boards.
Credit & Counterparty Risk
Low risk for government contracts (~20% of sales); dealer-based sales (45%) are managed through a non-exclusive network to spread credit risk.
