Pudumjee Paper Products financials: balance sheet, profit and loss, cash flow

NSE: PDMJEPAPERBSE: 539785Paper, Forest & Jute ProductsSmall Cap

Pudumjee Paper Products Limited · Face value ₹1 · Listed Mar 2016

₹87.08₹0.42 (0.48%)BSE ₹87.32

Share price at the NSE close on 30 Oct 2026. Previous close ₹87.50.

30 Oct: open ₹90.24, high ₹94.50, low ₹86.10

52-week range of traded prices to 30 Oct 2026

₹65.00Low, 30 Mar 2026₹121.09High, 3 Nov 2025

Next results date: the board meets on 30 Oct 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹827 Cr1,617th largest listed
P/E: 8.54
P/B: 1.15
Dividend yield: 0.69%
ROE: 14.3%
ROCE: 14.8%
Debt to equity: 0.03
Volume, NSE: 11,99,65811.6% delivered

Pudumjee Paper Products' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Pudumjee Paper Products annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹809 Cr, year to Mar 2025; lowest ₹437 Cr, year to Mar 2021

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.4% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue808
Materials and goods−422
Employee costs−64
Other expenses−198
Operating profit124
Depreciation−15
Other income+21
One-off items0.0
Finance costs−3.4
Profit before tax126
Tax−33
Net profit94

What the company owns

Plant, investments and other assets₹573 Cr
Inventory₹135 Cr
Current investments₹112 Cr
Receivables₹76 Cr
Cash and bank₹25 Cr

What pays for it: net worth and liabilities

Net worth₹669 Cr
Other liabilities₹159 Cr
Owed to suppliers₹69 Cr
Borrowings₹23 Cr

Pudumjee Paper Products business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Pudumjee Paper Products segment results by quarter

Revenue by segment

₹842 CrTotal

Paper₹775 Cr92.0% of total
Hygiene Products₹68 Cr8.0% of total

Profit by segment

Paper₹114 Cr97.4% of total
Hygiene Products₹3 Cr2.6% of total

Segment results by year

Standalone, ₹ crore, years to March.

Paper
Revenue, ₹ crore
562
577
427
539
739
761
782
775
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
30
43
40
67
80
126
115
114
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hygiene Products
Revenue, ₹ crore
58
68
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	618	634	447	564	782	815	840	842
Company revenue, as in its results	590	604	437	555	759	785	809	808
Revenue	562	577	427	539	739	761	782	775
Revenue growth	–	2.7%	−26.0%	26.3%	36.9%	3.0%	2.8%	−1.0%
Profit	30	43	40	67	80	126	115	114
Profit growth	–	43.3%	−7.6%	68.0%	19.5%	57.5%	−8.7%	−1.0%
Margin	5.4%	7.5%	9.3%	12.4%	10.8%	16.6%	14.7%	14.7%
Return on capital	11.3%	15.9%	13.5%	18.4%	21.0%	28.4%	23.9%	20.8%
Assets	370	384	431	499	511	599	602	704
Liabilities	103	112	135	134	129	155	120	155
Capital employed	267	272	296	365	382	444	482	549
Revenue	–	–	–	–	–	–	58	68
Revenue growth	–	–	–	–	–	–	–	17.0%
Profit	–	–	–	–	–	–	6	3
Profit growth	–	–	–	–	–	–	–	−46.5%
Margin	–	–	–	–	–	–	9.8%	4.5%
Return on capital	–	–	–	–	–	–	95.1%	52.2%
Assets	–	–	–	–	–	–	11	12
Liabilities	–	–	–	–	–	–	5	7
Capital employed	–	–	–	–	–	–	6	6
Revenue	56	57	20	25	43	54	–	–
Revenue growth	–	1.2%	−65.3%	24.3%	77.0%	25.2%	–	–
Profit	5	5	−2	−1	3	6	–	–
Profit growth	–	16.9%	–	–	–	96.6%	–	–
Margin	8.1%	9.3%	−8.1%	−3.1%	7.4%	11.6%	–	–
Return on capital	65.8%	75.1%	−37.0%	−14.1%	51.1%	129.7%	–	–
Assets	11	10	7	8	9	10	–	–
Liabilities	4	2	2	3	3	5	–	–
Capital employed	7	7	4	5	6	5	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Pudumjee Paper Products quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 26 May	Mar 2026Filed 22 May	Sep 2026Twelve monthsFiled 30 Oct
Revenue from operations	514	506	590	604	437	555	759	785	809	808	835
	467	464	552	549	369	485	672	649	685	684	706
Materials and goods bought	320	292	366	342	231	307	455	422	438	422	444
Employee costs	–	–	45	46	44	55	52	57	59	64	66
Other expenses	–	–	141	161	94	123	166	170	188	198	196
Operating profit before depreciation	47	42	38	56	68	70	86	136	124	124	128
Operating margin	9.2%	8.4%	6.4%	9.2%	15.6%	12.7%	11.4%	17.3%	15.3%	15.3%	15.4%
Materials, % of revenue	–	–	62.0%	56.6%	52.9%	55.3%	60.0%	53.7%	54.1%	52.2%	53.2%
Employee costs, % of revenue	–	–	7.7%	7.5%	10.1%	9.9%	6.8%	7.3%	7.3%	7.9%	8.0%
Other expenses, % of revenue	–	–	23.9%	26.7%	21.5%	22.2%	21.8%	21.7%	23.2%	24.5%	23.5%
Depreciation and amortisation	7	7	7	12	10	11	11	13	13	15	19
Operating profit after depreciation	41	36	30	44	58	59	75	123	111	108	110
Other income	3	3	3	5	8	5	8	13	21	21	27
Finance costs	10	9	8	8	6	5	4	5	3	3	5
Profit before one-off items and tax	33	30	26	41	59	60	80	132	129	126	132
One-off items	−3	–	0	0	−24	−14	0	0	0	0	0
Profit before tax	30	30	26	41	35	46	80	132	129	126	132
	11	11	9	14	5	11	20	34	33	33	35
Current tax	–	6	6	7	6	14	20	34	33	30	26
Deferred tax	–	5	3	7	−1	−3	0	0	0	3	9
Net profit	20	19	17	27	30	35	59	98	96	94	97
Other comprehensive income	–	–	0	−1	1	1	0	2	1	−1	−1
Total comprehensive income	–	–	17	26	31	35	59	100	96	92	96
Net margin	3.9%	3.8%	2.8%	4.5%	6.9%	6.2%	7.8%	12.5%	11.8%	11.6%	11.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 26 May	Mar 2026Filed 22 May	Sep 2026Half yearFiled 30 Oct
	258	280	310	343	397	492	583	669	721
Share capital	10	9	9	10	10	10	10	10	10
Reserves	249	270	301	333	387	483	573	660	712
	72	55	18	69	49	15	9	23	21
Repayable after a year	69	45	18	54	41	3	9	18	14
Repayable within a year	3	10	0	15	8	12	0	5	7
	121	137	137	119	106	139	91	139	153
Trade payables	83	82	83	81	67	94	57	69	73
Other financial liabilities	24	34	45	10	16	19	20	32	34
Other liabilities	11	11	9	14	15	14	14	25	30
Provisions	0	0	0	0	0	0	0	8	10
	105	99	101	135	123	83	89	112	114
Other financial liabilities	–	4	6	6	7	5	3	19	17
Other liabilities	7	10	13	14	10	8	10	11	12
Provisions	5	9	34	34	39	39	40	34	34
Deferred tax	25	31	29	27	27	27	27	30	37
	484	516	548	597	626	715	763	920	989
Held for sale or for a demerger	1	–	–	–	–	–	–	–	–
	276	279	279	333	327	316	339	437	461
Plant in use, after depreciation	138	135	130	146	140	137	142	266	–
Plant being built	42	29	29	92	94	20	28	21	–
Intangible assets	0	1	0	0	0	0	0	0	0
Goodwill	78	78	78	64	64	64	64	64	64
Intangible assets being developed	0	0	0	0	0	0	0	0	0
Property held to earn rent	–	0	0	–	–	71	70	68	68
Investments	0	2	6	30	27	24	20	16	46
Other financial assets	0	34	0	0	0	0	0	0	–
Other assets	17	0	35	0	2	1	14	0	1
	208	237	269	264	299	399	425	484	528
Inventories	95	92	81	122	167	146	130	135	164
Trade receivables	68	53	59	74	64	76	68	76	78
Cash and cash equivalents	3	4	8	6	10	5	35	23	6
Other bank balances	4	5	4	2	4	3	3	2	2
Current investments	24	51	101	41	25	126	129	112	203
Loans given	2	20	7	2	17	21	52	116	65
Other financial assets	1	1	1	1	1	1	1	1	1
Tax paid in advance	5	5	2	4	6	3	3	7	–
Other assets	6	6	7	12	7	18	3	13	9
Net debt	41	−5	−95	20	10	−118	−158	−114	−190

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 26 May	Mar 2026Filed 22 May	Sep 2026Half year
	86	17	16	133	82	121	45
	89	34	38	164	115	155	52
	44	−36	−51	26	−9	30	−15
Receivables	8	3	−2	−21	9	−3	1
Inventories	11	−41	−45	20	17	−5	−29
Payables	25	1	−4	28	−34	37	13
Other working capital	−1	1	0	−1	−1	1	0
Tax paid	−3	−16	−22	−31	−33	−33	−7
Capital spending	4	71	7	7	26	113	3
Free cash flow	82	−54	9	125	56	8	42
	−50	−28	18	−95	−35	−136	−49
Plant and property sold	0	0	0	0	0	1	0
Interest received	2	2	4	6	11	10	3
Dividends received	5	0	0	0	0	0	0
	−33	9	−31	−43	−17	2	−12
Borrowings raised	0	48	0	2	6	15	0
Borrowings repaid	−25	−29	−21	−33	−12	−2	−2
Interest paid	−6	−5	−4	−5	−3	−3	−3
Lease payments	−1	−2	−2	−2	−2	−2	−2
Dividends paid	0	3	5	5	6	6	6
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	4	−2	4	−5	31	−13	−16

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Pudumjee Paper Products dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 26 May	Mar 2026Filed 22 May
Earnings per share	₹2.09	₹2.02	₹1.76	₹2.87	₹3.16	₹3.64	₹6.26	₹10.34	₹10.09	₹9.86
Diluted earnings per share	₹2.09	₹2.02	₹1.76	₹2.87	₹3.16	₹3.64	₹6.26	₹10.34	₹10.09	₹9.86
Dividend per share	₹0.15	₹0.15	₹0.15	₹0.20	₹0.30	₹0.50	₹0.50	₹0.60	₹0.60	₹0.60
Book value per share	–	–	₹27.17	₹29.48	₹32.70	₹36.07	₹41.79	₹51.82	₹61.36	₹70.47
Dividend payout	7.2%	7.4%	8.5%	7.0%	9.5%	13.8%	8.0%	5.8%	6.0%	6.1%
Shareholder yield	–	–	–	–	0.0%	0.8%	1.4%	0.8%	0.6%	0.9%
Market cap at the year end (₹ crore)	246	224	169	105	228	369	351	597	923	619

Ratios

Standalone, years to March.Pudumjee Paper Products PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 26 May	Mar 2026Filed 22 May
Revenue growth	9.5%	−1.5%	16.5%	2.5%	−27.7%	27.1%	36.6%	3.5%	3.1%	−0.1%
Operating profit growth	73.9%	−10.1%	−11.5%	48.3%	22.1%	3.4%	22.8%	57.5%	−8.7%	−0.5%
Net profit growth	96.3%	−3.7%	−12.5%	62.6%	10.4%	15.0%	72.0%	65.2%	−2.4%	−2.3%
Earnings per share growth	–	−3.3%	−12.9%	63.1%	10.1%	15.2%	72.0%	65.2%	−2.4%	−2.3%
	–	–	6.5%	10.1%	10.2%	10.6%	16.1%	22.1%	17.8%	14.9%
	–	–	–	3.6 pts	0.1 pts	0.4 pts	5.5 pts	6.0 pts	−4.3 pts	−2.9 pts
From the net margin	–	–	–	3.8 pts	5.3 pts	−1.0 pts	2.7 pts	9.6 pts	−1.2 pts	−0.4 pts
From asset turnover	–	–	–	−0.1 pts	−5.0 pts	1.7 pts	3.7 pts	−1.4 pts	−1.4 pts	−2.2 pts
From borrowing	–	–	–	−0.1 pts	−0.3 pts	−0.3 pts	−1.0 pts	−2.1 pts	−1.7 pts	−0.3 pts
Return on capital employed	–	–	9.2%	13.0%	17.5%	14.4%	16.8%	24.3%	18.7%	15.6%
Cash conversion	–	–	–	–	286.1%	50.3%	27.7%	135.2%	86.0%	129.4%
Interest cover	4.1	4.0	3.8	5.7	9.0	12.0	19.6	24.0	34.6	32.3
Debt to equity	–	–	0.28	0.19	0.06	0.20	0.12	0.03	0.02	0.03
Receivable days	–	–	42	32	49	49	31	35	31	34
Inventory days	–	–	94	98	128	145	134	127	108	117
Payable days	–	–	83	88	130	96	54	81	47	60
Cash conversion cycle, days	–	–	54	43	46	98	111	81	91	91
Working capital days	–	–	37	31	17	73	78	64	75	96
Asset turnover	–	–	1.22	1.21	0.82	0.97	1.24	1.17	1.09	0.96
Assets per rupee of net worth	–	–	1.88	1.86	1.80	1.75	1.65	1.51	1.37	1.34
Sales per rupee of plant	–	–	4.28	4.48	3.37	3.79	5.44	5.75	5.70	3.03
Capital spending to depreciation	–	–	–	–	0.34	6.36	0.63	0.58	1.98	7.34
Plant being built, % of plant in use	–	–	30.7%	21.5%	22.3%	62.7%	67.5%	14.3%	19.5%	7.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.1%
Cash from operations against operating profit: 98.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.6%	13.1%	2.1%
Profit growth, yearly rate	24.9%	25.5%	16.4%
Return on equity, average	–	16.3%	18.3%
Return on capital employed, average	–	18.0%	19.6%
Operating margin, average	12.1%	14.4%	16.0%
Net margin, average	7.2%	10.0%	12.0%
Asset turnover, average	–	1.09	1.08
Cash conversion cycle, days, average	–	94	88
Interest cover, average	14.9	24.5	30.3
Debt to equity, average	–	0.08	0.03

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	370	336	121
Cash from investing	−275	−266	−136
Cash from financing	−79	−57	2
Capital spending	224	146	113
Dividends paid	24	16	6
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	71	23	15
Borrowings repaid	96	46	2

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	5	7	8	4	5
Altman Z-scorePublished threshold 1.81	–	–	2.83	2.72	2.68	3.15	3.81	4.72	6.28	4.28
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.69	−2.11	−2.04	−2.64	−2.34	−2.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.19	7.87	4.06	8.98	6.54	12.88
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.97	0.87	0.91	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−23.51	37.37	−0.54	−50.85	16.32	−13.51	10.74
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.71	20.24	18.08	−11.33	−4.93	−15.32	7.80
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.04	−0.45	1.19	−0.52	1.12	−1.75	1.58
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	3.02	5.76	3.28	21.60	2.03	1.49	0.15
Effective tax ratePublished threshold 17.16 per cent	34.64	36.28	34.66	33.71	13.45	24.93	25.44	25.45	25.61	25.87
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−10.52	−1.58	1.96	−0.04	−0.59

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
4 Jun 2026	CRISIL Ratings Limited	Fixed Deposits	Crisil AReview, Other	Stable	50
4 Jun 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AReview, Other	Stable	40
4 Jun 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1Review, Re-affirm		130

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.