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    Paper, Lumber & Forest Products
Star Paper Mills Limited

Star Paper Mills Limited

STARPAPER.BO
Star Paper Mills LimitedIN flagBombay Stock Exchange
138.20
INR
-1.10
- -
2.16BMarket Cap
Star Paper Mills Limited
STARPAPER.BO
(Bombay Stock Exchange)

Recent

price

138.20

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
166.12
146.18
169.85
171.6
170.17
170.77
203.5
214.18
238.07
216.23
147.35
208.08
309.27
284.8
279.55
262.58
262.81
Revenue per Share
-6.5
-27.17
-18.93
-14.15
9.96
10.57
38.67
34.76
34.08
23.88
11.22
23.48
42.08
41.01
26.36
20.98
21
Basic EPS, GAAP
-5.66
-1.35
2.7
1.41
8.9
5.45
22.51
19.74
15.76
5.42
14.34
10.47
26.92
9.38
7.08
13.08
- -
Free Cash Flow per Basic Share
0.78
0.5
- -
- -
- -
- -
- -
2.41
3.03
3.03
2.5
2.5
3.46
4.96
3.97
3.48
- -
Dividend per Share
43.32
16.15
-2.78
-16.93
-6.97
164.4
203.07
235.42
266.5
285.23
293.34
314.43
353.14
389.01
10
10
10.01
Book Value per Share
80.92
53.75
34.82
20.68
30.15
186.83
226.04
260.12
291.69
312.84
321.55
342.65
380.83
414.74
436.23
453.7
454.08
Tangible Book Value per Share
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
Basic Weighted Avg Shares
2,593
2,282
2,651
2,678
2,656
2,665
3,176
3,343
3,716
3,375
2,300
3,248
4,827
4,445
4,363
4,099
4,099
Sales/Revenue/Turnover
-7.73
-20.04
-10.45
-7.14
3.74
8.43
21.02
20.4
12.1
12.74
7.68
11.38
16.9
12.29
6.98
2.81
2.81
Operating Margin (%)
118
115
113
111
49
42
41
41
44
52
52
54
53
54
64
70
70
Depreciation Expense
-102
-424
-295
-221
155
165
604
543
532
373
175
366
657
640
411
328
328
Net Income, GAAP
- -
- -
- -
- -
- -
20.45
10.69
24.85
- -
24.18
29.6
17.08
21.2
20.89
23.01
4.31
4.31
Effective Tax Rate (%)
-3.92
-18.59
-11.15
-8.24
5.85
6.19
19
16.23
14.32
11.04
7.62
11.28
13.6
14.4
9.43
7.99
7.99
Profit Margin (%)
50
-276
-538
-653
-549
-332
214
637
1,005
1,309
1,431
1,722
2,315
2,779
3,151
3,319
3,319
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
11
6
1
- -
43
40
35
35
LT Debt
1,263
839
544
323
471
2,916
3,528
4,060
4,553
4,883
5,019
5,348
5,944
6,473
6,809
7,083
7,083
Total Equity
- -
- -
- -
- -
- -
9.87
18.1
13.35
- -
6.86
2.5
5.87
11.29
6.9
3.5
1.57
1.57
Return on Invested Capital (%)
- -
- -
- -
- -
- -
13.11
21.04
15.95
- -
8.74
3.96
7.79
12.68
11.12
13.25
167.42
167.42
Return on Capital (%)
-13.88
-91.38
- -
- -
- -
- -
21.05
15.86
13.58
8.66
3.88
7.73
12.61
11.05
13.21
209.85
209.85
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
7
- -
8
LT Borrowings
- -
- -
- -
LT Finance Leases
38
- -
35
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
16
- -
16
Market Capitalization
2,613
2,568
1,878

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
3,901
- -
3,799
Cash, Cash Equivalents & STI
2,534
- -
2,486
Accounts Receivable, Net
73
- -
68
Inventories
1,191
- -
1,178
Total Current Liabilities
586
- -
481
Payables & Accruals
- -
- -
- -
ST Debt
7
- -
8
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.4%
7.16%
4.02%
Free Cash Flow
50.5%
25.03%
84.72%
Net Income, GAAP
30.05%
25.96%
-20.39%
Sales/Revenue/Turnover
6.86%
14.81%
-6.05%
Total Cash Common Dividend
- -
- -
-12.25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,236
1,057
1,148
933
4,445
2025
1,139
1,109
975
1,141
4,363
2026
1,012
1,044
918
1,126
4,099

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
12.64
9.73
9.46
- -
41.01
2025
8.91
9.3
4.94
3.21
26.36
2026
8.21
8.34
5.26
-0.83
20.98

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
4.96
2025
- -
- -
- -
- -
3.97
2026
- -
- -
- -
- -
3.48
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Business
Star Paper Mills Limited manufactures and supplies a wide range of industrial, packaging, and cultural papers from its integrated pulp and paper mill in Saharanpur, Uttar Pradesh, India. Established in 1938 and headquartered in Kolkata, West Bengal, the company, part of the Duncan Goenka Group, operates four paper machines with an installed capacity of 75,000 metric tonnes per annum and distributes products across India and select international markets. Core products include printing and writing papers such as Star Bond, Star Azurlaid ledger paper, and SS account book paper; industrial papers comprising kraft grades like Star Kraft Supreme, Star Kraft Esquire, ribbed kraft, absorbent kraft, MG poster in various colors, poster ARSR, cup stock, overlay tissue, soap wrappers, and poly coated wrappers; and packaging papers encompassing poster papers, shuttering goldrust, and honeycomb paper, with GSM ranging from 28 to 220 to serve applications in carry bags, envelopes, pizza boxes, corrugated boxes, food and beverage packaging, and decorative uses. The ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018-certified firm maintains an in-house R&D unit recognized by India's Ministry of Science and Technology, supporting innovation in specialty papers like oil- and grease-resistant grades amid rising e-commerce and FMCG demand. Recent strategic developments feature plans for capacity expansion and product innovation targeting domestic growth in lightweight, high-strength packaging, alongside board approvals for financial results and dividend recommendations through fiscal 2025, reflecting sustained operational focus without major acquisitions or funding rounds reported in the past two years.