512025
Banganga Paper financials
- Market cap
- ₹1.1k Cr
- Sector
- Services
What Banganga Paper does
Banganga Paper Industries manufactures kraft and craft paper through its subsidiary Banganga Paper Mills, which runs a single facility at Dindori, Nashik (Maharashtra). Waste/recycled paper is reprocessed into corrugated and craft paper across a 100-200 GSM range, sold via vendors as paper bags, cones, boards, corrugated boxes and food-grade packaging for fruits, vegetables and other food items. Its two flagship grades, Natural Kraft and Golden Kraft, are produced on a twin-layer paper line. The company (formerly Inertia Steel Limited) changed its principal business activity from merchant/agent operations to paper manufacturing during the period, becoming the paper business's holding company after acquiring Banganga Paper Mills in June 2024.
Segments
- Kraft/Craft paper manufacturing
- Manufacturing plants
- 1 (Dindori, Nashik, Maharashtra)
- Annual manufacturing capacity
- 36,000 MT/year of kraft/craft paper
- Manufacturing facility area
- 10,000+ sq. mt
- Capacity utilization
- 70-75%
- Kraft paper produced (FY24)
- 26,000 MT
- Product GSM range
- 100-200 GSM (twin-layer)
Quarterly results
Q1 FY27: revenue up 150.7%, net profit up 290.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17 | 21 | 20 | 21 | 24 +43% | 20 −5% | 37 +78% | 53 +151% |
| EBITDA | 1 | 2 | 2 | 2 | 1 −20% | 1 −30% | 3 +65% | 5 +228% |
| Net profit | 0 | 1 | 1 | 1 | 0 +31% | 0 −91% | 1 −40% | 3 +291% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −38.8% 1Y
1Y: ₹56.18 on 10 Sept 2025 → ₹34.36. High ₹57.89 (16 Dec 2025), low ₹30.03 (13 Aug 2026).
Financials, as filed
Revenue grew 74.7% a year over 1 year, FY25 to FY26. Operating margin narrowed to 6.8%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹58 Cr | ₹102 Cr |
| Operating profit | ₹5 Cr | ₹7 Cr |
| Operating margin | 8.2% | 6.8% |
| Interest | ₹1 Cr | ₹2 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr |
| Net profit | ₹2 Cr | ₹1 Cr |
| Net margin | 3.3% | 1.5% |
| Cash from operations | ₹-2 Cr | ₹4 Cr |
| Free cash flow | ₹-2 Cr | ₹4 Cr |
| ROCE | 27.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹0 Cr | ₹12 Cr | ₹31 Cr |
| Reserves | ₹0 Cr | ₹4 Cr | ₹14 Cr |
| Borrowings | ₹0 Cr | ₹8 Cr | ₹73 Cr |
| Other liabilities | ₹0 Cr | ₹15 Cr | ₹84 Cr |
| Total liabilities | ₹1 Cr | ₹39 Cr | ₹202 Cr |
| Fixed assets | ₹0 Cr | ₹17 Cr | ₹91 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Other assets | ₹1 Cr | ₹21 Cr | ₹110 Cr |
| Total assets | ₹1 Cr | ₹39 Cr | ₹202 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −11.14 pp while the public added +11.13 pp. The shareholder count grew 304% to 5,664.
- Promoters
- 60.0%
- Public
- 40.0%
Since Jun 2025
- Promoters −11.14 pp
- Public +11.13 pp
How it drifted, 12 quarters
Over this window the public fell from 93.6% to 40.0% — −53.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 6.4%, Public 93.6%.Dec '23: Promoters 6.4%, Public 93.6%.Mar '24: Promoters 6.4%, Public 93.6%.Jun '24: Promoters 6.4%, Public 93.6%.Sep '24: Promoters 0.1%, Public 99.9%.Dec '24: Promoters 71.1%, Public 28.9%.Mar '25: Promoters 71.1%, Public 28.9%.Jun '25: Promoters 71.1%, Public 28.9%.Sep '25: Promoters 71.1%, Public 28.9%.Dec '25: Promoters 71.0%, Public 29.0%.Mar '26: Promoters 60.0%, Public 40.0%.Jun '26: Promoters 60.0%, Public 40.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Banganga Paper above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ronak Jain | 38.19% | unchanged |
| Sarita Jain | 10.32% | unchanged |
| Jasmine Bonny Agitok Sangma | 9.55% | unchanged |
| Jimson Kharkongor | 6.64% | unchanged |
| Mrs. Priyanka Jain | 6.57% | unchanged |
| Deepak Saraf | 5.32% | unchanged |
| K K Impex & Trading Private Limited | 4.87% | unchanged |
| Estara Ventures Private Limited | 4.81% | unchanged |
| Himathsingh R Marak | 2.56% | unchanged |
| Sumitkumar Ramesh Gupta | 1.77% | unchanged |
| Ankur Bhupendra Shah | 1.69% | unchanged |
| Manisha . Gupta | 1.15% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Banganga Paper
Guides on how to read this kind of business and the numbers that matter.