MALUPAPER
Malu Paper Mills financials
- Market cap
- ₹59 Cr
- Sector
- Forest Materials
What Malu Paper Mills Limited does
Malu Paper Mills manufactures Kraft (packaging) paper, Newsprint paper and Writing & Printing paper at two plants located in Nagpur, Maharashtra — a Kraft Division and a separate Newsprint & Writing/Printing Division. Its Newsprint and Writing & Printing production runs on a recycle (waste-paper) process with a swing facility that lets it shift output between newsprint and writing paper on short notice depending on market demand. The company describes itself as the largest Newsprint and Writing & Printing paper manufacturer in Central India, while its Kraft paper line (also made from recycle-grade material) has become the larger share of total output.
Segments
- Kraft / packaging paper
- Newsprint & Writing/Printing paper
- Manufacturing plants
- 2 (Kraft Division and Newsprint & Writing/Printing Division, both at Nagpur, Maharashtra)
- Installed capacity – Newsprint & Writing/Printing paper
- 49,500 TPA
- Installed capacity – Kraft (packaging) paper
- 66,000 TPA (from recycle grade)
- Total paper production (FY25)
- 80,669 MT
- Kraft paper production (FY25)
- 59,825 MT (74% of output)
- Newsprint & Writing/Printing paper production (FY25)
- 20,843 MT (26% of output)
Quarterly results
Q1 FY27: revenue up 30.8%, net profit up 120.8% 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 | 65 | 63 | 93 | 94 | 56 −13% | 77 +23% | 107 +15% | 124 +31% |
| EBITDA | -1 | -1 | 1 | -5 | -3 −238% | -3 −194% | 4 +551% | 6 +223% |
| Net profit | -4 | -4 | -3 | -6 | -6 −52% | -5 −39% | -3 +1% | 1 +121% |
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 −9.9% 1Y
1Y: ₹38.32 on 10 Sept 2025 → ₹34.53. High ₹41.83 (19 Sept 2025), low ₹27.14 (30 Mar 2026).
Financials, as filed
Revenue grew 10.3% a year over 2 years, FY24 to FY26. Operating margin narrowed to -1.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹275 Cr | ₹278 Cr | ₹335 Cr |
| Operating profit | ₹17 Cr | ₹-0 Cr | ₹-6 Cr |
| Operating margin | 6.3% | -0.1% | -1.9% |
| Interest | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Depreciation | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹1 Cr | ₹-12 Cr | ₹-20 Cr |
| Net margin | 0.3% | -4.4% | -5.9% |
| Cash from operations | ₹9 Cr | ₹4 Cr | ₹7 Cr |
| Free cash flow | ₹2 Cr | ₹1 Cr | ₹1 Cr |
| ROCE | 9.0% | -4.0% | -9.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹7 Cr | ₹0 Cr | ₹-11 Cr | ₹-10 Cr | ₹-34 Cr | ₹-43 Cr |
| Borrowings | ₹93 Cr | ₹104 Cr | ₹123 Cr | ₹132 Cr | ₹146 Cr | ₹153 Cr |
| Other liabilities | ₹33 Cr | ₹34 Cr | ₹22 Cr | ₹29 Cr | ₹41 Cr | ₹54 Cr |
| Total liabilities | ₹151 Cr | ₹155 Cr | ₹151 Cr | ₹167 Cr | ₹170 Cr | ₹181 Cr |
| Fixed assets | ₹76 Cr | ₹71 Cr | ₹68 Cr | ₹65 Cr | ₹64 Cr | ₹68 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹74 Cr | ₹84 Cr | ₹83 Cr | ₹97 Cr | ₹105 Cr | ₹113 Cr |
| Total assets | ₹151 Cr | ₹155 Cr | ₹151 Cr | ₹167 Cr | ₹170 Cr | ₹181 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
The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 9,253.
- Promoters
- 69.8%
- Public
- 30.2%
Since Jun 2025
- Promoters 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 70.0%, Public 30.1%.Dec '23: Promoters 70.0%, Public 30.1%.Mar '24: Promoters 70.0%, Public 30.1%.Jun '24: Promoters 70.0%, Public 30.1%.Sep '24: Promoters 69.8%, Public 30.2%.Dec '24: Promoters 69.8%, Public 30.2%.Mar '25: Promoters 69.8%, Public 30.2%.Jun '25: Promoters 69.8%, Public 30.2%.Sep '25: Promoters 69.8%, Public 30.2%.Dec '25: Promoters 69.8%, Public 30.2%.Mar '26: Promoters 69.8%, Public 30.2%.Jun '26: Promoters 69.8%, Public 30.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Atulkumar Rameshwar Rathi +0.18 pp 2.01% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Malu Paper Mills Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Frontline Commercial Pvt. Ltd. | 8.88% | unchanged |
| Kaveridevi Jeetmal Malu | 6.11% | unchanged |
| Wistaria Farms Private Ltd | 6.06% | unchanged |
| Purushottam Malu | 4.27% | unchanged |
| Vasudeo Bhanwarlal Malu | 4.26% | unchanged |
| Shrawan Kumar Malu | 3.98% | unchanged |
| Sashikala Vasudeo Malu | 3.92% | unchanged |
| Sunflame Fuels Pvt. Ltd | 3.09% | unchanged |
| Marigold Farms Pvt. Ltd. | 2.42% | unchanged |
| Suman Malu | 2.37% | unchanged |
| Banwarilal Bhanwarlal Malu | 2.19% | unchanged |
| Malu Vasudeo Bhanwarlal | 2.17% | 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 Malu Paper Mills Limited
Guides on how to read this kind of business and the numbers that matter.