NIKITA
Nikita Papers financials
- Market cap
- ₹173 Cr
- Sector
- Forest Materials
- Calls analysed
- 1
Nikita Papers Q4 FY25
What went well
- Revenue from operations for FY25 increased to ₹370 crores, up 9% year-on-year.
- EBITDA for FY25 increased by 24% to ₹50 crores on an annual basis.
- Profit after tax for FY25 increased to ₹23 crores, up 11% year on year.
What to watch
- Capacity utilization declined in FY25 mainly due to transition in power sources and strategic shift to specialty grade paper.
- Analyst noted the working capital cycle is 'very weak' and 'operation losses from last three years', though management acknowledged longer receipts for corrugation segment but refuted 'very weak' and 'losses'.
What Nikita Papers does
Nikita Papers recycles waste paper — sourced domestically from within a 100km radius of Delhi/UP/NCR and imported from the US and Canada — into Kraft paper at its manufacturing facility in Shamli, Uttar Pradesh. It sells Corrugation, Fluting and Carry Bag paper grades to multinational corporations, regional brands, converters and exporters serving FMCG, food & beverage, pharmaceutical and cosmetics packaging. The plant runs on captive power from a municipal solid waste-to-energy unit and a rooftop solar plant, and the company also earns Extended Producer Responsibility (EPR) credits by processing municipal solid waste as part of its recycling operations.
Segments
- Corrugation Paper
- Fluting Paper
- Carry Bag Paper
- Waste Paper & Others
- EPR Sales
- Installed Kraft paper capacity
- 1,33,000 MTPA
- Manufacturing plant
- Shamli, Uttar Pradesh — 2 paper machines (PM-1: 150 TPD, PM-2: 250 TPD)
- Captive power generation
- 3.5 MW municipal waste-to-energy + 1.5 MW solar (5 MW total); new 9 MW waste-to-energy plant under construction
- Waste paper recycled (FY25)
- 1,16,915 MT
- Kraft paper produced (FY25)
- 1,08,754 MT
- Capacity utilization (FY25)
- 82%
Guidance record · Q4 FY25
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Energy Self-Sufficiency open said Q4 FY25 Promised: achieve 100% energy self-sufficiency within the next 15 to 18 months Q4 FY25: Target set alongside the 9MW waste-to-energy plant announcement.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 3.9%, net profit down 61.5% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 179 | 166 | 198 | 178 | 172 −4% |
| EBITDA | 23 | 20 | 24 | 16 | 12 −48% |
| Net profit | 13 | 10 | 13 | 6 | 5 −62% |
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 −41.7% 1Y
1Y: ₹120.2 on 10 Sept 2025 → ₹70.1. High ₹150.6 (11 Dec 2025), low ₹70.1 (11 Sept 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹9 Cr | ₹9 Cr | ₹18 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹19 Cr | ₹37 Cr | ₹46 Cr | ₹63 Cr | ₹149 Cr | ₹154 Cr |
| Borrowings | ₹153 Cr | ₹125 Cr | ₹163 Cr | ₹189 Cr | ₹240 Cr | ₹237 Cr |
| Other liabilities | ₹15 Cr | ₹64 Cr | ₹39 Cr | ₹34 Cr | ₹59 Cr | ₹74 Cr |
| Total liabilities | ₹192 Cr | ₹235 Cr | ₹257 Cr | ₹304 Cr | ₹473 Cr | ₹490 Cr |
| Fixed assets | ₹99 Cr | ₹88 Cr | ₹79 Cr | ₹96 Cr | ₹81 Cr | ₹77 Cr |
| Capital work in progress | ₹1 Cr | ₹6 Cr | ₹19 Cr | ₹0 Cr | ₹14 Cr | ₹80 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹92 Cr | ₹140 Cr | ₹157 Cr | ₹207 Cr | ₹376 Cr | ₹332 Cr |
| Total assets | ₹192 Cr | ₹235 Cr | ₹257 Cr | ₹304 Cr | ₹473 Cr | ₹490 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 Mar 2026
Since May 2025, the public added +9.27 pp while FIIs trimmed −7.71 pp. The shareholder count shrank 68% to 723.
- Promoters
- 59.0%
- FIIs
- 0.9%
- Public
- 40.1%
Since May 2025
- Public +9.27 pp
- FIIs −7.71 pp
- DIIs −1.57 pp
How it drifted, 3 quarters
Over this window the public went from 30.9% to 40.1% — +9.3 pp.
Ownership split by quarter, oldest first. May '25: Promoters 59.0%, FIIs 8.6%, DIIs 1.6%, Public 30.9%.Sep '25: Promoters 59.0%, FIIs 3.0%, DIIs 0.1%, Public 38.0%.Mar '26: Promoters 59.0%, FIIs 0.9%, Public 40.1%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Yashvi Hitesh Patel newly disclosed 1.55% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Nikita Papers above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ashok Kumar Bansal | 10.31% | unchanged |
| Coeus Global Opportunities Fund FPI fund | 7.33% | unchanged |
| Sudhir Kumar Bansal | 7.20% | unchanged |
| Mithlesh Rani Bansal | 7.11% | unchanged |
| Anuj Bansal | 4.07% | unchanged |
| Sandhya Bansal | 3.84% | unchanged |
| Rachit Bansal | 3.69% | unchanged |
| Alliance Farms And Agriculture Limited | 3.49% | unchanged |
| Abhinav Bansal | 3.25% | unchanged |
| Neera Bansal | 3.05% | unchanged |
| Antara Rakesh | 2.37% | unchanged |
| Yashvi Hitesh Patel | 1.55% | newly disclosed |
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 Nikita Papers
Guides on how to read this kind of business and the numbers that matter.