WEBSITE BSE:539251 NSE: BALKRISHNA Inc. Year: 2013 Industry: Paper & Paper Products My Bucket: Add Stock
Last updated: 15:24
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1. Business Overview
Balkrishna Paper Mills Ltd. is an Indian manufacturing company primarily engaged in the production of various paper and paperboard products. Its core business model involves converting raw materials such as wood pulp, waste paper, and agro-residues into finished paper products, which are then sold to a diverse customer base. The company makes money by manufacturing and selling grades like writing and printing paper, industrial packaging paper, and specialty boards to sectors including publishing, education, packaging, and general industrial applications.
2. Key Segments / Revenue Mix
While specific revenue contribution data is not publicly detailed, Balkrishna Paper Mills typically operates across a few key product segments common in the paper industry:
Writing & Printing Paper: Used for notebooks, textbooks, office stationery, and publishing.
Industrial/Packaging Paper & Board: This includes kraft paper, duplex boards, and other packaging grades used in various industries for manufacturing cartons, boxes, and other packaging solutions.
Specialty Papers: Could include specific types of coated or uncoated papers designed for niche applications. The revenue mix would generally fluctuate based on market demand for these different product categories.
3. Industry & Positioning
The Indian paper industry is diverse and somewhat fragmented, comprising a mix of large integrated players and numerous medium to small-scale units. It is a capital-intensive and cyclical industry influenced by raw material availability, economic growth, and environmental regulations. Balkrishna Paper Mills Ltd. likely positions itself as a mid-sized player, potentially focusing on specific grades or regional markets where it can compete effectively on quality, cost efficiency, and customer service. Its market share would be a fraction compared to the largest integrated mills but significant within its chosen segments.
4. Competitive Advantage (Moat)
The paper industry generally offers moderate competitive advantages. For Balkrishna Paper Mills, potential moats could include:
Operational Efficiencies: Long-standing operations, optimized production processes, and potential for captive power generation can lead to cost advantages.
Established Customer Relationships: Durable relationships with industrial clients and converters can create a degree of switching costs due to product consistency and reliable supply.
Product Specialization: Focus on certain quality grades or specialty papers might offer a niche advantage.
Scale in Specific Segments: Having a substantial production capacity for particular paper or board types can provide economies of scale within those segments.
5. Growth Drivers
Key factors that can drive Balkrishna Paper Mills' growth over the next 3-5 years include:
Increasing Demand for Packaging: The boom in e-commerce, organized retail, and consumer goods consumption in India is fueling demand for paperboard and packaging materials.
Shift from Plastic to Paper: Growing environmental awareness and regulatory pressures are pushing industries to adopt sustainable, paper-based packaging solutions.
Continued Literacy & Education: Despite digital advancements, basic demand for writing and printing paper from the education sector and publishing houses remains steady in a growing population.
Economic Growth: Overall industrial and economic expansion in India generally correlates with increased demand for industrial papers and packaging.
6. Risks
Key business risks for Balkrishna Paper Mills include:
Raw Material Price Volatility: Fluctuations in the prices of wood pulp, waste paper, chemicals, and other inputs can significantly impact profit margins.
Energy Costs: Paper manufacturing is energy-intensive; rising coal, gas, or electricity prices can increase operational costs.
Environmental Regulations: Stringent environmental norms regarding water usage, pollution control, and forest resources can lead to higher compliance costs and operational constraints.
Import Competition: Cheaper imports from countries with lower production costs can pressure domestic prices and market share.
Digitalization: The ongoing shift towards digital media poses a long-term threat to the writing and printing paper segment, potentially impacting demand.
Economic Slowdown: A downturn in the broader economy can reduce demand for packaging and industrial paper products.
7. Management & Ownership
Balkrishna Paper Mills Ltd. is likely a promoter-led company, a common structure among Indian businesses. Promoters typically hold a significant equity stake and play an active role in strategic decision-making and day-to-day operations. The management team's experience in the paper industry, operational efficiency, and capital allocation decisions are crucial for the company's long-term performance. Ownership structure would typically include the promoter group, institutional investors, and public shareholders.
8. Outlook
The outlook for Balkrishna Paper Mills presents a balanced picture. On the positive side, robust domestic demand for packaging materials, driven by e-commerce growth and the increasing shift towards sustainable paper-based alternatives, offers significant growth avenues. The company's established manufacturing capabilities and market presence position it to capitalize on these trends. However, the business operates in a cyclical industry susceptible to volatile raw material and energy costs, intense competition, and evolving environmental regulations. The long-term challenge from digitalization affecting traditional writing and printing paper demand also remains a factor. Success will depend on the company's ability to maintain operational efficiency, manage input costs, innovate in product offerings, and adapt to sustainability demands while navigating competitive pressures.
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Market Cap ₹61 Cr.
Stock P/E -9.1
P/B -0.3
Current Price ₹18.8
Book Value ₹ -53.9
Face Value 10
52W High ₹27
Dividend Yield 0%
52W Low ₹ 11.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 1 | 2 | 0 | 0 | 1 | 2 | 1 | 1 | 2 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 1 | 1 | 2 | 0 | 0 | 1 | 2 | 1 | 1 | 2 |
| Total Expenditure | 1 | 2 | 2 | 0 | 0 | 1 | 2 | 1 | 1 | 2 |
| Operating Profit | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Interest | 2 | 2 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | -25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -2 | -2 | -29 | -2 | -2 | -1 | -1 | -1 | -1 | -2 |
| Provision for Tax | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -2 | -2 | -29 | -2 | -2 | -1 | -1 | -1 | -1 | -2 |
| Adjustments | -29 | -2 | 0 | 8 | -1 | -0 | 8 | -0 | -0 | 2 |
| Profit After Adjustments | -31 | -4 | -29 | 6 | -3 | -2 | 7 | -2 | -2 | -0 |
| Adjusted Earnings Per Share | -1.3 | -1.6 | -26.9 | -0.6 | -0.6 | -0.4 | -0.4 | -0.4 | -0.4 | -0.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 20 | 158 | 179 | 208 | 214 | 196 | 126 | 242 | 109 | 3 | 2 | 6 |
| Other Income | 0 | 1 | 5 | 2 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 0 |
| Total Income | 20 | 159 | 185 | 210 | 214 | 196 | 129 | 245 | 109 | 3 | 2 | 6 |
| Total Expenditure | 22 | 166 | 192 | 231 | 237 | 209 | 136 | 248 | 144 | 4 | 3 | 6 |
| Operating Profit | -2 | -8 | -7 | -20 | -23 | -13 | -6 | -3 | -35 | -1 | -1 | 0 |
| Interest | 1 | 5 | 7 | 11 | 14 | 13 | 13 | 8 | 11 | 7 | 6 | 5 |
| Depreciation | 1 | 4 | 6 | 7 | 7 | 7 | 6 | 6 | 6 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 44 | 0 | 0 | 0 | 0 | 0 | 14 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -3 | 27 | -20 | -38 | -44 | -33 | -26 | -5 | -52 | -8 | -7 | -5 |
| Provision for Tax | 0 | 10 | 4 | 2 | -1 | 2 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | -3 | 16 | -23 | -40 | -42 | -35 | -26 | -5 | -52 | -8 | -7 | -5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -63 | 15 | 10 |
| Profit After Adjustments | -3 | 16 | -23 | -40 | -42 | -35 | -26 | -5 | -52 | -71 | 8 | 3 |
| Adjusted Earnings Per Share | -2 | 10.6 | -15 | -25.7 | -27 | -22.1 | -16.6 | -3 | -33.2 | -7.6 | -2.1 | -1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -33% | -80% | -60% | -21% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -7% | 1% | 4% | -3% |
| ROE Average | 0% | 0% | 0% | -15% |
| ROCE Average | 0% | -16% | -11% | -10% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 59 | 75 | 49 | 9 | -33 | -68 | -94 | -99 | -150 | -222 | -169 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 40 | 47 | 42 | 87 | 97 | 145 | 126 | 163 | 159 | 134 | 110 |
| Other Non-Current Liabilities | 10 | 15 | 19 | 24 | 27 | 28 | 31 | 33 | 40 | 33 | 18 |
| Total Current Liabilities | 78 | 71 | 96 | 90 | 117 | 92 | 152 | 90 | 86 | 98 | 54 |
| Total Liabilities | 187 | 207 | 205 | 210 | 208 | 196 | 215 | 187 | 135 | 45 | 19 |
| Fixed Assets | 79 | 77 | 156 | 155 | 149 | 146 | 139 | 128 | 121 | 27 | 0 |
| Other Non-Current Assets | 69 | 82 | 8 | 3 | 8 | 3 | 2 | 2 | 0 | 0 | 0 |
| Total Current Assets | 38 | 47 | 41 | 52 | 51 | 48 | 73 | 58 | 13 | 11 | 2 |
| Total Assets | 187 | 207 | 205 | 210 | 208 | 196 | 215 | 187 | 135 | 45 | 19 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 31 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 3 | -2 | 4 | -36 | -3 | -14 | 24 | -55 | -20 | -8 | -4 |
| Cash Flow from Investing Activities | -2 | 18 | 3 | -2 | -2 | -0 | -0 | 19 | 2 | 12 | 24 |
| Cash Flow from Financing Activities | -0 | -13 | -10 | 39 | 6 | 14 | 8 | 5 | 18 | -4 | -19 |
| Net Cash Inflow / Outflow | 0 | 3 | -3 | -0 | 0 | -0 | 31 | -31 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 4 | 0 | 0 | 0 | 0 | 31 | 0 | 0 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -1.99 | 10.55 | -15.02 | -25.74 | -27.05 | -22.13 | -16.55 | -3 | -33.22 | -7.64 | -2.06 |
| CEPS(Rs) | -1.64 | 12.9 | -11.33 | -21.36 | -22.82 | -17.89 | -12.5 | 0.95 | -29.3 | -7.58 | -2.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 37.5 | 48.1 | 31.46 | 5.69 | -21.29 | -43.51 | -60.06 | -63.09 | -96.36 | -206.6 | -52.43 |
| Core EBITDA Margin(%) | -9.24 | -5 | -6.31 | -10.69 | -10.51 | -6.75 | -7.22 | -2.3 | -31.96 | -27.79 | -36.03 |
| EBIT Margin(%) | -11.49 | 19.27 | -6.5 | -12.77 | -13.52 | -9.99 | -10 | 1.64 | -37.41 | -28.91 | -32.97 |
| Pre Tax Margin(%) | -14.46 | 16.07 | -10.34 | -17.77 | -20.21 | -16.56 | -20.15 | -1.85 | -47.43 | -239.04 | -285.97 |
| PAT Margin (%) | -14.73 | 9.84 | -12.28 | -18.85 | -19.56 | -17.5 | -20.29 | -1.92 | -47.28 | -239.04 | -285.97 |
| Cash Profit Margin (%) | -12.19 | 12.03 | -9.26 | -15.64 | -16.5 | -14.15 | -15.32 | 0.61 | -41.7 | -237.26 | -285.24 |
| ROA(%) | -3.32 | 8.38 | -11.38 | -19.35 | -20.23 | -17.12 | -12.59 | -2.33 | -32.24 | -9.11 | -20.69 |
| ROE(%) | -10.58 | 24.66 | -37.76 | -138.54 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -3.27 | 21.16 | -8.65 | -20.35 | -23.4 | -17.9 | -12.32 | 3.91 | -45.89 | -3 | 0 |
| Receivable days | 256.4 | 27.45 | 23.23 | 25.87 | 27.09 | 25.05 | 31.99 | 12.7 | 11.48 | 141.3 | 177.65 |
| Inventory Days | 287.76 | 32.57 | 28.22 | 35.99 | 45.64 | 50.2 | 69.98 | 46.95 | 79.68 | 761.17 | 0 |
| Payable days | 334.26 | 94.85 | 124.08 | 123.49 | 139.61 | 180.46 | 232.62 | 104.99 | 139.05 | 1267.86 | 632.91 |
| PER(x) | 0 | 2.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0.55 | 1.8 | 8.62 | -1.21 | -0.18 | -0.22 | -0.53 | -0.17 | -0.12 | -0.32 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 5.05 | 0.76 | 0.94 | 0.99 | 0.86 | 0.96 | 1.43 | 1.06 | 2.28 | 69.9 | 91.94 |
| EV/Core EBITDA(x) | -52.92 | -15.36 | -25.44 | -10.05 | -8.2 | -14.38 | -28.26 | -75.82 | -7.13 | -257.63 | -285.18 |
| Net Sales Growth(%) | 0 | 701.44 | 13.52 | 15.94 | 3 | -8.51 | -35.51 | 91.66 | -54.9 | -96.86 | -32.27 |
| EBIT Growth(%) | 0 | 1433.76 | -138.5 | -119.34 | -7.16 | 32.39 | 35.44 | 131.32 | -1128.49 | 97.58 | 22.75 |
| PAT Growth(%) | 0 | 631.64 | -242.33 | -71.31 | -5.1 | 18.18 | 25.21 | 81.86 | -1006.66 | 84.19 | 18.97 |
| EPS Growth(%) | -357.65 | 631.64 | -242.33 | -71.31 | -5.1 | 18.18 | 25.21 | 81.86 | -1006.66 | 77.02 | 72.99 |
| Debt/Equity(x) | 1.52 | 1.09 | 1.65 | 14.49 | -4.36 | -2.6 | -2.05 | -2.08 | -1.48 | -0.97 | -0.95 |
| Current Ratio(x) | 0.49 | 0.67 | 0.43 | 0.58 | 0.43 | 0.52 | 0.48 | 0.64 | 0.16 | 0.11 | 0.03 |
| Quick Ratio(x) | 0.28 | 0.48 | 0.26 | 0.29 | 0.19 | 0.24 | 0.33 | 0.2 | 0.07 | 0.05 | 0.03 |
| Interest Cover(x) | -3.88 | 6.02 | -1.69 | -2.56 | -2.02 | -1.52 | -0.99 | 0.47 | -3.73 | -0.14 | -0.13 |
| Total Debt/Mcap(x) | 0 | 1.99 | 0.92 | 1.68 | 3.61 | 14.42 | 9.44 | 3.93 | 8.59 | 2.81 | 2.93 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.7 | 58.7 | 59.95 | 59.95 | 59.95 | 59.95 | 59.95 | 59.95 | 59.95 | 59.95 |
| FII | 0 | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.3 | 41.3 | 40.04 | 40.04 | 40.05 | 40.05 | 40.05 | 40.05 | 40.05 | 40.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.63 | 0.63 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.44 | 0.44 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.07 | 1.07 | 3.22 | 3.22 | 3.22 | 3.22 | 3.22 | 3.22 | 3.22 | 3.22 |
* The pros and cons are machine generated.
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