Paper & Paper Products · Founded 1995 · BSE 542503 · · ISIN INE00CX01017
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Business
Mahip Industries Ltd. operates in the Paper & Paper Products sector in India. The company is primarily engaged in the manufacturing and sale of various paper and paper-related products. Its core business model likely involves procuring raw materials such as wood pulp, waste paper, and chemicals, processing them through integrated paper mills, and converting them into finished paper products. The company generates revenue by selling these products to a diverse customer base, which may include printing and publishing houses, packaging industries, educational institutions, commercial offices, and potentially end consumers, depending on its specific product portfolio.
Revenue Mix
Specific key segments and their revenue contributions for Mahip Industries Ltd. are not available from the provided information. Generally, companies in this industry may categorize their revenue by product type, such as:
Writing and Printing Paper (e.g., copier paper, notebooks, textbooks)
Packaging Paper and Board (e.g., corrugated boxes, container board, speciality packaging)
Specialty Paper (e.g., security paper, filter paper, release liners)
Tissue Paper (e.g., facial tissues, toilet paper, paper towels)
The actual mix would depend on the company's manufacturing capabilities and market focus.
Industry
The Indian Paper & Paper Products industry is diverse, encompassing both large integrated players and a significant number of small and medium-sized enterprises. It is largely a commodity-driven industry, influenced by global pulp prices, domestic demand-supply dynamics, and environmental regulations. Competition is generally high, with players often competing on price, quality, and distribution reach. Without specific market share data or production capacity, Mahip Industries Ltd.'s exact positioning relative to peers is difficult to ascertain. It likely operates within a competitive landscape, potentially focusing on specific product niches, regional markets, or cost efficiency to maintain its standing.
MOAT
For a company in a largely commodity-driven sector like paper, establishing a strong, durable competitive advantage (moat) can be challenging. Potential sources of moat, if present, could include:
Cost Leadership: Achieving economies of scale through large-scale, integrated operations or efficient raw material sourcing.
Backward Integration: Captive pulp production or access to sustainable wood plantations, reducing reliance on volatile open market pulp prices.
Niche Product Specialization: Developing unique, high-value specialty papers that command better pricing and face less competition.
Strong Distribution Network: An extensive and efficient supply chain reaching diverse customers across geographies.
Brand Recognition: More relevant for consumer-facing paper products, less so for industrial paper.
Without specific details, it is difficult to determine if Mahip Industries Ltd. possesses any strong, durable competitive advantages.
Growth Drivers
Key factors that could drive growth for Mahip Industries Ltd. over the next 3-5 years include:
Rising Literacy & Education: Increasing demand for writing and printing paper due to higher enrollment rates and government educational initiatives.
E-commerce & Packaging Demand: Growth in online retail and the consumer goods sector will boost demand for packaging paper and board.
Urbanization & Lifestyle Changes: Increased consumption of tissue paper and other hygiene products.
Economic Growth: General economic expansion in India typically correlates with higher industrial output and consumer spending, leading to increased paper demand.
Government Initiatives: Policies like 'Make in India' can stimulate manufacturing, indirectly supporting demand for industrial paper.
Capacity Expansion/Modernization: Company-specific initiatives to increase production or improve efficiency.
Risks
Mahip Industries Ltd. faces several key business risks:
Raw Material Price Volatility: Fluctuations in prices of wood pulp, waste paper, and chemicals can significantly impact profitability.
Energy Costs: Paper manufacturing is energy-intensive, making the company susceptible to rising power and fuel costs.
Environmental Regulations: Strict and evolving environmental norms regarding pollution, forestry, and water usage can lead to higher compliance costs or operational restrictions.
Import Competition: Cheaper imports, especially from regions with lower production costs or export subsidies, can pressure domestic prices.
Cyclical Demand: The paper industry is cyclical, with demand often mirroring economic downturns, leading to pricing pressure and inventory build-up.
Water Availability: Paper manufacturing is water-intensive, and scarcity or stricter regulations on water usage can pose operational challenges.
Management & Ownership
In India, many companies like Mahip Industries Ltd. are promoted by founding families or groups (promoters) who typically hold a significant controlling stake. The quality of management often hinges on their industry experience, strategic vision, operational efficiency, and commitment to corporate governance. Without specific information, it is assumed that Mahip Industries Ltd. is managed by a board of directors and a leadership team, potentially with strong promoter influence, overseeing day-to-day operations and strategic direction. The ownership structure likely involves a majority stake held by the promoter group, with the remaining shares held by public investors.
Outlook
Mahip Industries Ltd. operates in an industry with fundamental demand drivers linked to India's economic growth, rising literacy, and increasing consumerism, particularly in packaging. This provides a supportive long-term demand outlook. However, the company will likely navigate a challenging operational environment characterized by the cyclical nature of commodity markets, volatility in raw material and energy costs, and intense competition. Success will depend on its ability to manage costs effectively, potentially differentiate its products, navigate evolving environmental regulations, and maintain efficient production and distribution. While benefiting from domestic growth tailwinds, the inherent commodity characteristics of the industry mean profitability will remain sensitive to global supply-demand dynamics and input price fluctuations.
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 93 | 93 | 104 | 107 | 140 | 136 | 21 | 7 | 3 | -2 | |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | 3 | 1 | 3 | 1 | |
| Total Income | 93 | 93 | 104 | 108 | 141 | 136 | 24 | 8 | 5 | -1 | |
| Total Expenditure | 87 | 86 | 97 | 100 | 129 | 129 | 27 | 25 | 24 | 1 | |
| Operating Profit | 6 | 7 | 7 | 8 | 12 | 7 | -3 | -17 | -18 | -3 | |
| Interest | 3 | 4 | 4 | 4 | 4 | 5 | 3 | 0 | 0 | 0 | |
| Depreciation | 1 | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 2 | 2 | 6 | 1 | -8 | -18 | -19 | -3 | |
| Provision for Tax | 0 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 1 | 1 | 1 | 1 | 4 | 1 | -8 | -18 | -19 | -3 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 4 | 1 | -8 | -18 | -19 | -3 | |
| Adjusted Earnings Per Share | 1.1 | 0.7 | 0.8 | 0.9 | 3 | 0.3 | -4.2 | -9.6 | -9.7 | -1.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -167% | NAN% | NAN% | 0% |
| Operating Profit CAGR | 0% | 0% | NAN% | 0% |
| PAT CAGR | 0% | 0% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 158% | 64% | 36% | NA% |
| ROE Average | 0% | -191% | -119% | -54% |
| ROCE Average | -10% | -30% | -18% | -2% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 11 | 13 | 15 | 16 | 22 | 40 | 32 | 14 | -5 | -8 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 8 | 12 | 10 | 8 | 13 | 15 | 16 | 11 | 11 | 10 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 24 | 25 | 29 | 29 | 30 | 30 | 49 | 36 | 27 | 31 |
| Total Liabilities | 42 | 51 | 54 | 53 | 66 | 86 | 97 | 61 | 34 | 33 |
| Fixed Assets | 8 | 15 | 13 | 12 | 20 | 19 | 17 | 16 | 2 | 1 |
| Other Non-Current Assets | 2 | 2 | 6 | 4 | 1 | 1 | 6 | 13 | 26 | 28 |
| Total Current Assets | 32 | 35 | 35 | 38 | 46 | 65 | 74 | 32 | 5 | 4 |
| Total Assets | 42 | 51 | 54 | 53 | 66 | 86 | 97 | 61 | 34 | 33 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 7 | 5 | 10 | 4 | 4 | -10 | 6 | 11 | -8 | 2 |
| Cash Flow from Investing Activities | -2 | -6 | -4 | 2 | -4 | -2 | -4 | -7 | 8 | -0 |
| Cash Flow from Financing Activities | -4 | 2 | -6 | -6 | 2 | 12 | -3 | -4 | 0 | -2 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | 1 | -0 | -1 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.08 | 0.71 | 0.84 | 0.92 | 2.95 | 0.26 | -4.23 | -9.58 | -9.72 | -1.58 |
| CEPS(Rs) | 2.21 | 1.78 | 2.14 | 2.15 | 3.78 | 1.12 | -3.37 | -8.74 | -9.59 | -1.47 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.82 | 10.12 | 10.99 | 11.93 | 16 | 20.41 | 16.31 | 6.78 | -2.82 | -4.27 |
| Core EBITDA Margin(%) | 6.02 | 6.85 | 6.77 | 6.75 | 8.03 | 4.91 | -29.67 | -252.74 | -736.98 | 0 |
| EBIT Margin(%) | 5.09 | 5.74 | 5.54 | 5.63 | 7.57 | 3.91 | -23.31 | -257.77 | -655.17 | 0 |
| Pre Tax Margin(%) | 1.61 | 1.49 | 1.62 | 1.7 | 4.41 | 0.37 | -39.09 | -259.46 | -663.79 | 0 |
| PAT Margin (%) | 1.12 | 1.01 | 1.07 | 1.14 | 2.95 | 0.37 | -39.09 | -259.46 | -663.79 | 0 |
| Cash Profit Margin (%) | 2.29 | 2.54 | 2.73 | 2.65 | 3.79 | 1.59 | -31.14 | -236.71 | -654.88 | 0 |
| ROA(%) | 2.43 | 2.02 | 2.13 | 2.28 | 6.92 | 0.66 | -8.89 | -23.3 | -39.55 | -9.07 |
| ROE(%) | 10.96 | 8.24 | 7.99 | 8.06 | 21.68 | 1.64 | -23.03 | -83 | -491.02 | 0 |
| ROCE(%) | 11.72 | 12.08 | 11.89 | 12.4 | 19.75 | 7.74 | -6.58 | -31.33 | -48.67 | -10.36 |
| Receivable days | 47.83 | 61.48 | 66.66 | 70.03 | 64.8 | 84.85 | 633.62 | 1546.83 | 1740.22 | 0 |
| Inventory Days | 73.21 | 64.33 | 49.8 | 49.09 | 35.86 | 49.93 | 388.46 | 639.57 | 323.59 | 0 |
| Payable days | 6.9 | 7.94 | 11.24 | 13.44 | 11.94 | 12.35 | 211.01 | 274.55 | 314.59 | -890 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 127.98 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 1.65 | 0.65 | 0.53 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.32 | 0.38 | 0.34 | 0.32 | 0.3 | 0.75 | 2.8 | 5.78 | 18.85 | -24.86 |
| EV/Core EBITDA(x) | 5.15 | 5.28 | 4.72 | 4.41 | 3.56 | 14.63 | -18.26 | -2.46 | -2.92 | -20.31 |
| Net Sales Growth(%) | 0 | 0.08 | 12.14 | 3.31 | 30.59 | -3.36 | -84.65 | -65.86 | -60.34 | -173.55 |
| EBIT Growth(%) | 0 | 12.86 | 8.24 | 4.99 | 75.55 | -50.12 | -191.62 | -277.52 | -0.79 | 85.15 |
| PAT Growth(%) | 0 | -8.99 | 18.69 | 9.41 | 239.43 | -87.81 | -1710.47 | -126.6 | -1.46 | 83.75 |
| EPS Growth(%) | 0 | -33.93 | 18.69 | 9.41 | 219.58 | -91.1 | -1710.47 | -126.6 | -1.46 | 83.75 |
| Debt/Equity(x) | 3.11 | 2.58 | 2.37 | 2.08 | 1.62 | 0.98 | 1.22 | 2.62 | -6.28 | -3.96 |
| Current Ratio(x) | 1.34 | 1.37 | 1.19 | 1.28 | 1.51 | 2.17 | 1.49 | 0.89 | 0.19 | 0.14 |
| Quick Ratio(x) | 0.55 | 0.81 | 0.7 | 0.79 | 1.08 | 1.36 | 1.08 | 0.76 | 0.18 | 0.07 |
| Interest Cover(x) | 1.46 | 1.35 | 1.41 | 1.43 | 2.4 | 1.11 | -1.48 | -153.13 | -75.96 | -9.2 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.6 | 1.87 | 4.92 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 64.36 | 64.32 | 64.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 35.64 | 35.68 | 35.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.24 | 1.24 | 1.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.69 | 0.69 | 0.69 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -167% | 0% | 0% | — |
| Operating Profit CAGR | — | — | 0% | — |
| PAT CAGR | — | — | 0% | — |
| Share Price CAGR | +158% | +64% | +36% | — |
| ROE Average | 0% | -191% | -119% | -54% |
| ROCE Average | -10% | -30% | -18% | -2% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 64.36 | 64.32 | 64.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 35.64 | 35.68 | 35.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 | 1.24 | 1.24 | 1.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.69 | 0.69 | 0.69 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 |
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