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Subam Papers Overview

1. Business Overview

Subam Papers Ltd. is an Indian company primarily engaged in the manufacturing and sale of paper and paper products. The core business involves converting raw materials (such as wood pulp, agro-residue, or waste paper) into various grades of paper. The company typically generates revenue by selling these finished paper products to a diverse customer base, which may include publishers, printers, packaging companies, educational institutions, and corporate clients, serving both domestic and potentially international markets.

2. Key Segments / Revenue Mix

Without specific financial disclosures, the exact revenue mix for Subam Papers Ltd. is not available. However, typical segments within the paper industry include Writing & Printing Paper (for notebooks, textbooks, office stationery), Packaging Paper (for corrugated boxes, cartons, multi-wall bags), and Specialty Paper (for industrial applications, label stock, security paper). Given its general classification, Subam Papers likely operates within one or more of these common segments.

3. Industry & Positioning

The Indian Paper & Paper Products industry is diverse, comprising both large integrated players and numerous small to medium-sized mills. It is a largely cyclical industry influenced by raw material availability (wood, agro-residue, recycled fiber), energy costs, and demand from education, packaging, and publishing sectors. Subam Papers Ltd. likely operates as a regional or niche player within this competitive landscape, competing on factors such as product quality, cost-effectiveness, distribution network, and customer relationships against both domestic and international manufacturers. Its precise positioning (e.g., market share, product specialization) is not publicly detailed.

4. Competitive Advantage (Moat)

The paper industry, particularly for undifferentiated products, is largely a commodity business where strong, durable competitive advantages are challenging to build for smaller players. Potential advantages for Subam Papers could stem from:

Cost Efficiency: Superior operational efficiency, access to low-cost raw materials, or energy-efficient manufacturing processes.

Geographic Advantage: Proximity to key raw material sources or major demand centers, reducing logistics costs.

Product Specialization: Focus on niche paper grades that command better pricing or face less intense competition.

Customer Relationships: Long-standing relationships and consistent quality that foster loyalty among a dedicated customer base. However, a significant, wide moat is not readily apparent in this industry segment without specific company details.

5. Growth Drivers

Key factors that could drive growth for Subam Papers Ltd. over the next 3-5 years include:

Increasing Literacy & Education: Growing demand for writing and printing paper driven by India's expanding population and focus on education.

E-commerce & FMCG Growth: Surging demand for packaging paper due to the rapid expansion of e-commerce and Fast-Moving Consumer Goods (FMCG) sectors.

Urbanization & Consumerism: General economic growth leading to higher consumption of packaged goods and various paper products.

Capacity Expansion: Successful expansion of manufacturing capacity or modernization of existing facilities to meet growing demand.

Product Diversification: Entry into new, higher-value specialty paper segments.

Sustainability Trends: Growing preference for eco-friendly and recycled paper products, aligning with global sustainability initiatives.

6. Risks

Raw Material Price Volatility: Fluctuations in the cost and availability of key raw materials like wood pulp, agro-residue, waste paper, and chemicals.

Energy Costs: High and volatile power and fuel costs, which are significant operational expenses for paper mills.

Environmental Regulations: Increasingly stringent environmental norms regarding pollution, water usage, and forest management, potentially leading to higher compliance costs.

Import Competition: Threat from cheaper imports, particularly from countries with lower production costs or export subsidies, affecting pricing power.

Economic Slowdown: A general economic downturn can reduce demand across various end-use segments for paper products.

Technological Shifts: While packaging remains strong, increased digitalization can impact demand for certain writing and printing paper grades.

7. Management & Ownership

Subam Papers Ltd., like many Indian companies, is likely promoter-driven, meaning the founding family or a core group of individuals hold significant ownership stakes and exert substantial influence over strategic direction and daily operations. The quality of management would depend on their experience in the paper industry, operational efficiency, strategic vision, and ability to navigate market cycles and regulatory changes. Specific details on individual management profiles and exact ownership structure are not provided.

8. Outlook

The outlook for Subam Papers Ltd. is balanced by the cyclical nature of the paper industry against underlying demand growth drivers in India. On the positive side, robust growth in sectors like education, packaging, and e-commerce provides a strong demand tailwind for paper products. A well-managed company with efficient operations, access to raw materials, and a focus on high-demand or niche products could benefit from this expansion. However, the industry is prone to significant risks including raw material price volatility, high energy costs, intense competition, and evolving environmental regulations. The company's ability to maintain cost leadership, innovate, manage its supply chain effectively, and adapt to sustainability trends will be crucial for sustained performance in the long term.

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Subam Papers Key Financials

Market Cap ₹626 Cr.

Stock P/E 23.3

P/B 1.6

Current Price ₹228

Book Value ₹ 139.7

Face Value 10

52W High ₹244

Dividend Yield 0%

52W Low ₹ 70.8

Subam Papers Share Price

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Volume
Price

Subam Papers Quarterly Price

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Subam Papers Peer Comparison

Subam Papers Quarterly Results

#(Fig in Cr.) Dec 2025
Net Sales 146
Other Income 1
Total Income 146
Total Expenditure 137
Operating Profit 9
Interest 5
Depreciation 4
Exceptional Income / Expenses 0
Profit Before Tax 0
Provision for Tax 1
Profit After Tax -0
Adjustments 1
Profit After Adjustments 0
Adjusted Earnings Per Share 0.1

Subam Papers Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 329 508 494 539 146
Other Income 3 2 3 7 1
Total Income 333 511 497 546 146
Total Expenditure 288 476 428 473 137
Operating Profit 44 34 70 73 9
Interest 3 15 18 20 5
Depreciation 7 16 13 16 4
Exceptional Income / Expenses 0 0 0 0 0
Profit Before Tax 34 4 39 37 0
Provision for Tax 9 4 11 10 1
Profit After Tax 25 -1 28 27 0
Adjustments 1 0 0 -0 1
Profit After Adjustments 26 -0 29 27 0
Adjusted Earnings Per Share 16 -0.2 17.6 11.5 0.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 9% 18% 0% 0%
Operating Profit CAGR 4% 18% 0% 0%
PAT CAGR -4% 3% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 129% NA% NA% NA%
ROE Average 10% 8% 10% 10%
ROCE Average 13% 12% 12% 12%

Subam Papers Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 166 166 200 320
Minority's Interest 0 0 0 0
Borrowings 100 98 88 76
Other Non-Current Liabilities 3 7 13 18
Total Current Liabilities 126 143 161 164
Total Liabilities 394 414 461 578
Fixed Assets 127 219 228 243
Other Non-Current Assets 73 20 37 61
Total Current Assets 190 175 197 274
Total Assets 394 414 461 578

Subam Papers Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 5 8 8 11
Cash Flow from Operating Activities -3 69 38 32
Cash Flow from Investing Activities -134 -60 -38 -61
Cash Flow from Financing Activities 140 -9 3 55
Net Cash Inflow / Outflow 2 -0 3 26
Closing Cash & Cash Equivalent 8 8 11 37

Subam Papers Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 15.97 -0.16 17.6 11.5
CEPS(Rs) 19.44 9.39 25.33 18.62
DPS(Rs) 0 0 0 0
Book NAV/Share(Rs) 99.09 101.75 122.66 137.69
Core EBITDA Margin(%) 11.56 6.09 13.4 12.27
EBIT Margin(%) 10.62 3.5 11.47 10.53
Pre Tax Margin(%) 9.7 0.71 7.89 6.86
PAT Margin (%) 7.06 -0.13 5.72 4.98
Cash Profit Margin (%) 8.94 2.91 8.35 8.03
ROA(%) 6.33 -0.17 6.46 5.17
ROE(%) 15.48 -0.42 15.47 10.34
ROCE(%) 11.85 5.69 15.92 13.09
Receivable days 91.63 63.82 76.08 84.28
Inventory Days 58.25 34.29 36.79 36.93
Payable days 93.71 63.68 90.16 66.63
PER(x) 0 0 0 8.12
Price/Book(x) 0 0 0 0.68
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) 0.45 0.31 0.35 0.64
EV/Core EBITDA(x) 3.38 4.57 2.5 4.71
Net Sales Growth(%) 0 54.37 -2.84 9.17
EBIT Growth(%) 0 -51.1 208.4 0.24
PAT Growth(%) 0 -102.74 4234.32 -4.89
EPS Growth(%) 0 -101.03 0 -34.68
Debt/Equity(x) 0.97 0.98 0.92 0.51
Current Ratio(x) 1.51 1.23 1.22 1.67
Quick Ratio(x) 1.06 0.93 0.87 1.35
Interest Cover(x) 11.53 1.25 3.2 2.87
Total Debt/Mcap(x) 0 0 0 0.76

Subam Papers Shareholding Pattern

# Sep 2024 Mar 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 69.67 69.67 69.67 69.67 58.93
FII 6.12 2.31 1.31 0.31 0.19
DII 5.06 3.66 3.05 3.43 4.57
Public 19.15 24.37 25.89 26.24 36.02
Others 0 0 0.09 0.35 0.3
Total 100 100 100 100 100

Subam Papers News

Subam Papers Pros & Cons

Pros

  • Debtor days have improved from 90.16 to 66.63days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 8% over the last 3 years.
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