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10 Yrs X-Ray 
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Analyst Note 
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About
JK Paper Ltd (JKPAPER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532162 NSE: JKPAPER Paper & Paper Products | Small Cap | JK Paper Share Price
₹408 -4.15 (-1.01%)
As on 25-Sep'26 16:59
JK Paper Ltd (JKPAPER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532162 NSE: JKPAPER Paper & Paper Products | Small Cap | JK Paper Share Price
₹408 -4.15 (-1.01%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹7,473 Cr.
Current Price
₹408
52-Week Low / High
₹305 / 444
TTM EPS
₹17.9
TTM Sales
₹7,365 Cr.
Book Value per Share
₹312
P/E Ratio
23.05
Higher than its 5-year historical median
Industry PE
17.1
Price to Book (P/B)
1.32
Lower than its 5-year historical median
Price to Sales (P/S)
1.01
Lower than its 5-year historical median
EV/EBITDA
9.38
Higher than its 5-year historical median
Dividend Yield
0.98%
Profitability Efficiency
Return on Equity (ROE)
5.00%
Underperforms industry median
Return on Capital Employed (ROCE)
7.80%
Outperforms industry median
Return on Assets (ROA)
2.71%
Operating Profit Margin
13%
Net Profit Margin
3.84%
Gross Profit Margin
10%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
0.34%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-0.76%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-33.15%
Asset Quality
Promoter Holding
52.94%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹5,475 Cr.
Equity
₹181.3 Cr.
Face Value
₹10
All Time Low / High
₹13.44 / 639.15
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is JK Paper Ltd a good quality company?
JK Paper Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does JK Paper Ltd performance compare with that of its Peers?
Revenue growth of JK Paper Ltd vs industry peers?
JK Paper Ltd revenue CAGR is 20.80%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of JK Paper Ltd?
Promoters hold 52.94% of the JK Paper Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of JK Paper Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 20.9% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
JK Paper Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.9% | 17.5% | 25.2% | 23.6% | 12.7% | 16.4% | 25.4% | 18.8% | 9.7% | 7.6% | - |
| Value Creation Index ⓘ | 0.0 | 0.3 | 0.8 | 0.7 | -0.1 | 0.2 | 0.9 | 0.4 | -0.3 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 2,629 | 2,844 | 3,256 | 3,054 | 2,742 | 3,981 | 6,232 | 5,860 | 6,609 | 6,632 | 6,271 |
| Sales YoY Gr. | - | 8.2% | 14.5% | -6.2% | -10.2% | 45.2% | 56.6% | -6% | 12.8% | 0.3% | - |
| Adj EPS ⓘ | 9.8 | 14.2 | 24 | 27 | 18.3 | 29.1 | 52 | 52 | 19.9 | 13.2 | 14.6 |
| YoY Gr. | - | 45.9% | 68.9% | 12.3% | -32.1% | 58.8% | 78.9% | -0.2% | -61.8% | -33.6% | - |
| BVPS (₹) ⓘ | 84.7 | 93.8 | 114.5 | 132.9 | 153.5 | 179.7 | 222.8 | 268.7 | 284.5 | 274.4 | 280.6 |
| Adj Net Profit ⓘ | 152 | 250 | 428 | 481 | 310 | 493 | 881 | 880 | 336 | 239 | 265 |
| Cash Flow from Ops. ⓘ | 561 | 555 | 913 | 636 | 560 | 599 | 1,378 | 932 | 469 | 518 | - |
| Debt/CF from Ops. ⓘ | 3 | 2.4 | 1.5 | 2.2 | 4.1 | 4.4 | 1.7 | 2 | 3.3 | 4.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.8% | 19.3% | 2.1% | 0.3% | ||||
| Adj EPS ⓘ | 3.4% | -6.4% | -36.7% | -33.6% | ||||
| BVPSⓘ | 14% | 12.3% | 7.2% | -3.5% | ||||
| Share Price | 20.8% | 11.6% | 1.8% | 7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 12.5 | 16.8 | 23.2 | 21.8 | 12.5 | 17.5 | 25.9 | 21.1 | 7.2 | 4.9 | 5.3 |
| Op. Profit Mgn % ⓘ | 19.5 | 21.1 | 26.8 | 29.7 | 23.1 | 24 | 26.7 | 22.1 | 12.4 | 11.7 | 11.8 |
| Net Profit Mgn % ⓘ | 5.8 | 8.8 | 13.1 | 15.7 | 11.3 | 12.4 | 14.1 | 15 | 5.1 | 3.6 | 4.2 |
| Debt to Equity ⓘ | 1.3 | 0.8 | 0.7 | 0.6 | 0.9 | 0.9 | 0.6 | 0.4 | 0.3 | 0.4 | - |
| Working Cap Days ⓘ | 79 | 78 | 72 | 101 | 142 | 119 | 89 | 93 | 95 | 118 | 57 |
| Cash Conv. Cycle ⓘ | 23 | 19 | 6 | 2 | -2 | -3 | 1 | 8 | 25 | 37 | 11 |
Valuation of JK Paper - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,629 | 2,844 | 3,257 | 3,060 | 2,751 | 3,969 | 6,437 | 6,659 | 6,662 | 7,076 |
| Operating Expenses ⓘ + | 2,112 | 2,243 | 2,389 | 2,189 | 2,189 | 2,971 | 4,425 | 5,044 | 5,733 | 6,154 |
| Operating Profit ⓘ | 517 | 601 | 868 | 871 | 562 | 997 | 2,012 | 1,616 | 929 | 922 |
| Operating Profit Margin (%) | 19.7% | 21.1% | 26.7% | 28.5% | 20.4% | 25.1% | 31.3% | 24.3% | 13.9% | 13.0% |
| Other Income ⓘ + | 35 | 42 | 50 | 104 | 113 | 138 | 173 | 227 | 97 | 62 |
| Interest ⓘ | 188 | 146 | 124 | 129 | 130 | 145 | 222 | 208 | 178 | 225 |
| Depreciation ⓘ | 121 | 122 | 128 | 149 | 174 | 193 | 282 | 310 | 332 | 377 |
| Profit Before Tax ⓘ | 244 | 375 | 666 | 696 | 370 | 797 | 1,646 | 1,325 | 517 | 364 |
| Tax ⓘ | 69 | 115 | 241 | 228 | 133 | 253 | 438 | 191 | 110 | 93 |
| Profit After Tax | 174 | 261 | 425 | 468 | 237 | 544 | 1,208 | 1,133 | 407 | 272 |
| PAT Margin (%) | 6.6% | 9.2% | 13.1% | 15.3% | 8.6% | 13.7% | 18.8% | 17.0% | 6.1% | 3.8% |
| Adjusted EPS (₹) | 11.0 | 14.9 | 24.0 | 26.7 | 14.2 | 32.0 | 70.6 | 66.2 | 24.1 | 14.7 |
| Dividend Payout Ratio (%) | 13.60% | 16.80% | 14.60% | 15% | 28.20% | 17.20% | 11.30% | 12.80% | 20.70% | 27.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,321 | 1,643 | 2,038 | 2,365 | 2,516 | 2,996 | 4,034 | 5,070 | 5,360 | 5,521 | |
| Debt + | 1,427 | 1,048 | 1,305 | 1,545 | 2,540 | 2,764 | 2,199 | 1,760 | 1,397 | 2,030 | |
| Minority Interest | 0 | 0 | 51 | 8 | 5 | 6 | 131 | 142 | 221 | 266 | |
| Trade Payables | 231 | 255 | 274 | 382 | 397 | 526 | 658 | 678 | 739 | 855 | |
| Others Liabilities ⓘ | 616 | 663 | 854 | 990 | 1,097 | 1,333 | 1,898 | 1,677 | 1,684 | 1,977 | |
| Total Liabilities ⓘ | 3,596 | 3,608 | 4,522 | 5,290 | 6,555 | 7,625 | 8,920 | 9,326 | 9,401 | 10,648 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 2,636 | 2,604 | 2,653 | 3,088 | 2,976 | 5,226 | 5,703 | 5,793 | 6,203 | 6,459 | |
| CWIP ⓘ | 16 | 37 | 329 | 400 | 1,704 | 46 | 124 | 66 | 99 | 421 | |
| Investments ⓘ | 259 | 152 | 675 | 491 | 641 | 724 | 931 | 1,158 | 556 | 537 | |
| Inventories | 383 | 394 | 346 | 498 | 383 | 519 | 819 | 942 | 1,214 | 1,348 | |
| Trade Receivables | 111 | 109 | 73 | 74 | 79 | 217 | 350 | 361 | 432 | 546 | |
| Cash Equivalents | 30 | 123 | 27 | 42 | 20 | 22 | 52 | 73 | 37 | 179 | |
| Others Assets ⓘ | 161 | 189 | 418 | 698 | 753 | 869 | 942 | 932 | 860 | 1,157 | |
| Total Assets ⓘ | 3,596 | 3,608 | 4,522 | 5,290 | 6,555 | 7,625 | 8,920 | 9,326 | 9,401 | 10,648 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 565 | 560 | 879 | 558 | 475 | 774 | 1,762 | 1,376 | 643 | 773 |
| Cash Flow From Investing Activity ⓘ + | -262 | 40 | -1,115 | -395 | -1,282 | -874 | -967 | -411 | -37 | -836 |
| Cash Flow From Financing Activity ⓘ + | -289 | -507 | 140 | -148 | 784 | 103 | -787 | -938 | -656 | 175 |
| Net Cash Flow ⓘ | 14 | 93 | -97 | 15 | -23 | 3 | 8 | 27 | -49 | 111 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 14.4 | 17.58 | 23.09 | 21.27 | 9.7 | 19.73 | 34.37 | 24.9 | 7.8 | 5 |
| ROCE (%) | 14.34 | 17.46 | 24.12 | 21.31 | 10.58 | 16.55 | 29.07 | 21.91 | 9.68 | 7.8 |
| Asset Turnover Ratio | 0.85 | 0.87 | 0.86 | 0.67 | 0.51 | 0.6 | 0.82 | 0.77 | 0.75 | 0.76 |
| PAT to CFO Conversion(x) | 3.25 | 2.15 | 2.07 | 1.19 | 2 | 1.42 | 1.46 | 1.21 | 1.58 | 2.84 |
| Working Capital Days | ||||||||||
| Receivable Days | 15.10 | 12.90 | 9.50 | 8.10 | 9.30 | 12.70 | 15.30 | 18.50 | 20.50 | 23.60 |
| Inventory Days | 43.40 | 45.50 | 38.70 | 46.70 | 53.60 | 38.80 | 36.10 | 45.90 | 55.70 | 61.80 |
| Payable Days | 69.40 | 78.10 | 79.20 | 128.30 | 150.30 | 147.20 | 107.80 | 91.20 | 79.50 | 81.60 |
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JK Paper Ltd FAQs
The current trading price of JK Paper on 25-Sep-2026 16:59 is ₹408.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of JK Paper stood at ₹7,473.1 Cr
The latest P/E ratio of JK Paper as of 24-Sep-2026 is 28.22.
The latest P/B ratio of JK Paper as of 24-Sep-2026 is 1.47.
The 52-week high of JK Paper is ₹444.4 and the 52-week low is ₹305.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of JK Paper is ₹6,271 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that JK Paper Ltd is a good quality company.
The key valuation ratios of JK Paper Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of JK Paper Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About JK Paper Ltd
Established in 1962, JK Paper Limited is the leading player in Office papers, Coated papers and Packaging boards. The company is a part of the prominent JK Organisation. It has two integrated Pulp and Paper Mills viz; Unit JKPM at Rayagada (Odisha) near the Eastern coast of India and Unit CPM, Songadh (Gujarat) on the Western coast. In August 2018, the company has acquired Sirpur Paper Mills - located in Telangana. From being the pioneer of branded paper in India, the company today is a leading exporter of Branded Copier Papers and Packaging Boards exporting to many countries covering USA, Middle-East, South-east Asia, SAARC and African countries.
The company is accredited with ISO 45001, ISO 9001 and ISO 14001 certification, validating JK Paper’s compliance with stringent quality management norms and environment norms, respectively. The FSC certification was bestowed upon the company, which speaks volumes about JK Paper’s health & safety policies and sustainable wood procurement policies.
Business area of the company
JK Paper is one of the most respected paper companies in India today. The company’s diversified product portfolio comprises office paper, writing and printing paper to packaging board and specialty paper, among others. It enjoys a rich experience of many decades, which has enabled it to emerge as one of the biggest wood-based paper companies in India as well as a leader in the branded office paper segment.
Products
The company offers a wide product range and its brands are synonymous with premium quality paper:
- Office papers- JK Cedar , JK Copier, JK Easy Copier, JK Sparkle,JK Copier Plus JK Excel Bond, JK Sparkle, JK CMax, JK Max, JK Copier A5, JK Sparkle A5, JK Copier Slims.
- Packaging boards- JK TuffCote, JK Ultima ,JK TuffPac , JK IV Board, JK Endura, JK Tuffcup.
- Printing & Writing Papers- JK Cote , JK Ledger, JK SHB, JK Evervite, JK Finesse ,JK Elektra, JK Lumina, JK Ultraprint, JK Esay Draw, JK Buff File Board, JK Braille.
- Speciality Papers- MICR Cheque paper, Parchment, Cedar digital, JK Envelope, JK Carry, JK Tally, JK Oleoff, JK Ecosip.
Awards and recognitions
2011-12:
- Unit JKPM has been awarded the Greentech Environment Excellence Award for Outstanding achievement in Safety Management.
- Unit JKPM has been awarded Silver Award in Paper Sector from Greentech Foundation.
- Unit CPM has been awarded the CII National HR Excellence Award – Strong Commitment to HR Excellence, 2011.
- Greentech Foundation CSR Gold Award - 2011.
2012-13:
- Unit - JKPM has been awarded Greentech award for outstanding achievement in Safety Management.
- Unit - JKPM has been awarded Gold award in paper sector by Greentech Foundation for Environment Management.
- Unit - JKPM has been awarded Silver award in paper sector for CSR by Greentech Foundation.
- Unit - CPM has been awarded the Greentech Environment Gold Award 2012 in paper sector for outstanding achievement.
- Unit - CPM has been awarded Winner of Golden Peacock environment management Award 2012.
2013-14:
- Unit - JKPM has been awarded the Green Manufacturing Excellence Award-2013 from Frost & Sullivan.
- Unit - JKPM has been awarded Greentech Award-2013 for outstanding achievement in Safety.
- Unit - CPM has been awarded the Greentech HR Silver Award-2013 for outstanding achievement in paper sector.
- Unit - CPM has been awarded IPMA Award-2013 for Energy Conservation.
2016-17:
- Adjudged amongst the top 5 globally for Mill Manager Award & Environment Management award by PPI in Belgium.
- Received the ‘Par Excellence and ‘Excellence’ Awards at the National-level Quality Circle Convention on Quality Concepts in Raipur.
- Received an award for ‘Outstanding achievement in the areas of Environment Management’ by Greentech Foundation.
- Received an award for ‘Excellent Energy Efficient Unit’ in the paper sector during the Energy Management Summit, 2016.
2017-18:
- Best performance award at the Krushi and Pranisampad Mahostav by the Rayagada district administration.
- Best performance award on CSR by the National Board of Workers Education & Development.
- The Federation of Indian Chambers of Commerce and Industry (FICCI) appreciation certificate for being a socially responsible corporate.
- The Odisha CSR Forum acknowledged Sparsh’s work by presenting the CSR Excellence award for sustainable livelihoods.
2018-19:
- Received the Best Performance Award at the Krushi and Pranisampad Mahostav from the Rayagada district administration.
- Received the Best Performance Award (Corporate Social Responsibility) from the Central Board for Workers Education.
- Received a Certificate of Appreciation for being a socially-responsible corporate from the Federation of Indian Chambers of Commerce and Industry.
- Received the CSR Excellence Award from the Odisha CSR Forum in acknowledgement of Sparsh’s work in the area of sustainable livelihood creation.
2019-20:
- During the year under review, South Gujarat Chamber of Commerce & Industries (SGCCI) awarded JK Paper with 'Outstanding achievement in social welfare'.
- JK Paper featured in the Economic Times CSR compendium 2020.
- JK Paper was recognised for their commendable work as a socially responsible company in the18th FICCI Corporate Social Responsibility Awards.
Milestones
- 1938: Started manufacturing straw boards at Bhopal with a capacity of 3,600 tonnes per annum.
- 1962: Installed the first fine paper machine at Unit - JKPM (Odisha).
- 1992: Acquired Unit - CPM (Gujarat).
- 2005: Commissioned a coating plant at Unit - JKPM (Odisha).
- 2007: Commissioned a premium packaging board plant at Unit - CPM (Gujarat).
- 2013: Commissioned a state-of-the-art new fibre line and high-speed paper manufacturing machine at Unit - JKPM (Odisha) with a capacity of 1,65,000 tonnes per annum.
- 2018: Acquired Sirpur Paper Mills in Telangana with a capacity of 1,36,000 metric tonnes per annum.
- 2019: JKPL was certified as a Great Place to Work and the Unit CPM of the Company was awarded the Dr. B.L. Bihani, the Memorial Award for Best Paper (National) at PaperEx 2019.
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