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Ganga Papers India Ltd (531813)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531813 NSE: Paper & Paper Products | Small Cap | Kasat Paper Share Price

₹68.60 0.00 (0.00%)

As on 02-Jun'26 16:59

Ganga Papers India Ltd (531813)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531813 NSE: Paper & Paper Products | Small Cap | Kasat Paper Share Price

₹68.60 0.00 (0.00%)

As on 02-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹74 Cr.
Current Price
₹68.6
52-Week Low / High
₹69 / 105
TTM EPS
₹1.5
TTM Sales
₹280 Cr.
Book Value per Share
₹29.9
P/E Ratio
46.29
Lower than its 5-year historical median
Industry PE
16.9
Price to Book (P/B)
2.29
Lower than its 5-year historical median
Price to Sales (P/S)
0.26
Lower than its 5-year historical median
EV/EBITDA
14.64
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
5.20%
Outperforms industry median
Return on Capital Employed (ROCE)
6.45%
Underperforms industry median
Return on Assets (ROA)
1.83%
Operating Profit Margin
2.4%
Net Profit Margin
0.6%
Gross Profit Margin
1.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
4.97%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-9.1%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
4.73%
Asset Quality
Promoter Holding
74.98%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹21 Cr.
Equity
₹10.8 Cr.
Face Value
₹10
All Time Low / High
₹1.80 / 191.26

Ganga Papers India stock performance

Key Ratios
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M-Cap below 100cr DeciZen not available

Q.1 Is Ganga Papers India Ltd a good quality company?
Ganga Papers India Ltd is a quality company, based on a 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 Ganga Papers India Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ganga Papers India Ltd vs industry peers?
Ganga Papers India Ltd revenue CAGR is 13.04%, compared to the industry median CAGR of 5.29%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ganga Papers India Ltd?
Promoters hold 74.98% of the Ganga Papers India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ganga Papers India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21.4% 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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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.
Ganga Papers India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.9%9.8%8.2%11%10.8%14.5%15.9%10.5%6.9%6.5%-
Value Creation
Index
-0.3-0.3-0.4-0.2-0.20.00.1-0.3-0.5-0.5-

Growth Parameters

Sales 74.280.9102132140177282298246258280
Sales YoY Gr.-9%25.7%30.2%5.5%26.5%59.8%5.6%-17.6%5%-
Adj EPS 11.61.51.21.43531.41.41.5
YoY Gr.-64.3%-9.3%-15.8%17.1%104.9%68.1%-39.1%-54.6%5.1%-
BVPS (₹) 7.69.210.612.113.817.622.625.62728.429.9
Adj Net
Profit
1.11.71.61.31.63.25.43.31.51.62
Cash Flow from Ops. 22.47.60.17.11.12-6.78.97.5-
Debt/CF from Ops. 9.710.24.2567.35.235.721.1-6.64.24.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 14.8%13%-3%5%
Adj EPS 4.4%0%-33.8%5.1%
BVPS15.9%15.5%8%5.3%
Share Price 19.1% 15.1% -3% -34%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
13.919.314.810.911.118.824.712.55.25.25.1
Op. Profit
Mgn %
4.54.73.84.94.94.64.13.12.72.42.7
Net Profit
Mgn %
1.42.21.611.11.81.91.10.60.60.6
Debt to
Equity
2.42.42.82.82.521.71.61.31.20.1
Working Cap
Days
111120928092897380978645
Cash Conv.
Cycle
606345384338344767627

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales74.2080.88101.63132.33139.61176.61282.25297.95245.50257.69
Operating Expenses + 70.8577.1197.89125.86132.72168.57270.70288.74238.79251.60
Manufacturing Costs20.5819.3928.5046.6049.6451.9658.7067.8255.3260.59
Material Costs48.7556.2766.7275.8480.01113.50207.27214.86178.51185.79
Employee Cost 0.550.541.021.351.131.632.672.972.662.81
Other Costs 0.970.911.652.071.941.492.063.092.302.40
Operating Profit 3.353.773.736.476.898.0411.559.216.706.09
Operating Profit Margin (%) 4.5%4.7%3.7%4.9%4.9%4.5%4.1%3.1%2.7%2.4%
Other Income + 0.140.070.100.600.692.080.410.180.320.38
Exceptional Items 0000000000
Interest 1.671.701.663.123.422.442.632.782.782.22
Depreciation 0.660.850.641.932.092.142.122.162.242.21
Profit Before Tax 1.151.291.532.022.085.547.214.442.012.05
Tax 0.10-0.450.040.380.221.411.851.190.530.50
Profit After Tax 1.061.741.491.641.864.135.363.251.481.55
PAT Margin (%) 1.4%2.2%1.5%1.2%1.3%2.3%1.9%1.1%0.6%0.6%
Adjusted EPS (₹)1.01.61.41.51.73.85.03.01.41.4
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Kasat Paper - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 8.159.8911.3813.0214.8919.0224.3827.6329.1130.66
Share Capital 10.7910.7910.7910.7910.7910.7910.7910.7910.7910.79
Reserves -2.64-0.900.592.234.108.2313.5916.8418.3219.87
Debt +17.9621.8528.4532.4735.2134.3737.9640.2435.9935.39
Long Term Debt4.679.1317.6018.4016.5015.9613.052.370.490.34
Short Term Debt13.2912.7210.8514.0718.7018.4124.9137.8735.5035.06
Minority Interest0000000000
Trade Payables7.967.557.039.6510.8616.0116.2014.4910.6513.23
Others Liabilities 3.403.825.618.136.5113.2516.2911.647.926.40
Total Liabilities 37.4743.1152.4763.2867.4782.6594.839483.6785.68

Fixed Assets

Net Fixed Assets +8.307.757.3228.1427.5025.3623.2322.4320.2024.75
Gross Block43.7744.0744.1866.9368.3868.3868.3069.6669.6676.42
Accumulated Depreciation35.4736.3236.8638.8040.8843.0245.0747.2349.4751.67
CWIP 3.396.6621.840000000
Investments 0.020.020.020.020.020.020.020.020.020.02
Inventories14.4113.569.6110.1710.654.4614.1423.2719.3116.57
Trade Receivables7.849.597.8917.2516.3633.3632.6137.8536.0938.88
Cash Equivalents 0.030.160.170.204.156.719.512.431.550.95
Others Assets 3.495.385.647.508.8012.7515.3286.524.51
Total Assets 37.4743.1152.4763.2867.4782.6594.839483.6785.68

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 1.982.367.600.067.131.091.96-6.718.887.54
PBT 1.151.291.532.022.085.547.214.442.012.05
Adjustment 2.142.312.224.8654.334.214.424.793.95
Changes in Working Capital -1.31-1.233.85-6.810.45-8.26-8.73-13.413.022.14
Tax Paid 0000-0.40-0.53-0.73-2.16-0.94-0.59
Cash Flow From Investing Activity + -0.16-5.44-14.16-1.82-0.72-0.08-0.33-0.09-0.17-6.71
Capex -0.20-0.311.25-0.92-1.4500.02-1.360-6.76
Net Investments -0.36-0.30-0.23-0.930.73-0.14-0.431.21-0.20-0.02
Others 0.40-4.83-15.170.0300.060.080.070.020.06
Cash Flow From Financing Activity + -5.163.226.571.78-2.460.040.410.80-9.79-3.44
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -1.56-1.54-1.50-2.54-2.75-2.13-2.05-2.33-2.51-1.83
Dividend Paid 0000000000
Others -3.614.758.064.320.292.172.463.13-7.28-1.60
Net Cash Flow -3.340.1400.033.951.052.04-6-1.08-2.61

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)13.919.311413.4613.3624.3824.6812.515.215.2
ROCE (%)9.879.768.2411.0210.7714.4915.9110.496.936.45
Asset Turnover Ratio2.152.062.142.292.142.353.183.162.763.04
PAT to CFO Conversion(x)1.871.365.10.043.830.260.37-2.0664.86
Working Capital Days
Receivable Days32.5038.4031.2034.7043.9051.4042.7043.205553.10
Inventory Days60.9061.6041.4027.3027.2015.601222.9031.7025.40
Payable Days48.4050.3039.9040.1046.8043.2028.4026.1025.7023.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ganga Papers India Ltd FAQs

The current trading price of Kasat Paper on 02-Jun-2026 16:59 is ₹68.60.

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 01-Jun-2026 the market cap of Kasat Paper stood at ₹74.01 Cr

The latest P/E ratio of Kasat Paper as of 01-Jun-2026 is 46.29.

The latest P/B ratio of Kasat Paper as of 01-Jun-2026 is 2.29.

The 52-week high of Kasat Paper is ₹104.7 and the 52-week low is ₹68.55.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kasat Paper is ₹280 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ganga Papers India Ltd is a average quality company.

The key valuation ratios of Ganga Papers India Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ganga Papers India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Ganga Papers India Ltd

Ganga Papers India was incorporated in March 1985 and is engaged in the manufacture of different types of kraft paper. It was incorporated as a private limited company and converted into a public limited company in December 1992. Earlier known as Kasat Paper & Pulp, it got its present name on January 15, 2007.

Special quality kraft paper, high grade kraft paper, newsprint, writing and printing paper, and duplex boards are manufactured at its unit located near Pune in Maharashtra with an installed capacity of 60 tonnes per day. The company has 49% stake in Unipack Containers and Carton Products, a joint venture in Dubai (UAE), for the manufacture of corrugated printed cartons, sheets and trays.

A sick industrial unit registered with the Board for Industrial & Financial Reconstruction (BIFR), the company is implementing all its obligations under a draft rehabilitation scheme approved by BIFR on October 31, 2006. As per the approved scheme, the new promoters provided funds and the plant, which was closed for four years was revived. One machine was stared in July 2006 and second in January 2007. Modernization is being implemented by installing various equipment like variable frequency drives to save power, complete automation for GSM devices and moisture control quality control systems, steam saving equipments, screening systems, and other upgrades.

In 2010 started Polymer distribution agency of Indian Oil Corporation Limited.


In 2012 acquired a Sponge Iron and Billet Plant at Chunar.

In 2013 Ganga Papers started setting up a 12 MW Power Plant at Chunar.

Business areas of the company:

Ganga Papers India manufactures kraft papers. It also offers newsprint, writing, and printing papers, as well as duplex boards. In addition, the company, through its joint venture, manufactures corrugated printed cartons, sheets, and trays. Ganga Papers India Limited, formerly known as Kasat Paper & Pulp Limited, was incorporated in 1985 and is based in Pune, India.

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