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10 Yrs X-Ray 
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Analyst Note 
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About
Shree Ajit Pulp & Paper Ltd (SAPPL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538795 NSE: SAPPL Paper & Paper Products | Small Cap | Shree AjitPulp&Paper Share Price
₹323 9.45 (3.01%)
As on 07-Oct'26 16:59
Shree Ajit Pulp & Paper Ltd (SAPPL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538795 NSE: SAPPL Paper & Paper Products | Small Cap | Shree AjitPulp&Paper Share Price
₹323 9.45 (3.01%)
As on 07-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹287 Cr.
Current Price
₹323
52-Week Low / High
₹212 / 348
TTM EPS
₹46.7
TTM Sales
₹725 Cr.
Book Value per Share
₹333.4
P/E Ratio
6.92
Lower than its 5-year historical median
Industry PE
16.5
Price to Book (P/B)
0.97
Higher than its 5-year historical median
Price to Sales (P/S)
0.40
In line with its 5-year historical median
EV/EBITDA
4.91
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
11.42%
Outperforms industry median
Return on Capital Employed (ROCE)
14.31%
Outperforms industry median
Return on Assets (ROA)
4.88%
Operating Profit Margin
13.4%
Net Profit Margin
4.29%
Gross Profit Margin
8.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
38.66%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
83.32%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
219%
Asset Quality
Promoter Holding
59.60%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹288 Cr.
Equity
₹8.9 Cr.
Face Value
₹10
All Time Low / High
₹9.67 / 348.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Strong
Is Shree Ajit Pulp & Paper Ltd a good quality company?
Shree Ajit Pulp & Paper Ltd is a average quality company, based on a somewhat consistent 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 Shree Ajit Pulp & Paper Ltd performance compare with that of its Peers?
Revenue growth of Shree Ajit Pulp & Paper Ltd vs industry peers?
Shree Ajit Pulp & Paper Ltd revenue CAGR is 16.03%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Shree Ajit Pulp & Paper Ltd?
Promoters hold 59.60% of the Shree Ajit Pulp & Paper Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Shree Ajit Pulp & Paper Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 9.2% 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.
Shree Ajit Pulp & Paper 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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 10.5% | 12.1% | 24.2% | 16.5% | 21% | 18.4% | 7.3% | 4.4% | 7.4% | 14.3% | - |
| Value Creation Index ⓘ | -0.3 | -0.1 | 0.7 | 0.2 | 0.5 | 0.3 | -0.5 | -0.7 | -0.5 | NA | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 209 | 249 | 270 | 240 | 267 | 418 | 372 | 295 | 506 | 701 | 725 |
| Sales YoY Gr. | - | 19.5% | 8.2% | -10.9% | 10.9% | 56.9% | -11.1% | -20.8% | 71.6% | 38.7% | - |
| Adj EPS ⓘ | 8.1 | 10.9 | 29.2 | 24.9 | 31.2 | 31.6 | 14 | 3.9 | 10.6 | 33.9 | 46.6 |
| YoY Gr. | - | 35.4% | 167.4% | -14.6% | 25.3% | 1.4% | -55.6% | -72.2% | 170.5% | 221% | - |
| BVPS (₹) ⓘ | 118.2 | 128.1 | 156.7 | 180.8 | 211.4 | 242.4 | 256 | 302.7 | 277.9 | 312.2 | 333.1 |
| Adj Net Profit ⓘ | 6.4 | 8.6 | 23.1 | 19.7 | 24.7 | 25 | 11.1 | 3.5 | 9.4 | 30.1 | 42 |
| Cash Flow from Ops. ⓘ | 14.3 | 17.7 | 44.9 | 32.1 | 25.2 | -7.3 | 21 | 19.5 | 8 | 62.8 | - |
| Debt/CF from Ops. ⓘ | 3.1 | 2.9 | 0.8 | 0.9 | 1 | -6.3 | 8.1 | 11.6 | 35.7 | 4.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14.4% | 21.3% | 23.5% | 38.7% | ||||
| Adj EPS ⓘ | 17.3% | 1.7% | 34.1% | 221% | ||||
| BVPSⓘ | 11.4% | 8.1% | 6.8% | 12.4% | ||||
| Share Price | 9.2% | 6.9% | 18% | 27.3% | ||||
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 % ⓘ | 7.1 | 8.9 | 20.5 | 14.8 | 15.9 | 13.9 | 5.6 | 1.6 | 4 | 11.5 | 14.5 |
| Op. Profit Mgn % ⓘ | 8.9 | 9.8 | 16.5 | 14.3 | 17 | 11 | 7.9 | 7.1 | 10.1 | 13.4 | 14.7 |
| Net Profit Mgn % ⓘ | 3.1 | 3.5 | 8.6 | 8.2 | 9.3 | 6 | 3 | 1.2 | 1.9 | 4.3 | 5.7 |
| Debt to Equity ⓘ | 0.5 | 0.5 | 0.3 | 0.2 | 0.2 | 0.2 | 0.8 | 1 | 1.2 | 0.9 | - |
| Working Cap Days ⓘ | 120 | 110 | 99 | 100 | 109 | 111 | 158 | 234 | 141 | 107 | 54 |
| Cash Conv. Cycle ⓘ | 58 | 58 | 54 | 53 | 55 | 57 | 77 | 89 | 65 | 62 | 21 |
Valuation of Shree AjitPulp&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 | 209 | 249 | 270 | 240 | 267 | 418 | 372 | 295 | 506 | 701 |
| Operating Expenses ⓘ + | 190 | 225 | 225 | 206 | 221 | 372 | 343 | 274 | 455 | 607 |
| Operating Profit ⓘ | 19 | 24 | 44 | 34 | 45 | 46 | 29 | 21 | 51 | 94 |
| Operating Profit Margin (%) | 8.9% | 9.8% | 16.5% | 14.3% | 17.0% | 11.0% | 7.8% | 7.1% | 10.1% | 13.3% |
| Other Income ⓘ + | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 7 | 2 | 3 |
| Interest ⓘ | 4 | 6 | 5 | 4 | 4 | 5 | 6 | 7 | 23 | 34 |
| Depreciation ⓘ | 5 | 6 | 7 | 8 | 8 | 7 | 7 | 9 | 16 | 20 |
| Profit Before Tax ⓘ | 9 | 12 | 33 | 23 | 34 | 32 | 25 | 11 | 14 | 42 |
| Tax ⓘ | 3 | 4 | 10 | 3 | 10 | 10 | 5 | 3 | 5 | 12 |
| Profit After Tax | 6 | 8 | 23 | 20 | 24 | 22 | 21 | 8 | 9 | 30 |
| PAT Margin (%) | 3.1% | 3.3% | 8.6% | 8.2% | 9.0% | 5.2% | 5.6% | 2.8% | 1.9% | 4.3% |
| Adjusted EPS (₹) | 8.1 | 9.7 | 30.3 | 25.2 | 30.3 | 27.3 | 26.1 | 11.0 | 10.6 | 33.8 |
| Dividend Payout Ratio (%) | 6.20% | 5.20% | 1.70% | 2% | 2.20% | 2.50% | 2.60% | 0% | 0% | 0% |
| 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 + | 93 | 100 | 124 | 143 | 167 | 188 | 208 | 227 | 248 | 278 | |
| Debt + | 38 | 44 | 29 | 25 | 17 | 39 | 157 | 191 | 247 | 244 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 17 | 15 | 17 | 15 | 23 | 23 | 21 | 36 | 32 | 35 | |
| Others Liabilities ⓘ | 31 | 35 | 42 | 32 | 55 | 59 | 75 | 97 | 77 | 71 | |
| Total Liabilities ⓘ | 178 | 194 | 211 | 215 | 262 | 309 | 461 | 551 | 604 | 628 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 89 | 111 | 127 | 134 | 129 | 128 | 140 | 294 | 408 | 389 | |
| CWIP ⓘ | 6 | 2 | 3 | 3 | 1 | 3 | 139 | 44 | 0 | 1 | |
| Investments ⓘ | 5 | 5 | 8 | 8 | 7 | 4 | 13 | 0 | 0 | 3 | |
| Inventories | 21 | 22 | 23 | 18 | 31 | 52 | 54 | 55 | 68 | 71 | |
| Trade Receivables | 32 | 41 | 31 | 34 | 42 | 56 | 41 | 54 | 78 | 100 | |
| Cash Equivalents | 1 | 1 | 2 | 10 | 25 | 18 | 3 | 2 | 16 | 4 | |
| Others Assets ⓘ | 25 | 12 | 17 | 8 | 26 | 47 | 70 | 103 | 33 | 61 | |
| Total Assets ⓘ | 178 | 194 | 211 | 215 | 262 | 309 | 461 | 551 | 604 | 628 | |
| 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 ⓘ + | 14 | 18 | 45 | 32 | 25 | -7 | 21 | 19 | 8 | 63 |
| Cash Flow From Investing Activity ⓘ + | -27 | -18 | -24 | -14 | 0 | -15 | -146 | -87 | -46 | -8 |
| Cash Flow From Financing Activity ⓘ + | 13 | 1 | -21 | -10 | -10 | 16 | 110 | 66 | 48 | -63 |
| Net Cash Flow ⓘ | -0 | -0 | 0 | 8 | 15 | -7 | -15 | -2 | 10 | -9 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.16 | 8.57 | 20.69 | 14.75 | 15.5 | 12.2 | 10.46 | 3.79 | 3.97 | 11.42 |
| ROCE (%) | 10.33 | 12.19 | 24.36 | 16.55 | 20.72 | 17.04 | 10.4 | 4.5 | 7.43 | 14.31 |
| Asset Turnover Ratio | 1.29 | 1.36 | 1.33 | 1.13 | 1.12 | 1.47 | 0.97 | 0.58 | 0.88 | 1.14 |
| PAT to CFO Conversion(x) | 2.33 | 2.25 | 1.96 | 1.6 | 1.04 | -0.32 | 1 | 2.38 | 0.89 | 2.1 |
| Working Capital Days | ||||||||||
| Receivable Days | 58.90 | 52.20 | 48.80 | 49.50 | 51.90 | 42.90 | 47.90 | 58.90 | 47.70 | 46.30 |
| Inventory Days | 31.80 | 31.30 | 30.70 | 31.40 | 33.90 | 36.50 | 52.20 | 67.60 | 44.50 | 36.10 |
| Payable Days | 45.10 | 36.30 | 38.80 | 45.50 | 46.40 | 32.10 | 34.60 | 60.90 | 39.80 | 28.80 |
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Shree Ajit Pulp & Paper Ltd FAQs
The current trading price of Shree AjitPulp&Paper on 07-Oct-2026 16:59 is ₹323.0.
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 06-Oct-2026 the market cap of Shree AjitPulp&Paper stood at ₹287.3 Cr
The latest P/E ratio of Shree AjitPulp&Paper as of 06-Oct-2026 is 6.93.
The latest P/B ratio of Shree AjitPulp&Paper as of 06-Oct-2026 is 0.97.
The 52-week high of Shree AjitPulp&Paper is ₹348.0 and the 52-week low is ₹212.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shree AjitPulp&Paper is ₹725 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Shree Ajit Pulp & Paper Ltd is a average quality company.
The key valuation ratios of Shree Ajit Pulp & Paper Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Shree Ajit Pulp & Paper Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Shree Ajit Pulp & Paper Ltd
Shree Ajit Pulp and Paper was incorporated as Pvt. Ltd. Co. on march 23, 1995 and then was converted into Public Limited Co. on November 13,1995. The Company came out with the Public Issue of Equity Shares worth Rs. 315/- Lacs in the month of October 1996 and at present is listed on regional stock exchange at Vadodara and at additional Stock Exchange at Ahmedabad.
Higher capacity utilisation by the company has lead it on the growth track, the cost reduction and cost controls techniques resulted in improved bottom lines of the company. Modernization of the existing production facility and additions of the capacity are projected as next path of success.
They seek to achieve, maintain and improve continuously the quality of their products in relationship to the requirements for Quality. Improve the Quality of their own operations, so as to meet continuously all customers' stated and implied needs. Emphasize on quality improvement as a part of everyone's job, either by teamwork or individual activities. Taking actions to improve effectiveness and efficiency of activities and processes to provide added benefits to the customers and in turn to the organisation.
Product range of the company includes:
It caters to its customers in the different varieties of Kraft Paper of 120-220 GSM and Bursting Factor (BF) ranging from 16 to 28. It has already developed 35 BF paper in 80 GSM and Golden Yellow paper ranging from 20 BF to 28 BF.
The product is in reels form and is used for making Corrugated Boxes, Liners, Textile Tubes, Duplex Cartons etc. the main consumption is thus in packaging.
The USP of the company’s product is the consistent quality. It has established itself as a cost effective quality supplier, and they believe however that future competition would be on the basis of Customer service.
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