Shree Krishna Paper Mills & Industries Ltd is a paper maker that has been running its mill since 1974 - a survivor that just closed a 16-year corporate debt restructuring and is now pivoting toward captive solar power to lock in a cheaper, more reliable energy supply. The company was founded in 1972, is family-run by the Pasaris, and operates from a single industrial site in Rajasthan, making it a concentrated bet on turning waste paper into printing, writing and packaging grades. The recurring approach is simple: run one integrated plant, sell to a handful of large domestic and export customers, and steadily upgrade the machinery to stretch output and quality - all while keeping the balance sheet light enough to finally move beyond its restructuring past. # Business segments Two engines at different stages - a paper-manufacturing core that carries the company, and a nascent captive-solar stake that exists to feed it cheaper power. ## 1. Paper manufacturing: the mill that carries the company **A single-site plant in Rajasthan converts waste paper into printing, writing and packaging grades, selling to a concentrated base of large customers in India and abroad.** - **One plant, three grades** - the company makes its entire product range at its Keshwana, Rajasthan unit, which sits on a 29.6-acre plot with two adjacent vacant plots held for future use or sale. In a recent year, the three lines that each contributed more than 10% of turnover were newsprint paper, coloured kraft paper, and writing and printing paper. - **Waste paper is the feedstock** - the primary raw material is recycled waste paper, not virgin wood pulp, which ties the company’s input costs to the global waste-paper trade and makes it vulnerable to supply shocks like the Covid-19 pandemic that sent prices soaring. - **Customer concentration is high** - three buyers each accounted for more than 10% of total revenue in a single year, with the largest contributing roughly ₹23 crore and the next two roughly ₹21 crore and ₹19 crore respectively. Exports brought in about ₹11 crore in that same year, so the order book is a mix of domestic and overseas bulk purchasers. - **Machinery upgrades stretch output** - the company has continuously tweaked its production line rather than building new plants, adding a five-stack calendar to make new paper qualities, a disperser with pre-heater and a pulper to raise capacity, and a conical refiner to improve quality while saving energy. - **A fire reset operations** - a major blaze at the waste-paper godown in April 2022 caused severe damage to raw-material stocks and disrupted the entire plant, though insurance coverage was in place and claims were filed. ## 2. Captive solar stake: a power hedge under construction **The company has taken a 26% stake in a solar project developer to secure long-term captive electricity, insulating its mill from grid-price swings.** - **Bought into a project, not just a contract** - in April 2026 the company signed a share subscription agreement with Ratan Green Projects One Private Limited, committing ₹3.10 crore for a 26.5% equity stake in a special-purpose vehicle building an 8.5 MW AC solar plant with battery storage in Pali, Rajasthan. - **Captive-user structure locks in supply** - alongside the equity deal, the company signed a power purchase agreement to buy electricity from the project, and under Indian electricity laws it must hold at least 26% of the developer’s shares and actually consume the solar energy generated to qualify as a captive user. - **Staggered funding matches construction** - the investment is being paid in two tranches: ₹93 lakh upfront (completed in May 2026, giving it 26.21% of the presently issued and paid-up share capital) and the remaining ₹2.17 crore closer to the plant’s commercial operation date, so cash outflows are timed to project milestones. # Group structure and partners **The company is a standalone entity with no subsidiaries, but it transacts significantly with promoter-linked trading firms and holds small equity stakes in a handful of paper and investment companies.** - **No subsidiaries or joint ventures** - the company has never had a subsidiary, associate or joint venture under the Companies Act, so all operations are housed within the listed entity itself. - **Related-party sales and purchases are routine** - the company buys and sells paper and allied products, and pays or receives commission, from entities including Gopala Sales Pvt. Ltd., Govinda Power & Products Pvt. Ltd. and Packmate Grreen LLP, all part of the promoter ecosystem. - **Small portfolio of legacy stakes** - its non-current investments include roughly 21,000 shares of Bishwanath Industries Ltd. valued at about ₹1.49 crore, plus minor quoted holdings in Sarda Papers Ltd. and Soma Papers & Industries Ltd., the latter suspended from trading on the BSE.