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Shree Krishna Paper Mills & Industries Ltd

SKPMIL

BSE

₹90.540.00%16 Oct 2026

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Paper

Shree Krishna Paper Mills & Industries Ltd

SKPMIL

BSE

₹90.54

0.00%

16 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹122Cr

Close Price

₹90.54

Industry

Paper

Price To Earnings

4.91

Price To Sales

0.53

Revenue

₹232Cr

Rev Gr TTM

Revenue Growth TTM

23.58%

PAT Gr TTM

PAT Growth TTM

1,013.39%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	37	26	35	36	40	40	53	55	62	50	61	60
Growth YoY Revenue Growth YoY%	-20.8	-36.5	-20.3	-21.8	6.7	54.8	50.2	53.5	57.2	24.1	14.7	7.6
Expenses ExpensesCr	34	27	34	35	38	38	50	53	59	48	58	57
Operating Profit Operating ProfitCr	3	-1	1	1	2	2	3	3	3	2	3	2
OPM OPM%	8.5	-4.0	3.5	3.7	4.6	5.5	5.3	5.0	4.8	3.7	4.8	3.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	1	21	7
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	-3	-1	0	0	1	1	1	1	1	21	7
Tax TaxCr	1	-1	0	0	0	0	0	0	0	0	4	1
PAT PATCr	1	-2	0	0	0	0	1	1	1	0	17	6
Growth YoY PAT Growth YoY%	-89.5	-575.0	-131.9	-116.7	-73.5	110.5	473.9	482.6	170.0	135.0	1,909.3	625.0
NPM NPM%	3.0	-7.3	-0.7	-0.6	0.8	0.5	1.6	1.6	1.3	0.9	28.5	10.7
EPS EPS₹	0.8	-1.4	-0.2	-0.2	0.2	0.1	0.6	0.7	0.6	0.4	12.8	4.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	37	26	35	36	40	40	53	55	62	50	61	60
Growth YoY Revenue Growth YoY%	-20.8	-36.5	-20.3	-21.8	6.7	54.8	50.2	53.5	57.2	24.1	14.7	7.6
Expenses ExpensesCr	34	27	34	35	38	38	50	53	59	48	58	57
Operating Profit Operating ProfitCr	3	-1	1	1	2	2	3	3	3	2	3	2
OPM OPM%	8.5	-4.0	3.5	3.7	4.6	5.5	5.3	5.0	4.8	3.7	4.8	3.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	1	21	7
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	-3	-1	0	0	1	1	1	1	1	21	7
Tax TaxCr	1	-1	0	0	0	0	0	0	0	0	4	1
PAT PATCr	1	-2	0	0	0	0	1	1	1	0	17	6
Growth YoY PAT Growth YoY%	-89.5	-575.0	-131.9	-116.7	-73.5	110.5	473.9	482.6	170.0	135.0	1,909.3	625.0
NPM NPM%	3.0	-7.3	-0.7	-0.6	0.8	0.5	1.6	1.6	1.3	0.9	28.5	10.7
EPS EPS₹	0.8	-1.4	-0.2	-0.2	0.2	0.1	0.6	0.7	0.6	0.4	12.8	4.7

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	125	137	136	143	101	69	103	178	144	169	228	232
Growth Revenue Growth%	-11.2	9.4	-0.3	4.6	-29.0	-31.5	49.1	71.9	-18.9	16.9	35.2	23.6
Expenses ExpensesCr	115	126	134	131	105	67	96	166	137	161	218	222
Operating Profit Operating ProfitCr	10	11	2	11	-4	3	7	12	7	8	10	10
OPM OPM%	8.3	8.2	1.4	8.0	-3.8	4.0	7.2	6.8	5.0	4.8	4.6	4.3
Other Income Other IncomeCr	0	19	6	1	9	0	1	14	1	1	22	29
Interest Expense Interest ExpenseCr	5	3	3	3	9	4	6	5	3	4	4	4
Depreciation DepreciationCr	3	3	3	3	4	4	4	4	4	4	4	4
PBT PBTCr	3	24	2	6	-8	-4	-2	17	1	2	25	31
Tax TaxCr	0	0	1	1	-2	-1	0	4	0	1	5	6
PAT PATCr	2	24	1	5	-5	-3	-1	13	0	1	19	25
Growth PAT Growth%	498.2	866.3	-97.4	628.0	-219.2	39.0	59.9	1,055.6	-97.0	196.4	1,624.9	1,013.4
NPM NPM%	2.0	17.4	0.5	3.2	-5.3	-4.7	-1.3	7.1	0.3	0.7	8.5	10.7
EPS EPS₹	1.6	17.4	0.5	3.3	-4.0	-2.4	-1.0	9.3	0.3	0.8	14.4	18.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	125	137	136	143	101	69	103	178	144	169	228	232
Growth Revenue Growth%	-11.2	9.4	-0.3	4.6	-29.0	-31.5	49.1	71.9	-18.9	16.9	35.2	23.6
Expenses ExpensesCr	115	126	134	131	105	67	96	166	137	161	218	222
Operating Profit Operating ProfitCr	10	11	2	11	-4	3	7	12	7	8	10	10
OPM OPM%	8.3	8.2	1.4	8.0	-3.8	4.0	7.2	6.8	5.0	4.8	4.6	4.3
Other Income Other IncomeCr	0	19	6	1	9	0	1	14	1	1	22	29
Interest Expense Interest ExpenseCr	5	3	3	3	9	4	6	5	3	4	4	4
Depreciation DepreciationCr	3	3	3	3	4	4	4	4	4	4	4	4
PBT PBTCr	3	24	2	6	-8	-4	-2	17	1	2	25	31
Tax TaxCr	0	0	1	1	-2	-1	0	4	0	1	5	6
PAT PATCr	2	24	1	5	-5	-3	-1	13	0	1	19	25
Growth PAT Growth%	498.2	866.3	-97.4	628.0	-219.2	39.0	59.9	1,055.6	-97.0	196.4	1,624.9	1,013.4
NPM NPM%	2.0	17.4	0.5	3.2	-5.3	-4.7	-1.3	7.1	0.3	0.7	8.5	10.7
EPS EPS₹	1.6	17.4	0.5	3.3	-4.0	-2.4	-1.0	9.3	0.3	0.8	14.4	18.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	14	14
Reserves ReservesCr	-18	11	12	16	11	8	6	19	19	21	39
Current Liabilities Current LiabilitiesCr	60	42	47	45	50	42	46	46	40	52	65
Non Current Liabilities Non Current LiabilitiesCr	11	5	9	12	13	14	21	15	13	13	19
Total Liabilities Total LiabilitiesCr	71	72	81	87	87	77	87	93	86	99	137
Current Assets Current AssetsCr	42	37	42	43	42	32	41	48	43	56	90
Non Current Assets Non Current AssetsCr	29	35	39	45	46	45	46	45	43	43	47
Total Assets Total AssetsCr	71	72	81	87	87	77	87	93	86	99	137

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	14	14
Reserves ReservesCr	-18	11	12	16	11	8	6	19	19	21	39
Current Liabilities Current LiabilitiesCr	60	42	47	45	50	42	46	46	40	52	65
Non Current Liabilities Non Current LiabilitiesCr	11	5	9	12	13	14	21	15	13	13	19
Total Liabilities Total LiabilitiesCr	71	72	81	87	87	77	87	93	86	99	137
Current Assets Current AssetsCr	42	37	42	43	42	32	41	48	43	56	90
Non Current Assets Non Current AssetsCr	29	35	39	45	46	45	46	45	43	43	47
Total Assets Total AssetsCr	71	72	81	87	87	77	87	93	86	99	137

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	7	6	-4	8	8	2	0
Investing Cash Flow Investing Cash FlowCr	-5	2	-3	-2	2	-3	-3	-6
Financing Cash Flow Financing Cash FlowCr	-1	-10	-2	6	-10	-6	1	6
Net Cash Flow Net Cash FlowCr	1	-1	0	0	0	-1	0	0
Free Cash Flow Free Cash FlowCr	3	9	2	-7	11	6	-1	12
CFO To PAT CFO To PAT%	163.7	-126.6	-169.4	315.9	62.8	2,218.1	167.2	0.3
CFO To EBITDA CFO To EBITDA%	64.7	-176.9	197.3	-55.9	65.5	117.8	23.1	0.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	7	6	-4	8	8	2	0
Investing Cash Flow Investing Cash FlowCr	-5	2	-3	-2	2	-3	-3	-6
Financing Cash Flow Financing Cash FlowCr	-1	-10	-2	6	-10	-6	1	6
Net Cash Flow Net Cash FlowCr	1	-1	0	0	0	-1	0	0
Free Cash Flow Free Cash FlowCr	3	9	2	-7	11	6	-1	12
CFO To PAT CFO To PAT%	163.7	-126.6	-169.4	315.9	62.8	2,218.1	167.2	0.3
CFO To EBITDA CFO To EBITDA%	64.7	-176.9	197.3	-55.9	65.5	117.8	23.1	0.5

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		32	43		37	20	38	29	50	61	122	122
Price To Earnings Price To Earnings		1.4	68.5					2.3	131.0	54.2	6.3	4.9
Price To Sales Price To Sales		0.2	0.3		0.4	0.3	0.4	0.2	0.3	0.4	0.5	0.5
Price To Book Price To Book		1.3	1.7		1.5	1.0	1.9	0.9	1.5	1.8	2.3	2.3
EV To EBITDA EV To EBITDA		4.5	31.2		-14.3	13.9	9.3	4.5	10.1	11.2	13.8	14.6
Profitability Ratios Profitability Ratios
GPM GPM%	16.4	16.2	10.4	16.9	8.8	15.7	16.4	14.3	15.8	14.8	13.3	13.3
OPM OPM%	8.3	8.2	1.4	8.0	-3.8	4.0	7.2	6.8	5.0	4.8	4.6	4.3
NPM NPM%	2.0	17.4	0.5	3.2	-5.3	-4.7	-1.3	7.1	0.3	0.7	8.5	10.7
ROCE ROCE%	25.1	60.5	10.5	17.0	3.1	-1.4	8.6	35.1	7.0	8.2	30.0	30.0
ROE ROE%	-52.5	97.8	2.5	15.0	-22.3	-15.5	-6.7	38.9	1.2	3.3	36.8	36.8
ROA ROA%	3.5	33.0	0.8	5.2	-6.2	-4.2	-1.5	13.5	0.4	1.1	14.2	14.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		32	43		37	20	38	29	50	61	122	122
Price To Earnings Price To Earnings		1.4	68.5					2.3	131.0	54.2	6.3	4.9
Price To Sales Price To Sales		0.2	0.3		0.4	0.3	0.4	0.2	0.3	0.4	0.5	0.5
Price To Book Price To Book		1.3	1.7		1.5	1.0	1.9	0.9	1.5	1.8	2.3	2.3
EV To EBITDA EV To EBITDA		4.5	31.2		-14.3	13.9	9.3	4.5	10.1	11.2	13.8	14.6
Profitability Ratios Profitability Ratios
GPM GPM%	16.4	16.2	10.4	16.9	8.8	15.7	16.4	14.3	15.8	14.8	13.3	13.3
OPM OPM%	8.3	8.2	1.4	8.0	-3.8	4.0	7.2	6.8	5.0	4.8	4.6	4.3
NPM NPM%	2.0	17.4	0.5	3.2	-5.3	-4.7	-1.3	7.1	0.3	0.7	8.5	10.7
ROCE ROCE%	25.1	60.5	10.5	17.0	3.1	-1.4	8.6	35.1	7.0	8.2	30.0	30.0
ROE ROE%	-52.5	97.8	2.5	15.0	-22.3	-15.5	-6.7	38.9	1.2	3.3	36.8	36.8
ROA ROA%	3.5	33.0	0.8	5.2	-6.2	-4.2	-1.5	13.5	0.4	1.1	14.2	14.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AARADHYA	NIKITA	MAGNUM	SKPMIL	BALLARPUR	SVJ	NATHIND
Market CapitalizationMkt CapCr	180	163	124	122	110	105	95
Close PriceClose₹	127.00	66.00	18.19	90.54	0.85	188.90	50.00
IndustryIndustry	Paper	Paper	Paper	Paper	Paper	Paper	Paper
Price To EarningsPE	28.93	12.15		4.91		144.20	14.08
Price To SalesPS	1.19	0.47	0.26	0.53	0.69	22.83	0.18
RevenueRevenueCr	151	350	473	232	160	5	534
Revenue Growth TTMRev Gr TTM%	32.5%	-3.9%		23.6%		-10.8%	17.6%
PAT Growth TTMPAT Gr TTM%	-37.2%	-51.6%		1,013.4%		35.1%	-48.9%

	AARADHYA	NIKITA	MAGNUM	SKPMIL	BALLARPUR	SVJ	NATHIND
Market CapitalizationMkt CapCr	180	163	124	122	110	105	95
Close PriceClose₹	127.00	66.00	18.19	90.54	0.85	188.90	50.00
IndustryIndustry	Paper	Paper	Paper	Paper	Paper	Paper	Paper
Price To EarningsPE	28.93	12.15		4.91		144.20	14.08
Price To SalesPS	1.19	0.47	0.26	0.53	0.69	22.83	0.18
RevenueRevenueCr	151	350	473	232	160	5	534
Revenue Growth TTMRev Gr TTM%	32.5%	-3.9%		23.6%		-10.8%	17.6%
PAT Growth TTMPAT Gr TTM%	-37.2%	-51.6%		1,013.4%		35.1%	-48.9%

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Jun 26