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Andhra Paper Ltd

ANDHRAPAP
NSE
66.98
1.55%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Andhra Paper Ltd

ANDHRAPAP
NSE
66.98
1.55%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
1,332Cr
Close
Close Price
66.98
Industry
Industry
Paper
PE
Price To Earnings
71.26
PS
Price To Sales
0.84
Revenue
Revenue
1,582Cr
Rev Gr TTM
Revenue Growth TTM
5.56%
PAT Gr TTM
PAT Growth TTM
-84.30%
Peer Comparison
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Quarterly Results

Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
590478482477364316432386407393362419
Growth YoY
Revenue Growth YoY%
38.65.7-0.5-16.5-38.3-33.9-10.3-19.111.824.5-16.28.6
Expenses
ExpensesCr
362323351367329282380357387360369403
Operating Profit
Operating ProfitCr
229155131110353452282034-715
OPM
OPM%
38.732.427.223.09.710.712.17.35.08.5-1.93.7
Other Income
Other IncomeCr
-22221242825301518271029
Interest Expense
Interest ExpenseCr
311112457645
Depreciation
DepreciationCr
161617171721212225262727
PBT
PBTCr
20815913511646365817629-2812
Tax
TaxCr
5441343478165-28-72
PAT
PATCr
1541191008238284212821-2010
Growth YoY
PAT Growth YoY%
167.939.5-11.6-51.5-75.0-76.7-58.4-85.9-79.6-23.0-148.6-15.4
NPM
NPM%
26.124.820.817.310.58.89.73.01.95.4-5.62.4
EPS
EPS
7.76.05.04.21.91.42.10.60.41.1-1.00.5

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
1,1631,1601,1721,2641,4271,2708871,3802,0981,8011,5411,582
Growth
Revenue Growth%
-0.31.17.812.9-11.0-30.255.652.0-14.2-14.42.6
Expenses
ExpensesCr
1,0681,0291,0021,0431,0499678261,1591,3631,3701,4071,519
Operating Profit
Operating ProfitCr
951311702213793026122173543113562
OPM
OPM%
8.211.314.517.526.523.86.916.035.023.98.74.0
Other Income
Other IncomeCr
1239-22-3915114537958984
Interest Expense
Interest ExpenseCr
454034269555741822
Depreciation
DepreciationCr
6973706668767372636688105
PBT
PBTCr
-65644126311236-618870145611720
Tax
TaxCr
-719124311123-249179116281
PAT
PATCr
0373283200213-51405223408919
Growth
PAT Growth%
14,788.3-12.2156.4140.96.4-102.23,138.6273.9-35.0-73.8-78.9
NPM
NPM%
0.03.22.86.614.016.8-0.510.124.918.95.81.2
EPS
EPS
0.01.91.64.210.110.7-0.27.026.317.14.50.9

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
404040404040404040404040
Reserves
ReservesCr
3744114385247249369351,0541,5421,8531,9011,886
Current Liabilities
Current LiabilitiesCr
493389439360264223251304338421440423
Non Current Liabilities
Non Current LiabilitiesCr
33942823817315912210610085137223213
Total Liabilities
Total LiabilitiesCr
1,2461,2681,1551,0971,1861,3211,3331,4982,0052,4512,6052,563
Current Assets
Current AssetsCr
3153412932884005715567251,1491,2801,3101,170
Non Current Assets
Non Current AssetsCr
9309268628097867507777738561,1711,2951,393
Total Assets
Total AssetsCr
1,2461,2681,1551,0971,1861,3211,3331,4982,0052,4512,6052,563

Cash Flow

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
128111172215310177104202536319-55
Investing Cash Flow
Investing Cash FlowCr
-31-38-29-31-110-167-113-181-499-334-61
Financing Cash Flow
Financing Cash FlowCr
-108-67-145-175-201-1111-12-415109
Net Cash Flow
Net Cash FlowCr
-116-39-1-119-4-10-7
Free Cash Flow
Free Cash FlowCr
13311214118226915383163422-12-320
CFO To PAT
CFO To PAT%
51,772.0301.8530.4258.9155.083.2-2,257.1144.8102.693.8-62.3
CFO To EBITDA
CFO To EBITDA%
134.485.2101.097.181.958.6170.591.672.974.0-41.2

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,2551,1681,2821,1551,7775758731,1811,6451,9331,368
Price To Earnings
Price To Earnings
5,260.031.739.613.98.92.70.08.43.15.715.4
Price To Sales
Price To Sales
1.11.01.10.91.20.51.00.90.81.10.9
Price To Book
Price To Book
3.02.62.72.02.30.60.91.11.01.00.7
EV To EBITDA
EV To EBITDA
16.612.38.96.04.51.413.75.42.34.712.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
55.355.556.460.566.570.259.951.960.852.839.9
OPM
OPM%
8.211.314.517.526.523.86.916.035.023.98.7
NPM
NPM%
0.03.22.86.614.016.8-0.510.124.918.95.8
ROCE
ROCE%
5.210.810.920.541.224.5-0.216.843.322.96.1
ROE
ROE%
0.18.26.814.726.221.8-0.512.833.017.94.6
ROA
ROA%
0.02.92.87.616.916.1-0.39.326.113.93.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Andhra Paper Limited (APL), established in **1964**, is one of India’s leading **integrated paper and pulp manufacturers**, based in **Andhra Pradesh**. The company operates manufacturing facilities in **Rajahmundry (300 acres)** and **Kadiyam**, and currently holds a prominent position in the domestic and international paper markets. With over six decades of experience, APL is backed by **West Coast Paper Mills Limited (WCPM)**, which acquired a **72.2% equity stake** in 2019 for ₹911 crore. APL stands out as the **only paper mill in Andhra Pradesh using virgin pulp**, emphasizing **sustainability, innovation, and backward integration** into raw material sourcing through a robust farm-forestry program. --- ### **Production Capacity & Operations** As of 2025: - **Paper Production:** 259,400 metric tons per annum (TPA), or **712 tonnes per day (TPD)** - Rajahmundry: 512 TPD - Kadiyam: 200 TPD - **Virgin Pulp Production:** 220,500 metric tons per annum - **Warehouse Capacity:** 3,500 tonnes - **Employees:** ~4,800 (direct and indirect) - **Distribution Network:** 53 locations across **11 countries** - **Product Range:** 18 categories, 42 individual products The company serves diverse segments including **writing & printing, copier, industrial, packaging, and specialty papers**, with strong focus on **value-added and niche products**. --- ### **Key Product Portfolio** APL offers a wide range of **eco-friendly, high-quality** paper products, categorized under several branded lines: #### **Core Product Lines** - **Writing & Printing Papers:** - Brands: *Primavera, Primavera White, Truprint Ultra, Skytone, Write Choice, CCS* - Applications: Textbooks, journals, notebooks, diaries, commercial printing - **Copier & Office Papers:** - Flagship Brand: **Reflection** (65–100 gsm) – including *WT-70, AMC-75, Everyday-80* - Uses ECF (Elemental Chlorine Free) pulp for high brightness and environmental compliance - **Cut-Size Papers:** Economy to premium grades; compatible with all office equipment #### **Specialty & Niche Papers** - **Andhra Cup Stock / Cupstock Bottom** – for paper cups and food packaging - **Pharma Print** – for pharmaceutical inserts and labels (125% YoY growth in FY23) - **High BF Virgin Kraft / Plain Kraft Green (NS)** – high-burst strength for packaging - **Thermal Base Paper** – developed using size press tech in Kadiyam - **Carbonless, Chromo, and Thermal Papers** - **Andhra Sketch Choice** (441% YoY growth in FY24) - **Andhra Straw Paper** (94% YoY growth in FY24), **Carry Bag**, **Eco Cupstock (barrier-coated)** - **Photo & Packaging Papers:** Andhra Colour Poster Paper, Soap/Detergent Wrappers #### **Recent Innovations (2024–2025)** - **New Product Launches:** - *Andhra Azure Laid (58 gsm), Natural Shade (64 gsm), Andhra Sapphire, Andhra Pearl White, Andhra Splendor* (high waxpick for 4-color printing) - *Andhra Write Choice SS, Andhra Copier Wrapper SS* (size-press based, RJ#5 machine) - **Development Pipeline:** - **‘Better’** – a new higher-value copier paper with improved brightness and **Colorlok-like technology** - Trials with **Heubach pigment dyes** and **Akofoam-6111 defoamer** for cost and process optimization - Target brightness of **90+** for specialty grades --- ### **Strategic Focus & Growth Initiatives** #### **1. Expansion into Tissue Paper (Hygiene Segment)** - **Investment:** ₹270 crore in a **greenfield 129 TPD tissue paper plant** - **Location:** Relocated to **Rajahmundry** for better infrastructure and logistical advantages - **Timeline:** Commissioning expected in **Q1 FY26-27**, subject to regulatory approvals - **Objective:** - Diversify into **higher-margin tissue products** - Reduce dependency on traditional paper segments - Target **international markets** with strong hygiene demand (hospitality, food service) - The project leverages existing **R&D, manufacturing capabilities, and export networks** #### **2. Product Diversification & Value-Added Focus** - Shift from commodity papers to **high-margin niche products** - FY24–25 highlights: - Strong YoY growth in **Truprint Ultra, Pharma Print, Cupstock Bottom, Stiffener** - Record sales volume: **250,238 MT in FY23** (domestic: 222,344 MT) - **Zero inventory carryover** for two consecutive years – indicating supply chain efficiency - Strategy: Customer feedback-driven innovation, flexibility in product mix across machines #### **3. Operational Excellence & Supply Chain Performance** - **On-Time-In-Full (OTIF) Delivery Rate:** - **96% (FY25)** – among the highest in the Indian paper industry - **Forecast Accuracy:** 93% | **Complaint Resolution:** 80% - Maintains **balanced domestic-export mix**, allowing optimal realization of premium products #### **4. Sustainability & Backward Integration** - **Farm Forestry Program:** - Covers **~690,442 acres** - Supports **24 partner nurseries** and **~150 km radius** farmer network - **2.062 billion** saplings/seeds planted to date - **Clonal Casuarina** yields **2x more** than conventional trees (20–25% yield improvement) - **Raw Material Security:** - Reducing fiber haulage radius from 300 km → 150 km - R&D collaboration with **Institute of Forest Genetics & Tree Breeding (IFGTB), Coimbatore** - Focus on **faster-growing, disease-resistant clones**, agroforestry models, and silviculture #### **5. R&D & Technology** - **PCC Plant (Precipitated Calcium Carbonate):** Enhances product quality and competitiveness - **10 R&D Trial Plots:** Focused on genetic improvement and farming productivity - Use of **size press technology**, process optimization, and alternative raw materials to reduce costs - Continuous trials on brightness, color matching (e.g., Irgalite/Vipul dyes), and steam efficiency --- ### **Certifications & Compliance** - **ISO 9001:2015** – Quality Management - **ISO 14001:2015** – Environmental Management - **ISO 45001:2018** – Occupational Health & Safety ---