Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,332Cr
Rev Gr TTM
Revenue Growth TTM
5.56%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ANDHRAPAP
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 38.6 | 5.7 | -0.5 | -16.5 | -38.3 | -33.9 | -10.3 | -19.1 | 11.8 | 24.5 | -16.2 | 8.6 |
| 362 | 323 | 351 | 367 | 329 | 282 | 380 | 357 | 387 | 360 | 369 | 403 |
Operating Profit Operating ProfitCr |
| 38.7 | 32.4 | 27.2 | 23.0 | 9.7 | 10.7 | 12.1 | 7.3 | 5.0 | 8.5 | -1.9 | 3.7 |
Other Income Other IncomeCr | -2 | 22 | 21 | 24 | 28 | 25 | 30 | 15 | 18 | 27 | 10 | 29 |
Interest Expense Interest ExpenseCr | 3 | 1 | 1 | 1 | 1 | 2 | 4 | 5 | 7 | 6 | 4 | 5 |
Depreciation DepreciationCr | 16 | 16 | 17 | 17 | 17 | 21 | 21 | 22 | 25 | 26 | 27 | 27 |
| 208 | 159 | 135 | 116 | 46 | 36 | 58 | 17 | 6 | 29 | -28 | 12 |
| 54 | 41 | 34 | 34 | 7 | 8 | 16 | 5 | -2 | 8 | -7 | 2 |
|
Growth YoY PAT Growth YoY% | 167.9 | 39.5 | -11.6 | -51.5 | -75.0 | -76.7 | -58.4 | -85.9 | -79.6 | -23.0 | -148.6 | -15.4 |
| 26.1 | 24.8 | 20.8 | 17.3 | 10.5 | 8.8 | 9.7 | 3.0 | 1.9 | 5.4 | -5.6 | 2.4 |
| 7.7 | 6.0 | 5.0 | 4.2 | 1.9 | 1.4 | 2.1 | 0.6 | 0.4 | 1.1 | -1.0 | 0.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -0.3 | 1.1 | 7.8 | 12.9 | -11.0 | -30.2 | 55.6 | 52.0 | -14.2 | -14.4 | 2.6 |
| 1,068 | 1,029 | 1,002 | 1,043 | 1,049 | 967 | 826 | 1,159 | 1,363 | 1,370 | 1,407 | 1,519 |
Operating Profit Operating ProfitCr |
| 8.2 | 11.3 | 14.5 | 17.5 | 26.5 | 23.8 | 6.9 | 16.0 | 35.0 | 23.9 | 8.7 | 4.0 |
Other Income Other IncomeCr | 12 | 39 | -22 | -3 | 9 | 15 | 11 | 45 | 37 | 95 | 89 | 84 |
Interest Expense Interest ExpenseCr | 45 | 40 | 34 | 26 | 9 | 5 | 5 | 5 | 7 | 4 | 18 | 22 |
Depreciation DepreciationCr | 69 | 73 | 70 | 66 | 68 | 76 | 73 | 72 | 63 | 66 | 88 | 105 |
| -6 | 56 | 44 | 126 | 311 | 236 | -6 | 188 | 701 | 456 | 117 | 20 |
| -7 | 19 | 12 | 43 | 111 | 23 | -2 | 49 | 179 | 116 | 28 | 1 |
|
| | 14,788.3 | -12.2 | 156.4 | 140.9 | 6.4 | -102.2 | 3,138.6 | 273.9 | -35.0 | -73.8 | -78.9 |
| 0.0 | 3.2 | 2.8 | 6.6 | 14.0 | 16.8 | -0.5 | 10.1 | 24.9 | 18.9 | 5.8 | 1.2 |
| 0.0 | 1.9 | 1.6 | 4.2 | 10.1 | 10.7 | -0.2 | 7.0 | 26.3 | 17.1 | 4.5 | 0.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| 374 | 411 | 438 | 524 | 724 | 936 | 935 | 1,054 | 1,542 | 1,853 | 1,901 | 1,886 |
Current Liabilities Current LiabilitiesCr | 493 | 389 | 439 | 360 | 264 | 223 | 251 | 304 | 338 | 421 | 440 | 423 |
Non Current Liabilities Non Current LiabilitiesCr | 339 | 428 | 238 | 173 | 159 | 122 | 106 | 100 | 85 | 137 | 223 | 213 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 315 | 341 | 293 | 288 | 400 | 571 | 556 | 725 | 1,149 | 1,280 | 1,310 | 1,170 |
Non Current Assets Non Current AssetsCr | 930 | 926 | 862 | 809 | 786 | 750 | 777 | 773 | 856 | 1,171 | 1,295 | 1,393 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 128 | 111 | 172 | 215 | 310 | 177 | 104 | 202 | 536 | 319 | -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 | -11 | 11 | -12 | -41 | 5 | 109 |
|
Free Cash Flow Free Cash FlowCr | 133 | 112 | 141 | 182 | 269 | 153 | 83 | 163 | 422 | -12 | -320 |
| 51,772.0 | 301.8 | 530.4 | 258.9 | 155.0 | 83.2 | -2,257.1 | 144.8 | 102.6 | 93.8 | -62.3 |
CFO To EBITDA CFO To EBITDA% | 134.4 | 85.2 | 101.0 | 97.1 | 81.9 | 58.6 | 170.5 | 91.6 | 72.9 | 74.0 | -41.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,255 | 1,168 | 1,282 | 1,155 | 1,777 | 575 | 873 | 1,181 | 1,645 | 1,933 | 1,368 |
Price To Earnings Price To Earnings | 5,260.0 | 31.7 | 39.6 | 13.9 | 8.9 | 2.7 | 0.0 | 8.4 | 3.1 | 5.7 | 15.4 |
Price To Sales Price To Sales | 1.1 | 1.0 | 1.1 | 0.9 | 1.2 | 0.5 | 1.0 | 0.9 | 0.8 | 1.1 | 0.9 |
Price To Book Price To Book | 3.0 | 2.6 | 2.7 | 2.0 | 2.3 | 0.6 | 0.9 | 1.1 | 1.0 | 1.0 | 0.7 |
| 16.6 | 12.3 | 8.9 | 6.0 | 4.5 | 1.4 | 13.7 | 5.4 | 2.3 | 4.7 | 12.2 |
Profitability Ratios Profitability Ratios |
| 55.3 | 55.5 | 56.4 | 60.5 | 66.5 | 70.2 | 59.9 | 51.9 | 60.8 | 52.8 | 39.9 |
| 8.2 | 11.3 | 14.5 | 17.5 | 26.5 | 23.8 | 6.9 | 16.0 | 35.0 | 23.9 | 8.7 |
| 0.0 | 3.2 | 2.8 | 6.6 | 14.0 | 16.8 | -0.5 | 10.1 | 24.9 | 18.9 | 5.8 |
| 5.2 | 10.8 | 10.9 | 20.5 | 41.2 | 24.5 | -0.2 | 16.8 | 43.3 | 22.9 | 6.1 |
| 0.1 | 8.2 | 6.8 | 14.7 | 26.2 | 21.8 | -0.5 | 12.8 | 33.0 | 17.9 | 4.6 |
| 0.0 | 2.9 | 2.8 | 7.6 | 16.9 | 16.1 | -0.3 | 9.3 | 26.1 | 13.9 | 3.4 |
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
---