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Tamil Nadu Newsprint & Papers Ltd

TNPL
NSE
149.43
1.83%
Last Updated:
29 Apr '26, 4:00 PM
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Tamil Nadu Newsprint & Papers Ltd

TNPL
NSE
149.43
1.83%
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
1,034Cr
Close
Close Price
149.43
Industry
Industry
Paper
PE
Price To Earnings
4.17
PS
Price To Sales
0.22
Revenue
Revenue
4,645Cr
Rev Gr TTM
Revenue Growth TTM
3.43%
PAT Gr TTM
PAT Growth TTM
6,542.09%
Peer Comparison
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TNPL
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Quarterly Results

Standalone
Numbers
Percentage
QuarterJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
RevenueCr
1,2639581,2411,2291,1179141,1241,3371,1421,1101,1211,272
Growth YoY
Revenue Growth YoY%
12.0-30.4-0.6-13.9-11.6-4.6-9.48.72.321.5-0.3-4.9
Expenses
ExpensesCr
9498011,1041,0699697901,0711,2341,0419871,0051,131
Operating Profit
Operating ProfitCr
31415713716014812453103101123116141
OPM
OPM%
24.916.411.113.013.213.64.77.78.911.110.311.1
Other Income
Other IncomeCr
112019211314135712182520
Interest Expense
Interest ExpenseCr
555857535357545248505045
Depreciation
DepreciationCr
707175757476767777787978
PBT
PBTCr
200482353345-6531-12131238
Tax
TaxCr
7218720122-229-455-203
PAT
PATCr
129301633223-4322-787240
Growth YoY
PAT Growth YoY%
113.0-72.9-85.7-67.9-83.0-91.5-364.8-33.0-133.8212.7115.8986.4
NPM
NPM%
10.23.21.32.72.00.3-3.81.6-0.70.70.618.9
EPS
EPS
18.64.42.34.83.20.4-6.23.2-1.11.21.034.7

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
2,1362,4182,9583,0984,0833,4712,7684,0205,1804,6934,4914,645
Growth
Revenue Growth%
-6.513.222.34.831.8-15.0-20.345.228.8-9.4-4.33.4
Expenses
ExpensesCr
1,6301,8512,2292,6933,4342,8632,5083,6624,1773,9234,0634,164
Operating Profit
Operating ProfitCr
5065677294056496082603581,003770428481
OPM
OPM%
23.723.424.613.115.917.59.48.919.416.49.510.3
Other Income
Other IncomeCr
17223734-34367049466997
Interest Expense
Interest ExpenseCr
155122252245233223193156182223216193
Depreciation
DepreciationCr
137144208222227231235229264291304313
PBT
PBTCr
230324306-28155191-9922603325551
Tax
TaxCr
636442146161-3482151172-197
PAT
PATCr
167260265-4294130-65143882084248
Growth
PAT Growth%
3.455.81.8-115.9323.937.8-150.1122.02,606.3-46.3-98.26,551.2
NPM
NPM%
7.810.88.9-1.42.33.8-2.40.47.54.40.15.3
EPS
EPS
24.137.538.2-6.113.618.8-9.42.156.030.10.535.8

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
696969696969696969696969
Reserves
ReservesCr
1,1321,4401,6351,5341,5821,6441,5271,5201,8752,0202,0182,247
Current Liabilities
Current LiabilitiesCr
1,6661,6361,9672,1392,2962,2552,0652,1902,6022,4692,4862,605
Non Current Liabilities
Non Current LiabilitiesCr
1,8302,2731,9631,7821,5841,6092,3211,9951,5771,4861,3091,289
Total Liabilities
Total LiabilitiesCr
4,6985,4195,6345,5255,5315,5775,9835,7746,1236,0455,8836,210
Current Assets
Current AssetsCr
1,2331,0651,3601,3361,5631,6071,3871,0321,5641,6451,6331,795
Non Current Assets
Non Current AssetsCr
3,4644,3534,2744,1883,9683,9704,5964,7434,5594,4004,2504,415
Total Assets
Total AssetsCr
4,6985,4195,6345,5255,5315,5775,9835,7746,1236,0455,8836,210

Cash Flow

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
4046202848338192414231,111809419570596
Investing Cash Flow
Investing Cash FlowCr
-741-894-90-115-47-207-682-353-104-136-162-387
Financing Cash Flow
Financing Cash FlowCr
345271-253-574-849-36333-760-652-270-493-161
Net Cash Flow
Net Cash FlowCr
8-4-59144-77-174-25314-8648
Free Cash Flow
Free Cash FlowCr
-347-28318571176528-262754701277400
CFO To PAT
CFO To PAT%
242.3238.5107.3-1,975.3867.6185.7-650.07,750.3208.5201.415,297.0240.4
CFO To EBITDA
CFO To EBITDA%
79.9109.339.0205.7126.139.7162.5309.980.754.5133.2123.9

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
8561,5142,1792,3861,4256151,0131,1631,5111,705873850
Price To Earnings
Price To Earnings
5.45.88.30.015.14.70.081.23.98.2233.73.4
Price To Sales
Price To Sales
0.40.60.70.70.30.20.30.30.30.30.20.2
Price To Book
Price To Book
0.71.01.31.50.90.40.60.70.80.80.40.4
EV To EBITDA
EV To EBITDA
5.37.16.310.74.54.014.39.53.34.55.75.1
Profitability Ratios
Profitability Ratios
GPM
GPM%
67.062.364.048.050.155.153.247.959.356.949.927.7
OPM
OPM%
23.723.424.613.115.917.59.48.919.416.49.510.3
NPM
NPM%
7.810.88.9-1.42.33.8-2.40.47.54.40.15.3
ROCE
ROCE%
12.611.013.66.112.211.72.24.720.614.16.06.2
ROE
ROE%
13.917.215.5-2.65.77.6-4.10.919.910.00.210.7
ROA
ROA%
3.54.84.7-0.81.72.3-1.10.36.33.40.14.0
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Tamil Nadu Newsprint and Papers Limited (TNPL) is one of India’s leading integrated pulp and paper manufacturers, known for its sustainable operations, technological leadership, and backward integration. Founded in 1984, TNPL operates primarily through two units — **Unit-I** at Kagithapuram, Karur, and **Unit-II** at Mondipatti, Tiruchirappalli — with a combined annual production capacity of **600,000 tonnes** of paper and packaging board. The company ranks **third in installed capacity and second in production volume** in the Indian printing and writing paper (PWP) segment. --- ### **Core Operations & Infrastructure** #### **Production Capacity (as of Mar 2025)** - **Paper Capacity (Unit-I):** 400,000 TPA across three paper machines (115k, 130k, and 155k TPA). - **Packaging Board Capacity (Unit-II):** 200,000 TPA of multilayer coated paperboard. - **Pulping Capacity:** 1,580 TPD: - 550 TPD – Chemical Bagasse Pulp - 730 TPD – Hardwood Pulp - 300 TPD – Deinked Pulp (DIP) - **Cement Plant:** 900 TPD capacity, using lime sludge and fly ash byproducts from paper manufacturing — an industry-first in India. - **Tissue Manufacturing (Under Development):** 100 TPD tissue plant under construction under a ₹340 crore investment. #### **Energy & Sustainability** - **Captive Power:** 103.62 MW thermal power plant (coal/bagasse-based), ensuring full energy self-sufficiency. - **Renewable Energy:** 35.5 MW wind farm in Tirunelveli, commissioned in 1993 and progressively expanded. - **Water Management:** Advanced wastewater treatment and recycling system; close to achieving **zero liquid discharge (ZLD)**. - **Fuel Source:** Uses **bagasse** (sugarcane residue) as primary raw material, preserving approx. **30,000 acres of forest land annually**. --- ### **Sustainability & Circular Economy Leadership** TNPL is a pioneer in sustainable and circular manufacturing, operating on the principle of **"Waste to Wealth"**: - **Cement from Waste:** Converts ~900 TPD of lime sludge and fly ash into high-grade cement (OPC & PPC). - **Precipitated Calcium Carbonate (PCC):** On-site production using cement kiln flue gas, enabling closed-loop resource use. - **Bagasse Utilization:** Processes **1 million tonnes/year of bagasse**, positioning itself as the industry leader in agricultural residue-based paper production. - **Forestry & Raw Material Security:** - Manages **187,680 acres of pulpwood plantations**. - Partners with **over 5,300 farmers** across 22,495 acres and supports **45,738 farmers** on 233,774 acres. - Distributes **50 million clonal saplings/year** through its Clonal Propagation & Research Centre (CPRC), enhancing productivity and reducing rotation cycles. - Clonal clones such as **TNPL191, TNPL192, and TNPL193** offer climate resilience and higher yield. - FSC-FM and FSC-CoC certified for sustainable forestry practices. --- ### **Technology & Innovation** - **R&D Focus:** In-house R&D drives innovation in **eco-friendly pulping, deinking, surface treatments, and product development**. - **Bagasse Pulping Expertise:** TNPL developed **indigenous, proprietary technology** for bagasse storage, pulping, sand cleaning, and ECF (Elemental Chlorine-Free) bleaching. - **Advanced Systems:** - **India’s first Automated Storage and Retrieval System (ASRS):** Capable of handling 30,000 MT of reels and 6,000 MT of sheets. - **State-of-the-art DCS & QCS:** Full automation and real-time quality control at Unit-II board machine. - **Soft Nip Calendering, Metered Size Press, Shoe Press, MG Cylinder:** Integrated for premium product quality. --- ### **Product Portfolio** #### **Printing & Writing Papers** - **TNPL Spectrum:** Multipurpose paper (70, 75, 80 GSM), engineered for low toner use, stiffness, and reliability in digital/copier applications. - **TNPL Radiant Series:** Includes TNPL Radiant Stationery (student notebooks) and **Radiant Platinum** — a premium paper with high bulk and uniform smoothness for deluxe notebooks, annual reports, and 4-color printing. - **TNPL Elegant Printing:** Surface-sized paper with high gloss, brightness, and surface strength for calendars, diaries, and reports. #### **Packaging Boards** - **Aura Fold Premium:** Two-side coated folding box board with 100% bleached chemical pulp on outer layers and mechanical fibers in the core. Used in cosmetics, pharma, and FMCG. - **Aura Green 210 GSM:** Recycled, low-GSM grey-back board for eco-friendly packaging. - **Aura Green Match:** Four-layer board for matchbox production — high stiffness and printability. - **Cup Stock:** Re-entered market with high-bulk, food-grade base paper for paper cups. - **SBS Board & Specialty Grades:** In development using surplus virgin fiber post-pulp mill commissioning. #### **New & Diversified Product Lines** - **TAM FRESH (TAF):** Liquid packaging board for milk and beverages. - **TAM BAG (TAB):** High-strength, food-grade paper for eco-friendly carry bags. - **Aqueous Barrier Coatings:** Environmentally friendly alternative to banned poly-coated papers. - **Future Launches:** Cartridge paper, high-smoothness industrial papers, and expanded tissue portfolio. --- ### **Sales & Market Strategy** - **Domestic Market:** Strong nationwide dealer network serving both government and private sectors. - **~20% revenue from Tamil Nadu Government** (textbooks, educational materials). - Focus on reducing cyclical exposure to education segment by expanding into **industrial and premium packaging markets**. - **Export Markets:** Products exported to **Europe, North & South America, Africa, and Asia** (e.g., Italy, Malaysia, Canada, South Africa). - **Industrial Focus:** Growing presence in sublimation paper, offline coating paper, cup stock, and specialty industrial grades to ensure steady offtake. --- ### **Expansion & Growth Roadmap** - **Mill Expansion Plan (MEP), Phase I (2022):** - ₹1,380 crore investment. - Commissioned **chemical hardwood pulp mill (730 TPD), chemical recovery island**, and upgraded utilities at Unit-II in **2022–23**. - Enabled shift to **100% virgin fiber-based board production**, improving product quality and margins. - **Future Roadmap (2030 Vision):** - Target: **1 million tonnes/year** production capacity. - Debottlenecking plans to increase **current paper output to 480,000 TPA without major CAPEX**. - Surplus pulp generation potential of **40,000–45,000 TPA/year** with revised product mix. - Tissue paper unit (100 TPD) under WIP as a strategic entry into high-growth personal care segment. - **Mill Expansion Plan (MEP), Future Phase:** - Proposed investment of **₹2,520 crores** to expand board capacity from **200k to 365k TPA**. - Includes **165k TPA paper machine** and **400 TPD hardwood pulp mill**. --- ### **Operational Performance** - **PWP Mill Utilization:** ~97% in FY25. - **FY23 Performance:** Achieved **full capacity utilization** (421,000 MT production), **zero inventory** as of Mar 2023, reflecting strong demand and efficient operations. - **Margins & Strategy:** Shifting mix toward **high-margin, specialty, and virgin fiber-based products** to improve EBITDA and reduce cyclicality. --- ### **Business Philosophy** - **Core Pillars:** Sustainability, Innovation, Digital Transformation, Customer Centricity, Waste-to-Wealth, and Cost Leadership. - **Backward Integration:** Secures raw material supply via **farm forestry partnerships** and captive plantations. - **Technology Leadership:** Combines in-house R&D with global best practices to maintain competitive edge. ---