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Profit & Loss
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Mkt Cap
Market Capitalization
₹1,034Cr
Rev Gr TTM
Revenue Growth TTM
3.43%
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Compare up to 10 companies side by side across valuation, profitability, and growth.

TNPL
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 12.0 | -30.4 | -0.6 | -13.9 | -11.6 | -4.6 | -9.4 | 8.7 | 2.3 | 21.5 | -0.3 | -4.9 |
| 949 | 801 | 1,104 | 1,069 | 969 | 790 | 1,071 | 1,234 | 1,041 | 987 | 1,005 | 1,131 |
Operating Profit Operating ProfitCr |
| 24.9 | 16.4 | 11.1 | 13.0 | 13.2 | 13.6 | 4.7 | 7.7 | 8.9 | 11.1 | 10.3 | 11.1 |
Other Income Other IncomeCr | 11 | 20 | 19 | 21 | 13 | 14 | 13 | 57 | 12 | 18 | 25 | 20 |
Interest Expense Interest ExpenseCr | 55 | 58 | 57 | 53 | 53 | 57 | 54 | 52 | 48 | 50 | 50 | 45 |
Depreciation DepreciationCr | 70 | 71 | 75 | 75 | 74 | 76 | 76 | 77 | 77 | 78 | 79 | 78 |
| 200 | 48 | 23 | 53 | 34 | 5 | -65 | 31 | -12 | 13 | 12 | 38 |
| 72 | 18 | 7 | 20 | 12 | 2 | -22 | 9 | -4 | 5 | 5 | -203 |
|
Growth YoY PAT Growth YoY% | 113.0 | -72.9 | -85.7 | -67.9 | -83.0 | -91.5 | -364.8 | -33.0 | -133.8 | 212.7 | 115.8 | 986.4 |
| 10.2 | 3.2 | 1.3 | 2.7 | 2.0 | 0.3 | -3.8 | 1.6 | -0.7 | 0.7 | 0.6 | 18.9 |
| 18.6 | 4.4 | 2.3 | 4.8 | 3.2 | 0.4 | -6.2 | 3.2 | -1.1 | 1.2 | 1.0 | 34.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| -6.5 | 13.2 | 22.3 | 4.8 | 31.8 | -15.0 | -20.3 | 45.2 | 28.8 | -9.4 | -4.3 | 3.4 |
| 1,630 | 1,851 | 2,229 | 2,693 | 3,434 | 2,863 | 2,508 | 3,662 | 4,177 | 3,923 | 4,063 | 4,164 |
Operating Profit Operating ProfitCr |
| 23.7 | 23.4 | 24.6 | 13.1 | 15.9 | 17.5 | 9.4 | 8.9 | 19.4 | 16.4 | 9.5 | 10.3 |
Other Income Other IncomeCr | 17 | 22 | 37 | 34 | -34 | 36 | 70 | 49 | 46 | 69 | 97 | |
Interest Expense Interest ExpenseCr | 155 | 122 | 252 | 245 | 233 | 223 | 193 | 156 | 182 | 223 | 216 | 193 |
Depreciation DepreciationCr | 137 | 144 | 208 | 222 | 227 | 231 | 235 | 229 | 264 | 291 | 304 | 313 |
| 230 | 324 | 306 | -28 | 155 | 191 | -99 | 22 | 603 | 325 | 5 | 51 |
| 63 | 64 | 42 | 14 | 61 | 61 | -34 | 8 | 215 | 117 | 2 | -197 |
|
| 3.4 | 55.8 | 1.8 | -115.9 | 323.9 | 37.8 | -150.1 | 122.0 | 2,606.3 | -46.3 | -98.2 | 6,551.2 |
| 7.8 | 10.8 | 8.9 | -1.4 | 2.3 | 3.8 | -2.4 | 0.4 | 7.5 | 4.4 | 0.1 | 5.3 |
| 24.1 | 37.5 | 38.2 | -6.1 | 13.6 | 18.8 | -9.4 | 2.1 | 56.0 | 30.1 | 0.5 | 35.8 |
| Financial Year | Mar 2015 | 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 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 |
| 1,132 | 1,440 | 1,635 | 1,534 | 1,582 | 1,644 | 1,527 | 1,520 | 1,875 | 2,020 | 2,018 | 2,247 |
Current Liabilities Current LiabilitiesCr | 1,666 | 1,636 | 1,967 | 2,139 | 2,296 | 2,255 | 2,065 | 2,190 | 2,602 | 2,469 | 2,486 | 2,605 |
Non Current Liabilities Non Current LiabilitiesCr | 1,830 | 2,273 | 1,963 | 1,782 | 1,584 | 1,609 | 2,321 | 1,995 | 1,577 | 1,486 | 1,309 | 1,289 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,233 | 1,065 | 1,360 | 1,336 | 1,563 | 1,607 | 1,387 | 1,032 | 1,564 | 1,645 | 1,633 | 1,795 |
Non Current Assets Non Current AssetsCr | 3,464 | 4,353 | 4,274 | 4,188 | 3,968 | 3,970 | 4,596 | 4,743 | 4,559 | 4,400 | 4,250 | 4,415 |
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 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 404 | 620 | 284 | 833 | 819 | 241 | 423 | 1,111 | 809 | 419 | 570 | 596 |
Investing Cash Flow Investing Cash FlowCr | -741 | -894 | -90 | -115 | -47 | -207 | -682 | -353 | -104 | -136 | -162 | -387 |
Financing Cash Flow Financing Cash FlowCr | 345 | 271 | -253 | -574 | -849 | -36 | 333 | -760 | -652 | -270 | -493 | -161 |
|
Free Cash Flow Free Cash FlowCr | -347 | -283 | 185 | 711 | 765 | 28 | -262 | 754 | 701 | 277 | 400 | |
| 242.3 | 238.5 | 107.3 | -1,975.3 | 867.6 | 185.7 | -650.0 | 7,750.3 | 208.5 | 201.4 | 15,297.0 | 240.4 |
CFO To EBITDA CFO To EBITDA% | 79.9 | 109.3 | 39.0 | 205.7 | 126.1 | 39.7 | 162.5 | 309.9 | 80.7 | 54.5 | 133.2 | 123.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 856 | 1,514 | 2,179 | 2,386 | 1,425 | 615 | 1,013 | 1,163 | 1,511 | 1,705 | 873 | 850 |
Price To Earnings Price To Earnings | 5.4 | 5.8 | 8.3 | 0.0 | 15.1 | 4.7 | 0.0 | 81.2 | 3.9 | 8.2 | 233.7 | 3.4 |
Price To Sales Price To Sales | 0.4 | 0.6 | 0.7 | 0.7 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 |
Price To Book Price To Book | 0.7 | 1.0 | 1.3 | 1.5 | 0.9 | 0.4 | 0.6 | 0.7 | 0.8 | 0.8 | 0.4 | 0.4 |
| 5.3 | 7.1 | 6.3 | 10.7 | 4.5 | 4.0 | 14.3 | 9.5 | 3.3 | 4.5 | 5.7 | 5.1 |
Profitability Ratios Profitability Ratios |
| 67.0 | 62.3 | 64.0 | 48.0 | 50.1 | 55.1 | 53.2 | 47.9 | 59.3 | 56.9 | 49.9 | 27.7 |
| 23.7 | 23.4 | 24.6 | 13.1 | 15.9 | 17.5 | 9.4 | 8.9 | 19.4 | 16.4 | 9.5 | 10.3 |
| 7.8 | 10.8 | 8.9 | -1.4 | 2.3 | 3.8 | -2.4 | 0.4 | 7.5 | 4.4 | 0.1 | 5.3 |
| 12.6 | 11.0 | 13.6 | 6.1 | 12.2 | 11.7 | 2.2 | 4.7 | 20.6 | 14.1 | 6.0 | 6.2 |
| 13.9 | 17.2 | 15.5 | -2.6 | 5.7 | 7.6 | -4.1 | 0.9 | 19.9 | 10.0 | 0.2 | 10.7 |
| 3.5 | 4.8 | 4.7 | -0.8 | 1.7 | 2.3 | -1.1 | 0.3 | 6.3 | 3.4 | 0.1 | 4.0 |
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.
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### **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.
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### **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.
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### **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.
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### **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.
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### **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.
---