On 6 Nov 2026, Sangal Papers was priced at ₹189.70, or 5.8× trailing earnings, against an industry P/E of 14.0×, and the shares are 16% below their 52-week high. Sales and net profit fell 7.5% and 11% a year over 3 years, with ROCE of 8.4% and ROE of 5.2%. Debt is 0.67× equity. It is a small-cap company with a market cap of ₹25 Cr, ranked 34th of 43 Paper & Paper Products companies by market cap; the shares fell 14% over the past year.
- ₹194.90
- ₹194.90
- ₹189.70
- ₹185.60
- 327
Health check
- ReturnsIn line
−14.1% over a year, better than 3 of 7 peers.
- Price tagCheaper
P/E 5.8 vs industry 14.0.
- GrowthShrinking
Sales −7.5%, profit −11.2% a year over 3 years.
- ProfitabilityWeak
ROCE 8.4% vs peer median 6.0%.
- Balance sheetFair
Debt 0.67× equity, interest covered 2.5×, Piotroski 4 of 9.
- Red flags1 to check
Return on equity is low at 5.2%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹25 Cr
- Small cap
- P/E
- 5.8
- Industry 14.0
- Price to book
- 0.53
- Peers 1.16
- Dividend yield
- 0.00%
- ROE
- 5.2%
- Peers 5.8%
- ROCE
- 8.4%
- Peers 6.0%
- Debt to equity
- 0.67
- Debt ₹31 Cr
- EPS (TTM)
- ₹32.47
- OPM (TTM)
- 5.0%
- Net margin 2.3%
- Sales growth
- +17.5%
- Latest quarter vs a year ago
- Profit growth
- +233.5%
- Latest quarter vs a year ago
- Price to sales
- 0.13
- EV/EBITDA 5.3
Strengths and risks
Strengths
- Quarterly profit up 233.5% on a year ago.
- Quarterly sales up 17.5% on a year ago.
- P/E of 5.8 against an industry P/E of 14.0.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 5.2%.
About Sangal Papers
Sangal Papers Limited engages in the manufacturing of paper in India. It offers envelope, ribbed, packing and lamination, scrapbook/craft, MG color sheets and posters, writing and printing, stationery, and newsprint papers. The company also exports its products to the Gulf, European, Asian, and internationally. Sangal Papers Limited was incorporated in 1980 and is based in Meerut, India.
- Headquarters
- Meerut
- Employees
- 213
- Sector
- Basic Materials
- ISIN
- INE384D01022
- Website
- sangalpapers.com
Price range
- Avg volume (3M)
- 642
- 1-year return
- minus 14.1%
- From 52-week high
- minus 16.0%
Peers · Paper & Paper Products
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JKPAPERJK Paper | 368.00 | minus 0.90% | 6,673 | 18.9 | 9.2 | 6.2% | 10.1% | 0.43 | 2.8% | minus 3.9% |
| WSTCSTPAPRWest Coast Paper Mills | 738.15 | minus 11.24% | 4,875 | 21.2 | 9.7 | 5.9% | 11.5% | 0.08 | −4.5% | plus 84.7% |
| SESHAPAPERSeshasayee Paper and Boards | 216.45 | minus 0.48% | 1,365 | 11.0 | 8.5 | 4.4% | 7.0% | – | −6.3% | minus 15.5% |
| ANDHRAPAPANDHRA PAPER | 61.52 | minus 1.96% | 1,223 | 23.4 | 10.7 | 1.9% | 4.8% | 0.15 | −6.7% | minus 19.1% |
| NRAILN R Agarwal Industries | 673.00 | minus 0.25% | 1,145 | 18.4 | 10.8 | 7.7% | 9.9% | 1.01 | 6.9% | plus 43.2% |
| TNPLTamil Nadu Newsprint & Papers | 136.26 | minus 2.23% | 943 | 3.6 | 4.9 | 6.3% | 10.2% | 0.70 | −3.6% | minus 8.9% |
| PDMJEPAPERPudumjee Paper Products | 87.80 | minus 0.93% | 834 | 9.2 | 5.4 | – | 14.3% | 0.05 | 2.1% | minus 24.4% |
| SANPASangal Papers | 189.70 | plus 2.21% | 25 | 5.8 | 7.5 | 8.4% | 5.0% | 0.67 | −7.5% | minus 14.1% |
| Median of 7 peers | – | −0.93% | 1,223 | 18.4 | 9.2 | 6.0% | 10.1% | 0.29 | −3.6% | −8.9% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 47.6 | 48.3 | 46.7 | 36.7 | 55.9 | |
| 45.6 | 47.2 | 45.3 | 34.5 | 51.2 | |
| 2 | 1.1 | 1.4 | 2.2 | 4.7 | |
| 4.2% | 2.4% | 2.9% | 5.9% | 8.3% | |
| 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | |
| 0.6 | 0.6 | 0.5 | 0.5 | 0.6 | |
| 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | |
| 1.1 | 0.4 | 0.5 | 1.3 | 3.7 | |
| 26.2% | 28.0% | 27.7% | 30.9% | 27.8% | |
| 0.8 | 0.3 | 0.3 | 0.9 | 2.7 | |
| 6.15 | 2.31 | 2.65 | 7.01 | 20.50 |
Profit & loss
- Sales CAGR 3Y
- −7.5%
- Profit CAGR 3Y
- −11.2%
- EPS CAGR 3Y
- −11.2%
- ROE
- 5.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 226 | 190 | 180 | 179 | |
| – | minus 16.0% | minus 5.3% | minus 0.5% | |
| 219 | 183 | 171 | 171 | |
| 7 | 6.7 | 8.2 | 7.3 | |
| 3.1% | 3.5% | 4.6% | 4.1% | |
| 1.4 | 1 | 0.6 | 0.8 | |
| 1.9 | 2.5 | 2.5 | 2.2 | |
| 1.6 | 1.7 | 1.9 | 2 | |
| −0.1 | – | −0.3 | −0.6 | |
| 4.8 | 3.5 | 4 | 3.3 | |
| 29.4% | 28.8% | 29.4% | 28.5% | |
| 3.4 | 2.5 | 2.8 | 2.4 | |
| – | minus 27.0% | +14.4% | minus 16.2% | |
| 25.90 | 18.90 | 21.62 | 18.11 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1.3 | 1.3 | 1.3 | 1.3 | |
| 37.8 | 40.2 | 43 | 45.4 | |
| 24.9 | 26.5 | 26.8 | 31.4 | |
| 26.1 | 21.6 | 21.3 | 20.9 | |
| 90.1 | 89.6 | 92.5 | 99.1 | |
| 36.5 | 38.9 | 39.5 | 49.2 | |
| 0.2 | 3.9 | – | 0.2 | |
| 1 | 1.3 | 0.8 | 2 | |
| 52.5 | 45.6 | 52.2 | 47.7 | |
| 90.1 | 89.6 | 92.5 | 99.1 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 4.5 | 4.3 | 5.8 | 10.7 | |
| −7.5 | −3 | −4.1 | −11.9 | |
| 3.8 | −1 | −2.2 | 2.4 | |
| 0.8 | 0.4 | −0.5 | 1.1 | |
| −8.4 | −3 | −4.4 | −12.2 | |
| −3.9 | 1.3 | 1.3 | −1.4 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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