Andhra Paper financials and balance sheet

NSE: ANDHRAPAPBSE: 502330Paper, Forest & Jute ProductsSmall Cap

Formerly International Paper APPM

₹62.27₹2.36 (3.65%)BSE ₹61.92

Share price at the NSE close on 23 Oct 2026. Previous close ₹64.63.

52-week range of traded prices to 23 Oct 2026

₹58.00Low, 30 Mar 2026₹79.79High, 8 Sep 2026

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹1,238 Cr1,359th largest listed
P/E: 44.8
P/B: 0.6
Dividend yield: 0.80%
ROE: 1.4%
ROCE: −1.2%
Debt to equity: 0.12
Volume, NSE: 3,02,55457.6% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Andhra Paper annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,098 Cr, year to Mar 2023A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.7% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,701
Materials and goods−1,105
Employee costs−181
Other expenses−348
Operating profit67
Depreciation−107
Other income+84
One-off items0.0
Finance costs−18
Profit before tax25
Tax−6.7
Net profit19

What the company owns

Plant, investments and other assets₹1,598 Cr
Current investments₹502 Cr
Inventory₹263 Cr
Receivables₹156 Cr
Cash and bank₹19 Cr

What pays for it: net worth and liabilities

Net worth₹1,939 Cr
Borrowings₹232 Cr
Other liabilities₹207 Cr
Owed to suppliers₹159 Cr

Profit and loss

Standalone, ₹ crore, years to March.Andhra Paper quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 2 Jun	Mar 2021Filed 12 May	Mar 2022Filed 12 May	Mar 2023Filed 16 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	1,267	1,280	1,427	1,270	887	1,380	2,098	1,801	1,541	1,701
	–	1,058	1,049	967	826	1,159	1,363	1,370	1,407	1,634
Materials and goods bought	514	499	479	378	356	486	823	851	927	1,105
Employee costs	–	–	153	157	143	157	165	169	169	181
Other expenses	–	–	418	431	327	516	375	349	311	348
Operating profit before depreciation	–	221	379	302	61	221	735	431	135	67
Operating margin	–	17.3%	26.5%	23.8%	6.9%	16.0%	35.0%	23.9%	8.7%	4.0%
Materials, % of revenue	–	–	33.5%	29.8%	40.1%	35.2%	39.2%	47.3%	60.1%	64.9%
Employee costs, % of revenue	–	–	10.7%	12.4%	16.1%	11.4%	7.9%	9.4%	11.0%	10.6%
Other expenses, % of revenue	–	–	29.3%	34.0%	36.9%	37.4%	17.9%	19.4%	20.2%	20.5%
Depreciation and amortisation	68	66	68	76	73	72	63	66	88	107
Operating profit after depreciation	–	156	311	227	−12	149	672	365	46	−40
Other income	6	5	15	15	15	45	52	95	89	84
Finance costs	33	26	9	5	5	5	7	4	18	18
Profit before one-off items and tax	–	135	317	236	−2	188	716	456	117	25
One-off items	–	−8	−5	0	−4	0	−15	0	0	0
Profit before tax	43	126	311	236	−6	188	701	456	117	25
	11	43	111	23	−2	49	179	116	28	7
Current tax	–	33	113	68	5	56	186	111	25	8
Deferred tax	–	11	−2	−45	−7	−7	−8	5	4	−1
Net profit	31	83	200	213	−5	140	522	340	89	19
Other comprehensive income	–	–	0	−1	4	−1	−5	21	−2	0
Total comprehensive income	–	–	200	212	−1	139	518	361	87	18
Net margin	2.5%	6.5%	14.0%	16.8%	−0.5%	10.1%	24.9%	18.9%	5.8%	1.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: revenue, other income and exceptional items less the total expenses stated do not come to the profit before tax the same statement states, so the operating expenses cannot be told apart from the rest.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Dec 20119 months	Dec 2012	Mar 201315 months	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	579	633	650	793	598	980	1,244	1,097	1,144	1,160
	512	513	504	–	–	–	1,115	–	1,046	1,029
Materials and goods bought	192	189	156	201	193	382	–	471	487	517
Operating profit before depreciation	67	120	146	–	–	–	129	–	98	131
Operating margin	11.6%	19.0%	22.5%	–	–	–	10.4%	–	8.5%	11.3%
Depreciation and amortisation	52	54	56	–	–	–	88	–	69	73
Operating profit after depreciation	15	66	90	–	–	–	41	–	29	57
Other income	13	5	7	6	3	9	10	7	8	6
Finance costs	15	50	32	40	44	46	55	43	45	40
Profit before one-off items and tax	–	21	65	57	−13	−11	−5	−56	−7	24
One-off items	7	1	–	–	–	−16	−16	–	1	33
Profit before tax	20	22	65	57	−13	−27	−21	−56	−6	56
Tax	3	3	11	12	85	−7	3	−15	−7	19
Net profit	17	19	54	45	−98	−21	−24	−42	0	37
Net margin	2.9%	3.0%	8.3%	5.7%	−16.4%	−2.1%	−1.9%	−3.8%	0.0%	3.2%

Standalone, ₹ crore, years to March, then December.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 May	Mar 2020Filed 2 Jun	Mar 2021Filed 12 May	Mar 2022Filed 12 May	Mar 2023Filed 16 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	764	976	975	1,094	1,582	1,893	1,941	1,939
Share capital	40	40	40	40	40	40	40	40
Reserves	724	936	935	1,054	1,542	1,853	1,901	1,900
	13	8	29	59	55	114	283	232
Repayable after a year	13	8	7	16	11	53	139	163
Repayable within a year	0	0	22	43	44	62	143	69
	264	223	251	304	338	419	440	353
Trade payables	171	129	130	163	196	228	189	159
Other financial liabilities	34	36	37	36	36	68	46	62
Other liabilities	–	23	26	26	20	24	21	16
Provisions	34	34	34	36	37	37	39	44
Tax owed	24	0	1	1	4	0	1	2
	159	122	106	100	85	139	223	246
Other financial liabilities	5	16	10	2	1	1	0	–
Provisions	2	3	1	1	0	3	0	0
Deferred tax	140	95	88	81	72	83	84	82
	1,186	1,321	1,333	1,498	2,005	2,451	2,605	2,538
Held for sale or for a demerger	6	2	2	1	–	–	–	–
	786	750	777	773	856	1,171	1,295	1,498
Plant in use, after depreciation	705	678	617	582	575	794	1,023	1,000
Plant being built	8	2	8	8	29	114	30	279
Intangible assets	2	3	2	3	2	2	1	0
Intangible assets being developed	–	0	1	0	0	0	0	0
Property held to earn rent	16	0	0	–	–	–	165	0
Investments	0	18	107	138	175	172	0	147
Loans given	0	0	4	0	0	0	0	0
Other financial assets	10	15	4	4	4	5	5	5
Deferred tax	–	0	–	0	0	19	0	0
Other assets	45	35	34	38	71	66	72	66
	394	569	554	724	1,149	1,280	1,310	1,040
Inventories	157	223	164	145	174	237	322	263
Trade receivables	74	41	76	103	148	61	109	156
Cash and cash equivalents	15	14	15	25	21	11	4	16
Other bank balances	52	157	66	30	26	15	4	2
Current investments	0	27	112	244	712	857	745	502
Loans given	21	41	62	104	16	1	1	0
Other financial assets	1	6	3	5	3	2	3	2
Other assets	74	61	55	68	49	96	123	97
Net debt	−55	−190	−164	−241	−704	−768	−470	−289

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 May	Mar 2022Filed 12 May	Mar 2023Filed 16 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	−123	202	536	319	−55	105
	−123	257	718	452	−51	112
	−27	30	−23	19	−192	21
Receivables	35	−27	−45	87	−48	−47
Inventories	−59	19	−29	−63	−85	59
Payables	3	44	38	37	−29	−12
Other working capital	−6	−6	12	−41	−30	21
Tax paid	0	−55	−183	−134	−5	−8
Capital spending	21	39	115	331	265	299
Free cash flow	−145	163	421	−12	−320	−194
	113	−181	−499	−334	−61	2
Plant and property sold	0	0	1	0	0	0
Interest received	−12	21	38	38	31	24
Dividends received	0	0	0	0	3	4
	11	−12	−41	5	109	−94
Borrowings raised	42	130	150	127	345	133
Borrowings repaid	−21	−112	−153	−67	−177	−186
Interest paid	−4	−4	−6	−3	−17	−18
Lease payments	0	−6	−2	0	−2	−2
Dividends paid	0	20	30	50	40	20
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1	9	−4	−10	−7	12

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Andhra Paper dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 2 Jun	Mar 2021Filed 12 May	Mar 2022Filed 12 May	Mar 2023Filed 16 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	₹1.57	₹4.18	₹10.06	₹10.71	−₹0.23	₹7.03	₹26.27	₹17.09	₹4.47	₹0.94
As stated that year	₹7.87	₹20.89	₹50.31	₹53.54	−₹1.16	₹35.14	₹131.37	₹85.43	₹4.47	₹0.94
	₹1.57	₹4.18	₹10.06	₹10.71	−₹0.23	₹7.03	₹26.27	₹17.09	–	₹0.94
As stated that year	₹7.87	₹20.89	₹50.31	₹53.54	−₹1.16	₹35.14	₹131.37	₹85.43	–	₹0.94
	–	–	–	–	₹1.00	₹1.50	₹2.50	₹2.00	₹1.00	₹0.50
As declared that year	–	–	–	–	₹5.00	₹7.50	₹12.50	₹10.00	₹1.00	₹0.50
	–	–	₹38.41	₹49.07	₹49.04	₹55.02	₹79.57	₹95.21	₹97.60	₹97.53
On that year's share count	–	–	₹192.06	₹245.37	₹245.21	₹275.10	₹397.83	₹476.04	₹97.60	₹97.53
Dividend payout	–	–	–	–	–	21.3%	9.5%	11.7%	22.4%	53.4%
Shareholder yield	–	–	–	–	0.0%	1.7%	1.8%	2.6%	2.9%	1.7%
Market cap at the year end (₹ crore)	1,285	1,159	1,776	563	871	1,172	1,646	1,932	1,372	1,162

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Andhra Paper PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 2 Jun	Mar 2021Filed 12 May	Mar 2022Filed 12 May	Mar 2023Filed 16 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	–	1.0%	11.5%	−11.0%	−30.2%	55.7%	52.0%	−14.2%	−14.4%	10.4%
Operating profit growth	–	–	71.0%	−20.1%	−79.9%	262.8%	232.6%	−41.3%	−68.8%	−50.0%
Net profit growth	−15.1%	165.3%	140.9%	6.4%	–	–	273.9%	−35.0%	−73.8%	−79.1%
Earnings per share growth	–	165.4%	140.8%	6.4%	–	–	273.9%	−35.0%	−73.8%	−79.0%
	–	–	26.2%	24.5%	−0.5%	13.5%	39.0%	19.6%	4.6%	1.0%
	–	–	–	−1.7 pts	−25.0 pts	14.0 pts	25.5 pts	−19.5 pts	−14.9 pts	−3.7 pts
From the net margin	–	–	–	5.1 pts	−25.2 pts	9.7 pts	19.7 pts	−9.5 pts	−13.6 pts	−3.8 pts
From asset turnover	–	–	–	−5.0 pts	0.3 pts	4.2 pts	7.6 pts	−9.6 pts	−1.5 pts	0.1 pts
From borrowing	–	–	–	−1.9 pts	0.0 pts	0.1 pts	−1.8 pts	−0.4 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	40.0%	23.0%	−1.2%	12.9%	41.0%	18.2%	2.1%	−1.8%
Cash conversion	–	–	–	–	–	144.8%	102.6%	93.8%	−62.3%	561.3%
Interest cover	–	6.0	36.4	42.6	–	27.3	93.6	82.7	2.6	–
Debt to equity	–	–	0.02	0.01	0.03	0.05	0.03	0.06	0.15	0.12
Receivable days	–	–	19	12	31	27	26	12	26	33
Inventory days	–	–	120	216	169	109	77	102	127	87
Payable days	–	–	130	125	134	122	87	98	75	53
Cash conversion cycle, days	–	–	8	102	66	14	16	16	78	68
Working capital days	–	–	16	43	54	43	17	8	62	50
Asset turnover	–	–	1.20	1.01	0.67	0.98	1.20	0.81	0.61	0.66
Assets per rupee of net worth	–	–	1.55	1.44	1.36	1.37	1.31	1.28	1.32	1.33
Sales per rupee of plant	–	–	2.02	1.87	1.44	2.37	3.65	2.27	1.51	1.70
Capital spending to depreciation	–	–	–	–	0.29	0.55	1.82	5.03	3.00	2.78
Plant being built, % of plant in use	–	–	1.2%	0.2%	1.2%	1.3%	5.1%	14.3%	2.9%	27.9%

Revenue growth is left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2021 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.7%
Cash from operations against operating profit: 155.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	3.9%	13.9%	−6.7%
Profit growth, yearly rate	−6.6%	–	−67.1%
Return on equity, average	–	15.5%	8.4%
Return on capital employed, average	–	14.5%	6.1%
Operating margin, average	18.0%	17.5%	12.2%
Net margin, average	10.0%	12.2%	8.6%
Asset turnover, average	–	0.85	0.69
Cash conversion cycle, days, average	–	38	54
Interest cover, average	–	51.6	42.6
Debt to equity, average	–	0.08	0.11

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,106	368	105
Cash from investing	−1,073	−393	2
Cash from financing	−33	20	−94
Capital spending	1,049	895	299
Dividends paid	159	109	20
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	885	605	133
Borrowings repaid	696	431	186

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	8	8	3	2	5
Altman Z-scorePublished threshold 1.81	–	–	5.60	3.85	3.38	4.41	6.11	4.91	3.42	3.26
Beneish M-scorePublished threshold −1.78	–	–	–	–	−0.84	−2.42	−1.71	−2.76	−1.19	−2.03
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.38	8.39	27.71	15.94	8.13	−3.41
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.94	1.05	0.84	0.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−33.52	115.55	−19.99	−8.12	−44.54	92.69	33.30
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	63.23	−20.51	−48.20	−49.69	33.08	26.98	−37.50
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.68	−0.87	1.00	−0.98	2.56	1.77	−1.51
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.59	0.21	0.53	0.40	0.09	3.31
Effective tax ratePublished threshold 17.16 per cent	26.45	34.31	35.74	9.70	–	25.82	25.47	25.44	24.06	26.60
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.35	−0.58	−3.89	20.12	−3.13

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
21 May 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	450
5 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	WithdrawnReview, Other
5 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	WithdrawnReview, Other
4 Dec 2025	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+New, New		25
4 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-OthersLong-term scale	[ICRA]AANew, New	Stable	306
4 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA /[ICRA]A1+New, New	Stable	19

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.