JK Paper financials and balance sheet

NSE: JKPAPERBSE: 532162Paper, Forest & Jute ProductsSmall Cap

₹357.00₹20.05 (5.32%)BSE ₹356.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹377.05.

52-week range of traded prices to 23 Oct 2026

₹304.85Low, 30 Mar 2026₹442.00High, 17 Sep 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹6,473 Cr729th largest listed
P/E: Earlier quarters restated in the year
P/B: 1.2
Dividend yield: 1.12%
ROCE: 7.1%
Debt to equity: 0.42
Volume, NSE: 5,06,53150.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.JK Paper annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 2.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹7,076 Cr, differs from its quarters added, ₹7,152 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,076
Materials and goods−4,372
Employee costs−696
Other expenses−1,084
Operating profit924
Depreciation−377
Other income+60
One-off items−17
Finance costs−225
Profit before tax364
Tax−93
Joint ventures+1.6
Net profit274

What the company owns

Plant, investments and other assets₹8,064 Cr
Inventory₹1,348 Cr
Receivables₹546 Cr
Current investments₹401 Cr
Cash and bank₹179 Cr

What pays for it: net worth and liabilities

Net worth₹5,786 Cr
Borrowings₹2,436 Cr
Other liabilities₹1,461 Cr
Owed to suppliers₹855 Cr

JK Paper business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.JK Paper segment results by quarter

Revenue by segment

₹7,082 CrTotal

Paper and Packaging₹6,890 Cr97.3% of total
Others₹192 Cr2.7% of total

Profit by segment

Paper and Packaging₹519 Cr94.9% of total
Others₹28 Cr5.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Paper and Packaging
Revenue, ₹ crore
6,623
6,667
6,890
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,317
592
519
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
6
20
24
31
63
70
77
192
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−7
−9
−12
−25
−12
−11
4
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,262	3,075	2,762	3,990	6,463	6,693	6,744	7,082
Company revenue, as in its results	3,257	3,060	2,751	3,969	6,437	6,659	6,718	7,076
Revenue	–	–	–	–	–	6,623	6,667	6,890
Revenue growth	–	–	–	–	–	–	0.7%	3.3%
Profit	–	–	–	–	–	1,317	592	519
Profit growth	–	–	–	–	–	–	−55.0%	−12.3%
Margin	–	–	–	–	–	19.9%	8.9%	7.5%
Return on capital	–	–	–	–	–	26.0%	11.7%	10.1%
Assets	–	–	–	–	–	9,008	8,694	9,789
Liabilities	–	–	–	–	–	3,936	3,643	4,637
Capital employed	–	–	–	–	–	5,072	5,051	5,152
Revenue	6	20	24	31	63	70	77	192
Revenue growth	–	–	–	–	–	–	9.4%	150.8%
Profit	−7	−9	−12	−25	−12	−11	4	28
Profit growth	–	–	–	–	–	–	–	553.0%
Margin	−123.2%	−47.6%	−50.0%	−81.8%	−19.7%	−16.1%	5.6%	14.5%
Return on capital	–	−7.9%	−33.2%	−43.3%	−13.7%	−8.1%	0.7%	4.4%
Assets	–	373	209	281	272	320	853	749
Liabilities	–	254	174	223	182	180	249	115
Capital employed	–	119	35	58	90	140	604	635
Revenue	3,257	3,055	2,739	3,959	6,400	–	–	–
Revenue growth	–	−6.2%	−10.4%	44.6%	61.6%	–	–	–
Profit	747	731	399	829	1,742	–	–	–
Profit growth	–	−2.1%	−45.4%	107.7%	110.1%	–	–	–
Margin	22.9%	23.9%	14.6%	20.9%	27.2%	–	–	–
Return on capital	–	32.4%	16.1%	28.2%	42.8%	–	–	–
Assets	–	4,918	6,346	7,344	8,648	–	–	–
Liabilities	–	2,663	3,860	4,399	4,573	–	–	–
Capital employed	–	2,255	2,485	2,944	4,075	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.JK Paper quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 13 May	Mar 2021Filed 25 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue from operations	2,764	2,877	3,257	3,060	2,751	3,969	6,437	6,659	6,718	7,076
	2,247	2,259	2,389	2,189	2,189	2,971	4,425	5,044	5,790	6,152
Materials and goods bought	1,491	1,528	1,627	1,364	1,318	1,730	2,850	3,452	4,079	4,372
Employee costs	–	–	263	288	305	382	484	566	625	696
Other expenses	–	–	498	537	565	860	1,091	1,025	1,086	1,084
Operating profit before depreciation	517	618	868	871	562	997	2,012	1,616	928	924
Operating margin	18.7%	21.5%	26.7%	28.5%	20.4%	25.1%	31.3%	24.3%	13.8%	13.1%
Materials, % of revenue	–	–	50.0%	44.6%	47.9%	43.6%	44.3%	51.8%	60.7%	61.8%
Employee costs, % of revenue	–	–	8.1%	9.4%	11.1%	9.6%	7.5%	8.5%	9.3%	9.8%
Other expenses, % of revenue	–	–	15.3%	17.6%	20.5%	21.7%	17.0%	15.4%	16.2%	15.3%
Depreciation and amortisation	121	122	128	149	174	193	282	310	332	377
Operating profit after depreciation	396	496	740	722	388	804	1,730	1,306	596	547
Other income	35	23	50	104	111	124	173	227	108	60
Finance costs	188	143	124	129	129	132	222	208	178	225
Profit before one-off items and tax	244	375	666	696	370	797	1,680	1,325	527	382
One-off items	0	0	0	0	0	0	−34	0	0	−17
Profit before tax	244	375	666	696	370	797	1,646	1,325	527	364
	69	115	241	228	133	253	438	191	115	93
Current tax	–	–	46	218	126	160	318	272	156	117
Deferred tax	–	–	195	10	7	93	120	−80	−41	−24
Share of profit of joint ventures and associates	−3	–	–	–	–	–	–	–	0	2
	172	261	425	468	237	544	1,208	1,133	412	274
Belonging to the company's shareholders	172	261	423	475	240	543	1,196	1,122	410	266
Belonging to outside owners of subsidiaries	–	–	2	−7	−3	1	12	11	2	8
Other comprehensive income	–	–	−3	−3	7	5	3	9	−4	−20
Total comprehensive income	–	–	422	466	244	549	1,211	1,142	408	254
Net margin	6.2%	9.1%	13.0%	15.3%	8.6%	13.7%	18.8%	17.0%	6.1%	3.9%
Net margin without joint ventures and associates	6.3%	–	–	–	–	–	–	–	6.1%	3.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 9 May	Mar 2020Filed 13 May	Mar 2021Filed 25 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	2,089	2,374	2,521	3,002	4,165	5,212	5,655	5,786
	2,038	2,365	2,516	2,996	4,034	5,070	5,407	5,521
Share capital	178	178	169	169	169	169	169	181
Reserves	1,860	2,187	2,347	2,827	3,865	4,900	5,238	5,339
Belonging to outside owners of subsidiaries	51	8	5	6	131	142	248	266
	1,305	1,545	2,540	3,137	2,803	2,204	1,885	2,436
Repayable after a year	1,287	1,425	2,358	2,666	2,137	1,695	1,388	1,432
Repayable within a year	18	120	181	471	666	509	497	1,004
	840	1,024	1,146	1,298	1,629	1,476	1,533	2,173
Trade payables	274	382	397	526	658	678	754	855
Other financial liabilities	361	372	433	108	172	151	143	159
Other liabilities	176	141	127	184	120	123	101	134
Provisions	5	5	2	0	13	13	12	22
Tax owed	7	3	6	9	0	3	27	–
	1,593	1,893	2,888	3,324	3,126	2,640	2,359	2,579
Other financial liabilities	59	70	78	87	150	153	153	307
Other liabilities	0	48	46	44	42	40	38	–
Provisions	7	9	10	12	12	14	17	32
Deferred tax	239	341	396	515	786	738	763	741
	4,522	5,290	6,555	7,625	8,920	9,328	9,548	10,538
Held for sale or for a demerger	–	–	–	–	8	0	0	53
	3,122	3,864	4,941	5,598	6,208	6,270	6,686	7,517
Plant in use, after depreciation	2,643	3,055	2,945	5,178	5,328	5,437	5,439	5,562
Plant being built	314	399	1,702	42	119	61	92	420
Intangible assets	0	23	22	39	226	206	402	437
Goodwill	10	10	10	10	149	151	363	459
Intangible assets being developed	15	0	2	4	4	5	7	2
Property held to earn rent	53	54	55	54	53	52	52	52
Investments	29	109	114	105	116	189	187	136
Loans given	17	0	0	27	29	29	24	198
Other financial assets	18	32	43	98	114	91	52	52
Deferred tax	0	–	–	–	0	2	6	7
Other assets	22	182	49	41	69	48	61	191
	1,400	1,427	1,614	2,026	2,704	3,058	2,862	2,968
Inventories	346	498	383	519	819	942	1,249	1,348
Trade receivables	73	74	79	217	350	361	432	546
Cash and cash equivalents	15	30	6	9	36	64	28	157
Other bank balances	12	13	14	13	16	9	13	22
Current investments	646	383	527	619	815	970	423	401
Loans given	151	118	128	42	17	2	14	0
Other financial assets	30	112	169	147	214	307	274	214
Tax paid in advance	0	0	–	–	6	9	1	7
Other assets	126	200	309	459	432	394	427	274
Net debt	632	1,120	1,994	2,496	1,936	1,161	1,421	1,856

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

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	475	774	1,762	1,376	613	773
	552	903	2,021	1,628	738	907
	−79	−191	−91	−100	−205	−45
Receivables	−181	−276	75	−1	41	10
Inventories	115	−130	−222	−108	−281	−67
Payables	7	271	62	18	115	98
Other working capital	−20	−57	−6	−9	−79	−85
Tax paid	−77	−129	−259	−253	−125	−134
Capital spending	1,173	853	224	240	253	503
Free cash flow	−698	−80	1,538	1,136	360	270
	−1,282	−874	−967	−411	−2	−836
Plant and property sold	0	0	13	4	4	13
Companies bought	0	0	−586	−89	−470	−239
Interest received	23	22	18	34	33	23
Dividends received	0	0	0	0	1	1
	784	103	−768	−937	−647	197
Borrowings raised	1,247	648	138	57	15	796
Borrowings repaid	−232	−340	−536	−665	−389	−375
Interest paid	−120	−120	−209	−215	−173	−126
Lease payments	−16	−16	−18	−20	−25	−35
Dividends paid	0	68	161	127	85	85
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−23	3	27	28	−36	133

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.

Consolidated, ₹ per share, years to March.JK Paper dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 13 May	Mar 2021Filed 25 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Earnings per share	₹11.39	₹15.31	₹23.88	₹26.28	₹13.73	₹32.03	₹70.59	₹66.22	₹24.19	₹14.66
Diluted earnings per share	₹9.95	₹14.67	₹23.82	₹26.28	₹13.73	₹32.03	₹70.59	₹59.15	₹22.91	₹14.66
Dividend per share	₹1.50	₹2.50	₹3.50	₹4.00	₹4.00	₹5.50	₹8.00	₹8.50	₹5.00	₹4.00
Book value per share	–	–	₹114.35	₹132.71	₹148.53	₹176.86	₹238.13	₹299.26	₹319.20	₹325.89
Dividend payout	13.6%	16.8%	14.8%	15.0%	28.2%	17.2%	11.3%	12.8%	20.7%	25.5%
Shareholder yield	–	–	–	–	0.0%	1.3%	2.5%	2.3%	1.6%	1.5%
Market cap at the year end (₹ crore)	1,474	2,371	2,528	1,328	2,538	5,149	6,466	5,462	5,291	5,556

Ratios

Consolidated, years to March.JK Paper PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 13 May	Mar 2021Filed 25 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue growth	12.3%	4.1%	13.2%	−6.0%	−10.1%	44.3%	62.2%	3.5%	0.9%	–
Operating profit growth	26.7%	19.6%	40.4%	0.4%	−35.5%	77.5%	101.7%	−19.7%	−42.6%	–
Net profit growth	135.6%	51.6%	63.1%	10.2%	−49.5%	129.7%	122.2%	−6.2%	−63.6%	–
Earnings per share growth	123.3%	34.4%	56.0%	10.1%	−47.8%	133.3%	120.4%	−6.2%	−63.5%	–
	–	–	20.7%	21.6%	9.8%	19.7%	34.0%	24.6%	7.8%	4.9%
	–	–	–	0.9 pts	−11.8 pts	9.9 pts	14.3 pts	−9.4 pts	−16.8 pts	−3.0 pts
From the net margin	–	–	–	4.1 pts	−9.5 pts	5.6 pts	7.1 pts	−3.2 pts	−15.7 pts	−3.0 pts
From asset turnover	–	–	–	−3.3 pts	−3.1 pts	3.2 pts	10.4 pts	−1.9 pts	−0.2 pts	0.0 pts
From borrowing	–	–	–	0.1 pts	0.8 pts	1.1 pts	−3.2 pts	−4.3 pts	−0.9 pts	0.1 pts
Return on capital employed	–	–	21.8%	18.4%	7.7%	13.1%	24.8%	17.6%	7.9%	6.7%
Cash conversion	–	–	–	–	200.7%	142.3%	145.8%	121.4%	148.8%	282.6%
Interest cover	2.1	3.5	6.0	5.6	3.0	6.1	7.8	6.3	3.4	2.4
Debt to equity	–	–	0.62	0.65	1.01	1.04	0.67	0.42	0.33	0.42
Receivable days	–	–	8	9	10	20	20	20	23	28
Inventory days	–	–	78	133	106	110	105	100	112	113
Payable days	–	–	62	102	110	111	84	72	67	71
Cash conversion cycle, days	–	–	24	40	7	19	40	48	68	69
Working capital days	–	–	−11	12	14	51	50	57	74	63
Asset turnover	–	–	0.72	0.62	0.46	0.56	0.78	0.73	0.71	0.70
Assets per rupee of net worth	–	–	2.22	2.23	2.43	2.57	2.35	2.00	1.80	1.84
Sales per rupee of plant	–	–	1.23	1.00	0.93	0.77	1.21	1.22	1.24	1.27
Capital spending to depreciation	–	–	–	–	6.73	4.42	0.79	0.77	0.76	1.34
Plant being built, % of plant in use	–	–	11.9%	13.1%	57.8%	0.8%	2.2%	1.1%	1.7%	7.5%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.6%
Cash from operations against operating profit: 83.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.1%	20.8%	3.2%
Profit growth, yearly rate	13.8%	2.1%	−39.4%
Return on equity, average	–	18.2%	12.4%
Return on capital employed, average	–	14.0%	10.7%
Operating margin, average	22.3%	21.5%	17.0%
Net margin, average	11.2%	11.9%	9.0%
Asset turnover, average	–	0.70	0.72
Cash conversion cycle, days, average	–	49	62
Interest cover, average	4.6	5.2	4.0
Debt to equity, average	–	0.58	0.39

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,298	2,762	773
Cash from investing	−3,091	−1,249	−836
Cash from financing	−2,051	−1,387	197
Capital spending	2,073	996	503
Dividends paid	525	296	85
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,654	868	796
Borrowings repaid	2,304	1,428	375

Accounting checks

Consolidated, 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	–	–	–	–	5	9	8	6	5	5
Altman Z-scorePublished threshold 1.81	–	–	2.64	2.04	1.64	2.22	2.98	2.99	2.70	2.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.16	−1.73	−1.72	−2.51	−2.02	−2.30
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	17.61	9.09	5.00	1.84	−2.11	3.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.51	1.36	1.36	1.52
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.46	17.30	130.35	−1.27	−0.10	18.74	20.99
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	60.06	−19.79	4.38	−6.98	−6.20	14.51	0.77
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.06	6.05	3.23	0.71	0.87	−0.11	−2.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.71	26.49	0.02	0.28	0.15	0.28	0.84
Effective tax ratePublished threshold 17.16 per cent	28.35	30.60	36.20	32.74	36.06	31.74	26.62	14.45	21.80	25.41
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	15.50	10.89	−4.61	−1.87	−11.31

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
15 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Fixed Deposits	Crisil AAReview, Re-affirm	Stable	100
15 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	300
15 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		250
15 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAReview, Re-affirm	Stable	300
12 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	920
12 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		100
12 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Fixed deposit	IND AAReview, Re-affirm	Stable	30
7 Aug 2025	CRISIL Ratings Limited (opens in a new tab)	Others	Crisil AAReview, Re-affirm	Stable	100

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