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ANDHRAPAP - Andhra Paper

📊 NSE: ANDHRAPAP 🏢 Paper 📅 Last Updated: 12/13/2025 18:18

📢 Recent Corporate Announcements

Andhra Paper Reports Nil Requests for Physical Share Transfer Re-lodgement

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Feb 2026, 04:31 PM

Andhra Paper Limited has filed a compliance report regarding the special window for re-lodgement of transfer requests for physical shares as per SEBI guidelines. The company and its Registrar and Transfer Agent, KFin Technologies, confirmed that zero requests were received as of January 06, 2026. Consequently, no requests were processed, approved, or rejected during the reporting period. This is a routine regulatory disclosure with no impact on the company's financial performance or operations.

Zero (NIL) requests received for re-lodgement of physical share transfers as of January 06, 2026
Compliance filing pursuant to SEBI Circular dated July 02, 2025
KFin Technologies Limited confirmed the NIL status for the reporting period
Average time taken for processing such requests was reported as NIL due to lack of applications

💡 No action is required for investors holding shares in demat form. This is a routine compliance update regarding physical share certificates.

Andhra Paper Q3 Results: Returns to Profitability with ₹9.85 Cr PAT; Revenue up 15.6% QoQ

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:33 PM

Andhra Paper reported a sequential turnaround in Q3 FY26, posting a net profit of ₹9.85 crore compared to a net loss of ₹20.26 crore in Q2 FY26. Revenue from operations grew 15.6% quarter-on-quarter to ₹418.69 crore, driven by improved operational performance. However, on a 9-month basis, net profit has declined sharply to ₹10.89 crore from ₹81.06 crore in the previous year, primarily due to elevated raw material costs which rose to ₹805.54 crore for the 9-month period. The company also noted the implementation of new unified labour codes effective from November 2025.

Revenue from operations rose 15.6% QoQ to ₹418.69 crore from ₹362.08 crore.
Net Profit of ₹9.85 crore in Q3 FY26 vs a loss of ₹20.26 crore in Q2 FY26.
9-month PAT decreased 86.5% YoY to ₹10.89 crore from ₹81.06 crore.
Cost of materials consumed for the 9-month period rose 14.2% YoY to ₹805.54 crore.
EPS recovered to ₹0.50 in Q3 from -₹1.02 in the previous quarter.

💡 The sequential return to profitability is a positive signal for the stock, though the massive year-on-year decline in 9-month earnings highlights ongoing margin pressure. Investors should monitor if the company can sustain this margin recovery amidst fluctuating raw material costs.

Andhra Paper Q3 Results: Returns to Profitability with ₹9.85 Cr PAT, Revenue up 8.5% YoY

🔵 WATCH ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:26 PM

Andhra Paper Limited reported a recovery in Q3 FY26, posting a net profit of ₹9.85 crore compared to a significant loss of ₹20.26 crore in the preceding quarter. Revenue from operations grew 8.5% year-on-year to ₹418.69 crore, showing sequential and annual improvement. However, the nine-month performance remains weak, with net profit falling to ₹10.89 crore from ₹81.06 crore in the previous year. The company also integrated the impact of new labor codes effective from November 2025 into its financials.

Revenue from operations increased to ₹418.69 crore in Q3 FY26, up from ₹385.70 crore in Q3 FY25.
Net profit for the quarter stood at ₹9.85 crore, recovering from a loss of ₹20.26 crore in Q2 FY26.
Nine-month (9M) net profit dropped sharply to ₹10.89 crore compared to ₹81.06 crore in the same period last year.
Cost of materials consumed rose to ₹284.50 crore in Q3 FY26 from ₹243.85 crore in Q3 FY25.
Earnings Per Share (EPS) for the quarter was ₹0.50, up from a negative ₹1.02 in the previous quarter.

💡 Investors should monitor if the company can sustain this return to profitability given the significant year-on-year decline in nine-month earnings. The rising cost of materials remains a key concern for margins that requires close observation in upcoming quarters.

Andhra Paper Reports Change in Statutory Auditor Constitution to LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 05:45 PM

Andhra Paper Limited has informed the stock exchanges that its statutory auditor, M S K A & Associates, has converted from a partnership firm into a Limited Liability Partnership (LLP). The firm will now operate under the name M S K A & Associates LLP, effective from January 13, 2026. The company has clarified that this is strictly a change in the legal constitution of the audit firm and does not affect the existing audit engagement or the tenure of the auditors. This is a standard administrative update with no impact on the company's financial health or operations.

Statutory auditor M S K A & Associates converted to an LLP effective January 13, 2026
The new entity is registered under ICAI Firm Registration No 105047W/W101187
No change in the audit engagement or the remaining tenure of the appointment
The update is purely a change in the legal constitution of the audit firm

💡 This is a routine administrative disclosure regarding the auditor's legal structure. No action is required from investors.

Andhra Paper Reports Nil Physical Share Transfer Re-lodgement Requests for Dec 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 11:09 AM

Andhra Paper Limited has reported zero requests for the re-lodgement of physical share transfers for the period ending December 31, 2025. This filing follows the SEBI circular dated July 2, 2025, which provided a special window for such transfers. The company's RTA, KFin Technologies, confirmed that no applications were received, processed, or rejected during the month. This update is a part of standard regulatory compliance and has no operational or financial impact on the company.

Zero requests received for re-lodgement of physical share transfers in December 2025
Compliance filing as per SEBI circular dated July 2, 2025
KFin Technologies confirmed NIL processing and approval activity for the period
No pending requests or rejections reported as of December 31, 2025

💡 This is a routine administrative update with no impact on the company's valuation; investors should focus on upcoming quarterly earnings for fundamental changes.

Andhra Paper Submits Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 10:52 AM

Andhra Paper Limited has filed its quarterly compliance certificate for the period ending December 31, 2025. The filing confirms that the company and its Registrar, KFin Technologies, have processed all dematerialization and rematerialization requests as per SEBI guidelines. This document ensures that the shareholding records are updated with the national depositories, NSDL and CDSL. It is a standard administrative procedure with no direct impact on the company's financial health or stock price.

Quarterly compliance certificate for the period ended December 31, 2025.
Confirmation of processing demat/remat requests by KFin Technologies Limited.
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Standard filing submitted to both BSE and NSE stock exchanges.

💡 This is a routine administrative filing. No action is required from investors based on this specific announcement.

Andhra Paper to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 02:54 PM

Andhra Paper Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Prohibition of Insider Trading regulations. This closure is ahead of the declaration of the company's un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the financial results are officially released to the exchanges.

Trading window closure begins effective January 1, 2026
Closure pertains to the un-audited financial results for the period ending December 31, 2025
Restriction applies to all designated persons and their immediate relatives
Window will reopen 48 hours after the official declaration of financial results

💡 This is a routine regulatory announcement with no direct impact on stock price; investors should monitor for the upcoming Q3 result date for fundamental performance updates.

Andhra Paper Reports Nil Requests for Physical Share Transfer Re-lodgement in Nov 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Dec 2025, 06:14 PM

Andhra Paper Limited has disclosed its monthly status update regarding the special window for re-lodgement of physical share transfer requests. As of November 30, 2025, the company reported that zero requests were received, processed, or approved. This report is in compliance with SEBI's circular dated July 2, 2025, aimed at streamlining physical share transfers. The filing is a standard regulatory procedure and does not reflect any change in the company's business operations or financial health.

Zero requests received for re-lodgement of physical share transfers in November 2025
Compliance with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
KFin Technologies Limited confirmed the NIL status for the reporting period
No average time taken for processing as no requests were pending or received

💡 This is a routine administrative filing with no impact on stock value. Investors should continue to monitor core business metrics and quarterly results.

ANDHRAPAP: ICRA assigns [ICRA]AA (Stable) rating to ₹306 Cr long-term fund based facilities

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Dec 2025, 06:05 PM

Andhra Paper Limited has received credit ratings from ICRA Limited. ICRA has assigned a rating of [ICRA]AA (Stable) to the company's long-term fund-based facilities of ₹306.00 crore. Additionally, a rating of [ICRA]A1+ has been assigned to short-term non-fund based facilities of ₹25.00 crore. The ratings for long-term/short-term unallocated limits of ₹19.00 crore is [ICRA]AA (Stable) / [ICRA]A1+.

ICRA assigned [ICRA]AA (Stable) to ₹306.00 Cr Long-term Fund based facilities.
ICRA assigned [ICRA]A1+ to ₹25.00 Cr Short-term Non fund based facilities.
ICRA assigned [ICRA]AA (Stable) / [ICRA]A1+ to ₹19.00 Cr Unallocated Limits.

💡 The credit rating transition to ICRA from CARE Ratings is a procedural update. Investors should monitor the company's financial performance and debt levels.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for FY 2024-25 was INR 1,541.24 Cr, representing a decline of 14.4% compared to INR 1,801 Cr in FY 2023-24. For the 9-month period ending December 2024 (9MFY25), revenue was INR 1,134 Cr, a 21% decrease from INR 1,436 Cr in 9MFY24, primarily due to softening realizations and a surge in cheaper imports.

Geographic Revenue Split

The domestic market remains the primary revenue driver, while the export share was approximately 4% in FY 2024-25, a significant decline from the 8% export share reported in previous periods.

Profitability Margins

Profitability saw a sharp decline in FY 2024-25; Operating EBITDA margin fell to 8.73% from 23.94% in FY 2023-24 (a 64% decrease), and Net Profit Margin dropped to 5.77% from 18.87% (a 69% decrease). For 9MFY25, the PAT margin was 7% compared to 20% in 9MFY24.

EBITDA Margin

EBITDA margin for FY 2024-25 was 8.73%, down from 23.94% YoY. Core profitability was impacted by a 28-day operational strike, a 22-day annual outage, and rising raw material costs which squeezed margins despite the company's resilience.

Capital Expenditure

The company has declared a planned capital expenditure of approximately INR 520 Cr for upgrading current equipment to enhance operational efficiency, streamline processes, and increase productivity.

Credit Rating & Borrowing

ICRA assigned a long-term rating of [ICRA]AA (Stable) and a short-term rating of [ICRA]A1+ in December 2025. CARE Ratings previously reaffirmed CARE AA (Stable) but the company voluntarily withdrew the CARE rating in November 2025. The interest coverage ratio moderated significantly to 7.74x in FY25 from 118.61x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include virgin pulp and wood. Cost of materials consumed for 9MFY25 was INR 706 Cr, representing approximately 62.2% of total revenue.

Import Sources

The company sources wood through a farm forestry program covering 0.3 million hectares. It also faces competition from cheaper imports of finished paper from international markets, which impacts domestic pricing.

Key Suppliers

Not specifically named, but the company relies on a network of farmers for its 0.3 million hectare farm forestry coverage and benefits from synergies with its parent company, West Coast Paper Mills Limited.

Capacity Expansion

Current installed capacity is 2,55,550 TPA for paper and 2,00,000 TPA for virgin pulp. A planned INR 520 Cr investment is focused on upgrading existing equipment rather than greenfield capacity expansion.

Raw Material Costs

Raw material costs are a significant driver, with the cost of material consumed reaching INR 706 Cr in 9MFY25. Fluctuating wood and chemical costs, combined with softening paper realizations, led to a 64% decline in operating EBITDA margins.

Manufacturing Efficiency

The company achieved total sales of 2,26,288 metric tonnes in FY 2024-25 despite 50 days of combined strike and maintenance outages, demonstrating a capacity utilization of approximately 88.5%.

Logistics & Distribution

The company distributes products across India through an extensive dealer network, focusing on value-added products with higher Net Sales Realizations (NSR).

📈 Strategic Growth

Expected Growth Rate

8.00%

Growth Strategy

Growth will be achieved through an INR 520 Cr equipment upgrade to improve productivity and a strategic shift toward high-margin, value-added niche products such as cup stock, pharma print, and Hi BF Virgin Kraft. The company aims to leverage the plastic ban which aids the cup stock segment.

Products & Services

Writing paper, Printing paper, Industrial paper, Copier paper, Cup stock, Pharma print, and Hi BF Virgin Kraft.

Brand Portfolio

Andhra Paper Limited (Corporate Brand).

New Products/Services

Focusing on niche segments like cup stock (benefiting from plastic bans) and specialty pharma print, which command higher realizations and face lower threat from generic imports.

Market Expansion

The company is focusing on increasing the proportion of value-added products in its mix to diversify end-user segments and mitigate the impact of industry cyclicality.

Market Share & Ranking

One of the largest integrated paper and pulp manufacturers in India and the only paper mill using virgin pulp in Andhra Pradesh.

Strategic Alliances

Andhra Paper benefits from being part of the West Coast Paper Mills Limited (WCPM) group, which provides operational synergies and centralized treasury functioning.

🌍 External Factors

Industry Trends

The Indian paper industry is forecast to grow at a CAGR of 8.0% through 2033. Trends include a shift toward sustainable packaging (cup stock) due to plastic bans, though digitization remains a long-term threat to traditional paper segments.

Competitive Landscape

The landscape is characterized by intense competition from cheaper imports and domestic players. APL competes by focusing on virgin pulp-based high-quality niche products.

Competitive Moat

The moat is built on fully integrated operations (pulp to paper), in-house captive power, and a 0.3 million hectare farm forestry program. These provide cost leadership and high entry barriers in a fragmented industry.

Macro Economic Sensitivity

Highly sensitive to the performance of the Indian economy and global paper industry cycles. GDP growth and digitization trends directly impact demand for printing and writing paper.

Consumer Behavior

Shifts toward e-commerce and sustainable packaging are increasing demand for industrial and specialty papers, while digitization is reducing demand for traditional printing paper.

Geopolitical Risks

Global economic conditions and trade policies regarding paper imports (especially from low-cost producers) pose significant risks to domestic realizations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental standards regarding emissions and water usage. The company proactively manages regulatory compliance to avoid operational restrictions.

Environmental Compliance

The company is ISO 14001:2015 certified and invests in sustainable technologies to align with increasing regulations on emissions and water use.

Taxation Policy Impact

The effective tax rate for 9MFY25 was approximately 27% (INR 30 Cr tax on INR 111 Cr PBT).

Legal Contingencies

The company faced a 28-day labor strike in FY25 which disrupted operations. It maintains policies to comply with labor laws and prevent sexual harassment to mitigate legal risks.

⚠️ Risk Analysis

Key Uncertainties

Key risks include fluctuating raw material costs, foreign exchange volatility, and the threat of cheaper imports which could impact margins by over 60% as seen in the FY25 results.