💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment (exercise notebooks and paper). Total revenue for FY 2024-25 was INR 129.41 Cr, representing a 1.62% increase from INR 127.34 Cr in FY 2023-24. For the half-year ended September 30, 2025, revenue was INR 66.76 Cr compared to INR 66.44 Cr in the previous year, a marginal growth of 0.48%.

Geographic Revenue Split

Not disclosed in available documents; however, the company's primary manufacturing plant is located in Palghar, Maharashtra.

Profitability Margins

The company reported a Net Loss of INR 5.12 Cr for FY 2024-25. For the half-year ended September 30, 2025, the company achieved a turnaround with a Net Profit of INR 0.39 Cr. ROCE for FY 2024-25 was negative at -2.01% compared to -1.39% in FY 2023-24.

EBITDA Margin

EBITDA margin for FY 2024-25 was 1.46% (INR 1.89 Cr), a decline from 1.98% (INR 2.52 Cr) in FY 2023-24, primarily due to a 2.32% increase in operating expenses to INR 125.81 Cr.

Capital Expenditure

Property, Plant and Equipment (PPE) stood at INR 32.31 Cr as of September 30, 2025, down from INR 48.00 Cr as of March 31, 2025, reflecting depreciation of INR 4.34 Cr and other adjustments.

Credit Rating & Borrowing

Not disclosed in available documents. Interest paid during FY 2024-25 was INR 2.68 Cr, and the company repaid INR 18.55 Cr in non-current borrowings during the same period.

⚙️ Operational Drivers

Raw Materials

Paper and paper-related materials are the primary inputs for exercise notebooks and stationery products. Specific cost percentages for individual raw materials are not disclosed.

Raw Material Costs

Not disclosed in available documents; however, the company notes that global and Indian demand-supply conditions and finished goods prices significantly impact operations.

📈 Strategic Growth

Growth Strategy

The company is pursuing inorganic growth through the acquisition of a 52.38% stake (27,50,000 shares) in Sundaram Land and Assets Private Limited. This is being funded via a preferential issue of 7,04,00,000 equity shares to non-promoter shareholders.

Products & Services

Exercise notebooks and paper stationery products.

Brand Portfolio

Sundaram

Strategic Alliances

Acquisition of a controlling 52.38% stake in Sundaram Land and Assets Private Limited.

🌍 External Factors

Industry Trends

The industry is characterized by cyclical demand and pricing. The company is positioning itself by maintaining healthy relationships with stakeholders and focusing on cost control to mitigate inflationary pressures.

Competitive Moat

The company relies on its established 'Sundaram' brand and its manufacturing presence in the Sundaram Industrial Zone, Palghar, to maintain its market position in the exercise book segment.

Macro Economic Sensitivity

Highly sensitive to global and Indian demand-supply conditions for paper and finished stationery goods, as well as general economic developments within India.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to changes in Government regulations and pollution norms. The company maintains a rigorous verification process to ensure adherence to all laws.

Taxation Policy Impact

Not disclosed in available documents; however, changes in tax regimes are cited as a risk factor.

Legal Contingencies

The company identifies litigation as a risk factor that could impact operations, though specific pending case values are not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Key risks include volatility in raw material prices, lack of clarity on future Government policies, and the ability to maintain an interest coverage ratio above 1.0.

Geographic Concentration Risk

Manufacturing is concentrated in Palghar, Maharashtra, making the company vulnerable to regional regulatory or economic shifts.

Credit & Counterparty Risk

Trade receivables stood at INR 18.66 Cr as of September 30, 2025. The debtors turnover ratio improved to 9.13 times in FY 2024-25 from 7.25 times in FY 2023-24, indicating improved collection efficiency.