SUNDARAM - Sundaram Multi.
📢 Recent Corporate Announcements
Sundaram Multi Pap Limited has officially withdrawn its proposed preferential issue of 7,04,00,000 equity shares. The issue, which was priced at ₹3.35 per share, was intended as a share swap transaction with Sundaram Land and Assets Private Limited (SLAPL). The decision follows a communication from SLAPL expressing their intention not to proceed with the transaction. This proposal had previously received shareholder approval during the Extraordinary General Meeting held on November 12, 2025.
- Cancellation of preferential issue involving 7,04,00,000 equity shares
- Proposed issue price was fixed at ₹3.35 per equity share
- Withdrawal triggered by Sundaram Land and Assets Private Limited (SLAPL) opting out of the share swap
- The board meeting concluded at 12:00 Noon on March 05, 2026, to formalize the withdrawal
Sundaram Multi Pap Limited (SMPL) has been informed by Sundaram Land and Assets Private Limited (SLAPL) that it is withdrawing from the proposed share swap transaction. The deal, approved in November 2025, involved SMPL issuing 7.04 crore shares at ‡3.35 each to acquire a 52.38% stake in SLAPL. SLAPL cited a significant decline in SMPL's market price to ‡1.52 and delays in regulatory approvals as reasons for the withdrawal. The Board of SMPL will meet on March 05, 2026, to evaluate the impact and determine the next course of action.
- SLAPL withdrew its intent to proceed with the issuance of 7,04,00,000 equity shares by SMPL.
- The proposed swap price was ‡3.35 per share, while the current market price has crashed to ‡1.52.
- The transaction would have resulted in SMPL acquiring a 52.38% controlling stake in SLAPL.
- SLAPL cited a 107-day delay since EGM approval and material changes in market conditions for the cancellation.
- SMPL Board meeting scheduled for March 05, 2026, to discuss the communication and future steps.
Sundaram Multi Pap Limited's board met on February 14, 2026, to approve the standalone financial results for the quarter and nine months ended December 31, 2025. The meeting, which lasted three hours, resulted in the formal adoption of the unaudited figures and the accompanying Limited Review Report. This filing confirms the company's compliance with Regulation 33 of SEBI Listing Obligations. Investors should now examine the detailed financial statements to evaluate the company's operational performance and profitability trends.
- Board approved unaudited standalone financial results for the quarter ended December 31, 2025
- Financial results for the nine-month period ending December 31, 2025, were reviewed and sanctioned
- The Limited Review Report issued by the auditors was formally taken on record
- The board meeting was conducted between 11:00 AM and 2:00 PM on February 14, 2026
Sundaram Multi Pap Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that dematerialization requests were processed and securities were listed on the stock exchanges. It further verifies that physical certificates were mutilated and cancelled after due verification within the prescribed timelines. This is a standard administrative filing ensuring the accuracy of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Confirmation received from Registrar & Share Transfer Agent, MUFG Intime India Private Limited
- Dematerialization requests were processed and listed on relevant stock exchanges
- Physical certificates were mutilated and cancelled as per SEBI guidelines within prescribed timelines
Sundaram Multi Pap Limited has announced the closure of its trading window for insiders starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 FY26 financial results. The window will remain closed until 48 hours after the declaration of the Unaudited Financial Results for the quarter ending December 31, 2025. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure commences on January 1, 2026, for the quarter ending December 31, 2025.
- Restriction applies to Directors, Key Managerial Personnel, and Designated Employees.
- Window will reopen 48 hours after the official announcement of Unaudited Financial Results.
- The board meeting date for result declaration is yet to be finalized and intimated.
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.