Reported Earnings • May 29
Full year 2026 earnings released: ₹11.43 loss per share (vs ₹7.11 loss in FY 2025) Full year 2026 results: ₹11.43 loss per share (further deteriorated from ₹7.11 loss in FY 2025). Revenue: ₹3.34b (up 20% from FY 2025). Net loss: ₹195.3m (loss widened 61% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 13
Third quarter 2026 earnings released: ₹2.99 loss per share (vs ₹2.15 loss in 3Q 2025) Third quarter 2026 results: ₹2.99 loss per share (further deteriorated from ₹2.15 loss in 3Q 2025). Revenue: ₹769.0m (up 23% from 3Q 2025). Net loss: ₹51.0m (loss widened 39% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹174m). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (₹652.2m market cap, or US$7.32m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Jul 31
Full year 2025 earnings released: ₹7.11 loss per share (vs ₹0.53 profit in FY 2024) Full year 2025 results: ₹7.11 loss per share (down from ₹0.53 profit in FY 2024). Revenue: ₹2.78b (up 1.3% from FY 2024). Net loss: ₹121.3m (down ₹130.3m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jul 24
Malu Paper Mills Limited, Annual General Meeting, Aug 21, 2025 Malu Paper Mills Limited, Annual General Meeting, Aug 21, 2025, at 15:00 Indian Standard Time. New Risk • Jun 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.0% average weekly change). Negative equity (-₹57m). Earnings have declined by 10% per year over the past 5 years. Market cap is less than US$10m (₹701.6m market cap, or US$8.20m). New Risk • May 30
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹57m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹57m). Earnings have declined by 10% per year over the past 5 years. Market cap is less than US$10m (₹670.4m market cap, or US$7.86m). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). New Risk • Apr 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (₹720.6m market cap, or US$8.46m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). New Risk • Feb 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (₹608.7m market cap, or US$7.00m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • Feb 11
Third quarter 2025 earnings released: ₹2.15 loss per share (vs ₹0.21 profit in 3Q 2024) Third quarter 2025 results: ₹2.15 loss per share (down from ₹0.21 profit in 3Q 2024). Revenue: ₹627.6m (up 2.3% from 3Q 2024). Net loss: ₹36.7m (down ₹40.3m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Second quarter 2025 earnings released: ₹2.15 loss per share (vs ₹0.10 profit in 2Q 2024) Second quarter 2025 results: ₹2.15 loss per share (down from ₹0.10 profit in 2Q 2024). Revenue: ₹648.2m (down 4.7% from 2Q 2024). Net loss: ₹36.7m (down ₹38.5m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Sep 26
Malu Paper Mills Limited Announces Tenure Completion of Non - Executive and Independent Directors Malu Paper Mills Limited announced the shareholders of the company at their 26th Annual General Meeting held on September 27, 2019, approved the re-appointment of Shri Satyanarayan Rathi, FCA. Shrutika Inani and Shri Chandrakant Thakar as Non - Executive and Independent Directors of the Company, to hold office for a second term of five years commencing from September 26, 2019 up to September 25, 2024. Accordingly, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations, 2015), the company informed that the second term of Shri Satyanarayan Rathi, FCA. Shrutika Inani and Shri Chandrakant Thakar as Non-Executive and Independent Directors of the Company has ended effective close of business hours on September 25, 2024. Reason for change: Ceased to be a Non-Executive and Independent Directors upon completion of tenure of second term. Announcement • Sep 25
Malu Paper Mills Limited Announces Board Appointments Malu Paper Mills Limited announced that the Shareholders of the Company at their meeting held on 24 September 2024, Appointed Mr. Vijaykumar Mulchandji Sarda (DIN: 10727783) as an Independent Director for a period of 5 consecutive years with effect from September 25, 2024 till September 24, 2029. Brief Profile: Mr. Vijaykumar Mulchandji Sarda is a Commerce raduate and is having 30+ years of experience in Accounts and. business administration. He runs the business as Wholesaler of hosiery items in Nagpur, Maharashtra. Appointed CA. Rajesh Nandkishore Sarda (DIN: 10727785) as an Independent Director for a period of 5 consecutive years with effect from September 25, 2024 till September 24, 2029. Brief Profile: CA. Rajesh Nandkishore Sarda is a Practicing Chartered accountant and possess over 19 years of experience in the areas of Auditing, Financial Accounting, Taxation, Budgeting & MIS, Fund Management and Project Finance. He also completed various certification courses as conducted by the Institute of Chartered Accountants of India (ICAI). He has Proficiency in Internal Auditing, managing financial accounting, receivables & payables management, preparing ledger books, bank reconciliation statements and finalization of accounts. He has Expertise in monitoring the inflow & outflow of funds and ensuring optimum utilisation of available funds towards the accomplishment of corporate goals. Possess significant leadership experience resulting in better financial performance and enhanced systems for higher performance of the team. He is an effective communicator with excellent relationship building & interpersonal skills with proficiency in explaining complex financial data. Appointed CS. Surabhi Pankaj Gandhi (DIN: 10729302) as an Independent Director for a period of 5 consecutive years with effect from September 25, 2024 till September 24, 2029. Brief Profile: CS Surabhi Gandhi, a Fellow member of the Institute of Company Secretaries of India and is also Bachelor of Business Graduate. She possesses over 6 years of experience in the fields of Corporate Law Intellectual Property Rights, handling cempanies of Listed as well as Unlisted Companies, etc. She has experience as Secretarial Consultant; handling regular secretarial and listing compliances and SEBI related matters of the Company apart from other assignments like preparation of Annual Report, bonus issue, handling postal ballot process, XBRL, etc. CS Surabhi Gandhi holds a Post Graduate Diploma in Intellectual Property Rights from Indira Gandhi National Open University. She has been working into filing applications of trademarks and copyrights for various clients and all the other support services. Presently, she is associated with MSN Holdings Limited, Nagpur looking after the Secretarial Compliances of the Company. Announcement • Aug 14
Malu Paper Mills Limited, Annual General Meeting, Sep 24, 2024 Malu Paper Mills Limited, Annual General Meeting, Sep 24, 2024, at 15:00 Indian Standard Time. Location: heera plaza, 4th floor, near telephone exchange, nagpur-400008., nagpur India Reported Earnings • Aug 14
First quarter 2025 earnings released: ₹1.15 loss per share (vs ₹0.16 profit in 1Q 2024) First quarter 2025 results: ₹1.15 loss per share (down from ₹0.16 profit in 1Q 2024). Revenue: ₹576.6m (down 18% from 1Q 2024). Net loss: ₹19.7m (down ₹22.3m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
Malu Paper Mills Limited to Report Q1, 2025 Results on Aug 13, 2024 Malu Paper Mills Limited announced that they will report Q1, 2025 results on Aug 13, 2024 New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Market cap is less than US$10m (₹832.3m market cap, or US$9.94m). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • May 20
Full year 2024 earnings released: EPS: ₹0.54 (vs ₹6.13 loss in FY 2023) Full year 2024 results: EPS: ₹0.54 (up from ₹6.13 loss in FY 2023). Revenue: ₹2.75b (up 18% from FY 2023). Net income: ₹8.95m (up ₹113.5m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹0.21 (vs ₹2.35 loss in 3Q 2023) Third quarter 2024 results: EPS: ₹0.21 (up from ₹2.35 loss in 3Q 2023). Revenue: ₹615.1m (up 30% from 3Q 2023). Net income: ₹3.57m (up ₹43.7m from 3Q 2023). Profit margin: 0.6% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. New Risk • Jan 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹58m free cash flow). Less than 1 year of cash runway based on free cash flow trend (-₹58m free cash flow). Earnings have declined by 57% per year over the past 5 years. Earnings have declined by 57% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₹1.04b market cap, or US$12.5m). Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Non Executive & Non Independent Director Purushottam Malu was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ₹0.10 (vs ₹3.25 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹0.10 (up from ₹3.25 loss in 2Q 2023). Revenue: ₹681.5m (up 4.3% from 2Q 2023). Net income: ₹1.74m (up ₹57.2m from 2Q 2023). Profit margin: 0.3% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Aug 10
Malu Paper Mills Limited, Annual General Meeting, Sep 27, 2023 Malu Paper Mills Limited, Annual General Meeting, Sep 27, 2023, at 15:00 Indian Standard Time. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: ₹0.16 (vs ₹0.11 in 1Q 2023) First quarter 2024 results: EPS: ₹0.16 (up from ₹0.11 in 1Q 2023). Revenue: ₹700.0m (up 11% from 1Q 2023). Net income: ₹2.65m (up 44% from 1Q 2023). Profit margin: 0.4% (up from 0.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jul 29
Malu Paper Mills Limited to Report Q1, 2024 Results on Aug 09, 2023 Malu Paper Mills Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 21
Full year 2023 earnings released: ₹6.07 loss per share (vs ₹3.67 loss in FY 2022) Full year 2023 results: ₹6.07 loss per share (further deteriorated from ₹3.67 loss in FY 2022). Revenue: ₹2.35b (up 11% from FY 2022). Net loss: ₹104.5m (loss widened 67% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 13
Malu Paper Mills Limited to Report Q4, 2023 Results on May 20, 2023 Malu Paper Mills Limited announced that they will report Q4, 2023 results on May 20, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: ₹2.35 loss per share (vs ₹0.93 loss in 3Q 2022) Third quarter 2023 results: ₹2.35 loss per share (further deteriorated from ₹0.93 loss in 3Q 2022). Revenue: ₹474.1m (down 16% from 3Q 2022). Net loss: ₹40.2m (loss widened 154% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 04
Malu Paper Mills Limited to Report Q3, 2023 Results on Feb 11, 2023 Malu Paper Mills Limited announced that they will report Q3, 2023 results on Feb 11, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: ₹3.25 loss per share (vs ₹1.50 loss in 2Q 2022) Second quarter 2023 results: ₹3.25 loss per share (further deteriorated from ₹1.50 loss in 2Q 2022). Revenue: ₹654.3m (up 49% from 2Q 2022). Net loss: ₹55.5m (loss widened 116% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: ₹3.25 loss per share (vs ₹1.50 loss in 2Q 2022) Second quarter 2023 results: ₹3.25 loss per share (further deteriorated from ₹1.50 loss in 2Q 2022). Revenue: ₹654.3m (up 49% from 2Q 2022). Net loss: ₹55.5m (loss widened 116% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹0.11 (vs ₹1.72 loss in 1Q 2022) First quarter 2023 results: EPS: ₹0.11 (up from ₹1.72 loss in 1Q 2022). Revenue: ₹633.4m (up 85% from 1Q 2022). Net income: ₹1.84m (up ₹31.3m from 1Q 2022). Profit margin: 0.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • May 30
Full year 2022 earnings released: ₹3.61 loss per share (vs ₹3.38 loss in FY 2021) Full year 2022 results: ₹3.61 loss per share (down from ₹3.38 loss in FY 2021). Revenue: ₹2.13b (up 26% from FY 2021). Net loss: ₹62.6m (loss widened 8.5% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 31
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹0.93 loss per share (down from ₹0.50 loss in 3Q 2021). Revenue: ₹564.8m (up 23% from 3Q 2021). Net loss: ₹15.8m (loss widened 85% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 01
Second quarter 2022 earnings released: ₹1.50 loss per share (vs ₹1.26 loss in 2Q 2021) The company reported a mediocre second quarter result with increased losses, although control over costs was stable and revenues improved. Second quarter 2022 results: Revenue: ₹442.5m (up 21% from 2Q 2021). Net loss: ₹25.7m (loss widened 19% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Board Change • Sep 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Independent Non-Executive Director Shrutika Inani was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Independent Non-Executive Director Shrutika Inani was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Independent Non-Executive Director Shrutika Inani was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
First quarter 2022 earnings released: ₹1.72 loss per share (vs ₹1.89 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₹345.0m (up 51% from 1Q 2021). Net loss: ₹29.4m (loss narrowed 8.7% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 24
Full year 2021 earnings released: ₹3.44 loss per share (vs ₹0.39 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ₹1.70b (down 25% from FY 2020). Net loss: ₹57.7m (down ₹64.3m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 10
Third quarter 2021 earnings released: ₹0.50 loss per share (vs ₹0.19 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ₹460.1m (down 11% from 3Q 2020). Net loss: ₹8.56m (loss widened 166% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 08
New 90-day high: ₹33.10 The company is up 26% from its price of ₹26.20 on 09 September 2020. The Indian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 20% over the same period. Reported Earnings • Nov 12
Second quarter 2021 earnings released: ₹1.26 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹365.1m (down 38% from 2Q 2020). Net loss: ₹21.5m (down ₹22.8m from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 04
New 90-day low: ₹23.25 The company is down 16% from its price of ₹27.55 on 06 August 2020. The Indian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day low: ₹23.55 The company is down 19% from its price of ₹28.90 on 22 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 3.0% over the same period. 
