New Risk • Jun 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹2.16b market cap, or US$22.7m). Reported Earnings • May 26
Full year 2026 earnings released: EPS: ₹21.05 (vs ₹26.36 in FY 2025) Full year 2026 results: EPS: ₹21.05 (down from ₹26.36 in FY 2025). Revenue: ₹4.34b (flat on FY 2025). Net income: ₹327.5m (down 20% from FY 2025). Profit margin: 7.6% (down from 9.4% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 18
Star Paper Mills Limited to Report Q4, 2026 Results on May 25, 2026 Star Paper Mills Limited announced that they will report Q4, 2026 results on May 25, 2026 Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹5.26 (vs ₹4.94 in 3Q 2025) Third quarter 2026 results: EPS: ₹5.26 (up from ₹4.94 in 3Q 2025). Revenue: ₹1.04b (up 6.3% from 3Q 2025). Net income: ₹82.2m (up 6.6% from 3Q 2025). Profit margin: 7.9% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Feb 09
Star Paper Mills Limited to Report Q3, 2026 Results on Feb 13, 2026 Star Paper Mills Limited announced that they will report Q3, 2026 results at 4:00 PM, Indian Standard Time on Feb 13, 2026 Buy Or Sell Opportunity • Nov 07
Now 20% overvalued Over the last 90 days, the stock has fallen 2.5% to ₹164. The fair value is estimated to be ₹137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 9.8%. Announcement • Nov 04
Star Paper Mills Limited to Report Q2, 2026 Results on Nov 13, 2025 Star Paper Mills Limited announced that they will report Q2, 2026 results at 4:00 PM, Indian Standard Time on Nov 13, 2025 Upcoming Dividend • Sep 11
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 18 September 2025. Payment date: 18 October 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.0%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: ₹8.21 (vs ₹8.91 in 1Q 2025) First quarter 2026 results: EPS: ₹8.21 (down from ₹8.91 in 1Q 2025). Revenue: ₹1.01b (down 11% from 1Q 2025). Net income: ₹128.1m (down 7.9% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 10% 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. Declared Dividend • Aug 15
Dividend reduced to ₹3.50 Dividend of ₹3.50 is 13% lower than last year. Ex-date: 18th September 2025 Payment date: 18th October 2025 Dividend yield will be 2.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 09
Star Paper Mills Limited to Report Q1, 2026 Results on Aug 13, 2025 Star Paper Mills Limited announced that they will report Q1, 2026 results on Aug 13, 2025 New Risk • May 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.9% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (8.9% net profit margin). Market cap is less than US$100m (₹2.83b market cap, or US$33.1m). Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹26.36 (vs ₹41.01 in FY 2024) Full year 2025 results: EPS: ₹26.36 (down from ₹41.01 in FY 2024). Revenue: ₹4.60b (up 3.6% from FY 2024). Net income: ₹411.4m (down 36% from FY 2024). Profit margin: 8.9% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Reported Earnings • Feb 14
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₹1.02b (down 11% from 3Q 2024). Net income: ₹77.1m (down 48% from 3Q 2024). Profit margin: 7.6% (down from 13% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹242, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 24x in the Forestry industry in India. Total returns to shareholders of 104% over the past three years. Buy Or Sell Opportunity • Nov 18
Now 22% overvalued Over the last 90 days, the stock has fallen 15% to ₹201. The fair value is estimated to be ₹164, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Oct 29
Now 20% overvalued Over the last 90 days, the stock has fallen 19% to ₹201. The fair value is estimated to be ₹167, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 29%. Announcement • Sep 27
Star Paper Mills Limited Announces Directorate Changes Star Paper Mills Limited announced that the board took note of the completion of tenures of Mr. C.M. Vasudev and Mr. Shiromani Sharma as independent director of the company on September 27, 2024. Announcement • Aug 20
Star Paper Mills Limited, Annual General Meeting, Sep 25, 2024 Star Paper Mills Limited, Annual General Meeting, Sep 25, 2024, at 11:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₹1.22b (down 1.2% from 1Q 2024). Net income: ₹139.1m (down 30% from 1Q 2024). Profit margin: 11% (down from 16% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Star Paper Mills Limited to Report Q1, 2025 Results on Aug 13, 2024 Star Paper Mills Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • May 28
Star Paper Mills Limited Announces Resignation of Sheela Bhide, an Independent Director and Membership of CSR Committee of the Board with Effect from May 31, 2024 Star Paper Mills Limited informed that Dr. (Mrs) Sheela Bhide, an independent director of the company has, vide her letter dated May 25, 2024 (received on May 27, 2024) resigned from the directorship of the company and also membership of CSR Committee of the board with effect from May 31, 2024, on account of severe health problems. Reported Earnings • May 25
Full year 2024 earnings released: EPS: ₹41.01 (vs ₹42.08 in FY 2023) Full year 2024 results: EPS: ₹41.01 (down from ₹42.08 in FY 2023). Revenue: ₹4.76b (down 3.3% from FY 2023). Net income: ₹640.0m (down 2.5% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • May 18
Star Paper Mills Limited to Report Q4, 2024 Results on May 24, 2024 Star Paper Mills Limited announced that they will report Q4, 2024 results on May 24, 2024 Reported Earnings • Feb 11
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₹1.24b (up 6.8% from 3Q 2023). Net income: ₹147.6m (up 16% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹282, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 13x in the Forestry industry in India. Total returns to shareholders of 175% over the past three years. Buying Opportunity • Dec 07
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹286, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 50%. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹9.73 (vs ₹13.58 in 2Q 2023) Second quarter 2024 results: EPS: ₹9.73 (down from ₹13.58 in 2Q 2023). Revenue: ₹1.14b (down 15% from 2Q 2023). Net income: ₹151.9m (down 28% from 2Q 2023). Profit margin: 13% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Nov 01
Star Paper Mills Limited to Report Q2, 2024 Results on Nov 09, 2023 Star Paper Mills Limited announced that they will report Q2, 2024 results at 12:08 PM, Indian Standard Time on Nov 09, 2023 Buying Opportunity • Sep 12
Now 24% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be ₹283, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 52%. Upcoming Dividend • Sep 08
Upcoming dividend of ₹5.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 23 October 2023. Payout ratio is a comfortable 8.3% and this is well supported by cash flows. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.9%). Announcement • Aug 16
Star Paper Mills Limited, Annual General Meeting, Sep 22, 2023 Star Paper Mills Limited, Annual General Meeting, Sep 22, 2023, at 11:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2024 earnings released: EPS: ₹12.64 (vs ₹9.79 in 1Q 2023) First quarter 2024 results: EPS: ₹12.64 (up from ₹9.79 in 1Q 2023). Revenue: ₹1.24b (up 3.8% from 1Q 2023). Net income: ₹197.4m (up 29% from 1Q 2023). Profit margin: 16% (up from 13% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹42.08 (vs ₹23.48 in FY 2022) Full year 2023 results: EPS: ₹42.08 (up from ₹23.48 in FY 2022). Revenue: ₹5.14b (up 56% from FY 2022). Net income: ₹656.7m (up 79% from FY 2022). Profit margin: 13% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹8.16 (vs ₹4.61 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.16 (up from ₹4.61 in 3Q 2022). Revenue: ₹1.19b (up 28% from 3Q 2022). Net income: ₹127.4m (up 77% from 3Q 2022). Profit margin: 11% (up from 7.7% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 06
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.6%). Reported Earnings • Aug 16
First quarter 2023 earnings released First quarter 2023 results: Net income: ₹152.8m (up 217% from 1Q 2022). Reported Earnings • May 28
Full year 2022 earnings released Full year 2022 results: Revenue: ₹3.49b (up 49% from FY 2021). Net income: ₹366.5m (up 109% from FY 2021). Profit margin: 11% (up from 7.5% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₹171, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 11x in the Forestry industry in India. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 33% share price gain to ₹167, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 10x in the Forestry industry in India. Total returns to shareholders of 34% over the past three years. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.61 (down from ₹5.02 in 3Q 2021). Revenue: ₹931.9m (up 42% from 3Q 2021). Net income: ₹72.0m (down 8.1% from 3Q 2021). Profit margin: 7.7% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₹172, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 17x in the Forestry industry in India. Total returns to shareholders of 7.9% over the past three years. Reported Earnings • Jun 27
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹2.43b (down 29% from FY 2020). Net income: ₹175.2m (down 53% from FY 2020). Profit margin: 7.2% (down from 11% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₹145, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 15x in the Forestry industry in India. Total loss to shareholders of 8.1% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day high: ₹128 The company is up 35% from its price of ₹95.05 on 02 December 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 38% over the same period. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS ₹5.02 (vs ₹5.70 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: ₹657.9m (down 26% from 3Q 2020). Net income: ₹78.4m (down 12% from 3Q 2020). Profit margin: 12% (up from 10.0% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 22% per year. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 19% share price gain to ₹122, the stock is trading at a trailing P/E ratio of 10.3x, up from the previous P/E ratio of 8.6x. This compares to an average P/E of 10x in the Forestry industry in India. Total return to shareholders over the past three years is a loss of 55%. Is New 90 Day High Low • Dec 03
New 90-day high: ₹98.75 The company is up 2.0% from its price of ₹96.90 on 04 September 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: ₹88.45 The company is down 8.0% from its price of ₹96.10 on 31 July 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 4.0% over the same period.