General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Revenue for the June 2026 quarter came in at ₹202.92 crore, up from ₹196.45 crore a year earlier — a 3.3% move that the paper industry would describe as “steady” and everyone else would describe as “a rounding error with ambition.” Operating profit was ₹35.58 crore against ₹33.67 crore. Net profit was ₹33.72 crore versus ₹36.24 crore, a 6.95% decline that arrives despite operating profit rising, which is the kind of arithmetic that makes a P&L worth reading line by line rather than headline by headline.
The reconciliation sits in Other Income: ₹15.61 crore this quarter, ₹18.58 crore in the year-ago quarter. Two quarters in between posted negative Other Income (₹-0.86 crore in September 2025, ₹-0.74 crore in March 2026), which means this particular line has spent the last two years behaving less like an income statement entry and more like a mood ring.
EPS was ₹3.55 against ₹3.82. Depreciation rose to ₹4.94 crore from ₹3.32 crore, and finance cost to ₹1.56 crore from ₹0.64 crore. Both moves follow a fiscal in which the company completed over ₹110 crore of capex and commissioned a 15.4 MW solar plant. The paper segment contributed ₹195.06 crore of segment revenue; Hygiene Products contributed ₹16.18 crore.
2. Introduction
Pudumjee Paper Products Ltd was incorporated in January 2015 for a purpose that reads like a corporate family reunion: to consolidate and take over the paper manufacturing divisions of Pudumjee Pulp & Paper Mills Ltd, Pudumjee Industries Ltd, and Pudumjee Hygiene Products Ltd. Three Pudumjees walked in; one Pudumjee walked out, holding all the paper machines.
The company operates a single plant at Thergaon, Pune, with an installed capacity of 72,000 tonnes per annum — a figure that has been 72,000 since FY2019 and shows every sign of enjoying the stability. What has moved is utilisation: ~61% in FY21, then 70%, 80%, ~89% in FY24, and ~93% in FY25. Production volume went from 50,799 MT to 67,200 MT across those years. When you cannot add machines, you make the existing ones work weekends.
Recent corporate activity has been unusually dense for a company of this size. In September 2024, a contract was awarded for a 15.4 MW solar power project. In January 2025, the company received consent to establish new specialty paper manufacturing at Mahad. In May 2025, the board approved a new 68,000 MT specialty paper plant. In November 2025, the solar plant at Solapur was commissioned, with power going to captive consumption at Pune. Also in November 2025, a Maharashtra GST order demanded ₹15,98,154 for disallowed ITC, which the company said it would appeal — a sum that, next to a ₹1,350 crore capex plan, has the energy of a parking ticket issued to a freight train.
In August 2026 the board approved subscription of 22,14,900 Saraswat Bank shares for ₹2.21 crore, which is what happens when your term lender and your investment portfolio start seeing each other.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
They make paper that has a job.
Not writing paper, mostly — specialty paper, engineered for barrier properties, biodegradability and compostability, aimed at food, pharmaceuticals, hygiene, hospital supplies and confectionery. The product list is a taxonomy that would exhaust a botanist. Crepe tissue and towels: facial, napkin, bathroom, diaper, towelling. Décor grades: overlay papers, barrier paper, print base, absorbent kraft, shuttering base. Food grade: grease-proof, wet strength grease-proof, slip easy, TDL poster, vegetable parchment, bake oven paper, solid bag and wrap. Pharma grade: Medical Paper (branded Bactite), Yellow Interleaving Paper, and SIRIPAC medical packaging paper. Super calendar grades: glassine, super white glassine, S.W. Glassine (LC), S/C kraft release base, opaque laminating base.
There is also a category the company itself files under “Other Specialties,” which is where paper goes when even its own manufacturer has run out of drawers.
Somewhere in a Pune facility, there is a machine whose entire purpose is to produce paper thin enough to print a Bible on, and a few metres away, one making the sheet that goes between two pieces of surgical equipment. The end markets are pharmaceuticals, food processing and packaging, flexible packaging and FMCG, labels and adhesives, décor and laminates, low GSM printing, personal hygiene, and niche applications including anti-rust and absorbent kraft.
The Hygiene Products Division
