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1. At a Glance
Pudumjee Paper Products makes specialty paper and converted tissue at a single plant in Thergaon, Pune. Revenue for the three months to June 2026 was ₹202.92 crore, against ₹196.45 crore a year earlier. That is a rise of 3.3 per cent. Operating profit came in at ₹35.58 crore, against ₹33.67 crore in the same quarter last year.
Net profit was ₹33.72 crore, against ₹36.24 crore a year earlier. That is a fall of 6.95 per cent, in a quarter when operating profit rose. Other income, which is money earned outside the main business, was ₹15.61 crore. The same line stood at ₹18.58 crore in the year-ago quarter. It was negative in two quarters in between, at ₹-0.86 crore in September 2025 and ₹-0.74 crore in March 2026. A line that turns negative twice in a year is only sometimes income.
Earnings per share, the profit attached to each share, was ₹3.55 against ₹3.82. Depreciation rose to ₹4.94 crore from ₹3.32 crore. Finance cost rose to ₹1.56 crore from ₹0.64 crore. Both increases come after a financial year in which the company completed over ₹110 crore of capital spending. It also commissioned a 15.4 megawatt solar plant in that period. The paper segment contributed ₹195.06 crore of segment revenue, and hygiene products ₹16.18 crore.
2. Introduction
Pudumjee Paper Products Ltd was incorporated in January 2015 for a job that reads like a family reunion. It was set up to consolidate and take over the paper manufacturing divisions of three related companies. Those were Pudumjee Pulp & Paper Mills Ltd, Pudumjee Industries Ltd and Pudumjee Hygiene Products Ltd. Three Pudumjees walked in, and one walked out holding the paper machines.
The company runs a single plant at Thergaon in Pune, with installed capacity of 72,000 tonnes a year. That figure has not changed since the year to March 2019. What has moved is utilisation, the share of that capacity actually used. It ran at about 61 per cent in the year to March 2021, then 70 per cent, then 80 per cent. It reached about 89 per cent in the year to March 2024, and about 93 per cent the year after. Production volume rose from 50,799 tonnes to 67,200 tonnes across those years, with no new machines added.
Corporate activity has been dense for a company of this size. A contract for a 15.4 megawatt solar power project was awarded in September 2024. In January 2025 the company received consent to establish new specialty paper manufacturing at Mahad. The board approved a new 68,000 tonne specialty paper plant in May 2025. The solar plant at Solapur was commissioned in November 2025, with its power going to captive use at Pune, meaning the company’s own mill consumes it.
Also in November 2025, a Maharashtra GST order demanded ₹15,98,154 over disallowed input tax credit. That credit is the tax already paid on purchases, which a company sets against its own tax bill. The company said it would appeal. The demand sits beside a capital spending plan of ₹1,350 crore, with the energy of a parking ticket handed to a freight train. In August 2026 the board approved subscription of 22,14,900 Saraswat Bank shares for ₹2.21 crore.
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3. Business Model: WTF Do They Even Do?
Pudumjee makes paper that has a job to do. Most of it is not writing paper but specialty paper, engineered for barrier properties, biodegradability and compostability. Barrier properties means the sheet is built to keep out grease, moisture or air. The end uses named are food, pharmaceuticals, hygiene, hospital supplies and confectionery.
The catalogue would exhaust a botanist. Crepe tissue and towels come as facial, napkin, bathroom and diaper grades, with towelling alongside them. Décor grades cover overlay papers, barrier paper, print base and absorbent kraft, plus shuttering base. Food grades include grease-proof, wet strength grease-proof, slip easy and TDL poster. They also run to vegetable parchment, bake oven paper, and solid bag and wrap. Pharma grades are Medical Paper, branded Bactite, Yellow Interleaving Paper and SIRIPAC medical packaging paper. Super calendar grades cover glassine, super white glassine and S.W. Glassine (LC). S/C kraft release base and opaque laminating base sit in the same group. There is also a category the company files under Other Specialties, which is where paper goes when its own maker has run out of drawers.
One machine in the Pune plant makes paper thin enough
