TNPL

Tamil Nadu Newsprint & Papers Limited

Paper and paperboard manufacturer promoted by Tamil Nadu government

Commodities›Forest Materials›Paper, Forest & Jute Products›Paper & Paper Products

tnpl.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹139.23
Market cap
963 Cr
Stock P/E
3.7
P/B
0.42
Dividend yield
2.2%
ROE (FY26)
10.7%
ROCE (FY26)
6.2%
Operating margin (FY26)
3.6%
Debt / equity (FY26)
0.69
OCF / EBITDA (FY26)
123.9%
OCF / EBITDA (3Y)
94.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TNPL (Tamil Nadu Newsprint and Papers) makes paper and packaging board at two mills in Tamil Nadu, and describes itself as a maker of bagasse-based eco-friendly paper.

Company snapshot

6thBy market cap

Ranked among 22 companies in Paper & Paper Products.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Energy
12.9%
408 Cr-3 Cr—
Paper and Paper Board
99.7%
3,149 Cr93 Cr—

Shares add up to 113% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓94% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Interest coverage of 0.9x — earnings barely cover interest payments, which is a warning sign.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales958 Cr1,241 Cr1,231 Cr1,119 Cr915 Cr1,126 Cr1,337 Cr1,142 Cr1,110 Cr1,121 Cr1,272 Cr1,147 Cr
Operating expenses (approx.)801 Cr1,104 Cr1,069 Cr969 Cr790 Cr1,071 Cr1,234 Cr1,041 Cr987 Cr1,005 Cr1,131 Cr1,032 Cr
EBITDA157 Cr137 Cr162 Cr150 Cr125 Cr55 Cr103 Cr101 Cr123 Cr116 Cr141 Cr115 Cr
OPM %16.4%11.1%13.2%13.4%13.7%4.9%7.7%8.9%11.1%10.3%11.1%10.0%
Other income20 Cr19 Cr20 Cr11 Cr13 Cr11 Cr57 Cr12 Cr18 Cr25 Cr20 Cr14 Cr
Interest58 Cr57 Cr53 Cr53 Cr57 Cr54 Cr52 Cr48 Cr50 Cr50 Cr45 Cr43 Cr
Depreciation71 Cr75 Cr75 Cr74 Cr76 Cr76 Cr77 Cr77 Cr78 Cr79 Cr78 Cr78 Cr
Profit before tax48 Cr23 Cr53 Cr34 Cr5 Cr-65 Cr31 Cr-12 Cr13 Cr12 Cr38 Cr8 Cr
Tax %36.6%30.5%38.2%35.7%48.7%33.6%28.3%37.3%37.4%42.6%-537.4%25.3%
Net profit30 Cr16 Cr33 Cr22 Cr3 Cr-43 Cr22 Cr-7 Cr8 Cr7 Cr240 Cr6 Cr
EPS (₹)₹4.38₹2.34₹4.77₹3.17₹0.37₹-6.20₹3.20₹-1.07₹1.17₹0.98₹34.72₹0.83

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,102 Cr3,125 Cr4,083 Cr3,471 Cr2,768 Cr4,020 Cr5,180 Cr4,693 Cr4,491 Cr4,645 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,373 Cr2,720 Cr3,434 Cr2,863 Cr2,508 Cr3,662 Cr4,177 Cr3,923 Cr4,063 Cr4,164 CrSign in free for the trailing twelve months
EBITDA729 Cr405 Cr649 Cr608 Cr260 Cr358 Cr1,003 Cr770 Cr428 Cr481 CrSign in free for the trailing twelve months
OPM %23.5%13.0%15.9%17.5%9.4%8.9%19.4%16.4%9.5%10.4%Sign in free for the trailing twelve months
Other income37 Cr34 Cr39 Cr38 Cr51 Cr49 Cr46 Cr69 Cr97 Cr76 CrSign in free for the trailing twelve months
Interest252 Cr245 Cr233 Cr223 Cr193 Cr156 Cr182 Cr223 Cr216 Cr193 CrSign in free for the trailing twelve months
Depreciation208 Cr222 Cr227 Cr231 Cr235 Cr229 Cr264 Cr291 Cr304 Cr313 CrSign in free for the trailing twelve months
Profit before tax306 Cr-28 Cr155 Cr191 Cr-99 Cr22 Cr603 Cr325 Cr5 Cr51 CrSign in free for the trailing twelve months
Tax %13.6%-50.6%39.2%31.8%34.0%35.0%35.7%35.9%29.6%-389.6%Sign in free for the trailing twelve months
Net profit265 Cr-42 Cr94 Cr130 Cr-65 Cr14 Cr388 Cr208 Cr4 Cr248 CrSign in free for the trailing twelve months
EPS (₹)₹38.23₹-6.09₹13.64₹18.79₹-9.41₹2.07₹56.04₹30.08₹0.54₹35.80Sign in free for the trailing twelve months
Dividend payout %—————145.0%7.1%26.6%185.5%8.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr
Reserves1,635 Cr1,534 Cr1,582 Cr1,644 Cr1,527 Cr1,520 Cr1,875 Cr2,020 Cr2,018 Cr2,247 Cr
Borrowings2,395 Cr1,959 Cr1,530 Cr1,779 Cr2,283 Cr2,223 Cr1,071 Cr1,796 Cr1,592 Cr1,599 Cr
Other liabilities1,535 Cr1,963 Cr2,350 Cr2,085 Cr2,103 Cr1,963 Cr3,108 Cr2,159 Cr2,204 Cr2,295 Cr
Total liabilities5,634 Cr5,525 Cr5,531 Cr5,577 Cr5,983 Cr5,774 Cr6,123 Cr6,045 Cr5,883 Cr6,210 Cr
Fixed assets (net)4,073 Cr4,040 Cr3,875 Cr3,699 Cr3,489 Cr3,278 Cr4,447 Cr4,295 Cr4,087 Cr3,865 Cr
CWIP59 Cr18 Cr14 Cr62 Cr939 Cr1,357 Cr20 Cr16 Cr55 Cr473 Cr
Investments1 Cr1 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr5 Cr
Loans & advances——22 Cr27 Cr17 Cr17 Cr9 Cr10 Cr16 Cr12 Cr
Inventories571 Cr484 Cr861 Cr846 Cr678 Cr443 Cr960 Cr1,022 Cr1,025 Cr972 Cr
Trade receivables534 Cr599 Cr442 Cr528 Cr377 Cr258 Cr330 Cr450 Cr400 Cr613 Cr
Cash & bank21 Cr27 Cr51 Cr6 Cr11 Cr12 Cr115 Cr47 Cr24 Cr14 Cr
Other assets375 Cr355 Cr260 Cr405 Cr466 Cr404 Cr236 Cr201 Cr271 Cr254 Cr
Total assets5,634 Cr5,525 Cr5,531 Cr5,577 Cr5,983 Cr5,774 Cr6,123 Cr6,045 Cr5,883 Cr6,210 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity284 Cr825 Cr819 Cr241 Cr423 Cr1,111 Cr809 Cr419 Cr570 Cr596 Cr
Cash from investing-90 Cr-111 Cr-47 Cr-207 Cr-682 Cr-353 Cr-104 Cr-136 Cr-162 Cr-387 Cr
Cash from financing-253 Cr-570 Cr-849 Cr-36 Cr333 Cr-760 Cr-652 Cr-270 Cr-493 Cr-161 Cr
Net cash flow-59 Cr144 Cr-77 Cr-1 Cr74 Cr-2 Cr53 Cr14 Cr-86 Cr48 Cr
Free cash flow (OCF − Capex)185 Cr703 Cr765 Cr28 Cr-262 Cr754 Cr701 Cr277 Cr396 Cr199 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.6%6.1%12.2%11.8%2.4%4.7%26.0%14.1%6.0%6.2%
ROE %15.5%-2.6%5.7%7.6%-4.1%0.9%20.0%10.0%0.2%10.7%
Debtor days63703955502323353248
Inventory days19213215620221589158184187162
Days payable18221021811250190226248
Cash conversion cycle73-8-2325725210718229-7-38
OCF / EBITDA %39.0%203.6%126.1%39.7%162.5%309.9%80.7%54.5%133.2%123.9%
OCF / EBITDA % (3 years)——108.1%113.4%97.8%144.7%144.5%109.8%81.7%94.4%
Debt / equity1.401.220.931.041.431.400.550.860.760.69
Current ratio0.690.630.680.710.670.470.600.670.660.69
Net debt / EBITDA3.26—2.282.928.736.170.952.273.673.30