Aaradhya Disposal IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹165 cr
- Stock P/E
- 27.2peers 15.6
- Book value
- ₹55.1
- Price to book
- 2.12
- EV / operating profit
- 16.8
- Market cap to sales
- 1.10
- ROCE · FY26
- 12.6%
- ROE · FY26
- 11.4%
- ROE, 3-year average
- 27.2%
- Operating margin · FY26
- 7.6%peers 7.3%
- Sales growth, 3 years
- 22.0%
- Profit growth, 3 years
- 44.8%
- Debt to equity
- 0.55peers 0.31
- Borrowings
- ₹42.6 cr
- Interest cover
- 4.0×
- Cash from business / op. profit
- -78%
- Debtor days
- 121
- Pledged
- 0.00%
- Promoter holding
- 70.58%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 330
- 52-week high / low
- ₹161 / ₹64
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Aaradhya Disposal Industries share price chart
Close on 5 Nov 2026 · -0.81% on the day · Vol 1,200
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -6.3%
- 3 months
- +58.9%
- 6 months
- +8.3%
- 1 year
- -24.0%
- Since IPO
- +0.7%
- Traded a day, 20 days
- ₹0.10 cr
- Taken for delivery
- 99%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +32% | -39% |
| 3 years, a year | +22% | +45% |
About Aaradhya Disposal Industries: business, products and customers
Aaradhya Disposal Industries turns bought paper into coated paper reels, cup blanks and food boxes that other firms make into paper cups and food packs. It works from one plant in Dewas, Madhya Pradesh, and its shares trade on NSE Emerge.
Aaradhya Disposal Industries buys paper and coats, prints and cuts it at its plant in Dewas into paper cup blanks and bottoms, coated and uncoated paper reels and sheets, and since FY26 sweet, cake, pizza and dry fruit boxes. It does not make paper itself, and it supplies customers directly, mostly cup and packaging makers, without dealers.
Most of its paper comes through two related suppliers: Food Pack Industries, where director Anil Maheshwari holds a directorship, and Maheshwari Disposal, a proprietorship of the wife of Anil Maheshwari. Together they supplied ₹105.7 cr of goods in FY26, against raw material purchases of ₹128.9 cr.
Read more about the business
In FY26 sales of cup blanks and barrier coated paper rose and the new boxes added ₹23.3 cr, while uncoated paper and exports fell. Profit fell because a ₹7.1 cr fire insurance claim was rejected and written off, and dollar loans brought an exchange loss.
What is new: the company listed on NSE Emerge in August 2025, machinery bought for expansion was still being installed at March 2026, and in September 2026 the board approved raising up to ₹99.9 cr through warrants, mostly from the promoters.
From the red herring prospectus (July 2025), the FY26 annual report, the CRISIL rating note of April 2026 and the company's exchange filing of 16 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 22% a year over three years.
- The promoters own a large part of the company: 70.58%.
To watch
- When the ₹13.7 cr of machinery under installation at March 2026 starts running, and how the ₹15.9 cr of IPO money set aside for machines is used (Annual report FY26, p.16 and p.80).
- The EGM on 15 October 2026 on warrants worth up to ₹99.9 cr, most of them for the promoters (Exchange filing, 16 Sep 2026, p.1 and p.6).
- Whether the ₹49.9 cr owed by customers at March 2026 comes in (Annual report FY26, p.65).
- The appeal in the Madhya Pradesh High Court against rejection of the fire insurance claim (Annual report FY26, p.16).
- Customers take longer to pay than before: 121 days in FY26, against 58 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Aaradhya Disposal Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months.
Aaradhya Disposal Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 49 | 60.27 | 90.37 |
| Expenses | 42 | 50.45 | 88.77 |
| Operating profit | 7 | 9.81 | 1.60 |
| OPM | 14.0% | 16.3% | 1.8% |
| Interest | 2 | 1.21 | 1.68 |
| Depreciation | 1 | 1.09 | 1.09 |
| Profit before tax | 5 | 8.54 | 0.25 |
| Net profit | 4 | 6.21 | -0.14 |
Aaradhya Disposal Industries profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 48 | 50 | 71 | 83 | 74 | 114 | 150.64 |
| Expenses | 44 | 45 | 67 | 79 | 67 | 97 | 139.23 |
| Operating profit | 4 | 5 | 4 | 4 | 7 | 17 | 11.41 |
| OPM | 8.0% | 9.0% | 5.0% | 4.5% | 10.0% | 15.0% | 7.6% |
| Other income | 1 | 1 | 1 | 2 | 2 | 3 | 2.45 |
| Interest | 2 | 2 | 1 | 2 | 2 | 3 | 2.89 |
| Depreciation | 2 | 3 | 2 | 1 | 1 | 2 | 2.18 |
| Exceptional and other items | · | · | · | · | · | -1 | · |
| Profit before tax | 1 | 1 | 2 | 3 | 6 | 14 | 8.79 |
| Tax rate | 0.0% | 0.0% | 50.0% | 33.3% | 33.3% | 28.6% | 30.9% |
| Net profit | 1 | 1 | 1 | 2 | 4 | 10 | 6.07 |
| EPS ₹ | 1.46 | 1.18 | 2.28 | 4.29 | 8 | 9.42 | 4.29 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Aaradhya Disposal Industries profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 8.0% | 9.0% | 5.0% | 4.5% | 10.0% | 15.0% | 7.6% |
| Tax rate | 0.0% | 0.0% | 50.0% | 33.3% | 33.3% | 28.6% | 30.9% |
| ROCE | · | 10.5% | 9.0% | 11.1% | 14.0% | 26.8% | 12.6% |
| ROE | · | 10.5% | 9.5% | 16.7% | 26.7% | 43.5% | 11.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Aaradhya Disposal Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Aaradhya Disposal Industries balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 10 | 14.14 |
| Reserves | 4 | 5 | 6 | 8 | 12 | 19 | 63.80 |
| Net worth | 9 | 10 | 11 | 13 | 17 | 29 | 77.94 |
| Borrowings | 19 | 19 | 27 | 39 | 45 | 36 | 42.55 |
| Other liabilities | 12 | 10 | 13 | 11 | 9 | 18 | 17.59 |
| Total liabilities | 40 | 39 | 51 | 63 | 71 | 83 | 138.08 |
| Fixed assets | 16 | 16 | 12 | 8 | 29 | 26 | 24.17 |
| Capital work in progress | 0 | 0 | 1 | 16 | 0 | 0 | 15 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 24 | 23 | 38 | 39 | 42 | 57 | 98.91 |
| Receivables | · | · | · | · | · | · | 49.85 |
| Inventory | · | · | · | · | · | · | 29.76 |
| Cash | · | · | · | · | · | · | 16.27 |
| Trade payables | · | · | · | · | · | · | 9.90 |
Aaradhya Disposal Industries cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | · | -6 | 2 | 3 | 2 | -8.87 |
| Cash from investing | · | · | 1 | -11 | -6 | 0 | -12.72 |
| Cash from financing | · | · | 5 | 9 | 4 | -2 | 37.83 |
| Net cash flow | · | · | 0 | 0 | 1 | 0 | 16.24 |
| Capital spending | · | · | · | · | · | · | 14.85 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 58 | 69 | 74 | 71 | 77 | 73 | 121 |
| Inventory days | · | 977 | 90 | 89 | 87 | 92 | 86 |
| Days payable | · | 173 | 41 | 32 | 35 | 33 | 29 |
| Cash conversion cycle | 58 | 873 | 123 | 127 | 129 | 132 | 179 |
| Working capital days | 21 | 35 | 49 | 17 | 12 | 50 | 81 |
Aaradhya Disposal Industries peers and competitors
Listed SME companies in the same industryBy sales, Aaradhya Disposal Industries is number 5 of the 9 listed SME companies in paper, forest & jute products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| NIKITA GREENTECH RECYCLING | 163 | 14.6 | 350 | 11.1 | 8.0% | 1.33 |
| Three M Paper Boards | 42 | 6.0 | 297 | 7 | 6.0% | 0.68 |
| Exim Routes | 173 | 16.9 | 207 | 10.2 | 6.7% | 0.23 |
| Aten Papers & Foam | 22 | 3.2 | 187 | 7 | 6.0% | 0.18 |
| Aaradhya Disposal Industries | 165 | 27.2 | 151 | 6.1 | 7.6% | 0.55 |
| Utkal Speciality Industries India | - | - | 55.3 | 7.3 | 19.5% | 0.56 |
| Spinaroo Commercial | 33 | 61.5 | 39.3 | 0.5 | 3.7% | 0.39 |
| Labelkraft Technologies | 20 | 15.6 | 25.1 | 1.3 | 8.4% | 0.15 |
| S. V. J. ENTERPRISES | 94 | 128.1 | 4.6 | 0.7 | 25.4% | 0.09 |
| Median of the 8 others | 42 | 15.6 | 121 | 7 | 7.3% | 0.31 |
Aaradhya Disposal Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Aaradhya Disposal Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 70.58% | 70.58% | 70.58% |
| Indian institutions (DIIs) | 1.31% | 1.44% | 1.43% |
| HNIs (over ₹2 lakh each) | 5.64% | 14.04% | 13.44% |
| Small holders (up to ₹2 lakh) | 14.09% | 7.02% | 6.40% |
| Companies and others | 8.38% | 6.92% | 8.15% |
| Number of shareholders | 853 | 346 | 330 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Aaradhya Disposal Industries study: the business from its own documents
Read from 4 of the company's own documentsAaradhya Disposal Industries so far
From the company's own record
- 11 Aug 2025Listed on NSE Emerge at ₹116
- 2 Sept 2026An order announced
- 31 March 2026Promoters at 70.58%
- 10 Oct 2025Highest close since listing, ₹163.65
Aaradhya Disposal Industries key facts from the filings
Each figure with the document it comes from
- Plant capacity
- 15,000 tonnes a year
- One plant at Dewas; it made about 14,100 tonnes in FY26, close to full.Red herring prospectus, p.141; Annual report FY26, p.96
- Paper from related firms
- ₹105.7 cr
- Goods bought in FY26 from Food Pack Industries and Maheshwari Disposal, out of ₹128.9 cr of raw material purchases.Annual report FY26, p.33 and p.94; reported figures, our arithmetic
- Largest customer
- 20.25%
- Share of FY25 sales from the single largest buyer; the top ten gave 56.69%.Red herring prospectus, p.155
- Sales to a relative's firm
- ₹9.4 cr
- FY26 sales to Sri Kriscon Industries, a proprietorship of a relative of the Managing Director, which owed ₹6.3 cr at March 2026.Annual report FY26, p.85 and p.92
- New boxes
- ₹23.3 cr
- FY26 sales of sweet, cake, pizza and dry fruit boxes, a line started that year.Annual report FY26, p.46
Show 5 more facts
- Exports
- ₹5.0 cr
- FY26 export sales, down from ₹13.5 cr a year earlier; the company blames conditions abroad.Annual report FY26, p.45 and p.76
- Fire claim written off
- ₹7.1 cr
- Loss booked in FY26 after the insurer rejected the claim for a May 2023 fire; an appeal is pending in the Madhya Pradesh High Court.Annual report FY26, p.16
- Money owed by customers
- ₹49.9 cr
- Receivables at March 2026, up from ₹22.9 cr a year earlier while sales grew by about a third.Annual report FY26, p.65
- Machines being installed
- ₹13.7 cr
- Plant and machinery under installation at March 2026, with ₹1.2 cr of solar work; the ₹15.9 cr of IPO money set aside for machines was shown as unspent.Annual report FY26, p.16 and p.80
- Warrants planned
- Up to ₹99.9 cr
- Up to 83.25 lakh warrants at ₹120 each to 45 buyers, including promoters Anil Maheshwari and Sunil Maheshwari, put to an EGM on 15 October 2026.Exchange filing, 16 Sep 2026, p.1 and p.6
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book, as it supplies customers order by order. Its stated plan is to put new machinery to work, paid for in part with money from its August 2025 IPO, and in September 2026 the board approved raising up to ₹99.9 cr through warrants, subject to shareholder approval at an EGM on 15 October 2026. The annual report says the company will look to widen its products and find new markets at home and abroad.
| What management said | When | What happened |
|---|---|---|
| Spend ₹15.9 cr of IPO money on plant, machinery and civil work during FY2025-26 | Red herring prospectus, July 2025 | None of it shown as used at March 2026; ₹13.7 cr of machinery was under installation |
| Use ₹20.0 cr of IPO money for working capital and ₹1.6 cr to prepay Axis Bank loans | Red herring prospectus, July 2025 | Both fully used by March 2026, with no change of purpose reported |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Aaradhya Disposal Industries earns a thin margin turning bought paper into coated reels, cup blanks and boxes for other makers, and sales have grown as it added products.
Its weak spots are a heavy reliance on related firms for paper, money tied up in customer dues, and profits hit by a rejected insurance claim and currency losses.
WatchCan it set its own prices?Not much. Paper is most of the cost, so the margin depends on paper prices and on what rivals charge.
WatchHow strong is it against rivals?It is one of many small and mid-sized makers in a split market, and its coating process has no patent.
AverageWho are its customers?Mostly cup and packaging makers, with one large buyer and some sales to a firm owned by a relative of the Managing Director.
WatchDoes it need a lot of money?Yes. Customers take a long time to pay and stock is large, so cash went out of the business in FY26 even as it made a profit.
AverageCan it keep finding new work?It has found new products for buyers at home, but the plant is nearly full and exports have shrunk.
WatchDo good and bad years swing a lot?Yes. Profit fell in FY26 although sales rose, and demand for disposable cups rises and falls with festivals and weddings.
Who runs Aaradhya Disposal Industries?
Promoters, directors and officers; tap a name for the background
SMSunil MaheshwariPromoter, Chairman and Managing Director · holds 16.96%
A commerce graduate (1995) with more than a decade in making paper products; set up the company in 2014. Oversees manufacturing, and the installation and upkeep of machinery, and heads the in-house development team. The offer document states that Sunil Maheshwari and Anil Maheshwari are brothers and that Shashi Maheshwari is the wife of Sunil Maheshwari.
Red herring prospectus, p.153, p.183 and p.185; Annual report FY26, p.8AMAnil MaheshwariPromoter, Executive Director and Chief Financial Officer · holds 16.98%
A commerce graduate (1999) with over a decade in sales, accounting, financial advice and business development; with the company since 2014, looking after finance, sales and marketing. Holds a directorship in Food Pack Industries, the company's largest supplier.
Red herring prospectus, p.184; Annual report FY26, p.86SMShashi MaheshwariPromoter and Executive Director · holds 36.64%
Holds a law degree (2002) and is a member of the Bar Council of India; with the company since it began, handling people matters and legal advice.
Red herring prospectus, p.184NTNarender Tulsidas KabraIndependent Director
Holds a degree in textile technology and spent 34 years at Bank of Maharashtra, working in credit, credit risk, information technology and human resources. Chairs the audit committee.
Red herring prospectus, p.184; Annual report FY26, p.21SSSiddharth Shankar MahajanIndependent Director
A chartered accountant in practice since 2008 with 22 years in tax, finance, accounts and audit; senior managing partner of Joshi Mahajan & Co.
Red herring prospectus, p.185DPDharmendra PawarIndependent Director
A company secretary with a master's degree in commerce and over seven years in company law and tax; company secretary of Ampo Valves India since June 2019.
Red herring prospectus, p.185Aaradhya Disposal Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 70.58%.
- 2 Sept 2026: an order announced.
Aaradhya Disposal Industries announcements
42 on record, latest first; each opens the filing on the exchange
- Corrigendum02nd Corrigendum to Notice of Extra Ordinary General Meeting to be held on October 15, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- CorrigendumTo Notice of Extra Ordinary General Meeting to be held on October 15, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Copy of Newspaper PublicationFor notice of extra ordinary general meeting to be held on 15th October, 2026PDF ↗
- Shareholders meetingNotice of Extraordinary General Meeting to be held on October 15, 2026PDF ↗
- Amendment to AOA/MOAOf the companyPDF ↗
- Increase in Authorised CapitalDetailed as mentioned in the attachmentPDF ↗
- Issue of Securitiesissue of Warrants as per attachmentPDF ↗
- Outcome of Board MeetingHeld on September 16, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
Aaradhya Disposal Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- Credit ratings ↗read
Aaradhya Disposal Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Aaradhya Disposal Industries' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,41,38,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Aaradhya Disposal Industries
What does Aaradhya Disposal Industries do?
Aaradhya Disposal Industries turns bought paper into coated paper reels, cup blanks and food boxes that other firms make into paper cups and food packs. It works from one plant in Dewas, Madhya Pradesh, and its shares trade on NSE Emerge.
What is the share price of Aaradhya Disposal Industries?
₹117 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Aaradhya Disposal Industries?
₹165 cr at the close on 5 Nov 2026, on 1,41,38,000 shares.
What is the P/E of Aaradhya Disposal Industries?
27.2 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Aaradhya Disposal Industries' revenue and profit?
Revenue ₹151 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Aaradhya Disposal Industries?
Sunil Maheshwari, Anil Maheshwari, Shashi Maheshwari; promoters held 70.58% at 31 March 2026.
What was the IPO price of Aaradhya Disposal Industries?
₹116 a share; it listed on 11 Aug 2025.
What is Aaradhya Disposal Industries' website?
www.aaradhyadisposalindustriesltd.in
More SME companies like Aaradhya Disposal Industries
Other listed SME companies in paper, forest & jute products, the closest in size first, each read from its own documents.
- NIKITA GREENTECH RECYCLINGNIKITA · NSE Emerge · Paper, Forest & Jute Products · listed 2025Market cap ₹165 cr
- Exim RoutesEXIMROUTES · NSE Emerge · Paper, Forest & Jute Products · listed 2025Market cap ₹135 cr
- S. V. J. ENTERPRISESSVJ · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹80 cr
- Three M Paper BoardsTHREEMPAPE · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹44 cr
- Spinaroo CommercialSPINAROO · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹35 cr
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Every listed SME company in Paper, Forest & Jute Products → · SME companies listed in 2025 →
Built from 2 annual reports, 1 offer document, 1 credit rating note, 42 exchange announcements, 3 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.