Subam PapersShare price, financial results, shareholding and management
- Market cap
- ₹583 cr
- Stock P/E
- 75.6peers 23.8
- Book value
- ₹145
- Price to book
- 1.46
- EV / operating profit
- -
- Market cap to sales
- 1.00
- ROCE · FY26
- 5.1%
- ROE · FY26
- 2.2%
- ROE, 3-year average
- 10.2%
- Operating margin · FY26
- 7.7%peers 6.1%
- Sales growth, 3 years
- 4.8%
- Profit growth, 3 years
- -71.3%
- Debt to equity
- 0.42peers 0.56
- Borrowings
- ₹169 cr
- Interest cover
- 1.6×
- Cash from business / op. profit
- 83%
- Debtor days
- 85
- Pledged
- 0.00%
- Promoter holding
- 58.93%
- Change in promoter holding
- -0.18 pts
- Shareholders
- 1,446
- 52-week high / low
- ₹248 / ₹138
- 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.
Subam Papers share price chart
Close on 6 Nov 2026 · -4.48% on the day · Vol 4,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -14.0%
- 3 months
- -2.2%
- 6 months
- -9.7%
- 1 year
- +44.3%
- Traded a day, 20 days
- ₹0.26 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +8% | -71% |
| 3 years, a year | +5% | - |
| Latest half, H1 FY26 | +10% | -34% |
About Subam Papers: business, products and customers
Subam Papers turns waste paper into brown kraft paper and duplex board that packaging makers use for boxes, cartons and bags, at its mills in Tirunelveli, Tamil Nadu. Its shares trade on the BSE SME platform.
Subam Papers, started in 2004 in Tirunelveli, Tamil Nadu, makes kraft paper and duplex board from waste paper instead of wood pulp, in grades from 120 to 300 GSM. Its paper goes to makers of corrugated boxes, cartons, cones and other packaging used by carmakers, textile mills, FMCG, food, pharmaceutical and electronics companies. It began with paper cones, and through subsidiaries and partnerships it now also makes corrugated boxes, tubes and cores.
Because it turns waste paper into widely traded grades, its sales follow the tonnes it makes and the going price, and profit depends on the gap between paper prices and the cost of waste paper, power and chemicals. Part of its power comes from its own 14 MW solar plant and two windmills, and it is building a co-generation plant to replace most of the power it now takes from outside. When paper prices and costs move against it, as in FY26, margins can halve even while sales rise.
Read more about the business
Its wholly owned subsidiary Subam Paper and Boards has started an automated kraft paper plant that lifts group capacity by about 71% and can make the lighter 80 to 120 GSM paper used for carry bags. The October 2024 listing paid mostly for that plant, and a preferential issue of shares and warrants in FY26 repaid loans and is meant to fund a corrugated box unit. The annual reports name no listed competitors.
From the annual reports for FY25 and FY26 and Crisil's July 2025 rating rationale.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹37 cr against ₹7.7 cr in FY26.
To watch
- Start of the co-generation power plant, expected by October 2026 (Annual report FY26, p.43).
- How fast the new automated kraft plant and its carry-bag grades fill up (Annual report FY26, p.40 to 42).
- Conversion of the 26,32,800 warrants at ₹152, whose balance is due within eighteen months of allotment and is meant for a corrugated box unit (Annual report FY26, p.45 to 46).
- Crisil's Issuer Not Cooperating rating and the group's debt service cover of 0.25 times (Crisil rating rationale, 31 July 2025; Annual report FY26, p.207).
- The promoters' share has come down: 58.93%, from 69.67%.
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.
Subam Papers revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Subam Papers half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | |
|---|---|---|---|
| Sales | 269.88 | 269.29 | 297.41 |
| Expenses | 230.46 | 242.55 | 269.72 |
| Operating profit | 39.42 | 26.74 | 27.69 |
| OPM | 14.6% | 9.9% | 9.3% |
| Interest | 8.62 | 11.16 | 8.72 |
| Depreciation | 7.81 | 8.59 | 8.29 |
| Profit before tax | 24.34 | 12.64 | 12.57 |
| Net profit | 17.31 | 9.56 | 11.43 |
Subam Papers profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 243 | 268 | 329 | 508 | 494 | 539.17 | 584.09 |
| Expenses | 213 | 220 | 290 | 480 | 424 | 473.01 | 539.27 |
| Operating profit | 31 | 48 | 39 | 28 | 70 | 66.16 | 44.82 |
| OPM | 13.0% | 18.0% | 12.0% | 6.0% | 14.0% | 12.3% | 7.7% |
| Other income | 8 | -8 | 5 | 6 | 6 | 7.01 | 1.08 |
| Interest | 0 | 2 | 3 | 15 | 18 | 19.79 | 17.14 |
| Depreciation | 8 | 8 | 7 | 16 | 13 | 16.40 | 19.24 |
| Exceptional and other items | -1 | -1 | · | 1 | · | · | · |
| Profit before tax | 30 | 29 | 34 | 4 | 45 | 36.99 | 9.53 |
| Tax rate | 23.3% | 20.7% | 23.5% | 100.0% | 26.7% | 27.3% | 19.1% |
| Net profit | 23 | 23 | 26 | 0 | 33 | 26.88 | 7.71 |
| EPS ₹ | 142.10 | 138.78 | 159.73 | -1.66 | 205.32 | 15.28 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 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.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Subam Papers profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low 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 | 13.0% | 18.0% | 12.0% | 6.0% | 14.0% | 12.3% | 7.7% |
| Tax rate | 23.3% | 20.7% | 23.5% | 100.0% | 26.7% | 27.3% | 19.1% |
| ROCE | · | 21.0% | 15.6% | 5.8% | 17.7% | 13.1% | 5.1% |
| ROE | · | 17.8% | 17.0% | 0.0% | 18.1% | 10.4% | 2.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Subam Papers 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 brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Subam Papers balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 23 | 27 |
| Reserves | 116 | 138 | 164 | 164 | 197 | 294 | 371 |
| Net worth | 118 | 140 | 166 | 166 | 199 | 317 | 398 |
| Borrowings | 25 | 12 | 156 | 163 | 183 | 168 | 169 |
| Other liabilities | 37 | 42 | 72 | 85 | 78 | 87 | 144 |
| Total liabilities | 180 | 194 | 394 | 414 | 460 | 572 | 711 |
| Fixed assets | 38 | 31 | 128 | 220 | 228 | 247 | 361 |
| Capital work in progress | 0 | 8 | 42 | 0 | 22 | 41 | 34 |
| Investments | 8 | 9 | 9 | 10 | 10 | 14 | 11 |
| Other assets | 134 | 146 | 215 | 184 | 200 | 270 | 305 |
Subam Papers cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 20 | 32 | -3 | 69 | 42 | 32 | 37 |
| Cash from investing | -7 | -28 | -134 | -60 | -40 | -93 | -89 |
| Cash from financing | -9 | -7 | 140 | -9 | 1 | 55 | 51 |
| Net cash flow | 4 | -3 | 3 | 0 | 3 | -6 | -1 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 94 | 84 | 98 | 68 | 82 | 93 | 85 |
| Inventory days | 31 | 60 | 98 | 44 | 87 | 67 | 112 |
| Days payable | 59 | 64 | 94 | 71 | 77 | 66 | 94 |
| Cash conversion cycle | 66 | 81 | 103 | 41 | 92 | 95 | 103 |
| Working capital days | 104 | 92 | 62 | 18 | 17 | 42 | 40 |
Subam Papers peers and competitors
Listed SME companies in the same industryBy sales, Subam Papers is number 11 of the 156 listed SME companies in industrial 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 |
|---|---|---|---|---|---|---|
| Cosmic CRF | 1,079 | 21.2 | 717 | 51 | 11.0% | 0.30 |
| Supershakti Metaliks | 259 | 9.3 | 705 | 28 | 1.6% | 0.00 |
| Rajputana Industries | 147 | 12.0 | 698 | 12.2 | 4.0% | 0.83 |
| Purv Flexipack | 84 | 24.5 | 660 | 3.4 | 0.2% | 1.51 |
| Divine Power Energy | 1,520 | 56.3 | 626 | 27 | 8.0% | 1.21 |
| Subam Papers | 583 | 75.6 | 584 | 7.7 | 7.7% | 0.42 |
| Systematic Industries | 603 | 28.7 | 553 | 21 | 7.0% | 0.05 |
| Jay Bee Laminations | 193 | 10.6 | 548 | 18.3 | 6.2% | 0.19 |
| Cool Caps Industries | 235 | 28.1 | 531 | 8.4 | 1.1% | 1.72 |
| Vilas Transcore | 914 | 23.1 | 461 | 39.6 | 11.2% | 0.12 |
| Riddhi Steel and Tube | 360 | 32.7 | 458 | 11 | 6.0% | 1.88 |
| Median of the 10 others | 310 | 23.8 | 590 | 19.6 | 6.1% | 0.56 |
Subam Papers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Subam Papers 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.
| Oct 24 | Mar 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|
| Promoters | 69.67% | 69.67% | 69.72% | 69.92% | 59.11% | 58.93% |
| Foreign investors (FIIs) | 6.13% | 2.31% | 1.32% | 0.31% | 0.19% | - |
| Indian institutions (DIIs) | 5.06% | 3.66% | 3.05% | 3.44% | 4.58% | - |
| Number of shareholders | 3,427 | 1,919 | 1,682 | 1,483 | 1,504 | 1,446 |
Subam Papers study: the business from its own documents
Read from 5 of the company's own documentsSubam Papers so far
From the company's own record
- October 2006Company formed
- 30 June 2026Promoters at 58.93%
- 7 Oct 2026Highest close since listing, ₹246.45
Subam Papers key facts from the filings
Each figure with the document it comes from
- Group capacity
- 1.80 → 3.08 lakh t a year
- Consolidated paper capacity after the subsidiary's new automated kraft plant, an increase of about 71%.Annual report FY26, p.41
- Kraft paper capacity
- 2,59,750 t a year
- Kraft capacity after the expansion, of which 1,51,750 t sits in the subsidiary; duplex board stays at 48,000 t.Annual report FY26, p.41
- Carry-bag paper
- 80 to 120 GSM
- Lighter grade the new plant can make, the main raw material for paper carry bags; the older mills make 120 to 300 GSM.Annual report FY26, p.38 and p.41
- Bought power
- 20 → 5 lakh units a month
- Planned fall in power bought from the grid and others once the co-generation plant, expected by October 2026, starts.Annual report FY26, p.43
- Own renewable power
- 14 MW solar, 1.7 MW wind
- Captive plants that supply part of the mills' electricity.Annual report FY26, p.37
Show 5 more facts
- Debt service cover
- 0.25 times
- Group earnings available for debt service against debt payments due in FY26, down from 0.60 times in FY25.Annual report FY26, p.207
- FY26 share issue
- ₹74.4 cr received
- From preferential shares and the first 25% on warrants at ₹152, out of ₹107.0 cr planned; the share part was under-subscribed and ₹73.0 cr went to repaying debt.Annual report FY26, p.45 to 46
- IPO
- ₹93.7 cr
- Raised at ₹152 a share and listed on 8 October 2024; ₹75.0 cr was invested in the subsidiary for its plant.Annual report FY25, p.52 and p.55
- Credit rating
- Crisil B/Stable, not cooperating
- Crisil has kept the rating in its Issuer Not Cooperating category since 2022, saying the company did not provide the information needed.Crisil rating rationale, 31 July 2025, p.1
- Largest outside holder
- 7.02%
- Held by M Madhusudan Kela at March 2026, after the preferential issue.Annual report FY26, p.122
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 says its new automated kraft plant has been commissioned and that the co-generation power plant is expected by October 2026. It plans to fund a corrugated box unit in the subsidiary with the balance due on its warrants. It has given no revenue or profit guidance.
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.
Subam Papers earns the gap between what packaging paper fetches and what waste paper, power and chemicals cost, and has just added a large new machine to make more of it.
Its weak spots are prices it does not control, profit that swings with the paper cycle, and debt to service while the new plant fills up.
WatchCan it set its own prices?Kraft paper and duplex board are made by hundreds of mills, so the company takes the market price for both its paper and its waste-paper input.
AverageHow strong is it against rivals?Size, its own power and a steady river water supply help on cost, but the products are not hard to copy.
AverageWho are its customers?Many packaging makers across different industries, though the reports give no customer names or shares, and some trade is with promoter-linked companies.
WatchDoes it need a lot of money?Paper machines and power plants are costly, and the group has used IPO money, a share issue and loans to pay for them.
AverageCan it keep finding new work?Packaging paper is bought again and again, and the new carry-bag grades open a new set of buyers, but there are no contracts or order book.
WatchDo good and bad years swing a lot?Yes. Profit can fall steeply in a year when sales still grow, because the spread between paper and waste paper moves.
Who runs Subam Papers?
Promoters, directors and officers; tap a name for the background
TBT BalakumarPromoter and Managing Director · holds 30.78%
Founded the company in Tirunelveli in 2004 with family members, according to Crisil; Managing Director since 30 April 2018, paid ₹48 lakh in FY26. T Balakumar and A Sudha have personally guaranteed the company's bank loans. The annual reports give no education or earlier career details.
Crisil rating rationale, 31 July 2025, p.1; Annual report FY26, p.50 and p.128SASudha Alagarsamy (A Sudha)Promoter and Non-Executive Director · holds 10.43%
Holds a BSc in Mathematics; a director since 30 April 2018 and a member of the audit committee, drawing remuneration from the subsidiary Subam Paper and Boards. The AGM notice records Sudha Alagarsamy as the spouse of the Managing Director.
Annual report FY26, p.11, p.50 and p.51RVRamasubbu VenkateshExecutive Director
Holds a B.Tech in Textiles and an MBA; a director since January 2016, paid ₹30 lakh a year, holding 64,000 shares.
Annual report FY26, p.10 and p.50BMB MadhumithaPromoter and Vice-President, Technical
Listed as a promoter holding 38,960 shares and employed as Vice-President, Technical; the FY25 annual report records B Madhumitha as the daughter of the Managing Director. Varun Rengarajan, recorded as the Managing Director's son-in-law, is Vice-President, Marketing.
Annual report FY26, p.123 and p.137; Annual report FY25, p.73KVK V Tirupathi, S S Alagarsamy and R PremavathyPromoters
Listed in the promoter group with 10,00,000, 10,00,000 and 9,80,952 shares; the annual report gives no other background. Promoter companies BMM Paper Board (5.73%) and Saradhambika Paper and Board Mills also hold shares.
Annual report FY26, p.122 to 123AAArunachalam Anbu SanjeevikaniIndependent Director
A chartered accountant, appointed an independent director from 27 September 2025 and a member of the audit committee.
Annual report FY25, p.41; Annual report FY26, p.49 and p.51Subam Papers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H1 FY26: sales ₹297 cr (+10%), net profit ₹11.4 cr (-34%) on H1 FY25.
- Shareholding, 30 June 2026: promoters 59.11% to 58.93%.
Subam Papers announcements
1 on record, latest first; each opens the filing on the exchange
Subam Papers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Subam Papers 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 Subam Papers' data · 7
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 (2,74,79,270 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹205.32) and FY25 (₹15.28) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓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 Subam Papers
What does Subam Papers do?
Subam Papers turns waste paper into brown kraft paper and duplex board that packaging makers use for boxes, cartons and bags, at its mills in Tirunelveli, Tamil Nadu. Its shares trade on the BSE SME platform.
What is the share price of Subam Papers?
₹212 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Subam Papers?
₹583 cr at the close on 6 Nov 2026, on 2,74,79,270 shares.
What is the P/E of Subam Papers?
75.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Subam Papers' revenue and profit?
Revenue ₹584 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Subam Papers?
T Balakumar, Sudha Alagarsamy (A Sudha), B Madhumitha, K V Tirupathi, S S Alagarsamy and R Premavathy; promoters held 58.93% at 30 June 2026.
What is Subam Papers' website?
www.subampapers.com
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Built from 3 annual reports, 2 credit rating notes, 1 exchange announcements, 6 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.