Emami Paper Mills Limited (EMAMIPAP.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+158.0%

₹300.17

vs ₹116.35 price

Levered DCF

₹482.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.95

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.06×	25.37×	9×	10.55×	9.01×	14.7×	-28.61×	20.91×
P/B	0.65×	0.79×	0.92×	0.97×	1.52×	1.39×	1.37×	3.56×
P/S	0.19×	0.28×	0.36×	0.29×	0.51×	0.63×	0.2×	0.61×
EV / EBITDA	5.5×	8.1×	5.72×	6.96×	6.09×	6.12×	9.84×	10.55×
Gross margin	18.6%	30.5%	29.3%	13.1%	31.9%	11.4%	14.3%	15.1%
Operating margin	7.4%	4.7%	8.9%	6.9%	12.7%	6.4%	11.5%	11.9%
Net margin	3.2%	1.3%	4.2%	2.9%	5.9%	4.3%	-0.7%	2.9%
Current ratio	1.11×	1.05×	1.04×	0.92×	0.83×	0.67×	0.69×	0.74×
Debt / equity	1.42×	0.96×	0.78×	1.23×	1.2×	1.68×	6.41×	6×
Interest coverage	2.08×	1.48×	2.7×	2.72×	3.33×	0.8×	1.61×	1.79×
Dividend yield	3.9%	2.7%	2.0%	2.2%	1.0%	0.0%	2.9%	1.0%
Payout ratio	23.8%	56.1%	17.3%	21.1%	8.5%	0.0%	-83.7%	19.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	3.8%	10.9%	9.9%	17.6%	9.5%	-4.8%	17.0%
Return on invested capital	5.9%	4.3%	8.6%	7.0%	11.6%	2.4%	10.1%	6.4%
Return on assets	3.4%	1.4%	4.9%	3.5%	6.5%	2.9%	-0.5%	2.1%
Free cash flow yield	31.2%	4.3%	46.4%	0.9%	29.7%	31.6%	65.2%	12.8%
Earnings yield	16.5%	4.9%	11.8%	10.2%	11.6%	6.8%	-3.5%	4.8%
Enterprise value	₹11.9B	₹11.9B	₹13.2B	₹15.4B	₹17.8B	₹16.5B	₹16.8B	₹24.6B
Net debt / EBITDA	3.78×	4.44×	2.62×	3.89×	2.69×	3.33×	8.09×	6.6×
Cash conversion cycle (days)	97	109	82	76	61	84	88	92