Emami Paper Mills delivered a significant improvement in profitability for FY25-26, with EBITDA rising 48.48% to ₹217.18 crore from ₹146.27 crore in the previous year. Profit Before Tax (PBT) surged nearly 2.8 times to ₹93.36 crore, up from ₹33.39 crore, driven by disciplined cost management and a higher contribution from value-added specialty products. Despite a marginal 1% decline in turnover due to industry-wide realisation pressures, the company operated at 100% capacity utilisation. The Board of Directors recommended an equity dividend of ₹3.20 per share and a preference dividend of ₹8 per share for the financial year ended March 31, 2026.

The submission of the Annual Report under Regulation 34 of SEBI (LODR) Regulations, 2015, was filed on August 4, 2026. Dispatch of the report and the notice for the 44th Annual General Meeting is scheduled to commence on August 10, 2026. The audited financial statements were reviewed by Statutory Auditors S K Agrawal and Co Chartered Accountants LLP, with no qualifications or adverse remarks noted.

Financial Performance Highlights

The financial results reflect strong operational execution despite challenging market conditions.

Note: CSR obligation was ₹161.71 lakhs; actual spend was ₹174.26 lakhs.

Operational Drivers and Strategy

Management attributed the earnings growth to strategic pricing initiatives and an improved product mix. The company strengthened its portfolio in specialty papers, including Oil and Grease Resistant (OGR) paper and pharma insert paper, which offer sustainable margins. A shift towards Free On Board (FOB) buying reduced shipping freight costs by approximately 16-17%. Additionally, the upgrade of Paper Machine No. 2, including new headbox and calendaring sections, enhanced product quality and machine productivity. Total production volume reached 3.03 lakh tonnes against an installed capacity of 3.40 lakh tonnes.

What the Numbers Show

The divergence between the 1% decline in turnover and the 48% surge in EBITDA indicates a successful margin expansion strategy rather than volume-driven growth. This suggests that Emami Paper Mills is effectively leveraging its specialty product portfolio and cost-control measures—such as freight optimisation and energy efficiency—to protect profitability amidst subdued realisations in commoditised grades. The high capital expenditure of ₹30.29 crore underscores a continued commitment to operational modernisation, aiming to sustain this margin resilience in future quarters.

Corporate Governance and Dividends

The company transferred 15,050 equity shares to the Investor Education and Protection Fund (IEPF) during the year. As of March 31, 2026, 1,56,493 equity shares remained held by the IEPF Authority. The Board also redeemed preference shares, including 4,80,000 Series II Tranche II OCRPS on January 20, 2026, and 2,70,000 Series II Tranche III OCRPS on March 27, 2026. The dividend payout aligns with the company’s Dividend Distribution Policy under Regulation 43A of SEBI (LODR) Regulations, 2015.

Emami Paper Mills Limited has set Friday, August 28, 2026 as the record date for the payment of dividends for the financial year ended March 31, 2026. The company will convene its 44th Annual General Meeting (AGM) on Friday, September 4, 2026, at 11:30 a.m. (IST) via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Shareholders holding shares on the record date will be eligible to receive the dividend, subject to approval by shareholders at the AGM and subsequent payment within the statutory period of 30 days from the date of such approval.

The register of members and share transfer books will remain closed from Saturday, August 29, 2026, to Friday, September 4, 2026, both days inclusive, for the purpose of the AGM and dividend payment. This book closure ensures that only shareholders registered in the company’s records as of the end of business on August 28, 2026, are entitled to participate in the AGM and receive the declared dividend.

Key Dates for Shareholders

Tax Deduction at Source Requirements

Pursuant to the Income Tax Act, 1961, dividend income is taxable in the hands of shareholders, and Emami Paper Mills is required to deduct tax at source (TDS) at prescribed rates. Resident shareholders holding a valid Permanent Account Number (PAN) may claim non-deduction of TDS by submitting Form No. 15G or 15H (where applicable) to the company’s Registrar and Transfer Agent (RTA).

Non-resident shareholders, including Foreign Portfolio Investors (FPIs), may avail concessional tax rates under applicable Double Taxation Avoidance Agreements (DTAA) or tax treaties. To do so, they must submit a Tax Residency Certificate (TRC), Form 10F, No Permanent Establishment Declaration, Beneficial Ownership Declaration, and other required documents in PDF format to contact@mdplcorporate.com .

All declarations and supporting documents for TDS exemption or concessional rates must be submitted by shareholders on or before Friday, August 28, 2026. Failure to submit these documents by the deadline will result in TDS being deducted at standard rates.

AGM Participation and Voting

The 44th AGM will be conducted entirely through VC/OAVM facilities in compliance with Ministry of Corporate Affairs (MCA) circulars and SEBI regulations. Physical presence at a common venue is not permitted. Attendance of shareholders joining through VC/OAVM will be counted for reckoning quorum under Section 103 of the Companies Act, 2013.

Shareholders can cast their votes through remote e-voting or e-voting during the AGM. Detailed instructions for joining the meeting and voting procedures are available in the AGM notice. Members who have not registered email addresses can access the Annual Report and AGM notice via web-links and QR codes provided in intimation letters sent to them. Those holding shares in physical form or without registered emails must register their details with the RTA at www.mdpl.in or the company website to participate in e-voting.

Compliance Updates for Physical Shareholders

Emami Paper Mills has reminded shareholders holding securities in physical form that SEBI mandates updated folio details for receiving payments electronically. Folios lacking valid PAN, nomination, contact details, mobile number, bank account details, or specimen signatures are eligible to receive dividends, interest, or redemption payments only through electronic mode after furnishing all required details to the RTA. The company has already communicated this requirement to concerned shareholders to ensure smooth dividend disbursement.