Emami Paper Mills Limited has scheduled its 44th Annual General Meeting (AGM) for Friday, September 4, 2026, to approve a final equity dividend of ₹3.20 per share for FY26 and ratify significant changes to board leadership remuneration. The company’s Board recommended the dividend, representing a 160% payout on the ₹2 face value, alongside an 8% payout on preference shares. The meeting will also address the re-appointment of Vice Chairman Manish Goenka and Executive Chairman Aditya V. Agarwal, whose monthly salaries are proposed to be revised from ₹18 lakh to ₹27 lakh effective April 1, 2026.

The financial performance underpinning these payouts shows resilience despite a slight revenue contraction. For FY26, Emami Paper Mills reported revenue from operations of ₹1,907.23 crore, down from ₹1,928.04 crore in FY25. However, profitability improved significantly, with profit after tax (PAT) rising to ₹61.38 crore from ₹26.01 crore in the previous year. EBITDA more than doubled to ₹217.18 crore from ₹146.27 crore, indicating strong operational efficiency gains that support the proposed dividend distribution.

Key Dates for Shareholders

Shareholders holding shares as of the record date, August 28, 2026, will be eligible for the dividend. The register of members and share transfer books will remain closed from August 29 to September 4, 2026. To ensure accurate tax deduction at source (TDS), shareholders must submit required documents, such as Form 121 for residents or Tax Residency Certificates for non-residents, by the record date. Failure to do so may result in TDS being deducted at standard rates rather than concessional treaty rates.

Board Leadership and Remuneration

The AGM agenda includes special resolutions to revise the remuneration of two key promoters. Manish Goenka, Vice Chairman, and Aditya V. Agarwal, Executive Chairman, will see their monthly salaries increased to ₹27 lakh, effective April 1, 2026. This revision applies to their residual tenure until June 30, 2026, and continues into their new terms.

Mr. Goenka is up for re-appointment as Whole-time Director designated as Vice Chairman for a three-year term from July 1, 2026, to June 30, 2029. His salary range is set between ₹27 lakh and ₹32 lakh per month. Mr. Agarwal, currently serving until October 31, 2027, will have his salary revised within a range of ₹27 lakh to ₹29.5 lakh per month. Both executives are eligible for additional commission and incentive remuneration linked to net profits, subject to Board discretion and statutory limits.

What the Numbers Show

The divergence between revenue decline and profit surge highlights a margin expansion strategy. While revenue fell by approximately 1.1%, PAT increased by over 135%. This suggests that cost optimization or mix shifts toward higher-margin products drove the bottom-line growth. The proposed dividend payout ratio remains conservative relative to the sharp rise in earnings, preserving capital for future operations or debt reduction, although net worth decreased slightly to ₹575.31 crore from ₹677.72 crore in FY25.

Compliance and Voting Procedures

The AGM will be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM) in compliance with Ministry of Corporate Affairs circulars. Physical attendance is not permitted. Shareholders can vote through remote e-voting facilitated by Central Depository Services (India) Limited (CDSL). The e-voting window opens on Tuesday, September 1, 2026, and closes on Thursday, September 3, 2026.

Physical shareholders are reminded to update their KYC details, including PAN, bank account information, and specimen signatures, with the Registrar and Transfer Agent (RTA), Maheshwari Datamatics Private Limited. SEBI mandates electronic payment of dividends, and non-compliant folios may face delays in receiving payments. Additionally, unclaimed dividends from FY2018-19 will be transferred to the Investor Education and Protection Fund (IEPF) on September 17, 2026, urging shareholders to claim outstanding amounts promptly.

Emami Paper Mills Limited has published its Business Responsibility and Sustainability Report (BRSR) for FY2025-26, providing a detailed account of its environmental, social, and governance (ESG) performance on a standalone basis. The report, prepared in accordance with the National Guidelines on Responsible Business Conduct (NGRBC), covers the Company's operations, workforce, sustainability initiatives, and stakeholder engagement practices for the reporting period.

Corporate Profile and Financial Overview

Incorporated in 1981 and headquartered at 687, Anandapur, E. M. Bypass, Kolkata - 700107, Emami Paper Mills Limited is listed on both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The Company's paid-up capital structure comprises Equity Share Capital of ₹12.10 crores, Non-Convertible Non-Cumulative Redeemable Preference Shares (NCRPS) of ₹35 crores, and Optionally Convertible Non-Cumulative Redeemable Preference Shares of ₹18.75 crores.

The following key financial and operational metrics are reported for FY2025-26:

Products, Operations, and Markets

Emami Paper Mills derives 100% of its turnover from the manufacturing and selling of Multilayer Coated Paperboard, Newsprint, Writing & Printing Paper, and Specialty Paper (NIC Code: 1701). The Company operates one plant and four offices nationally, with no international operations. It serves a diversified B2B customer base comprising packaging converters and processors, food and pharmaceutical product companies, publishers, educational institutions, commercial printers, media houses, and international clients, supported by its pan-India distribution network.

Workforce and Employee Well-being

As at the end of FY2025-26, the Company's workforce comprised the following:

The Board of Directors comprises 10 members, of whom 2 (20%) are women. All 686 permanent employees are covered under health and accident insurance, and 100% of permanent workers receive provident fund and gratuity benefits. The Company is certified as a Great Place to Work and maintains an ISO 45001:2018-certified Occupational Health & Safety Management System covering 100% of its workforce.

Median remuneration figures for FY2025-26 are as follows:

*KMP does not include those already reported under the BoD category.

Sustainability and Environmental Performance

Emami Paper Mills has embedded sustainability across its operations through multiple certifications and initiatives. The Company holds ISO 14001:2015 (Environment Management System), ISO 9001:2015 (Quality Management System), FSC certification (License Code C128183), and BIS certifications for Writing & Printing paper, Plain Copier Paper, and Coated Folding Box Board, among others.

Key sustainability highlights include:

• 61% of raw materials were sourced through sustainable sources during the reporting period.
• The Company operates a 7 MW group captive solar power plant under the Group Captive model to reduce fossil fuel consumption.
• Biogas generated from the UASBR (Upflow Anaerobic Sludge Blanket Reactor) is used in the Power Plant as supplementary fuel.
• The Company has participated in PAT (Perform, Achieve and Trade) Cycles I, II, and VII, outperforming notified specific energy consumption targets in each cycle.

PAT Scheme performance is summarized below:

The Company's plant is located at Balgopalpur Industrial Estate, District Balasore, Odisha, which falls within a groundwater-safe zone. No operations are situated in or around ecologically sensitive areas. The Company complies with all applicable environmental laws, including the Water (Prevention and Control of Pollution) Act, the Air (Prevention and Control of Pollution) Act, and the Environment Protection Act, and has reported no non-compliances during the reporting period.

Material Risks and Opportunities

The BRSR identifies 11 material responsible business conduct issues. Key risks and opportunities are outlined below:

Governance, Compliance, and Stakeholder Engagement

Mr. Sushil Kumar Khetan, Whole-time Director & CEO (DIN-00358577), is responsible for the implementation and oversight of all Business Responsibility Policies, reporting to the Board of Directors. The Company's policies cover all nine NGRBC principles and have been approved by the Board. Performance against these policies is reviewed half-yearly by the Whole-time Director & CEO in consultation with Senior Management.

The Company is affiliated with 7 trade and industry chambers/associations, including the Indian Paper Manufacturers Association (IPMA), Indian Newsprint Manufacturers Association (INMA), Confederation of Indian Industry (CII), and Federation of Indian Export Organizations (FIEO), among others. No material fines, penalties, or non-monetary sanctions were reported during FY2025-26, and no data breaches involving personally identifiable information were recorded.

CSR Initiatives and Community Impact

CSR is applicable to Emami Paper Mills under Section 135 of the Companies Act, 2013. The Company's CSR activities are primarily carried out in and around Balgopalpur, Balasore, Odisha, with focus on community development, education, healthcare, livelihood generation, women empowerment, and environmental sustainability. Key beneficiary data for FY2025-26 is as follows:

All CSR projects reported 100% reach within their respective categories. The Company has also voluntarily undertaken a CSR Impact Assessment study by an external expert to assess the impact of its CSR activities and identify areas for further improvement.