Emami Paper Mills Limited , a key player in the paper and paperboard industry, has released its financial results for the quarter and half-year ended September 30, 2025, alongside significant corporate actions.

Financial Performance

The company reported a mixed financial performance for the second quarter:

For the half-year ended September 30, 2025, Emami Paper Mills reported:

• Revenue from operations of ₹910.37 crores
• Total income of ₹916.88 crores
• Profit before tax of ₹19.42 crores
• Profit after tax of ₹12.89 crores

Corporate Actions

The Board of Directors, in their meeting held on October 31, 2025, approved several key decisions:

1. Financial Results Approval: The unaudited financial results for Q2 and H1 FY2025-26 were approved.

2. Preference Shares Extension: The company extended the tenure of its Series II Tranche I preference shares by four years. These shares, originally due for conversion or redemption on August 13, 2025, have been reclassified as 8% Non-Convertible Non-Cumulative Preference Shares (NCRPS). The new terms include:

   • Redemption at a premium of ₹716 per share
   • Redemption period extended to 16 years from the original allotment date
   • Option for early redemption at a mutually agreed premium

3. Key Managerial Personnel Authorization: The Board authorized Key Managerial Personnel (KMPs) to determine the materiality of events and make disclosures to stock exchanges under SEBI regulations. The authorized KMPs include:

   • Vivek Chawla (Whole-time Director)
   • Sushil Kumar Khetan (Chief Executive Officer)
   • Mukesh Kumar Agarwal (Chief Financial Officer)
   • Debendra Banthiya (Company Secretary & Compliance Officer)

Business Segment

Emami Paper Mills continues to operate in a single reportable business segment: paper and paperboard, including newsprint.

Auditor's Review

S K Agrawal and Co Chartered Accountants LLP conducted a limited review of the financial results. The review report states that nothing has come to their attention that causes them to believe that the financial results do not present a true and fair view in accordance with applicable accounting standards and other recognized accounting practices and policies.

The company's performance reflects ongoing challenges in the paper industry, with a slight decrease in revenue compared to the previous year. The extension of preference shares and the authorization of key personnel for regulatory disclosures indicate proactive management of financial obligations and corporate governance.

The Indian paperboard industry, particularly Emami Paper Mills , faces a significant development as the Directorate General of Trade Remedies (DGTR) imposes anti-dumping duties on virgin multi-layer paperboards imported from Chile and China.

Impact on Emami Paper Mills

Emami Paper Mills, a key player in the Indian paper and paperboard industry, is likely to be affected by this regulatory move. The imposition of anti-dumping duties is expected to level the playing field for domestic manufacturers like Emami Paper Mills, potentially boosting their competitiveness against imported products.

Anti-Dumping Measures

The DGTR's decision to impose these duties aims to protect the domestic industry from unfair trade practices. Anti-dumping duties are typically implemented when foreign producers sell their goods at prices lower than their normal value, causing material injury to the domestic industry of the importing country.

Market Implications

This development is expected to have several implications for the paperboard market:

1. Increased Costs for Importers: Companies importing virgin multi-layer paperboards from Chile and China will likely face higher costs due to the additional duties.

2. Potential Shift in Supply Chains: Importers may seek alternative sources or consider domestic options, potentially benefiting Indian manufacturers like Emami Paper Mills.

3. Price Adjustments: The market may see price adjustments as the cost structure for imported paperboards changes.

Industry Outlook

The anti-dumping duties could provide a more favorable environment for domestic paperboard manufacturers. Emami Paper Mills may have an opportunity to strengthen its market position and potentially increase its market share.

However, the full impact of these measures on Emami Paper Mills and the broader Indian paperboard industry will depend on various factors, including the specific rates of the anti-dumping duties and how market participants adjust their strategies in response to this regulatory change.

Investors and industry observers will be closely watching how Emami Paper Mills and other domestic manufacturers capitalize on this development in the coming months.