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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2025)
Investment Thesis
Parijat Paper Mills Limited is a small, long-established kraft paper manufacturer in Muzaffarnagar, UP. While structural tailwinds in the paper packaging sector are favorable, the company's small scale, commoditized product profile, and limited public disclosure make it a high-risk, illiquid investment. Its value lies primarily in operational continuity rather than significant growth prospects.
Pros
Cons
Business Segments
Kraft Paper Manufacturing
Production of kraft paper used in corrugated packaging, industrial wrapping, and paper bag manufacturing for domestic markets
Revenue Model
Parijat Paper Mills generates revenue by manufacturing and selling kraft paper to packaging companies, corrugated box manufacturers, and industrial customers in Uttar Pradesh and surrounding regions. Revenue is volume-driven, with margins dependent on the spread between raw material costs (waste paper, agro-residues) and kraft paper selling prices, which are influenced by overall paper market dynamics and regional supply-demand conditions.
Detailed Analysis
Growth Plans
India's ban on single-use plastics driving substitution to paper-based packaging, increasing kraft paper demand
E-commerce growth structurally increasing demand for corrugated packaging and kraft paper
Government promotion of agro-residue based paper manufacturing reducing dependency on wood pulp imports
Muzaffarnagar's industrial ecosystem providing access to local packaging industry customers
Industry Tailwinds
Recent Developments
No material public announcements found. The company continues to operate as a small kraft paper manufacturer in Muzaffarnagar, serving regional packaging customers.
2024-01Comparable Companies
JKPAPER · ~₹6,500 Cr (listed)
Frequently Asked Questions
About Parijat Paper Mills
Parijat Paper Mills Limited is a Muzaffarnagar-based manufacturer of premium quality absorbent kraft paper, established in 1989 and incorporated under the Companies Act with CIN L21012UP1989PLC010589. The company operates from its plant on Bhopa Road, Muzaffarnagar, Uttar Pradesh — a region with strong industrial heritage and proximity to UP's agri-industrial base. Parijat Paper Mills specialises in manufacturing absorbent kraft paper in a grammage range of 100 to 140 grams per square metre (gsm), used in packaging, construction (between floor tiles and roofing), and industrial applications. The company uses waste and recycled paper as its primary raw material including corrugated boxes, paper cuttings, and waste paper sheets, aligning with sustainable manufacturing practices. The company employs international manufacturing techniques to produce paper meeting quality standards for both domestic and export markets. Kraft paper is a fundamental industrial packaging material with applications in multi-wall bags, wrapping, and protective packaging across industries such as cement, fertilisers, chemicals, and food. Muzaffarnagar in western Uttar Pradesh is strategically located near Delhi-NCR and Punjab, providing Parijat Paper Mills with access to India's major industrial and manufacturing markets. The region is also close to sugarcane processing industries that use kraft paper for bagging. The management of Parijat Paper Mills includes directors Amit Mittal, Amrish Kumar, Himanshu Gupta, Parul Mittal, Amit Kumar Garg, Rajeev Kumar Jain, Manish Jain, Neeraj Jain, and Ashutosh Gupta — a team with deep roots in Muzaffarnagar's industrial community.
Key Milestones
1989: Incorporated as Parijat Paper Mills Limited in Muzaffarnagar, Uttar Pradesh under CIN L21012UP1989PLC010589
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You enquire
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We source & quote
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You accept the allocation
Quote valid for 3 days
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Shares reach your demat
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
India's ban on single-use plastics driving substitution to paper-based packaging, increasing kraft paper demand
E-commerce growth structurally increasing demand for corrugated packaging and kraft paper
Government promotion of agro-residue based paper manufacturing reducing dependency on wood pulp imports
Muzaffarnagar's industrial ecosystem providing access to local packaging industry customers
Industry Headwinds
Inability to compete on price against large integrated paper mills investing in modern, high-capacity facilities
Rising energy costs (coal, power) pressuring manufacturing economics for small paper mills
Environmental regulations requiring expensive effluent treatment infrastructure upgrades
Limited public financial disclosure
Source: Media Reports / Public Records
Small scale relative to large paper mill competitors
Source: AlphaHub Research
Net profit margin is thin at 1.0% (FY2025) — limited buffer against revenue or cost shocks
Source: Financial data
Prices and availability of waste paper (OCC) and agro-residues fluctuate with domestic collection volumes and export demand; sharp increases in raw material costs compress margins.
Large integrated paper mills (JK Paper, West Coast Paper, TNPL) and mid-sized kraft paper manufacturers offer competitive pricing, squeezing small mills' market share.
Paper manufacturing is a water-intensive process and subject to environmental regulations; compliance costs for effluent treatment and pollution control are rising for small mills.
Kraft paper is a commodity product; selling prices are determined by market forces, and the company has limited pricing power against larger competitors.
As an unlisted company with a near-face-value share price and no known ISIN in active trading, investor exit options are extremely limited.
WSTCSTPAPR · ~₹3,500 Cr (listed)
Unlisted
Established manufacturing operations for kraft paper products using agro-waste based raw materials available in UP's industrial belt
Adopted international manufacturing techniques for quality improvement in kraft paper production
Continues to operate as a small-scale unlisted kraft paper manufacturer serving the regional packaging industry
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