Key Metrics of Subam Papers Limited
About Subam Papers Limited
Sectors
Company details
- Registered office
- S.f. No. 143-146, Vaduganpatti Village, Nadukallur, Tirunelveli, In-tn, 627010
Operational Areas of Subam Papers Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteRating watch (ICRA, 28 Aug 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Aug 2026 | ICRA | Watch | A- | — | Developing | ₹178 Cr | View |
| 04 Aug 2026 | ICRA | Reaffirmed | A- | — | Stable | ₹178 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established presence with a strong customer base in the packaging industry; caters to various end-user segments
With almost two decades of operations, SPL is an established player in kraft paper manufacturing in Tamil Nadu.
+ Favourable demand outlook for paper packaging industry
The growing demand for packaging from e-commerce, food and food products, FMCG, textiles and pharmaceutical sectors augurs well for the company in the near-to-medium term.
+ Access to diversified raw material sources and integrated production facility support margins
The company’s primary raw material is wastepaper and other raw materials include chemicals used in production like alum, bismark brown, starch etc.
Credit challenges
− Susceptibility of profit margins to input costs, paper prices and forex volatility
The company’s profit margins remain vulnerable to volatility in raw material costs, fuel and electricity rates, and foreign exchange rates, among others.
− High geographical concentration; fragmented industry structure resulting in intense competition
SPL has a moderate scale of operations with high geographical concentration in Tamil Nadu.
Could lead to an upgrade
SPL’s rating could be upgraded if the company is able to significantly scale up its operations , driven by increase in capacity utilisation of enhanced production capacities, leading to an improvement in cash flows and debt coverage metrics.
Could lead to a downgrade
Pressure on SPL’s rating could emerge in case of a sharp deterioration in the earnings or a significant rise in debt due to high working capital intensity, higher capex or an increase in advances to Group entities. Specific credit metrics that may result in a rating downgrade include DSCR of less than 2 times on a sustained basis.
Agency-reported financials (ICRA, 28 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (OI) | ₹539 Cr | ₹584 Cr |
| PAT | ₹26.60 Cr | ₹7.70 Cr |
| OPBDIT/OI | 12.7% | 7.8% |
| PAT/OI | 4.9% | 1.3% |
| Total outside liabilities/Tangible net worth (times) | 0.80× | 0.70× |
| Total debt/OPBDIT (times) | 2.40× | 3.70× |
| Interest coverage (times) | 3.50× | 2.80× |
| Revenue growth (YoY) | — | 8.3% |
| EBITDA (margin × income) | ₹68.48 Cr | ₹45.56 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹164 Cr | ₹169 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹19.57 Cr | ₹16.27 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term-Fund based-Cash credit | Working capital & bank lines | ₹102 Cr | ₹102 Cr | 0.0% | A- | Watch | ICRA |
| Long-term-Unallocated limits | Working capital & bank lines | ₹75.9 Cr | ₹75.9 Cr | 0.0% | A- | Watch | ICRA |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 54% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 54% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 2.8×
- ₹75.9 cr of rated limits not yet tied to a lender
What happened, step by step
- Aug 2026 — Full repayment of debt
- Aug 2026 — ₹93.7 cr raised
“The company was listed on the SME exchange in October 2024 through a primary issue of Rs. 93.7 crore, the proceeds of which were largely used to fund the capex for PM III.”
- Aug 2026 — ₹40 cr raised through equity
- Aug 2026 — Full repayment of debt
“The rating also factors inthe company's equity fund-raise of Rs. 104.0 crore in FY2026, through a preferential allotment of Rs. 64.0 crore to non-promoter shareholders (fully raised) and share warrants of Rs. 40.0 crore to promoters (25% infused in FY2026 and balance expected in FY2027/early FY2028).”
Rated limits by facility
Timeline
From the report
In the interim, the ratings draw comfort from the liquidity available to the company in the form of undrawn working capital lines, an undrawn term loan and cash and bank balances (Rs. 71.0 crore, Rs. 18.0 crore and Rs. 8.1 crore respectively as on March 2026).
From the report
The company was listed on the SME exchange in October 2024 through a primary issue of Rs. 93.7 crore, the proceeds of which were largely used to fund the capex for PM III.
From the report
In FY2026, the company raised an additional Rs. 64.0 crore through preferential issue and Rs. 10 crore through the issue of share warrants to the promoters.
From the report
The rating also factors inthe company's equity fund-raise of Rs. 104.0 crore in FY2026, through a preferential allotment of Rs. 64.0 crore to non-promoter shareholders (fully raised) and share warrants of Rs. 40.0 crore to promoters (25% infused in FY2026 and balance expected in FY2027/early FY2028).
From the report
The proceeds were utilised towards repayment of debt in SPL, funding of the ongoing capex, and general corporate requirements.
From the report
Nevertheless, the Group's debt level remained largely stable at Rs. 169.3 crore as on www.icra.in Sensitivity Label : Public Page |1 March 31, 2026, compared with Rs. 168.0 crore as on March 31, 2025, supported by scheduled repayments and the equity raised during the year.
From the report
Liquidity position: Adequate SPL’s liquidity position is Adequate, supported by undrawn working capital lines of Rs. 71.0 crore and undrawn term loan of Rs. 18.0 crore coupled with cash and bank balances of Rs. 8.1 crore as of March 31, 2026.
From the report
In addition to the aforementioned sources of funds, the promoter’s balance share warrant issue of Rs. 30 crore is expected to be received between FY2027 and FY2028.
From the report
The company got listed on the SME exchange in October 2024 with primary issue of Rs. 93.7 crore, largely to fund the capex for PM III.
From the report
In FY2026, the company further raised Rs. 64.0 crore through preferential issue and Rs. 10 crore through issue of share warrants to promoters.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Subam Papers Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | jkpaper.com | — | Tapi, India | |
 Trident |
Part of Mondelez International. | tridentindia.com | — | India |
 Tamil Nadu Newsprint and Papers (TNPL) |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | tnpl.com | — | India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | westcoastpaper.com | — | Dandeli, India | |
 Andhra Paper |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | andhrapaper.com | — | Rajahmundry, India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | spbltd.com | — | Erode, India | |
| Satia Industries | Paper, Pulp & Packaging · Cement, Building Materials & Polymers | — | — | Muktsar, India |
 Kuantum Papers (India) |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | kuantumpapers.com | 1979 | India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | orientpaperindia.com | — | Bhubaneswar, India | |
 SHRENIK LIMITED |
Paper, Pulp & Packaging · Trading | ulphs.co.in | — | Ahmedabad, Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.