Shreyans Industries Ltd (SHREYANIND)

Forest Materials · Paper · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹125.9 ↓ 44.9% (1Y)

🎯 Key Takeaways

Shreyans Industries Ltd is a mature, cash flow positive paper manufacturer operating in the niche Writing and Printing Paper segment with no subsidiaries or joint ventures. The company exhibits declining profitability metrics, including negative ROE and ROCE, and has experienced a 44.
Revenue declined 4.5% QoQ to ₹160 in Q1FY27.
⚠️ Persistent operating losses and negative margins across all recent quarters, with no indication of recovery in core paper business profitability.

Market Cap

₹174

P/B Ratio

0.41

ROE

-3.3%

ROCE

-2.8%

Debt/Equity

0.14

Div Yield

1.19%

Promoter

50.3%

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📖 The Story

Shreyans Industries Ltd is a mature, cash flow positive paper manufacturer operating in the niche Writing and Printing Paper segment with no subsidiaries or joint ventures. The company exhibits declining profitability metrics, including negative ROE and ROCE, and has experienced a 44.9% year-on-year price decline, reflecting sustained operational and market headwinds. Despite stable promoter holding, investor sentiment remains weak amid persistent losses and shrinking margins.

📰 What's Happening

The company approved un-audited Q1 FY27 financial results during a board meeting on August 12, 2026, which showed revenue of ₹160 crore and an operating loss of ₹13 crore, continuing a multi-quarter trend of negative operating performance. At its 46th Annual General Meeting on August 12, 2026, shareholders approved the audited FY2026 financials, declared a final dividend of ₹1.50 per share, and reappointed key directors including Rajneesh Oswal and Vishal Oswal, while also appointing Kunal Oswal as Whole-time Director and Rajneesh Oswal as Director. The AGM, held on August 11, 2026, included resolutions on director remuneration and e-voting procedures, with voting open from August 8 to 11, 2026, and results expected within two working days.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	154	142	159	168	160
Operating Profit	12	2	-8	-15	-13
OPM %	7.8%	1.2%	-4.9%	-8.8%	-7.8%
Net Profit	17	2	-3	-10	-3
EPS	₹12.49	₹1.62	₹-1.84	₹-7.58	₹-2.34

Financial performance has deteriorated significantly over the past year, with revenue declining from ₹154 crore in June 2025 to ₹160 crore in June 2026, while operating profit has swung from a ₹12 crore profit to a ₹13 crore loss. Operating margins have collapsed from 7.8% in June 2025 to -7.8% in June 2026, and net profit has dropped from ₹17 crore to a ₹3 crore loss over the same period. This trend of declining profitability is consistent across all recent quarters, with operating losses widening from ₹8 crore in December 2025 to ₹15 crore in March 2026, indicating no near-term operational recovery.

🔮 Management Outlook & What's Next

Management has not provided forward-looking guidance in the reviewed filings, with no explicit commentary on future revenue expectations, margin improvement, or strategic initiatives beyond routine governance updates. The only forward-looking element mentioned is the scheduled 46th AGM on August 12, 2026, where shareholders will vote on dividend approval and director appointments, but no operational targets or growth projections were disclosed. The lack of strategic commentary suggests limited confidence in near-term recovery or visibility into performance drivers.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	14	14	14	14
Reserves	385	413	425	413
Borrowings	44	45	57	59
Total Liabilities	577	615	641	634
Fixed Assets	237	236	235	228
Investments	209	240	255	214
Total Assets	577	615	641	634

The balance sheet shows a stable capital structure with minimal debt, as total borrowings remained flat at ₹57-59 crore from March 2025 to March 2026, while equity and reserves increased slightly from ₹413 crore to ₹425 crore. Total assets grew modestly from ₹615 crore to ₹641 crore, indicating no aggressive capital expenditure or deleveraging activity. The company maintains a low debt-to-equity ratio of 0.14, but this stability reflects financial caution rather than growth-oriented investment, consistent with its mature, non-expansionary business model.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+14
Investing	-19
Financing	+5
Net Cash Flow	+1

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	50.5%	50.5%	50.5%	50.3%
FII	0.2%	0.2%	0.2%	0.2%
DII	0.2%	0.2%	0.2%	0.2%
Public	26.4%	26.2%	26.1%	26.1%
# Shareholders	17,270	16,702	16,471	16,219

Promoter holding has remained stable at approximately 50.5% over the past four quarters, indicating no aggressive buying or selling by the Oswal family. In contrast, Foreign Institutional Investor (FII) ownership is negligible at 0.23-0.24%, and Domestic Institutional Investor (DII) holdings have slightly declined from 0.24% to 0.18%, suggesting limited institutional confidence. The number of public shareholders has gradually decreased from 17,270 to 16,219, reflecting retail investor attrition, while the company maintains a broad shareholder base with 16,219 holders as of Q1FY27.

⚖️ Peer Comparison — Paper

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
JKPAPER	7,262	21.9	8.0%	5.9%	0.44
WSTCSTPAPR	4,320	18.8	9.5%	6.6%	0.09
SESHAPAPER	1,459	14.1	6.7%	4.8%	0.00
ANDHRAPAP	1,202	43.5	2.4%	1.4%	0.12
TNPL	1,033	4.0	7.0%	12.5%	0.76
PDMJEPAPER	877	9.6	18.3%	13.6%	0.03
NRAIL	847	13.6	10.0%	7.6%	0.97
EMAMIPAP	667	7.5	15.6%	18.9%	1.65
KUANTUM	627	17.4	4.9%	2.9%	0.70
SATIA	571	—	3.9%	-0.7%	0.22

🔗 Peer Stock Analyses

JKPAPER WSTCSTPAPR SESHAPAPER ANDHRAPAP TNPL

⚠️ Risk Factors

1. Persistent operating losses and negative margins across all recent quarters, with no indication of recovery in core paper business profitability. 2. Declining profitability metrics, including negative ROE (-3.3%) and ROCE (-2.8%), signal deteriorating returns on capital. 3. Share price has fallen 44.9% over the past year, reflecting sustained market skepticism about the company's viability. 4. Limited business diversification, operating exclusively in the Writing and Printing Paper segment with no subsidiaries or joint ventures, making it vulnerable to structural industry headwinds.

📋 Recent Filings

🧠 Analyst's Read

Shreyans Industries remains a loss-making, mature business with no visible path to profitability improvement, operating in a structurally challenged paper segment. Investors should monitor future board commentary for any strategic shifts, but current filings suggest no transformative changes are imminent. The stability in promoter holding is offset by weak institutional interest and ongoing financial underperformance, making near-term recovery unlikely without significant market or operational tailwinds.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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