Emami Paper Mills Limited (EMAMIPAP) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Emami Paper Mills Limited stock ₹121, price ₹118, upside +2.3%, quality 52 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range ₹56.59 – ₹195.41 · fair‑value band ₹77.17 – ₹150.92 · the ₹118.06 price screens below the ₹120.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Emami Paper Mills Limited manufactures and sells paper and paper board products in India. It offers packaging boards; and newsprint, writing, and printing papers, and kraft papers, as well as specialty papers.
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The company serves business-to-business customers consisting of front-line printers/converters, brands, end-use customers, Indian media houses, and retail and institutional consumers. It also exports its products. The company was incorporated in 1981 and is based in Kolkata, India.
Stock analysis
Emami Paper Mills Limited (EMAMIPAP) currently trades at ₹118.06, while our model-based Fair Value estimate is ₹120.73, so the stock looks roughly fairly valued today (gap 2.2%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹245.70 per share, and 16 of the 26 models we run sit above the ₹118.06 price.
Bear case: the Dividend Discount group reads lowest at ₹61.31, and 10 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹77.17 (bear) to ₹150.92 (bull), the price of ₹118.06 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Emami Paper Mills Limited reported revenue of ₹19.1B in FY2026 versus ₹19.4B in FY2022, a compound −0.4%/yr. Reported net income was ₹614M in FY2026, compounding −14.5%/yr from FY2022.
Key figures
Market cap ₹8.0B (≈ $85.5M) Micro · P/E ratio 8.7 · P/S ratio 0.40 · EPS (TTM) ₹13.57 · Dividend yield 2.7% · Net margin 4.7% · Return on equity 9.8% · Return on assets (EBIT) 9.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 109% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 26% fair-value upside, at 2%, EMAMIPAP screens richer than that median.
Fair Value models
Bear₹77.17Fair Value ₹120.73Bull₹150.92
Price ₹118.06 · Upside +2.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹6.42 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹151.84₹242.92₹357.8380
Growth DCF₹149.98₹231.58₹328.4878
Owner Earnings₹122.92₹201.93₹301.6276
All 26 models by family
DCF Models
FCF DCF₹151.84₹242.92₹357.8380
Owner Earnings₹122.92₹201.93₹301.6276
5Y Revenue Exit₹142.65₹258.99₹408.0671
5Y EBITDA Exit₹103.14₹182.53₹273.9774
5Y P/E Exit₹84.20₹145.87₹209.8470
10Y Revenue Exit₹139.11₹234.22₹363.7365
10Y EBITDA Exit₹122.89₹190.65₹278.6868
10Y P/E Exit₹113.01₹169.76₹237.9964
Earnings-Based
Graham-Dodd₹68.99₹253.96₹342.9564
Lynch FV₹76.40₹109.15₹141.8961
PEG = 1.0₹76.40₹109.15₹141.8957
EPV₹51.34₹64.10₹74.2674
Dividend Discount
Gordon GGM₹39.06₹62.18₹77.8169
DDM Multi-Stage₹39.06₹60.44₹67.1667
Multiples
P/E Multiple₹106.53₹142.04₹177.5563
P/S Multiple₹129.36₹172.48₹215.5958
P/B Multiple₹90.79₹121.05₹151.3255
EV/EBIT₹40.35₹98.79₹157.2261
EV/EBITDA₹10.92₹59.53₹108.1560
EV/Revenue₹77.75₹168.90₹260.0551
Asset-Based
NCAV (Graham)₹47.52₹63.68₹95.0554
Growth DCF
Growth DCF₹149.98₹231.58₹328.4878
Rev-Margin DCF₹142.65₹259.81₹401.2071
Economic Profit
Residual Income₹74.11₹77.93₹87.7876
ROIC Compounder₹51.34₹64.10₹74.2672
Growth Earnings
Growth-Adj P/E₹90.29₹128.99₹167.6867
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Start year 2021 (pandemic). Over 10 years: +13.5% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.6%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.6% vs 11.1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 7%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +7.2% a year for the price.
Compare Emami Paper Mills Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Paper & Paper Products · 120 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+2.3% · Above median
Profitability
Return on equity (12 months)9.8% · Top 25%
Return on assets3.4% · Above median
Net margin (12 months)4.7% · Above median
Operating margin (12 months)12.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)21.8% · Top 25%
Dividend yield (12 months)2.7% · Above median
Balance sheet
Debt / equity0.70× · Highest 25%
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
P/E (12 months)8.7× · Cheapest 25%
P/B1.39× · Priciest 25%
P/S (12 months)0.40× · Cheaper than median
Price / free cash flow (fiscal year)6.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Emami Paper Mills Limited Fair Value". https://www.fairvalue-calculator.com/stock/EMAMIPAP
Frequently asked questions
Is Emami Paper Mills Limited (EMAMIPAP) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of ₹120.73 versus a price of ₹118.06, about +2% upside (fairly valued).
What is the fair value of EMAMIPAP?
Our model-based fair value for Emami Paper Mills Limited is ₹120.73 (as of Nov 9, 2026), built from audited fundamentals. The current price: ₹118.06.
What is the quality score of EMAMIPAP?
Emami Paper Mills Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Emami Paper Mills Limited (EMAMIPAP)?
Our model-based price target is the fair value of ₹120.73 (as of Nov 9, 2026) from 26 valuation models. Cautious scenario ₹77.17, optimistic scenario ₹150.92. It is a calculation from audited fundamentals, not an analyst target.
What is the Emami Paper Mills Limited stock forecast for 2026?
Our models put fair value at ₹120.73, about +2% upside versus a price of ₹118.06 (fairly valued). Cautious scenario ₹77.17, optimistic scenario ₹150.92. The calculation is refreshed regularly with new filings.
What is the revenue of Emami Paper Mills Limited (EMAMIPAP)?
Emami Paper Mills Limited reported trailing-twelve-month revenue of about ₹20.1B (latest available figure, as of Nov 9, 2026).
Does Emami Paper Mills Limited pay a dividend?
Emami Paper Mills Limited currently shows a dividend yield of 2.71% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Emami Paper Mills Limited (EMAMIPAP) and when is the ex-dividend date?
Emami Paper Mills Limited pays a dividend of ₹3.20 per share a year, a dividend yield of 2.7%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since 2022. The payout ratio is 23.6% of earnings. Free cash flow covers the dividend 6.00 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Emami Paper Mills Limited (EMAMIPAP)?
For today's price to be fair in a discounted-cash-flow model, Emami Paper Mills Limited would have to grow free cash flow by +11.6 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of EMAMIPAP use?
Our models discount Emami Paper Mills Limited at 13.9 %: a base by market capitalisation (micro), damped by beta 0.53, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Emami Paper Mills Limited that is +11.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Emami Paper Mills Limited (EMAMIPAP) delivered so far?
Over the past 5 years revenue at Emami Paper Mills Limited grew +10.1 % a year. The price currently implies free-cash-flow growth of +11.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Emami Paper Mills Limited (EMAMIPAP) growing?
The median revenue growth in the sector is +13.2 % a year. That is the yardstick for the growth priced into Emami Paper Mills Limited (+11.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Emami Paper Mills Limited (EMAMIPAP)?
The free-cash-flow yield on the price is 14.50 %: that much free cash flow Emami Paper Mills Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Emami Paper Mills Limited (EMAMIPAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Emami Paper Mills Limited it is ₹120.73 per share (as of Nov 9, 2026), against a price of ₹118.06. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Emami Paper Mills Limited stock overvalued or undervalued in 2026?
As of Nov 9, 2026, EMAMIPAP trades below its calculated fair value: price ₹118.06, fair value ₹120.73, a gap of about +2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EMAMIPAP?
No. The price is what the market pays today (₹118.06); the fair value is what the company's own numbers justify (₹120.73). For Emami Paper Mills Limited the two are ₹2.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is Emami Paper Mills Limited worth?
The market values Emami Paper Mills Limited at about ₹8.0B (market capitalisation, as of Nov 9, 2026). Per share that is ₹118.06; our models calculate a fair value of ₹120.73 per share.
What do the bullish and bearish scenarios say about EMAMIPAP?
Our models span a range for Emami Paper Mills Limited: cautious scenario ₹77.17, base ₹120.73, optimistic ₹150.92 per share (as of Nov 9, 2026, price ₹118.06). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMAMIPAP?
Emami Paper Mills Limited trades at a price-to-earnings ratio of 8.7 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹120.73 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2021 to 2026), reported earnings: 12.1. Other multiples: P/B 1.4, P/S 0.4, EV/EBITDA 5.0.
How solid is the balance sheet of Emami Paper Mills Limited (EMAMIPAP)?
Balance-sheet figures for Emami Paper Mills Limited (as of Nov 9, 2026): return on equity 9.8%, debt of 0.70 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is EMAMIPAP from its 52-week high?
Emami Paper Mills Limited trades at ₹118.06, about 4% below its 52-week high of ₹122.88 and 109% above the low of ₹56.59 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of ₹120.73 is for.
Which stocks are comparable to Emami Paper Mills Limited?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Suzano S.A, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Emami Paper Mills Limited stock attractive at the current price?
The data as of Nov 9, 2026: price ₹118.06, calculated fair value ₹120.73 (+2%), Quality Score 52/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EMAMIPAP calculated?
We run Emami Paper Mills Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹120.73 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Emami Paper Mills Limited currently trades 2% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Emami Paper Mills Limited (EMAMIPAP)?
The closing price on Nov 11, 2026 was ₹118.06. Our model-based fair value is ₹120.73, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Emami Paper Mills Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹77.17 to ₹150.92) leaves room in how you read the outcome.
Key figures of Emami Paper Mills Limited
How large is the market capitalisation of Emami Paper Mills Limited (EMAMIPAP)?
The market capitalisation of Emami Paper Mills Limited is ₹8.0B (≈ $85.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Emami Paper Mills Limited (EMAMIPAP)?
The price-to-sales ratio of Emami Paper Mills Limited is 0.40 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Emami Paper Mills Limited (EMAMIPAP)?
Earnings per share at Emami Paper Mills Limited are ₹13.57 (price ÷ EPS = P/E 8.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Emami Paper Mills Limited (EMAMIPAP)?
The dividend yield of Emami Paper Mills Limited is 2.7% (payout 23.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Emami Paper Mills Limited (EMAMIPAP)?
The net margin of Emami Paper Mills Limited is 4.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Emami Paper Mills Limited (EMAMIPAP)?
The return on equity (ROE) of Emami Paper Mills Limited is 9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Emami Paper Mills Limited (EMAMIPAP)?
On an EBIT basis the return on assets of Emami Paper Mills Limited is 9.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Emami Paper Mills Limited (EMAMIPAP)?
The operating margin of Emami Paper Mills Limited is 12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Emami Paper Mills Limited (EMAMIPAP)?
Revenue at Emami Paper Mills Limited is growing +21.8% versus a year earlier (3y avg −7.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Emami Paper Mills Limited (EMAMIPAP)?
Earnings per share at Emami Paper Mills Limited are growing +603% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Emami Paper Mills Limited (EMAMIPAP) carry?
The net debt of Emami Paper Mills Limited is ₹8.2B (fiscal year 2026, ≈ 7.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026