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Tamil Nadu Newsprint & Papers Limited (TNPL) Fair Value & Analysis

Basic Materials · IN · Market cap ₹10.2B

TN Tamil Nadu Newsprint & Papers Limited TNPL · NSE
Price₹140.88
Fair Value₹244.77
Upside+73.7%
Quality47/100
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Mixed Growth
Thin margins · 5.3% net margin
Low debt · generates free cash flow
2.74% dividend yield
Ranks above peers (12/14)
Narrow moat 33/100
Evidence: High Range ₹220.74 – ₹395.77 Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from ₹316.80 to ₹244.77 (−22.7%) since Aug 8, 2026. Share price −3.0% over the past month.

Below-average quality, screening 74% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (₹220.74). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

₹313.79 ₹109.34 Fair Value ₹244.77 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹109.34 – ₹313.79 · fair‑value band ₹220.74 – ₹395.77 · the ₹140.88 price screens below the ₹244.77 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Tamil Nadu Newsprint & Papers Limited (TNPL) currently trades at ₹140.88, while our model-based Fair Value estimate is ₹244.77, implying the stock looks roughly 73.7% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tamil Nadu Newsprint & Papers Limited generated revenue of ₹46.4B at a net margin of 5.3%. Revenue declined 4.5% year over year. It earns a return on equity of 11.3%. Net debt stands at ₹16.0B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹220.74 (bear case) to ₹395.77 (bull case); at ₹140.88, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 0% fair-value upside, at 74%, TNPL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income ₹298.57 ₹339.27 ₹642.31 76
ROIC Compounder ₹87.70 ₹122.35 ₹152.67 72
Gordon GGM ₹27.54 ₹57.26 ₹90.84 70
All 23 models by family
DCF Models
Owner Earnings ₹154.21 ₹317.38 ₹571.73 31
5Y Revenue Exit ₹23.59 ₹149.27 ₹315.42 39
5Y EBITDA Exit ₹190.65 ₹466.73 ₹798.34 41
5Y P/E Exit ₹152.72 ₹394.65 ₹655.61 38
10Y Revenue Exit ₹74.19 ₹223.58 36
10Y EBITDA Exit ₹84.21 ₹296.50 ₹597.65 37
10Y P/E Exit ₹59.88 ₹246.03 ₹487.09 35
Earnings-Based
Graham-Dodd ₹243.42 ₹816.22 ₹1,093 54
Lynch FV ₹185.68 ₹265.25 ₹344.83 50
PEG = 1.0 ₹185.68 ₹265.25 ₹344.83 46
EPV ₹87.70 ₹122.35 ₹152.67 59
Dividend Discount
Gordon GGM ₹27.54 ₹57.26 ₹90.84 70
DDM Multi-Stage ₹27.54 ₹47.14 ₹60.10 61
Multiples
P/E Multiple ₹456.41 ₹608.54 ₹760.68 63
P/S Multiple ₹456.41 ₹608.54 ₹760.68 58
P/B Multiple ₹456.41 ₹608.54 ₹760.68 55
EV/EBIT ₹134.48 ₹219.38 ₹304.28 53
EV/EBITDA ₹400.79 ₹574.45 ₹748.12 54
EV/Revenue ₹100.52 ₹195.12 ₹289.72 43
Asset-Based
NCAV (Graham) ₹167.31 ₹224.20 ₹334.63 50
Economic Profit
Residual Income ₹298.57 ₹339.27 ₹642.31 76
ROIC Compounder ₹87.70 ₹122.35 ₹152.67 72
Growth Earnings
Growth-Adj P/E ₹398.08 ₹568.68 ₹739.29 68

Widest divergence: Multiples (₹574.45) versus Dividend Discount (₹47.14). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹46.4B
Revenue growth (YoY) -4.5%
Net margin 5.3%
Return on equity 11.3%
Free cash flow ₹85.7M FY2026
P/E ratio 3.9
More key figures
Operating margin 4.9%
EPS (TTM) ₹35.79
Dividend yield 2.7%
EPS growth (YoY) +985%
Net debt ₹16.0B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 47

Profitability 37
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Tamil Nadu Newsprint and Papers Limited manufactures and markets paper and paperboards in India and internationally. It operates in Paper & Paper Board and Energy segments. The company provides printing and writing paper, as well as packaging boards; and generates power through turbo generators and windmills. It also manufactures and sells cement.

Full company description

Tamil Nadu Newsprint and Papers Limited manufactures and markets paper and paperboards in India and internationally. It operates in Paper & Paper Board and Energy segments. The company provides printing and writing paper, as well as packaging boards; and generates power through turbo generators and windmills. It also manufactures and sells cement. The company was incorporated in 1979 and is based in Chennai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Tamil Nadu Newsprint & Papers Limited reported revenue of ₹46.4B in FY2026 versus ₹40.2B in FY2022, a compound +3.7%/yr. Reported net income was ₹2.5B in FY2026, compounding +103.9%/yr from FY2022.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹46.4B
Latest YoY
+3.4%
Avg. growth/yr (3Y) 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.
−3.6%
Avg. growth/yr (5Y) 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.
+10.9%
Avg. growth/yr (22Y) 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.
+9.9%
Revenue +3.7%/yr
FY22 ₹40.2B
FY23 ₹51.8B
FY24 ₹46.9B
FY25 ₹44.9B
FY26 ₹46.4B
Net income +103.9%/yr
FY22 ₹143M
FY23 ₹3.9B
FY24 ₹2.1B
FY25 ₹37.3M
FY26 ₹2.5B

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Cite: Fair Value Calculator (2026). "Tamil Nadu Newsprint & Papers Limited Fair Value". https://www.fairvalue-calculator.com/stock/TNPL

Peer Group

Paper & Paper Products · 115 stocks

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.

Quality Score 47 · Above median
Fair Value upside +74% · Top 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 2.7% · Above median
Debt / equity 0.37× · Higher than median

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 3.9× · Cheaper than 75% of peers
P/B 0.44× · Cheaper than median
P/S (TTM) 0.22× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 3.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 27
FUTURE 0 · sector 4
PAST 45 · sector 12
HEALTH 82 · sector 91
DIVIDEND 55 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Klabin S.A KLBN11 R$17.55 R$3.80 -78%
UPM-Kymmene Oyj UPM €23.18 €14.21 -39%
Suzano S.A SUZ $8.02 $23.77 +196%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 109.40 kr 49.40 -55%
Shandong Sunpaper Co 002078 ¥13.94 ¥17.29 +24%
Holmen AB HOLMB kr 314.00 kr 217.72 -31%
Nine Dragons Paper (Holdings) Limited 2689 HK$8.21 HK$8.74 +6%
Empresas CMPC S.A CMPC 1,000 CLP 1,253 CLP +25%
Xianhe Co 603733 ¥21.11 ¥21.06 -0%
Billerud AB BILL kr 77.60 kr 48.60 -37%

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Frequently asked questions

Is Tamil Nadu Newsprint & Papers Limited (TNPL) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹244.77 versus a price of ₹140.88, about +74% (undervalued).
What is the fair value of TNPL?
Our model-based fair value for Tamil Nadu Newsprint & Papers Limited is ₹244.77 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹140.88.
What is the quality score of TNPL?
Tamil Nadu Newsprint & Papers Limited has a Quality Score of 47/100. 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 revenue of Tamil Nadu Newsprint & Papers Limited (TNPL)?
Tamil Nadu Newsprint & Papers Limited reported trailing-twelve-month revenue of about ₹46.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TNPL?
The net profit margin of Tamil Nadu Newsprint & Papers Limited is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.
Does Tamil Nadu Newsprint & Papers Limited pay a dividend?
Tamil Nadu Newsprint & Papers Limited currently shows a dividend yield of about 2.74% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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