---
title: "Ellora Paper Mills Ltd (502374) — Share Price, Financials & Analysis"
symbol: "502374"
company: "Ellora Paper Mills Ltd"
canonical: "https://tapetide.com/stocks/502374"
isin: "INE384H01023"
bse_code: "502374"
sector: "Commodities"
industry: "Paper, Forest & Jute Products"
generated_at: "2026-09-13T18:40:58.843Z"
---

# Ellora Paper Mills Ltd (502374)

Canonical page: https://tapetide.com/stocks/502374

## Company

- **BSE Code:** 502374
- **ISIN:** INE384H01023
- **Sector:** Commodities
- **Industry:** Paper, Forest & Jute Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** ellorapaper.com

## About

Ellora Paper Mills is a paper plant promoted in the year 1979. It is a public limited company engaged in business of producing writing paper and printing paper of various grades. It also manufactures Newsprint and special grade of Kraft papers.11111111111111111111111111111111111111111111111111111 The Range of Products of the Company include various qualities of Cream Wove, Colour Wove, News Print, Typing and Duplicating Paper, Security Paper etc. from 44 GSM to 70 GSM commercial and residential complexes.(Source : 202103 Annual Report Page No:60)

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -79.1% over past five years.
- Company has high debtors of 9,490 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -371% | 20% | 7% |
| revenue growth | -100% | -91% | -79% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2020 | Sep 2020 | Dec 2020 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.9 | 0.23 | 0.28 | 0.03 | 0.59 | 0.54 | 0.2 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 0.92 | 0.13 | 0.66 | 0.06 | 0.98 | 0.17 | 1.12 | 0.07 | 0.38 | 0.45 | 0.14 | 0.04 |
| Operating Profit | -0.02 | 0.1 | -0.38 | -0.03 | -0.39 | 0.37 | -0.92 | -0.07 | -0.38 | -0.45 | -0.14 | -0.04 |
| OPM % | -2.22 | 43.48 | -135.71 | -100 | -66.1 | 68.52 | -460 | — | — | — | — | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1.13 | 0.57 | 0 | 0 | 0.02 | 0.01 | 0.01 |
| Interest | 0 | 0.08 | 0 | 0.07 | 0.15 | 0.05 | 0.25 | 0 | 0.13 | 0.14 | 0.17 | 0 |
| Depreciation | 0.13 | 0.2 | 0.06 | 0.11 | 0.11 | 0.11 | 0.08 | 0.02 | 0.03 | 0.03 | 0 | 0 |
| Profit before tax | -0.15 | -0.18 | -0.44 | -0.21 | -0.65 | 1.34 | -0.68 | -0.09 | -0.54 | -0.6 | -0.3 | -0.03 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 26.12 | -17.65 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -0.15 | -0.19 | -0.44 | -0.2 | -0.65 | 0.99 | -0.55 | -0.1 | -0.53 | -0.6 | -0.3 | -0.03 |
| EPS in Rs | -0.75 | -0.95 | -2.2 | -1 | -3.25 | 4.95 | -2.75 | -0.5 | -2.65 | -3 | -1.5 | -0.15 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 25.45 | 23.31 | 22.51 | 24.81 | 30.66 | 14.44 | 1.61 | 1.14 | 0.01 | 0 |
| Expenses | 24.68 | 24.24 | 22.93 | 25.16 | 30.49 | 15.8 | 1.83 | 2.34 | 0.68 | 1.01 |
| Operating Profit | 0.77 | -0.93 | -0.42 | -0.35 | 0.17 | -1.36 | -0.22 | -1.2 | -0.67 | -1.01 |
| OPM % | 3.03 | -3.99 | -1.87 | -1.41 | 0.55 | -9.42 | -13.66 | -105.26 | -6700 | — |
| Other Income | 0.1 | 0.63 | 0.5 | 0.1 | 0.05 | 0.18 | 0.08 | 1.92 | 0.53 | 0.04 |
| Interest | 0.14 | 0.17 | 0.13 | 0.05 | 0.29 | 0.52 | 0.44 | 0.52 | 0.31 | 0.44 |
| Depreciation | 1 | 0.76 | 0.82 | 0.73 | 0.59 | 0.55 | 0.49 | 0.39 | 0.03 | 0.06 |
| Profit before tax | -0.27 | -1.23 | -0.87 | -1.03 | -0.66 | -2.25 | -1.07 | -0.19 | -0.48 | -1.47 |
| Tax % | 44.44 | -28.46 | -59.77 | -1.94 | 0 | 0 | 0 | 221.05 | -77.08 | — |
| Net Profit | -0.4 | -0.89 | -0.35 | -1.01 | -0.67 | -2.25 | -1.07 | -0.61 | -0.11 | -1.46 |
| EPS in Rs | -2 | -4.45 | -1.75 | -5.05 | -3.35 | -11.25 | -5.35 | -3.05 | -0.55 | -7.3 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 1.99 | 1.99 | 1.99 | 1.99 | 1.99 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 1.8 | 0.43 | -0.46 | -0.81 | -1.83 | -1.87 | -4.12 | -5.19 | -5.8 | -5.04 |
| Borrowings | 5.98 | 6.06 | 7.16 | 7.39 | 6.48 | 6.73 | 5.95 | 6.88 | 3.64 | 3.4 |
| Other Liabilities | 7.61 | 7.08 | 6.52 | 6.54 | 9.54 | 7.79 | 3.39 | 3.33 | 3.67 | 0.65 |
| Total Liabilities | 17.38 | 15.56 | 15.21 | 15.11 | 16.18 | 14.65 | 7.22 | 7.02 | 3.51 | 1.01 |
| Fixed Assets | 9.57 | 7.84 | 7.2 | 6.84 | 7.45 | 5.69 | 4.15 | 3.68 | 3.06 | 0.33 |
| CWIP | 0.18 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 7.62 | 7.71 | 7.99 | 8.26 | 8.72 | 8.96 | 3.07 | 3.34 | 0.45 | 0.68 |
| Total Assets | 17.38 | 15.56 | 15.21 | 15.11 | 16.18 | 14.65 | 7.22 | 7.02 | 3.51 | 1.01 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.56 | -0.28 | -1.05 | 0.84 | -0.62 | 0.15 | -0.61 | -0.41 | 0.38 | -2.88 |
| Cash from Investing Activity | -0.02 | 0.19 | -0.09 | -0.27 | -0.15 | 0.04 | 1.72 | -0.01 | 2.25 | 4.38 |
| Cash from Financing Activity | 0.39 | 0 | 0.9 | -0.47 | 0.65 | -0.06 | -1.3 | 0.49 | -3.76 | -0.55 |
| Net Cash Flow | -0.2 | -0.09 | -0.24 | 0.1 | -0.13 | 0.13 | -0.19 | 0.07 | -1.13 | 0.96 |
| Free Cash Flow | -0.73 | -0.28 | -1.18 | 0.39 | -0.81 | 0.15 | -0.78 | -0.43 | 2.52 | 1.22 |
| CFO/OP | 75 | -36 | 113 | -200 | 177 | 88 | 45 | 186 | -32 | 430 |

### Ratios

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 32.24 | 20.37 | 22.39 | 14.59 | 25.45 | 22.62 | 42.21 | 262.98 | 92.85 | 9490 |
| Inventory Days | 56.81 | 53.45 | 51.98 | 75.95 | 49.17 | 78 | 4.02 | 426.57 | 95.22 | 0 |
| Days Payable | 92.04 | 62.09 | 81.36 | 106.39 | 115.71 | 86.95 | 4.91 | 430.96 | 174.57 | — |
| Cash Conversion Cycle | -2.99 | 11.73 | -6.99 | -15.85 | -41.09 | 13.67 | 41.32 | 258.58 | 13.5 | 9490 |
| Working Capital Days | -28.23 | -22.09 | -32.1 | -51.73 | -11.48 | 5.48 | -7.33 | -11.34 | -518.68 | -7665 |
| ROCE % | -6.45 | -1.42 | -12.35 | -8.57 | -12.89 | -5.48 | -32.37 | -16.76 | -90.08 | -690 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 69.5% | 69.5% | 69.5% | 100% | 100% | 100% | 100% | 100% |
| DIIs | 13.28% | 13.28% | 13.28% | 0% | 0% | 0% | 0% | 0% |
| Public | 17.22% | 17.22% | 17.22% | 0% | 0% | 0% | 0% | 0% |
| No. of Shareholders | 562 | 563 | 563 | 1 | 1 | 1 | 1 | 1 |

### Quarterly

| Category | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| No. of Shareholders | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 4 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 34407 | Sell |
| EMA (10) | 33779.06 | Sell |
| SMA (20) | 35026.25 | Sell |
| EMA (20) | 34656.81 | Sell |
| SMA (50) | 36089 | Sell |
| EMA (50) | 35663.86 | Sell |
| SMA (100) | 36591 | Sell |
| EMA (100) | 36201.56 | Sell |
| SMA (200) | 36671.4 | Sell |
| EMA (200) | 36036.1 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 31 | Neutral |
| MACD (12,26,9) | -941.18 | Sell |
| Stochastic (14,3,3) | 7.17 | Buy |
| ADX (14) | 25 | Neutral |
| Williams %R (14) | -89.81 | Buy |
| ATR (14) | 1019.12 | High Volatility |
| ROC (12) | -8.38 | Sell |
| Stoch RSI (14) | 14.54 | Buy |
| UO (7,14,28) | 32.41 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Jan - Certificate under Regulation- 74(5) of the SEBI( Depositories & Participants) Regulations, 2018 for the Quarter Ended December 31, 2025 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Jan - Certificate under Regulation- 74(5) of the SEBI( Depositories & Participants) Regulations, 2018 for the Quarter Ended December 31, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/72351ea8-36f7-470b-9be1-8181c550932c.pdf) |
| 30 Sep 2023 - Independent auditor's report for Ellora Paper Mills. | [Board Meeting Outcome for Outcome Of Board Meeting Dated 29Th September, 2023 30 Sep 2023 - Independent auditor's report for Ellora Paper Mills.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/412796df-ea57-4c0b-b49b-ba9fb3b63b23.pdf) |
| 3 Feb - Board meeting on 12 Feb 2026 to approve Q3 unaudited results for quarter ended 31 Dec 2025; trading window closed. | [Board Meeting Intimation for Board Meeting Intimation For Prior Intimation Of The Board Meeting As per Regulation 29 Of SEBI (LODR) Regulations, 2015 3 Feb - Board meeting on 12 Feb 2026 to approve Q3 unaudited results for quarter ended 31 Dec 2025; trading window closed.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fb77abb8-bfae-4b37-9190-94a6163edfb6.pdf) |
| 13 Feb - Submission of copy of newspaper Advertisement for the Quarter and nine months ended 31st December, 2025. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Feb - Submission of copy of newspaper Advertisement for the Quarter and nine months ended 31st December, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ccdf6540-99ec-43e1-8cd0-17d705354640.pdf) |
| 12 Feb - Board approved Q3 results (31-Dec-2025); auditor flagged Rs3.14 crore unprovided loans and Rs0.58 crore unpaid interest. | [Board Meeting Outcome for Outcome Of The Meeting Of Board Of Director Held On 12Th February, 2026 And Submission Of Un-Audited Financial Results 12 Feb - Board approved Q3 results (31-Dec-2025); auditor flagged Rs3.14 crore unprovided loans and Rs0.58 crore unpaid interest.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/54f5ef21-11bf-464b-bf9c-64b52cff51e2.pdf) |
| 12 Feb - Approved results for quarter ended 31 Dec 2025; auditor flagged Rs3.14cr unprovisioned loans, Rs0.58cr unpaid interest. | [Results-Financial Results For Quarter Ended 31-12-2025 12 Feb - Approved results for quarter ended 31 Dec 2025; auditor flagged Rs3.14cr unprovisioned loans, Rs0.58cr unpaid interest.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/39d18b4d-d07b-41c4-bd02-0173574401a7.pdf) |
| — | [Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 4 Oct 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7d9cb7db-240a-4786-ac8c-3e31afdb1c68.pdf) |
| — | [Shareholder Meeting / Postal Ballot-Outcome of AGM 30 Sep 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/acbea1f7-d138-4c9d-808c-a24222aede61.pdf) |
| — | [Closure of Trading Window 30 Sep 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0707bee8-f30f-4686-97e8-0a31f2cf929b.pdf) |
| — | [Closure of Trading Window 30 Sep 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5242fb2e-c132-4d01-93c0-ebadeb7fb883.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c1959cf-cd27-401d-9864-9921ca384ccc.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/20a1c5bf-a3bb-4cf3-bfba-810494e0887e.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ed30674d-e5ea-4818-aa8f-deb878b1e7ca.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/542376/76678542376.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/542376/71955542376.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/542376/66340542376.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/542376/5423760319.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/502374/5023740311.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2023-10-04 | [Shareholder Meeting / Postal Ballot-Scrutinizer''s Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7d9cb7db-240a-4786-ac8c-3e31afdb1c68.pdf) |
| 2023-09-30 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=763c70b1-2cee-4a99-ade4-a32e1040cff7.pdf) |
| 2023-09-30 | [Board Meeting Outcome for Outcome Of Board Meeting Dated 29Th September, 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=412796df-ea57-4c0b-b49b-ba9fb3b63b23.pdf) |
| 2023-09-30 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=acbea1f7-d138-4c9d-808c-a24222aede61.pdf) |
| 2023-09-30 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0707bee8-f30f-4686-97e8-0a31f2cf929b.pdf) |
| 2023-09-30 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5242fb2e-c132-4d01-93c0-ebadeb7fb883.pdf) |
| 2023-09-26 | [Board Meeting Intimation for 29TH SEPTEMBER 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c47bf730-fe3a-4ad7-b007-b70beaec9fb1.pdf) |
| 2023-08-25 | [Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=96e09c81-3245-4334-ba04-80762142fcc0.pdf) |
| 2023-08-23 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1c7e4688-e9f7-49d8-be12-7afb6597cb44.pdf) |
| 2023-08-22 | [Board Meeting Intimation for Resignation Of Company Secretary And Compliance Officer.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=25a2c2d7-fc20-4a08-8f00-112bdf5146f8.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:40:58.843Z.