Nikita Papers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 May 2025 – 29 May 2025
- Listing date
- 03 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹104 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹67.54 Cr
- Market cap at offer price
- ₹257 Cr
- Promoter holding
- 80.38% → 59.21% pre-issue → post-issue
- ISIN
- INE0FLF01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- A-10 Floor 1st Land Mark, Near Deepali Chowk Saraswati Vihar, Pitampur, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,68,800 | — | — |
| Market maker | 3,26,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹104
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,24,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,98,400 |
| B-HNI (min) | 9 | 10,800 | ₹11,23,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.13 | 8.48 |
| P/E (×) | 11.39 | 12.26 |
| Price to book (×) | 2.44 | — |
| Market cap | — | ₹257 Cr |
Key performance indicators
- Return on net worth
- 21.45%
- ROCE
- 28.71%
- Debt / equity
- 0.45
- PAT margin
- 4.79%
- NAV per share
- ₹42.57
- Price to book
- 2.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Nikita Papers
Nikita Papers Limited is a manufacturer of kraft paper established in 1992 and incorporated as a private limited company in 1989, later converted to a public company in 2003. The company operates a manufacturing facility in Shamli, Uttar Pradesh with an installed capacity of approximately 133,000 MT per annum, producing kraft paper in the 80-200 GSM range across different burst factor (BF) ranges. The company has evolved through multiple expansion and modernization phases to maintain quality standards in the specialty paper market. As stated in the DRHP, "Nikita Papers Ltd. is a NIKITA GROUP company engaged in manufacturing of Kraft Paper since 1992 to cater to the Specialty Paper Market in India." The company derives revenue from manufacturing and selling kraft paper products to various sectors including FMCG, food and beverage, pharmaceuticals, and e-commerce packaging.
Company Analysis
from DRHPNikita Papers Limited manufactures kraft paper for specialty and packaging applications, spanning the packaging and specialty paper industries in India.
Nikita Papers Limited is a manufacturer of kraft paper established in 1992 and incorporated as a private limited company in 1989, later converted to a public company in 2003. The company operates a manufacturing facility in Shamli, Uttar Pradesh with an installed capacity of approximately 133,000 MT per annum, producing kraft paper in the 80-200 GSM range across different burst factor (BF) ranges. The company has evolved through multiple expansion and modernization phases to maintain quality standards in the specialty paper market. As stated in the DRHP, "Nikita Papers Ltd. is a NIKITA GROUP company engaged in manufacturing of Kraft Paper since 1992 to cater to the Specialty Paper Market in India." The company derives revenue from manufacturing and selling kraft paper products to various sectors including FMCG, food and beverage, pharmaceuticals, and e-commerce packaging.
Objects of the Issue
- Capital expenditure towards setting up a Power Plant ₹5,000.00 Lakhs p.25
- Working Capital Requirements ₹500.00 Lakhs p.25
- General corporate purposes p.25
- Issue related expenses p.25
Issue Structure
- Total Issue
- 64,94,400 Equity Shares aggregating to Rs. [•] Lakhs
- Fresh Issue
- 64,94,400 Equity Shares of face value Rs. 10/- each at a price of Rs. [•] each aggregating to Rs. [•] Lakhs
- Offer for Sale
- Not Applicable
- Lot Size
- [●] Equity Shares and in multiples thereof
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures kraft paper and sells directly to customers on a purchase order basis without long-term contracts. Revenue is generated from the sale of kraft paper products across different grades and specifications. Top ten customers contributed 71.27% of revenue in FY2024. The company sources raw materials (including waste paper) and trades in related goods through supplier relationships, then manufactures kraft paper using its installed capacity.
Business Segments
SWOT Analysis
- • 35+ years industry experience with established market presence(p.25)
- • Substantial installed production capacity of 133,000 MT per annum(p.25)
- • Experienced promoter leadership with 35+ years industry experience(p.25)
- • Improved profit margins and profitability trajectory(p.39)
- • Strategic location in industrial hub with available expansion land(p.40)
- • High customer concentration with top 10 customers contributing 71.27% of revenue(p.34)
- • Persistent negative operating cash flows in recent years(p.35)
- • Single geographic location concentration in Shamli, Uttar Pradesh(p.35)
- • Heavy dependence on few key suppliers with no long-term agreements(p.36)
- • Significant debt burden limiting financial flexibility(p.42)
- • High power and fuel cost dependency at 12.59% of revenue(p.42)
- • Past non-compliance with corporate governance requirements(p.37)
- • Delayed filing of regulatory forms with ROC(p.37)
- • Geographic concentration of customer base in Uttar Pradesh at 84.69%(p.40)
- • Unregistered trademark logo creating IP vulnerability(p.41)
- • Non-ownership of rented premises creating operational vulnerability(p.41)
- • No ESI registration compliance(p.47)
- • Planned 9 MW captive power plant to reduce electricity costs(p.26)
- • Expanding packaging industry demand with 23-28% annual growth(p.149)
- • Rising kraft paper consumption driven by e-commerce growth(p.153)
- • Growing pharmaceutical sector demand projected to reach USD 130 billion by 2030(p.167)
- • FMCG sector growth with 7.5% volume increase in Apr-Jun 2023(p.166)
- • Strong food and beverage industry growth trajectory(p.166)
- • Government support for paper industry through PLI and 'Make in India'(p.151)
- • Transition from plastic to sustainable kraft paper packaging(p.151)
- • Raw material shortage - domestic availability of only 9-10 million TPA against demand of 14 million TPA(p.25)
- • Rising raw material and power costs impacting margins(p.25)
- • Coal price volatility with 27% increase in September 2023(p.25)
- • Intense competition from existing and new market entrants(p.40)
- • Global economic uncertainties and recession risks(p.57)
- • FX volatility and currency fluctuation risks(p.61)
- • Regulatory changes in plastic waste management and packaging standards(p.63)
- • Environmental compliance requirements and emission standards(p.62)
- • Geopolitical tensions affecting global supply chains(p.139)
- • GST rate changes impacting product costs and margins(p.58)
- • Monopolistic tax actions and increased statutory dues demands(p.28)
- • Risk of paper price fluctuations from supply-demand imbalances(p.35)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ashok Kumar Bansal | Promoter | 14.00% | 10.31% |
| Mr. Sudhir Kumar Bansal | Promoter | 9.77% | 7.20% |
| Mr. Ayush Bansal | Promoter | 1.64% | 1.21% |
| Mr. Abhinav Bansal | Promoter | 4.42% | 3.25% |
| Mr. Anuj Bansal | Promoter | 5.53% | 4.07% |
| Ashok Kumar Bansal & Sons HUF | Promoter | 1.62% | 1.19% |
| Naresh Chand Bansal & Sons HUF | Promoter | 1.68% | 1.24% |
| Sudhir Kumar Bansal & Sons HUF | Promoter | 0.91% | 0.67% |
| Ayush Bansal & Sons HUF | Promoter | 1.34% | 0.99% |
| Abhinav Bansal & Sons HUF | Promoter | 0.69% | 0.51% |
| Anuj Bansal & Sons HUF | Promoter | 0.35% | 0.26% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.