Shree Ajit Pulp and Paper

What Shree Ajit Pulp and Paper does

Shree Ajit Pulp and Paper Limited is an Indian BSE-listed (BOM:SAPPL) manufacturer of recycled kraft paper headquartered in Vapi, Gujarat. Incorporated in 1995 and operational since 1997, the company produces a portfolio of M.G. Kraft Paper, Multi-layer Test Liner (triple wire), Test Liner (single wire), Fluting Medium, and Semi Kraft Liner entirely from 100% recycled waste paper as raw material. Products span GSM 80-300 and Bursting Factor 20-35, available in Natural and proprietary Ajit Gold Shade variants, and are manufactured on two paper machines at the Morai, Vapi site with installed capacity of 108,000 tonnes per annum, supplemented by Unit-II acquired from NR Agrawal Industries at GIDC Vapi which commenced commercial production in July 2023.

Manufacturing is supported by imported process technology including Valmet IQ Slice Profiler and Steam Profiler, an Auto Line 400 (L&W Sweden) lab system, imported online quality control systems, and TAPPI-standard testing equipment, enabling consistent quality that the company states is comparable to virgin-fiber kraft paper despite the recycled input base. The firm holds FSC Chain of Custody certification (FSC-C127619) and One Star Export House status under India's Foreign Trade Policy 2015-2020.

The business model is B2B industrial paper sales executed through a PAN India dealer network plus direct relationships with corrugated box manufacturers, supplemented by export channels to global brand owners. End-customer segments span packaging for FMCG, textiles, oil, automobile, pharmaceutical, food and beverage, and paper bag manufacturing. The company reports a 500+ customer base, with named institutional customers including Reliance Group and Adani Group. FY 2022-23 turnover was ₹371.89 Crores with net profit of ₹11.28 Crores; H1 FY 2025-26 net sales of ₹349.31 Crores represented 50.42% YoY growth and nine-month FY 2025-26 PAT grew 276.43% YoY to ₹20.44 Crores, evidencing sharp operating momentum in the current fiscal year.

Name

Shree Ajit Pulp and Paper

Legal name

Shree Ajit Pulp and Paper Limited

Website

https://shreeajit.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Shree Ajit Pulp and Paper Limited (BSE: SAPPL) is a Vapi, Gujarat-based BSE-listed manufacturer of 100% recycled kraft paper, producing multi-layer test liners, fluting medium, and semi-kraft liners for corrugated box converters, FMCG, automobile, pharmaceutical, and paper-bag packaging customers across India and global export markets.

Ownership category

akta.pro rank

Product category

Industrial Kraft Paper

NAICS

Paperboard Mills (32213), Pulp Mills (322110), Pulp, Paper, and Paperboard Mills (3221)

SIC

Paperboard Mills (2631), Pulp Mills (2611), Paper Mills (2621)

akta.pro primary industry

Recycled Containerboard (Testliner) Manufacturing (IMAMAFAB)

Keywords

• Kraft paper manufacturing
• Recycled paper
• Test liner
• Fluting medium
• Industrial packaging

Headquarters

HQ city

Valsad

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Kraft Paper Manufacturing and Sales: Manufacturing and selling premium grade Kraft Paper including Testliner, Multilayer Testliner, Fluting Medium, and Semi Kraft Liner. Products are sold in Natural Shade and Ajit Gold shade. Revenue is generated through direct sales to box manufacturers and industrial customers across India.
2. Export Sales: FSCTM certified Kraft Paper exported globally through established international customer base. Company holds One Star Export House certification.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Shree Ajit Pulp and Paper manufactures premium-grade recycled kraft paper, including Multi-layer Test Liner (triple wire), Test Liner (single wire), M.G. Kraft Paper, Fluting Medium, and Semi Kraft Liner, all produced from 100% waste paper as raw material. Products are available in Natural Shade and Ajit Gold Shade variants with GSM 80-300 and BF 20-35, supplied to corrugated box manufacturers and industrial packaging customers across India and global markets.

Product overview

Shree Ajit Pulp and Paper is a recycled kraft paper manufacturer producing a portfolio of paper products including M.G. Kraft Paper (Machine-glazed), Multi-layer Test Liner (triple wire), Test Liner (single wire), Fluting Medium, and Semi Kraft Liner. All products are 100% recycled, manufactured from waste paper. The company produces paper with GSM range of 80-300 (some variants up to 350) and Bursting Factor range of 18-35, available in Natural Shade and Ajit Gold Shade. Products serve packaging industries including FMCG, textiles, automobiles, pharmaceuticals, and food & beverages.

Differentiator

Problem solved

Functional benefit

Brands

• Ajit Gold Shade: Shade variant for Test Liner and Semi Kraft Liner products
• SHREE AJIT GREEN GROWERS

Products and services

• M.G. Kraft Paper
• Multi-layer Test Liner
• Fluting Medium
• Test Liner
• Semi Kraft Liner

Quantifiable outcome

• Manufacturing capacity increased from 16,500 tonnes per annum in 1997 to 108,000 tonnes per annum through modernization and automation
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Four partnerships are on record, tiered minor and core.

• J B R & Co. LLPminorImplementation/ SI/ Consulting Partner · 24 February 2026J B R & Co. LLP appointed as the internal auditor for Shree Ajit Pulp and Paper for fiscal year 2025-26. Provides independent internal audit services.
• NR Agrawal IndustriescoreStrategic or Co-development Partner · 27 July 2023Acquisition of Unit-II from NR Agrawal Industries located at Plot No. 1 and 1/B, Phase I, GIDC, Vapi, Gujarat. The acquisition was completed and commercial production at Unit-II commenced in July 2023. This acquisition supports the company's efforts to increase production capacity and remain competitive in the market.
• Link Intime India Pvt. Ltd.minorOthersRegistrar and Share Transfer Agent (RTA) for the company. Located at C 101, 247 Park, LBS Marg, Vikhroli West, Mumbai 400083. Handles share transfers, investor grievances, and KYC updation for physical shareholders.
• Enviro Creators FoundationminorOthersEnvironmental organization that awarded Shree Ajit Pulp & Paper Ltd. for creating SHREE AJIT GREEN GROWERS with planting over 5000+ trees on World Forest Day & World Planting Day 2018.

Scale indicators11 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Pudumjee Paper Products Limited: Listed Indian specialty paper manufacturer producing writing/printing paper and value-added paper products with similar B2B industrial channel structure.
• Pakka Limited: Indian public company (formerly Accurate Transtech) producing kraft paper and compostable packaging — similar 100% recycled/raw-natural-fiber kraft product mix serving FMCG and packaging customers.
• West Coast Paper Mills Limited: Listed Indian manufacturer of writing, printing and packaging paper including kraft grades serving corrugated-box converters across India — directly comparable kraft/linerboard product portfolio with similar end-markets (FMCG, packaging).
• Star Paper Mills Limited: Indian manufacturer of kraft paper and packaging paper products — closely comparable product portfolio serving corrugated-box converters and similar end-market exposure.
• Seshasayee Paper and Boards Limited: South-India based listed paperboard and kraft paper producer also serving the corrugated box value chain; comparable product mix (paperboard, kraft) and similar B2B customer base.
• Satia Industries Limited: Listed Indian paper and agro-based manufacturer producing writing/printing paper and kraft grades — comparable manufacturing scale and end-market exposure.

Broad incumbents

• JK Paper Limited: One of the largest listed Indian paper companies with packaging-board and copier/printing paper operations — broader product mix but competes with Shree Ajit in industrial-packaging paperboard.
• Tamil Nadu Newsprint and Papers Limited (TNPL): Larger diversified listed Indian paper manufacturer producing printing, writing and packaging paper including kraft grades — broader portfolio but overlapping industrial-packaging customers.
• Century Pulp & Paper (Century Textiles & Industries): Division of listed Century Textiles producing writing/printing and packaging paper; broader conglomerate backing but overlapping product portfolio with Shree Ajit.

Regional players

• Eco Paper & Board Pvt. Ltd. Private kraft paper manufacturer serving corrugated box and industrial packaging customers primarily in western India — comparable recycled-fiber kraft product offering at regional scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shree Ajit Pulp and Paper