South India Paper Mill

What South India Paper Mill does

South India Paper Mill is a publicly listed (BSE scrip code 516108) Indian paper and packaging manufacturer founded in 1959 and headquartered in Nanjangud, Karnataka. The company operates an integrated kraft paper mill with three paper machines producing approximately 200 metric tonnes per day, supplying corrugated box converters and large manufacturing customers across southern India. An 8.0 MW biomass-based cogeneration facility provides internal process steam and electricity, integrating power generation into the production process.

The business model is straightforward industrial B2B manufacturing: the company converts pulp into kraft paper and packaging grades and sells into the corrugated packaging supply chain, where thousands of regional converters and large industrial buyers form the customer base. Family-controlled under the Patel family, it is listed on the Bombay Stock Exchange with a public float that provides limited trading liquidity.

In FY 2025-26 the company reported revenue of Rs 433.81 crore (approximately $52M USD), representing 17.47% year-over-year growth, and net profit of Rs 10.74 crore — a turnaround from a Rs 9.64 crore loss in the prior year. Headcount of 101-250 employees reflects the capital-intensive nature of paper manufacturing, where revenue per employee is materially higher than in services businesses. The asset base is mature; future growth depends on capacity utilization, pricing in kraft paper markets, and the cost advantage provided by the integrated biomass cogeneration unit.

Name

South India Paper Mill

Legal name

The South India Paper Mills Limited

Website

https://sipaper.com

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

101–250 employees

Short description

South India Paper Mill is a BSE-listed Indian kraft paper manufacturer operating ~200 MT/day from Nanjangud, Karnataka, with an integrated 8.0 MW biomass cogeneration facility, serving corrugated box converters and industrial packaging buyers across southern India.

Ownership category

akta.pro rank

Product category

Industrial Paper and Packaging

NAICS

Paper Mills (32212), Paperboard Mills (322130), Paperboard Mills (32213), Corrugated and Solid Fiber Box Manufacturing (322211)

SIC

Paper Mills (2621), Paperboard Mills (2631), Paperboard Containers & Boxes (2650)

akta.pro primary industry

Recycled Containerboard (Testliner) Manufacturing (IMAMAFAB)

akta.pro secondary industries

Recycled Paperboard & Containerboard (IMAMAKAG), Paper & Paperboard Packaging Converting & Finishing (Die-Cutting, Gluing, Windowing, Coating) (IMALACAL)

Keywords

• Kraft paper manufacturing
• Recycled paper production
• Corrugated packaging products
• Industrial paper grades
• Biomass cogeneration power

Headquarters

HQ city

Nanjangud

HQ country

India

HQ region

Asia

Offices2 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. Paper Manufacturing and Sales: Manufacture and sale of paper products including Kraft Liner, Test Liners, White Kraft Liners, Fluting Grades, high performance fluting and Test Liner and some Special Application Grades for packaging. Paper substance ranges between 70GSM to 400 GSM with strength ranging between 14 BF and 35 BF.
2. Corrugated Packaging Products: Production of corrugated boxes with features including dry, dimensionally accurate and odour free boxes with aesthetically pleasing finish. Value enhancement includes improved/optimized box structural designs with superior multi-colour graphics for retail packaging and shelf ready packaging.
3. Power Export: Export of up to 4.0MW surplus electricity to the state grid from biomass-based cogeneration facility.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

South India Paper Mills manufactures recycled paper and corrugated packaging products through a 200 MT/day integrated facility near Nanjangud, Karnataka. The paper division produces kraft liners, test liners, white kraft liners, fluting grades, and special application grades with GSM ranging from 70 to 400 and burst strength from 14 BF to 35 BF. The packing division produces corrugated boxes, shelf-ready packaging, and folder-gluer products with four-colour flexographic printing, litho laminating, and die-cutting capabilities, supplying industrial packaging customers including corrugated box manufacturers and large manufacturing companies in southern India.

Product overview

The South India Paper Mills Ltd (SIPM) operates two main divisions: a Paper Manufacturing Unit and a Packing Division. The paper plant, located near Nanjangud in Karnataka, produces corrugating case raw materials including Kraft Liner Substitutes, Test Liners, White Kraft Liners, Fluting Grades, and Special Application Grades for packaging. Paper substance ranges between 70 GSM to 400 GSM with strength ranging between 14 BF and 35 BF. The Packing Division produces corrugated boxes, shelf ready packaging, and offers four colour flexographic process printing in die cut or Regular Slotted designs, along with litho laminating capabilities. The company also operates an 8.0MW biomass-based cogeneration facility that supports its operations and exports surplus power to the grid.

Differentiator

Problem solved

Functional benefit

Products and services

• Kraft Liner Substitutes
• Test Liners
• White Kraft Liners
• Fluting Grades
• High Performance Fluting
• Special Application Grades
• Corrugated Boxes
• Shelf Ready Packaging
• Specialty Folder-Gluer Products (Trays, Crash-Lock Cartons)
• Surplus Power Export to State Grid

Quantifiable outcome

• 21.09% YoY sales growth to Rs 113.99 crore in Q4 FY 2025-26
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Horizon Packs Pvt LtdminorOthers · 1 April 2024Director's brother is a Whole Time Director in Horizon Packs Pvt Ltd. SIPM has related party transactions with this entity including sale of goods or services (Rs 1908.94 lakh in H1 FY 2024-25) and purchase of goods or services (Rs 11.17 lakh in H1 FY 2024-25). The relationship is disclosed as per regulatory requirements for related party transactions.

Scale indicators6 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• West Coast Paper Mills: Listed Indian paper manufacturer producing writing, printing, and packaging paper including kraft and specialty grades from integrated pulp operations; directly competes in containerboard and packaging-paper markets served by SIPM.
• Tamil Nadu Newsprint and Papers (TNPL): Large Indian integrated pulp-and-paper manufacturer producing bagasse-based and recycled pulp paperboards including containerboard grades; competes with SIPM in the same southern-India corrugated raw-material and packaging-paper segments.
• Ballarpur Industries (Phoenix Pulp & Paper): Indian paper manufacturer (formerly Ballarpur Industries / BILT) producing writing, printing, and packaging paper; serves overlapping end markets of packaging and corrugated raw materials in India.
• JK Paper: Indian listed paper manufacturer producing办公用纸 and packaging paper including virgin and recycled-fiber grades for copier, kraft, and packaging applications, serving overlapping corrugated and FMCG packaging customers as SIPM.
• Century Pulp & Paper (Century Textiles): Indian pulp and paper producer part of the BK Birla group, manufacturing writing/printing papers and packaging paperboards with recycled and virgin fiber inputs, overlapping with SIPM in containerboard-grade end markets.
• Seshasayee Paper and Boards: Indian listed paper manufacturer focused on recycled-fiber-based paperboard and writing/printing papers, structurally the closest small-mid cap comp to SIPM in product mix, recycled-fiber sourcing, and southern-India plant geography.
• Orient Paper & Industries: Indian paper manufacturer producing newsprint, writing, and specialty papers, part of the CK Birla group; comparable in product breadth and in serving industrial and packaging customers across India.

Emerging players

• Emmbi Industries: Listed Indian manufacturer of specialty packaging products including woven polypropylene sacks and polymer-based industrial packaging; adjacent to SIPM's packaging operations serving industrial B2B customers but differentiated in polymer-based solutions.

Broad incumbents

• ITC Paperboards and Specialty Papers Division: Diversified Indian conglomerate's paperboard and specialty paper division producing virgin and recycled paperboards for packaging, FMCG cartons, and specialty applications; an established large-scale incumbent in the same end markets as SIPM.
• International Paper (India operations): Global paper major with significant Indian presence historically, producing packaging and containerboard grades at scale; competes as an incumbent multi-national supplier in the same Indian corrugated raw-material space.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/the-south-india-paper-mills-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

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 South India Paper Mill