Year 2017 2018 2019 2020

Revenue 2,764.03 2,877.49 3,256.30 3,054.30

Other income 26.45 25.77 55.77 81.16
Excise Duty 135 33 0 0
Total Revenue 2,655.48 2,870.26 3,312.07 3,135.46

EXPENSE :
Cost of Material Consumed 1,268.40 1,254.37 1,278.11 1,216.87
Purchases of Stock-in-Trade 222.66 284.48 301.53 279.9
Change in finished goods -4.7 -10 47.19 -123
Employee Cost 217.97 231.71 262.26 277.2
Other expense 411.84 470.74 496.93 500.13
Total Expense 2,116.17 2,231.30 2,386.02 2,151.10
Operating profit 539.31 638.96 926.05 984.36

Depreciation & Amortization 119.53 120.89 125.3 143.56

Interest 193.95 155.63 128.64 131.04

Profit before tax 225.83 362.44 672.11 709.76

Current Tax 47.42 73.03 144.99 215.38

Deferred Tax 68.05 111.43 195.4 8.57
Other Tax Adjustments -46.59 -69.41 -99.24 1.93
Total Tax 68.88 115.05 241.15 225.88

Net profit 156.95 247.39 430.96 483.88

Production Performance

2017 2018 2019 2020

Capacity(tonnes) 455000 455000 455000 455000
Production (tonnes) 470470 478205 494585 505000
Capacity Utilization (%) 103.40% 105.10% 108.70% 110.99%
Sales Growth(%) - 1.64% 3.43% 2.11%
 Common Size Trend
2021 2017 2018 2019 2020 2021

2,741.60 - 4.10% 13.16% -6.20% -10.24%

70.16 - -2.57% 116.41% 45.53% -13.55%
0 - -75.56% -100.00% - -
2,811.76 - 8.09% 15.39% -5.33% -10.32%

1,032.55 45.89% 43.59% 39.25% 39.84% 37.66%

264.57 8.06% 9.89% 9.26% 9.16% 9.65%
91 -0.17% -0.35% 1.45% -4.03% 3.32%
260.33 7.89% 8.05% 8.05% 9.08% 9.50%
461.67 14.90% 16.36% 15.26% 16.37% 16.84%
2,110.12 76.56% 77.54% 73.27% 70.43% 76.97%
701.64 19.51% 22.21% 28.44% 32.23% 25.59%

153.62
109.34

438.68 8.17% 12.60% 20.64% 23.24% 16.00%

124.22 1.72% 2.54% 4.45% 7.05% 4.53%

6.26 2.46% 3.87% 6.00% 0.28% 0.23%
0.75 -1.69% -2.41% -3.05% 0.06% 0.03%
131.23 2.49% 4.00% 7.41% 7.40% 4.79%

307.45 5.68% 8.60% 13.23% 15.84% 11.21%

2021
455000
467000
102.64%
-7.52%
 Year 2017 2018 2019

Equity Share Capital 155.96 175.5 178.24

Other Equity 1150.1 1470.09 1862.97
Total Equity 1306.06 1645.59 2041.21

Non-Current Liabilities
Long term borrowings 1299.05 971.49 1074.77
Other Financial Liabilties 53.93 51.7 59.6
Deferred Tax Liabilties 97.94 139.37 234.93
Total Non-Current Liabilities 1450.92 1162.56 1369.3

Current Liabilities
Short term Borrowings 127.75 76.03 18.04
Trade payables 230.94 254.86 266.24
Other Financial Liabilities 343.85 334.86 345.06
Current Tax liabilities 0 2.62 7.77
Other Current Liabilities 105.65 118.91 174.74
Total Current Liabilities 808.19 787.28 811.85
Total Equity and Liability 3565.17 3595.43 4222.36

Non-Current Assets
Property, Plant & Equipment 2634.29 2602.7 2567.33
Intangible Assets 1.41 0.21 0.27
Capital-Work in Progress 15.51 31.56 37.1
Intangible Assets under Development 0 2.84 15.1
Investments 19.58 28 269.29
Loans long term 52.9 53.42 41.13
Other financial Assets 8.41 16.52 16.56
Other Non current Assets 6.09 6.12 15.34
Total Non-Current Assets 2738.19 2741.37 2962.12

Current Assets
Inventories 382.94 394.47 322.47
Current Investments 242.59 127.22 636.74
Trade Receivables 110.81 109.15 77.17
Cash & Cash Equivalents 15.52 18.85 9.24
bank balances 11.88 103.17 5.8
Loan-Short term 0 0 73
Other Financial Assets 9.9 15.14 36.06
Other Current Assets 71.92 89.88 106.28
Total Current Assets 845.56 857.88 1266.76
Total Assets 3583.75 3599.25 4228.88
No of Shares (in crs) 78.0 88 89
Total Debt 1426.8 1047.52 1092.81
Net Debt 1399.4 925.5 1077.77
Net Fixed Assets 2635.7 2602.91 2567.6
Net Fixed Assets (incl CWIP) 2651.21 2637.31 2619.8
 2020 2021

178.24 169.4
2189.81 2430.82
2368.05 2600.22

1016.8 1903.85
74.23 83.97
335.87 389.12
1426.9 2376.94

116.67 175.84
337.24 356.24
338.65 381.81
3.96 6.69
137.13 123.4
933.65 1043.98
4728.6 6021.14

2500.57 2399.19
21.03 19.29
348.55 1560.66
0.48 2.03
314.57 329.39
163.5 316.5
29.1 50.84
172.85 44
3550.65 4721.9

447.29 345.59
382.64 525.97
74.7 79.17
23.34 3.42
6.88 5.27
93 100
18.33 11.2
142.8 232.41
1188.98 1303.03
4739.63 6024.93
 89 85
1133.47 2079.69
1103.25 2071
2521.6 2418.48
2870.63 3981.17
 Date JK Paper % change Nifty 500 % change
9/9/2020 91.900002 - 9290.200195 -
9/10/2020 92.150002 0.27% 9420.25 1.40%
9/11/2020 92.449997 0.33% 9446.400391 0.28%
9/14/2020 93.599998 1.24% 9493.299805 0.50%
9/15/2020 95.050003 1.55% 9573.349609 0.84%
9/16/2020 95.5 0.47% 9632.5 0.62%
9/17/2020 94.599998 -0.94% 9566.75 -0.68%
9/18/2020 96.800003 2.33% 9559.5 -0.08%
9/21/2020 92.849998 -4.08% 9313 -2.58%
9/22/2020 91.849998 -1.08% 9213.900391 -1.06%
9/23/2020 90.5 -1.47% 9194.349609 -0.21%
9/24/2020 89.099998 -1.55% 8944.75 -2.71%
9/25/2020 91.699997 2.92% 9156.099609 2.36%
9/28/2020 92.199997 0.55% 9330.25 1.90%
9/29/2020 90.699997 -1.63% 9319.700195 -0.11%
9/30/2020 90.650002 -0.06% 9341.75 0.24%
10/1/2020 90.349998 -0.33% 9461.700195 1.28%
10/5/2020 90.099998 -0.28% 9516.299805 0.58%
10/6/2020 92.5 2.66% 9622.349609 1.11%
10/7/2020 90.800003 -1.84% 9654.5 0.33%
10/8/2020 93.300003 2.75% 9711.799805 0.59%
10/9/2020 91.199997 -2.25% 9750.150391 0.39%
10/12/2020 89.75 -1.59% 9745.349609 -0.05%
10/13/2020 89.050003 -0.78% 9736.450195 -0.09%
10/14/2020 89 -0.06% 9763.400391 0.28%
10/15/2020 88.550003 -0.51% 9550.049805 -2.19%
10/16/2020 88.800003 0.28% 9626.25 0.80%
10/19/2020 88.949997 0.17% 9709.299805 0.86%
10/20/2020 88.75 -0.22% 9733 0.24%
10/21/2020 88.650002 -0.11% 9756.599609 0.24%
10/22/2020 92.5 4.34% 9745.049805 -0.12%
10/23/2020 93.650002 1.24% 9780.349609 0.36%
10/26/2020 91.800003 -1.98% 9647.650391 -1.36%
10/27/2020 90.650002 -1.25% 9748.299805 1.04%
10/28/2020 91.050003 0.44% 9632.349609 -1.19%
10/29/2020 89.5 -1.70% 9593.400391 -0.40%
10/30/2020 87.849998 -1.84% 9581.650391 -0.12%
11/2/2020 87.150002 -0.80% 9595.950195 0.15%
11/3/2020 87.900002 0.86% 9696.299805 1.05%
11/4/2020 88.050003 0.17% 9764.599609 0.70%
11/5/2020 89.099998 1.19% 9935.349609 1.75%
11/6/2020 90.550003 1.63% 10033.5 0.99%
11/9/2020 90.349998 -0.22% 10176.34961 1.42%
11/10/2020 91.449997 1.22% 10269 0.91%
11/11/2020 90.699997 -0.82% 10356.5 0.85%
11/12/2020 90.900002 0.22% 10342.7002 -0.13%
11/13/2020 90.900002 0.00% 10387.2002 0.43%
11/18/2020 92.199997 1.43% 10588.34961 1.94%
11/19/2020 94.400002 2.39% 10477.5 -1.05%
11/20/2020 98.949997 4.82% 10560.54981 0.79%
11/23/2020 95.75 -3.23% 10635.9502 0.71%
11/24/2020 94.900002 -0.89% 10733.59961 0.92%
11/25/2020 93.800003 -1.16% 10574.9502 -1.48%
11/26/2020 96.949997 3.36% 10674.04981 0.94%
11/27/2020 96.449997 -0.52% 10719.04981 0.42%
12/1/2020 97.5 1.09% 10835.15039 1.08%
12/2/2020 96.699997 -0.82% 10858.15039 0.21%
12/3/2020 99.199997 2.59% 10893.59961 0.33%
12/4/2020 99.650002 0.45% 10978.84961 0.78%
12/7/2020 104.300003 4.67% 11070.25 0.83%
12/8/2020 103.550003 -0.72% 11088.65039 0.17%
12/9/2020 103.550003 0.00% 11181.2002 0.83%
12/10/2020 101.25 -2.22% 11141.34961 -0.36%
12/11/2020 101.800003 0.54% 11171.40039 0.27%
12/14/2020 103.400002 1.57% 11215.25 0.39%
12/15/2020 102.5 -0.87% 11223.90039 0.08%
12/16/2020 103.550003 1.02% 11320.09961 0.86%
12/17/2020 108 4.30% 11346.34961 0.23%
12/18/2020 110.75 2.55% 11355 0.08%
12/21/2020 102.25 -7.67% 10964.25 -3.44%
12/22/2020 106.550003 4.21% 11075.75 1.02%
12/23/2020 108.150002 1.50% 11225.54981 1.35%
12/24/2020 106.150002 -1.85% 11325.25 0.89%
12/28/2020 106.800003 0.61% 11434.7002 0.97%
12/29/2020 105.599998 -1.12% 11467 0.28%
12/30/2020 104.900002 -0.66% 11509.65039 0.37%
12/31/2020 106.349998 1.38% 11518.29981 0.08%
1/5/2021 128.699997 21.02% 11767 2.16%
1/6/2021 125.349998 -2.60% 11737.90039 -0.25%
1/7/2021 129 2.91% 11766.09961 0.24%
1/8/2021 128.300003 -0.54% 11925.59961 1.36%
1/11/2021 124.099998 -3.27% 12006.5 0.68%
1/12/2021 128.600006 3.63% 12058.34961 0.43%
1/13/2021 128.399994 -0.16% 12041.09961 -0.14%
1/14/2021 127.849998 -0.43% 12069.5 0.24%
1/15/2021 126 -1.45% 11931.2002 -1.15%
1/18/2021 124 -1.59% 11776.2002 -1.30%
1/19/2021 127.900002 3.15% 11981.84961 1.75%
1/20/2021 126.349998 -1.21% 12078.34961 0.81%
1/21/2021 127 0.51% 12015.9502 -0.52%
1/22/2021 124.199997 -2.20% 11854.5 -1.34%
1/25/2021 126 1.45% 11743.7002 -0.93%
1/27/2021 126.150002 0.12% 11546.34961 -1.68%
1/28/2021 128.149994 1.59% 11442.54981 -0.90%
1/29/2021 127.300003 -0.66% 11302.40039 -1.22%
2/1/2021 130.149994 2.24% 11770.15039 4.14%
2/2/2021 131.949997 1.38% 12053.25 2.41%
2/3/2021 130.949997 -0.76% 12174.04981 1.00%
2/4/2021 134.899994 3.02% 12285.84961 0.92%
2/5/2021 133.5 -1.04% 12279.84961 -0.05%
2/8/2021 133.550003 0.04% 12441.29981 1.31%
2/9/2021 133.850006 0.22% 12434.2002 -0.06%
2/10/2021 138.649994 3.59% 12452.4502 0.15%
2/11/2021 136.25 -1.73% 12514.09961 0.50%
2/12/2021 139.899994 2.68% 12508.54981 -0.04%
2/15/2021 139.550003 -0.25% 12632.04981 0.99%
2/16/2021 140.649994 0.79% 12647.2002 0.12%
2/17/2021 142.550003 1.35% 12597.4502 -0.39%
2/18/2021 145.899994 2.35% 12565.7002 -0.25%
2/19/2021 142.75 -2.16% 12438.79981 -1.01%
2/22/2021 139.649994 -2.17% 12212.54981 -1.82%
2/23/2021 142.550003 2.08% 12263.7002 0.42%
2/24/2021 145.850006 2.31% 12455.2002 1.56%
2/25/2021 146.050003 0.14% 12567.84961 0.90%
2/26/2021 145.100006 -0.65% 12181.40039 -3.07%
3/1/2021 146.300003 0.83% 12368.29981 1.53%
3/2/2021 160 9.36% 12519.40039 1.22%
3/3/2021 160.899994 0.56% 12764.79981 1.96%
3/4/2021 163.350006 1.52% 12688.84961 -0.59%
3/5/2021 155.300003 -4.93% 12539 -1.18%
3/8/2021 156.899994 1.03% 12558.9502 0.16%
3/9/2021 152.899994 -2.55% 12617.2002 0.46%
3/10/2021 150.550003 -1.54% 12691.34961 0.59%
3/12/2021 151 0.30% 12593.90039 -0.77%
3/15/2021 157.649994 4.40% 12510.15039 -0.67%
3/16/2021 159.899994 1.43% 12512.7002 0.02%
3/17/2021 153.699997 -3.88% 12319.90039 -1.54%
3/18/2021 147.350006 -4.13% 12174.4502 -1.18%
3/19/2021 148 0.44% 12314.5 1.15%
3/22/2021 147.25 -0.51% 12338.59961 0.20%
3/23/2021 154.300003 4.79% 12417.29981 0.64%
3/24/2021 151.5 -1.81% 12197.2002 -1.77%
3/25/2021 146.050003 -3.60% 11993.29981 -1.67%
3/26/2021 152.449997 4.38% 12148.90039 1.30%
3/30/2021 148.649994 -2.49% 12387.90039 1.97%
3/31/2021 149.850006 0.81% 12313.7002 -0.60%
4/1/2021 154.550003 3.14% 12479 1.34%
4/5/2021 146.050003 -5.50% 12298.59961 -1.45%
4/6/2021 145.550003 -0.34% 12358.09961 0.48%
4/7/2021 149.800003 2.92% 12481.29981 1.00%
4/8/2021 144.300003 -3.67% 12541.65039 0.48%
4/9/2021 146.300003 1.39% 12527.40039 -0.11%
4/12/2021 132.949997 -9.13% 12024.09961 -4.02%
4/13/2021 138.550003 4.21% 12186.7002 1.35%
4/15/2021 136.050003 -1.80% 12237.59961 0.42%
4/16/2021 135.399994 -0.48% 12298.04981 0.49%
4/19/2021 127.699997 -5.69% 12076.4502 -1.80%
4/20/2021 128.75 0.82% 12055.40039 -0.17%
4/22/2021 127.699997 -0.82% 12132.04981 0.64%
4/23/2021 131.800003 3.21% 12105.59961 -0.22%
4/26/2021 132.449997 0.49% 12216.84961 0.92%
4/27/2021 134.899994 1.85% 12362.54981 1.19%
4/28/2021 143.25 6.19% 12517.9502 1.26%
4/29/2021 141.300003 -1.36% 12532.79981 0.12%
4/30/2021 139.800003 -1.06% 12364.34961 -1.34%
5/3/2021 134.149994 -4.04% 12395.25 0.25%
5/4/2021 143.199997 6.75% 12300.4502 -0.76%
5/5/2021 142.050003 -0.80% 12413 0.92%
5/6/2021 144.25 1.55% 12501.90039 0.72%
5/7/2021 142.649994 -1.11% 12563.09961 0.49%
5/10/2021 142.550003 -0.07% 12669.90039 0.85%
5/11/2021 143.899994 0.95% 12642.25 -0.22%
5/12/2021 141.600006 -1.60% 12537.9502 -0.83%
5/14/2021 144.149994 1.80% 12472.15039 -0.52%
5/17/2021 149.600006 3.78% 12672.09961 1.60%
5/18/2021 148.050003 -1.04% 12839.09961 1.32%
5/19/2021 147.300003 -0.51% 12809 -0.23%
5/20/2021 155.449997 5.53% 12736.4502 -0.57%
5/21/2021 153.050003 -1.54% 12917.84961 1.42%
5/24/2021 151.399994 -1.08% 12962.4502 0.35%
5/25/2021 156.600006 3.43% 12963 0.00%
5/26/2021 152.800003 -2.43% 13022.2002 0.46%
5/27/2021 153.5 0.46% 13066.25 0.34%
5/28/2021 151.949997 -1.01% 13117.04981 0.39%
5/31/2021 150.25 -1.12% 13226.34961 0.83%
6/1/2021 150.449997 0.13% 13210.40039 -0.12%
6/2/2021 152.050003 1.06% 13274.25 0.48%
6/3/2021 162.649994 6.97% 13380.5 0.80%
6/4/2021 159.350006 -2.03% 13393.90039 0.10%
6/7/2021 161.449997 1.32% 13479.65039 0.64%
6/8/2021 162.699997 0.77% 13496.54981 0.13%
6/9/2021 167.949997 3.23% 13396.40039 -0.74%
6/10/2021 176 4.79% 13517.2002 0.90%
6/11/2021 172.800003 -1.82% 13563.84961 0.35%
6/14/2021 171.050003 -1.01% 13554.15039 -0.07%
6/15/2021 178.350006 4.27% 13607.79981 0.40%
6/16/2021 174.949997 -1.91% 13510.59961 -0.71%
6/17/2021 172.100006 -1.63% 13425.15039 -0.63%
6/18/2021 168 -2.38% 13386.54981 -0.29%
6/21/2021 176.350006 4.97% 13456.09961 0.52%
6/22/2021 200.050003 13.44% 13491.09961 0.26%
6/23/2021 204.25 2.10% 13423.34961 -0.50%
6/24/2021 198.899994 -2.62% 13468.25 0.33%
6/25/2021 199.600006 0.35% 13539.40039 0.53%
6/28/2021 195.25 -2.18% 13533.04981 -0.05%
6/29/2021 192.949997 -1.18% 13481.9502 -0.38%
6/30/2021 211.899994 9.82% 13473.54981 -0.06%
7/1/2021 214.850006 1.39% 13454.09961 -0.14%
7/2/2021 219.600006 2.21% 13494.4502 0.30%
7/5/2021 228.100006 3.87% 13585.75 0.68%
7/6/2021 220.199997 -3.46% 13574.15039 -0.09%
7/7/2021 232.25 5.47% 13631 0.42%
7/8/2021 224.699997 -3.25% 13532.7002 -0.72%
7/9/2021 226.100006 0.62% 13527.9502 -0.04%
7/12/2021 222.75 -1.48% 13549 0.16%
7/13/2021 227.449997 2.11% 13628.84961 0.59%
7/14/2021 222.449997 -2.20% 13661.09961 0.24%
7/15/2021 219.449997 -1.35% 13720.34961 0.43%
7/16/2021 219.100006 -0.16% 13742.34961 0.16%
7/19/2021 223.149994 1.85% 13619.84961 -0.89%
7/20/2021 210.649994 -5.60% 13495.59961 -0.91%
7/22/2021 220.600006 4.72% 13670.2002 1.29%
7/23/2021 219.350006 -0.57% 13687 0.12%
7/26/2021 221.850006 1.14% 13675.09961 -0.09%
7/27/2021 223.050003 0.54% 13610.29981 -0.47%
7/28/2021 252.949997 13.41% 13579.15039 -0.23%
7/29/2021 262.700012 3.85% 13643.75 0.48%
7/30/2021 261.149994 -0.59% 13664.25 0.15%
8/2/2021 260.899994 -0.10% 13783.7002 0.87%
8/3/2021 256.700012 -1.61% 13939.2002 1.13%
8/4/2021 246.149994 -4.11% 13969.34961 0.22%
8/5/2021 263.299988 6.97% 13981.54981 0.09%
8/6/2021 258.75 -1.73% 13954.65039 -0.19%
8/9/2021 280.700012 8.48% 13935.04981 -0.14%
8/10/2021 261.950012 -6.68% 13892.75 -0.30%
8/11/2021 250.149994 -4.50% 13876.54981 -0.12%
8/12/2021 261.899994 4.70% 13971.9502 0.69%
8/13/2021 263.5 0.61% 14065.29981 0.67%
8/16/2021 265.700012 0.83% 14070.79981 0.04%
8/17/2021 261.100006 -1.73% 14113.09961 0.30%
8/18/2021 257.450012 -1.40% 14095.54981 -0.12%
8/20/2021 242.949997 -5.63% 13943.9502 -1.08%
8/23/2021 223.050003 -8.19% 13930.54981 -0.10%
8/24/2021 242 8.50% 14063.25 0.95%
8/25/2021 245.300003 1.36% 14093.59961 0.22%
8/26/2021 239.899994 -2.20% 14106.9502 0.09%
8/27/2021 239.550003 -0.15% 14192.5 0.61%
8/30/2021 247.25 3.21% 14397.90039 1.45%
8/31/2021 244.449997 -1.13% 14555.90039 1.10%
9/1/2021 240.550003 -1.60% 14551.34961 -0.03%
9/2/2021 245.449997 2.04% 14684.34961 0.91%
9/3/2021 244.399994 -0.43% 14759.29981 0.51%
9/6/2021 245.300003 0.37% 14805.84961 0.32%
9/7/2021 240.149994 -2.10% 14784.25 -0.15%
9/8/2021 253 5.35% 14803.59961 0.13%
 Risk free rate 6.12% 10 yr govt bond yield RBI
Beta 1.27444848712757
Expected market return 14.34%
Cost of equity 16.59%

Pre tax (cost of debt) 6.81%

effective Tax rate 29.91%
Post tax(cost of debt) 4.77%

Total equity 2600.22

Total debt 2079.69
Total Capital 4679.91

Weighted Average Coat of capital 11.34%

 Market Return

9/8/2021 14,803.60
9/9/2020 9,290.20
9/9/2016 7,575.55
9/9/2011 4,098.10

1 yr market return 59.35%

5 yr market return 14.34%
10 yr market return 13.70%