About Three M Paper Boards Limited
Data last updated:
Three M Paper Boards Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the paper and packaging products segment of the wood and timber products sector. It was incorporated on 26 July 1989 and has been in existence for over 37 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L22219MH1989PLC052740. Its GSTIN is 27AAACT1650J1ZE (Maharashtra). It is a listed company as per MCA records. Its shares are listed on BSE: 544214.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹19.24 Cr. It was formerly known as Three-M Paper Manufacturing Company Limited and Three-M-Paper Manufacturing Company Private Limited. It is led by directors including Rushabh Hitendra Shah (Managing Director) and Prafulla Hitendra Shah (Whole-Time Director).
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at A33 & 34 Floor – 2 Royal Industrial Estate 5 – B Naigaon Cross Road Wadala, Mumbai, Maharashtra, India – 400031.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹297.19 Cr, a growth of 11.9% compared to the previous year. For the same year it recorded a net profit of ₹7.19 Cr (net margin 2.4%) and EBITDA of ₹17.77 Cr (EBITDA margin 6%). The net worth stands at ₹111.01 Cr (up 6.9% YoY). Total assets are valued at ₹188.24 Cr (up 12.1% YoY).
The company is associated with 1 brand: Three-m-paper Manufacturing. As per MCA filings, the company has open charges of ₹155.12 Cr and satisfied charges of ₹72.33 Cr on record. Court records list 9 cases involving the company, including 6 filed by the company and 3 filed against it; 3 cases are pending. The company has 10 deals on record (9 market trades, 1 ipo); the latest was in January 2025. Its 6 peer companies in the Manufacturing industry (Paper), with the same principal business activity (wood and wood products, furniture, paper and paper products) are compared by revenue, 2 larger and 4 smaller; the largest is Vishwanath Paper & Boards Private Limited with revenue of ₹275.81 Cr. The company has 1 MSME Form 1 return on record for the period ending Sep 2023, listing 22 overdue payments to 5 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website threempaper.com.
Company details
Name history
Three M Paper Boards has undergone 2 name changes throughout its history. The company was previously known as Three-M Paper Manufacturing Company Limited, and Three-M-Paper Manufacturing Company Private Limited. The current legal name is Three M Paper Boards Limited.
| Company Name | Status |
|---|---|
| Three M Paper Boards Limited | Current |
| Three-M Paper Manufacturing Company Limited | Previous |
| Three-M-Paper Manufacturing Company Private Limited | Previous |
CIN history
Three M Paper Boards has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L22219MH1989PLC052740, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L22219MH1989PLC052740 | Current |
| U22219MH1989PTC052740 | Previous |
| U22219MH1989PLC052740 | Previous |
Contact details
Three M Paper Boards Limited's registered office is in Mumbai, Maharashtra.
- Registered AddressA33 & 34 Floor – 2 Royal Industrial Estate 5 – B Naigaon Cross Road Wadala, Mumbai, Maharashtra, India – 400031
- IndustryWood, Paper & Paper Products, Furniture, Wood & Wood Products
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Three M Paper Boards operates one associated brand: Three-m-paper Manufacturing. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of eco-friendly duplex boards | threempaper.com |
Business activity
The main business activity of Three M Paper Boards is manufacturing. In detail, this covers wood and wood products, furniture, paper and paper products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C3 | Wood and wood products, furniture, paper and paper products |
To see the full business activity and turnover split of Three M Paper Boards Limited, buy the company report.
Financials of Three M Paper Boards Limited
FY 2025-26 filings availableThree M Paper Boards Limited reported revenue of ₹297.19 Cr (up 11.9% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 297 | 266 | 272 | 327 | 313 | 165 | 187 |
| Revenue growth | +11.9% | -2.5% | -16.8% | +4.6% | +89.5% | -11.9% | - |
| EBITDA | 17.77 | 21.95 | 23.27 | 19.17 | 14.44 | 14.13 | 10.58 |
| EBITDA margin | +6.0% | +8.3% | +8.6% | +5.9% | +4.6% | +8.6% | +5.6% |
| Profit before tax | 6.48 | 12.06 | 12.97 | 5.98 | 4.58 | 2.34 | (1.06) |
| Net profit | 7.19 | 10.00 | 11.31 | 6.62 | 3.43 | 1.76 | (3.05) |
| Net profit margin | +2.4% | +3.8% | +4.2% | +2.0% | +1.1% | +1.1% | -1.6% |
| EPS (₹) | 3.73 | 5.19 | 8.36 | 100.99 | 50.01 | 26.35 | (46.61) |
| Balance sheet | |||||||
| Total assets | 188 | 168 | 135 | 131 | 120 | 92.63 | 91.16 |
| Net worth | 111 | 104 | 60.86 | 47.26 | 40.64 | 37.37 | 35.64 |
| Total debt | 75.16 | 62.37 | 72.64 | 81.82 | 78.03 | 53.54 | 54.78 |
| Cash & bank | 0.12 | 0.13 | 0.13 | 5.43 | 1.30 | 0.26 | 0.12 |
| Net working capital | 81.29 | 71.37 | 61.95 | 57.31 | 55.79 | 25.98 | 22.14 |
| Cash flow | |||||||
| Cash from operations | 7.61 | 9.69 | 11.33 | 23.53 | (10.32) | 11.93 | 13.14 |
| Cash from investing | (14.26) | (26.96) | (4.92) | (18.26) | (5.66) | (3.82) | (2.75) |
| Cash from financing | 6.64 | 17.28 | (11.71) | (5.45) | 16.16 | (8.14) | (8.50) |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 297 | 266 | 272 | 327 | 313 | 165 | 187 |
| Revenue growth | +11.9% | -2.5% | -16.8% | +4.6% | +89.5% | -11.9% | - |
| Other income | 3.34 | 2.97 | 3.78 | 2.50 | 3.10 | 0.43 | 0.94 |
| Total expenses | 279 | 244 | 249 | 308 | 298 | 151 | 177 |
| Employee cost | 16.24 | 12.86 | 14.01 | 14.36 | 16.02 | 9.09 | 10.40 |
| EBITDA | 17.77 | 21.95 | 23.27 | 19.17 | 14.44 | 14.13 | 10.58 |
| EBITDA margin | +6.0% | +8.3% | +8.6% | +5.9% | +4.6% | +8.6% | +5.6% |
| Depreciation | 8.04 | 6.67 | 6.62 | 6.05 | 5.63 | 5.56 | 5.53 |
| Interest | 6.59 | 6.19 | 7.46 | 9.64 | 7.33 | 6.66 | 7.05 |
| Profit before tax | 6.48 | 12.06 | 12.97 | 5.98 | 4.58 | 2.34 | (1.06) |
| Tax | (0.71) | 2.06 | 1.73 | (0.64) | 1.32 | 0.61 | 1.99 |
| Net profit | 7.19 | 10.00 | 11.31 | 6.62 | 3.43 | 1.76 | (3.05) |
| Net profit margin | +2.4% | +3.8% | +4.2% | +2.0% | +1.1% | +1.1% | -1.6% |
| EPS (₹) | 3.73 | 5.19 | 8.36 | 100.99 | 50.01 | 26.35 | (46.61) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 19.24 | 19.24 | 13.47 | 6.55 | 6.55 | 6.55 | 6.55 |
| Reserves & surplus | 91.77 | 84.60 | 47.39 | 40.71 | 34.09 | 30.82 | 29.09 |
| Shareholders' funds (net worth) | 111 | 104 | 60.86 | 47.26 | 40.64 | 37.37 | 35.64 |
| Secured loans | 55.91 | 45.15 | 54.68 | 56.24 | 45.31 | 27.07 | 26.53 |
| Unsecured loans | 19.25 | 17.22 | 17.96 | 25.58 | 32.72 | 26.47 | 28.25 |
| Total debt | 75.16 | 62.37 | 72.64 | 81.82 | 78.03 | 53.54 | 54.78 |
| Total liabilities | 188 | 168 | 135 | 131 | 120 | 92.63 | 91.16 |
| Assets | |||||||
| Gross block | 200 | 170 | 154 | 149 | 134 | 131 | 128 |
| Net block | 107 | 85.33 | 76.22 | 77.96 | 69.08 | 70.78 | 73.85 |
| Capital work in progress | 1.41 | 14.85 | 1.83 | 0.00 | 1.00 | 0.00 | 0.00 |
| Investments | 1.12 | 1.19 | 1.22 | 1.25 | 1.15 | 1.22 | 0.00 |
| Inventories | 53.47 | 42.55 | 29.39 | 34.17 | 20.48 | 26.70 | 26.53 |
| Sundry debtors | 63.14 | 58.90 | 54.20 | 42.56 | 46.11 | 28.90 | 26.50 |
| Cash & bank balances | 0.12 | 0.13 | 0.13 | 5.43 | 1.30 | 0.26 | 0.12 |
| Loans & advances | 42.89 | 36.68 | 31.28 | 25.15 | 39.79 | 11.84 | 8.99 |
| Total current assets | 160 | 138 | 115 | 107 | 108 | 67.70 | 62.14 |
| Total current liabilities | 78.33 | 66.89 | 53.05 | 50.00 | 51.89 | 41.72 | 40.00 |
| Net working capital | 81.29 | 71.37 | 61.95 | 57.31 | 55.79 | 25.98 | 22.14 |
| Total assets | 188 | 168 | 135 | 131 | 120 | 92.63 | 91.16 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.13 | 0.13 | 5.43 | 0.27 | 0.08 | 0.12 | (21.73) |
| Net cash from operating activities | 7.61 | 9.69 | 11.33 | 23.53 | (10.32) | 11.93 | 13.14 |
| Net cash from investing activities | (14.26) | (26.96) | (4.92) | (18.26) | (5.66) | (3.82) | (2.75) |
| Net cash from financing activities | 6.64 | 17.28 | (11.71) | (5.45) | 16.16 | (8.14) | (8.50) |
| Net change in cash | (0.01) | 0.01 | (5.30) | (0.18) | 0.18 | (0.04) | 1.88 |
| Closing cash | 0.12 | 0.13 | 0.13 | 5.43 | 1.30 | 0.26 | 0.12 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +11.9% | -2.5% | -16.8% | +4.6% | +89.5% | -11.9% | - |
| EBITDA growth | -19.0% | -5.7% | +21.4% | +32.8% | +2.2% | +33.6% | - |
| PBT growth | -46.3% | -7.0% | +116.9% | +30.6% | +95.7% | +9998.0% | +9997.0% |
| Net income growth | -28.1% | -11.6% | +70.9% | +93.0% | +94.9% | +157.7% | - |
| Revenue CAGR (3Y) | -3.2% | -5.3% | +18.1% | +20.4% | - | - | - |
| EBITDA CAGR (3Y) | -2.5% | +15.0% | +18.1% | +21.9% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +2.4% | +3.8% | +4.1% | +2.0% | +1.0% | +1.1% | -1.6% |
| Return on capital employed | +7.3% | +12.0% | +15.4% | +12.4% | +11.2% | +9.8% | +6.6% |
| Return on net worth | +6.7% | +12.1% | +20.8% | +15.1% | +8.4% | +4.7% | -8.6% |
| Debt / equity | 0.64 | 0.82 | 1.43 | 1.82 | 1.69 | 1.48 | 1.54 |
| Long-term debt / equity | 0.20 | 0.35 | 0.71 | 0.95 | 0.86 | 0.75 | 0.78 |
| Interest cover | 67.73 | 40.51 | 44.80 | 73.48 | 83.20 | 77.71 | 139.60 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.61 | 1.64 | 1.80 | 2.31 | 2.36 | 1.28 | 1.46 |
| Inventory turnover | 6.19 | 7.38 | 8.57 | 11.98 | 13.26 | 6.20 | 7.07 |
| Debtors turnover | 4.87 | 4.70 | 5.63 | 7.38 | 8.34 | 5.96 | 7.07 |
| EPS (₹) | 3.73 | 5.19 | 8.36 | 100.99 | 50.01 | 26.35 | (46.61) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 57.70 | 53.98 | 45.19 | 721.45 | 620.46 | 570.45 | 544.10 |
To see the full year-wise statements and ratios of Three M Paper Boards Limited, buy the company report.
Board of directors of Three M Paper Boards Limited
Three M Paper Boards has 6 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Prafulla Hitendra Shah Also directs: Parshwa Biotech LLP | Whole-Time Director | 01 Jul 1992 | 34 Years 4 Months | Current |
| Rushabh Hitendra Shah Also directs: Parshwa Biotech LLP | Managing Director | 05 Nov 2007 | 19 Years 0 Months | Current |
| Hitendra Dhanji Shah | Whole-Time Director | 26 Jul 1989 | 37 Years 3 Months | Current |
| Ashok Kumar Bansal | Director | 11 Jan 2024 | 2 Years 9 Months | Current |
| Feni Jay Shah | Director | 11 Jan 2024 | 2 Years 9 Months | Current |
| Jigna Ravilal Dedhia Shah | Director | 11 Jan 2024 | 2 Years 9 Months | Current |
Peer comparison
Three M Paper Boards Limited is compared with the 6 companies closest to it by revenue in the Manufacturing industry (Paper), with the same principal business activity (wood and wood products, furniture, paper and paper products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Three M Paper Boards Limitedthis company | ₹297.19 Cr (FY 2026) | ₹7.19 Cr | 2.4% | 11.9% | Mumbai, Maharashtra, India | |
| Vishwanath Paper & Boards Private Limited | ₹275.81 Cr (FY 2025) | 14.0% | Kashipur, Uttarakhand, India | |||
| Vamshadhara Paper Mills Limited | ₹274.25 Cr (FY 2025) | 8.0% | Telangana, India | |||
| Aryan Paper Mills Private Limited | ₹262.87 Cr (FY 2025) | 52.0% | Vapi, Gujarat, India | |||
| Sukraft Recycling Private Limited | ₹262.25 Cr (FY 2025) | 12.0% | Sattari, Goa, India | |||
| Anandeshwar Industries Private Limited | ₹261.65 Cr (FY 2025) | 20.0% | Kanpur, Uttar Pradesh, India | |||
| Katyayini Paper Mills Pvt. Ltd | ₹255.58 Cr (FY 2025) | -19.0% | New Delhi, Delhi, India |
To see the full peer comparison of Three M Paper Boards Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 13 Jul 2026 | 101345257 | Others | ₹3.97 Cr | Open | |
| 26 Jun 2026 | 101348430 | Others | ₹1.29 Cr | Open | |
| 11 Jun 2026 | 101324138 | State Bank of India | ₹2.19 Cr | Open | |
| 24 Jun 2025 | 101127025 | Others | ₹15 Cr | Open | |
| 28 Mar 2025 | 101084876 | Axis Bank Limited | ₹25.49 Cr | Open |
To see the full charge records of Three M Paper Boards Limited, buy the company report.
Total charge records: 16 View all charges
Deals & funding
Three M Paper Boards Limited has 10 deals on record (9 market trades, 1 ipo); the latest was in January 2025.
Deals on record (5 of 10)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2024 | Market trade | ₹56 Lakh | Seller: Avance Ventures Private Limited |
| Jul 2024 | Market trade | ₹1.91 Cr | Buyer: Comfort Securities Limited Seller: Comfort Securities Limited , an individual |
| Jul 2024 | Market trade | ₹71.4 Lakh | Seller: Setu Securities Private Limited |
| Jul 2024 | Market trade | ₹1.52 Cr | Buyer: Mansi Share and Stock Broking Private Limited , Avance Ventures Private Limited Seller: Multiplier Share and Stock Advisors Private Limited |
| Jul 2024 | Market trade | ₹2.77 Cr | Buyer: Multiplier Share and Stock Advisors Private Limited , an individual |
To see the full deal history of Three M Paper Boards Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Three M Paper Boards Limited has 9 court cases on record: 6 filed by Three M Paper Boards, 3 filed against it. 3 cases are pending and 6 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 7 | 3 | 3 |
| High courts | 2 | 0 | 0 |
Cases on record (5 of 9)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Cases) | Filed by the company against Sri Durga Enterprises | Pending |
| District court, Maharashtra Industrial and Lab, Maharashtra | Court case (Complaint ULP1) | Filed against the company by an individual | Pending |
| District court, Ratnagiri, Maharashtra | Civil suit | Filed against the company by an individual | Pending |
| Bombay High Court | Court case (CARBP) | Filed by the company against The New India Assurance Co Ltd | Disposed |
| District court, Maharashtra Industrial and Lab, Maharashtra | Court case (Appln.-WCA-A) | Filed by the company against an individual | Disposed |
To see the full case history of Three M Paper Boards Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Three M Paper Boards Limited was last rated by Care on 03 Feb 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 03 Feb 2022 |
To see the full credit ratings and regulatory alerts of Three M Paper Boards Limited, buy the company report.
MSME payment delays
Three M Paper Boards Limited has 1 MSME Form 1 return on record for the period ending Sep 2023, listing 22 overdue payments to 5 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 5)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Nnoweta Performance Chemicals Private Limited | |||
| Tanisha Resins Private Limited | |||
| Shree Puja Woven Sack Private Limited | |||
| Santosh Limited |
To see the full MSME payment records of Three M Paper Boards Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Three M Paper Boards has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACT1650J1ZE | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Three M Paper Boards Limited, buy the company report.
Recent activity
Three M Paper Boards Limited has 12 board changes on record since 1989: 6 appointments and 6 cessations. The latest: Ashok Kumar Bansal ceased to be Additional Director on 15 Jan 2024.
35 earlier events are in the company report.
Frequently asked questions
Three M Paper Boards is an active public limited company based in Mumbai, Maharashtra, India. The company works in paper and paper products, within the wood industry. It was incorporated on 26 July 1989 (37+ years old) and is registered under CIN L22219MH1989PLC052740. Listed on BSE: 544214.
Three M Paper Boards reported revenue of ₹297.19 Cr for FY 2025-26 (up 11.9% YoY) based on standalone financials.
Three M Paper Boards has 6 current directors:
- Rushabh Hitendra Shah - Managing Director
- Prafulla Hitendra Shah - Whole-Time Director
- Hitendra Dhanji Shah - Whole-Time Director
- Ashok Kumar Bansal - Director
- Feni Jay Shah - Director
- Jigna Ravilal Dedhia Shah - Director
The latest financial statements of Three M Paper Boards on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Three M Paper Boards is 27AAACT1650J1ZE, registered in Maharashtra.
The CIN (Corporate Identification Number) of Three M Paper Boards is L22219MH1989PLC052740. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Three M Paper Boards is a listed company as per MCA records. Its shares are listed on BSE (code: 544214).
Three M Paper Boards has 9 court cases on record: 6 filed by the company and 3 filed against it. 3 are pending. Most are in the district courts.
Three M Paper Boards was incorporated on 26 July 1989, making it 37+ years old. It is registered with the Registrar of Companies, Mumbai.
Three M Paper Boards has 10 deals on record (9 market trades, 1 ipo); the latest was in January 2025.
The peers of Three M Paper Boards by revenue are Vishwanath Paper & Boards Private Limited, Vamshadhara Paper Mills Limited, Aryan Paper Mills Private Limited, Sukraft Recycling Private Limited, Anandeshwar Industries Private Limited and 1 more, all in the Manufacturing industry (Paper), with the same principal business activity (wood and wood products, furniture, paper and paper products).
Ashok Kumar Bansal ceased to be Additional Director on 15 Jan 2024. Feni Jay Shah ceased to be Additional Director on 15 Jan 2024. Jigna Ravilal Dedhia Shah ceased to be Additional Director on 15 Jan 2024. Three M Paper Boards has 12 board changes on record in total.
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