PPP Pakistan Paper Products Limited

Pakistan Paper Products Limited (PPP) financial ratios

Pakistan Paper Products Limited earned a net margin of 8.7% in FY2026 against a five-year average of 6.8% (Paper, Board & Packaging median 3.6%). Return on equity was 9.2%, compared with a sector median of 5.5%. The current ratio stood at 2.60× and debt was 12.4% of equity. Cash took about 151 days to cycle through receivables, inventory and payables.

FY2026 vs the Paper, Board & Packaging median

Gross margin: 19.6%; Sector median 14.1%
Operating margin: 13.3%; Sector median 9.6%
Net margin: 8.7%; Sector median 3.6%
Return on equity (ROE): 9.2%; Sector median 5.5%
Return on assets (ROA): 7.2%; Sector median 2.5%
Current ratio: 2.60×; Sector median 1.50×
Debt to equity: 12.4%; Sector median 43.0%
Asset turnover: 0.83×; Sector median 0.87×
Dividend payout ratio: 24.1%; Sector median 22.6%

Median of the 12 companies in the sector with the figure for their latest fiscal year.

PPP financial ratios (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012
Profitability
Gross margin	19.6%	17.2%	20.3%	16.7%	15.3%	14.7%	10.6%	11.3%	16.5%	18.8%	20.4%	20.3%	21.8%	19.3%	23.1%
EBITDA margin	15.9%	14.3%	17.2%	14.8%	13.0%	13.7%	8.4%	9.5%	14.3%	16.3%	15.7%	17.4%	19.1%	17.1%	19.3%
Operating margin	13.3%	11.4%	15.0%	12.3%	9.9%	10.3%	4.9%	5.8%	10.1%	11.9%	11.4%	13.4%	15.4%	13.4%	16.2%
Pre-tax margin	11.8%	9.3%	12.0%	7.6%	7.3%	8.9%	2.4%	2.7%	8.2%	11.1%	10.2%	12.7%	14.6%	12.0%	14.9%
Net margin	8.7%	7.1%	8.1%	5.1%	5.0%	6.5%	1.7%	2.1%	6.4%	9.2%	6.3%	9.9%	9.6%	7.7%	9.6%
Effective tax rate	26.4%	24.2%	32.5%	32.9%	31.7%	27.3%	28.0%	25.0%	22.3%	16.7%	38.7%	22.0%	34.3%	35.4%	35.9%
Returns
Return on equity (ROE)	9.2%	7.2%	11.3%	8.4%	6.1%	7.2%	1.6%	2.3%	8.1%	10.5%	7.0%	10.9%	10.6%	9.9%	—
Return on assets (ROA)	7.2%	5.6%	8.0%	5.3%	4.1%	5.1%	1.2%	1.7%	5.8%	7.8%	5.3%	8.4%	8.3%	7.3%	—
Return on invested capital (ROIC)	9.2%	7.8%	11.5%	9.0%	6.0%	7.2%	2.5%	3.3%	7.9%	9.9%	6.9%	10.4%	10.4%	9.8%	—
Liquidity
Current ratio	2.60×	2.57×	2.46×	1.83×	1.77×	2.19×	1.61×	2.22×	2.93×	3.03×	3.78×	3.39×	3.99×	3.60×	2.66×
Quick ratio	1.57×	1.40×	1.37×	0.99×	1.00×	1.20×	0.92×	1.35×	1.68×	1.82×	2.29×	2.06×	2.41×	2.18×	1.23×
Leverage
Debt to equity	12.4%	11.2%	13.8%	30.4%	30.8%	18.1%	14.8%	13.5%	18.3%	17.3%	9.3%	15.7%	5.6%	10.9%	15.6%
Debt to capital	11.0%	10.1%	12.2%	23.3%	23.6%	15.3%	12.9%	11.9%	15.5%	14.7%	8.5%	13.6%	5.3%	9.8%	13.5%
Debt to assets	9.7%	8.8%	10.7%	19.1%	19.6%	12.9%	10.2%	10.3%	13.4%	12.3%	7.2%	11.7%	4.5%	8.4%	11.1%
Assets to equity	1.28×	1.29×	1.41×	1.58×	1.49×	1.42×	1.37×	1.33×	1.39×	1.35×	1.31×	1.30×	1.27×	1.35×	—
Efficiency
Asset turnover	0.83×	0.79×	0.99×	1.04×	0.82×	0.79×	0.70×	0.83×	0.92×	0.84×	0.85×	0.85×	0.87×	0.95×	—
Receivable days days	102	96	88	88	103	104	96	63	57	63	62	59	56	48	—
Inventory days days	95	97	92	90	101	99	92	79	82	87	85	80	83	90	—
Payable days days	47	42	43	53	58	70	71	36	39	50	40	38	44	48	—
Cash conversion cycle days	151	151	137	126	145	133	117	106	99	100	107	100	95	90	—
Dividends
Dividend payout ratio	24.1%	26.1%	38.5%	0.0%	71.3%	36.9%	51.4%	83.5%	24.0%	34.5%	46.9%	41.9%	37.3%	46.4%	48.3%
Earnings retention rate	0.76×	0.74×	0.62×	1.00×	0.29×	0.63×	0.49×	0.17×	0.76×	0.65×	0.53×	0.58×	0.63×	0.54×	0.52×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

PPP: frequently asked questions

What is PPP's EPS?

Pakistan Paper Products Limited reported basic earnings per share of Rs 20.73 for FY2026 (Jul 2025 – Jun 2026).

What is PPP's P/E ratio?

At the closing price of Rs 138.99 on 16 Oct 2026, PPP trades at a P/E of 6.7× based on EPS of Rs 20.73 (FY2026).

Does PPP pay dividends?

Yes. Pakistan Paper Products Limited declared a dividend of Rs 8.00 per share for FY2026. It has paid a dividend in each of the last 10 years. At Rs 138.99 that is a dividend yield of 5.8%.

What was PPP's revenue and profit in FY2026?

Pakistan Paper Products Limited reported revenue of Rs 1.9 bn and profit attributable to shareholders of Rs 165.9 mn for FY2026 (Jul 2025 – Jun 2026).

What is PPP's book value per share?

Pakistan Paper Products Limited's book value per share was Rs 234.31 at the end of FY2026. The shares trade at 0.59× book value.

Information only, not investment advice.