SEPL Security Papers Limited

Security Papers Limited (SEPL) financial ratios

Security Papers Limited earned a net margin of 12.4% in FY2026 against a five-year average of 17.5% (Paper, Board & Packaging median 3.6%). Return on equity was 9.9%, compared with a sector median of 5.5%. The current ratio stood at 2.10× and debt was — of equity. Cash took about 42 days to cycle through receivables, inventory and payables.

FY2026 vs the Paper, Board & Packaging median

Gross margin: 21.7%; Sector median 14.1%
Operating margin: 21.9%; Sector median 9.6%
Net margin: 12.4%; Sector median 3.6%
Return on equity (ROE): 9.9%; Sector median 5.5%
Return on assets (ROA): 7.7%; Sector median 2.5%
Current ratio: 2.10×; Sector median 1.50×
Asset turnover: 0.62×; Sector median 0.87×
Dividend payout ratio: 58.8%; Sector median 22.6%

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

SEPL 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	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Profitability
Gross margin	21.7%	28.0%	28.0%	26.2%	32.1%	37.6%	38.7%	39.6%	37.3%	38.3%	33.9%	31.6%	29.6%	29.4%	32.7%	26.4%	39.8%	40.8%	45.5%	47.7%
EBITDA margin	25.8%	33.7%	35.9%	30.4%	31.7%	37.5%	40.4%	34.4%	37.5%	53.3%	44.1%	43.6%	38.2%	39.1%	44.9%	41.6%	55.2%	53.4%	55.8%	58.0%
Operating margin	21.9%	30.5%	32.8%	26.7%	27.2%	33.5%	36.4%	29.0%	31.5%	46.1%	35.9%	34.0%	29.3%	28.6%	35.2%	32.3%	45.3%	44.2%	45.9%	47.4%
Pre-tax margin	21.9%	30.7%	32.7%	26.6%	27.2%	39.9%	36.8%	29.0%	31.1%	45.9%	35.4%	32.8%	27.3%	25.2%	32.5%	32.4%	45.1%	43.7%	46.6%	47.6%
Net margin	12.4%	19.4%	20.4%	16.7%	18.4%	29.2%	26.0%	19.3%	21.3%	33.0%	24.4%	23.6%	18.4%	17.2%	24.1%	24.2%	30.2%	29.4%	29.0%	31.2%
Effective tax rate	43.2%	36.9%	37.8%	37.3%	32.1%	26.9%	29.2%	33.4%	31.6%	28.1%	30.9%	28.1%	32.6%	31.6%	25.9%	25.3%	33.1%	32.7%	37.7%	34.6%
Returns
Return on equity (ROE)	9.9%	17.7%	18.9%	13.2%	13.7%	23.3%	23.8%	16.0%	15.9%	21.2%	15.3%	13.2%	11.5%	9.3%	11.4%	10.0%	11.4%	11.5%	11.1%	12.3%
Return on assets (ROA)	7.7%	13.9%	14.6%	10.3%	11.1%	19.3%	19.5%	12.9%	12.8%	17.1%	12.1%	10.1%	8.5%	6.7%	8.4%	7.9%	9.8%	10.0%	9.9%	11.2%
Return on invested capital (ROIC)	9.9%	17.7%	18.9%	13.2%	13.7%	23.2%	23.5%	15.7%	15.8%	21.1%	15.0%	12.8%	11.0%	9.0%	10.7%	9.5%	11.4%	11.5%	11.1%	12.3%
Liquidity
Current ratio	2.10×	2.73×	2.66×	2.41×	3.77×	4.50×	3.72×	3.37×	3.95×	3.87×	3.78×	2.32×	2.02×	3.52×	3.78×	4.96×	6.52×	6.43×	6.36×	7.09×
Quick ratio	1.66×	2.11×	2.08×	1.94×	3.28×	3.87×	3.03×	2.82×	3.38×	3.06×	2.97×	1.72×	1.41×	2.71×	2.82×	4.10×	5.28×	5.41×	5.24×	5.78×
Leverage
Debt to equity	—	—	0.0%	0.5%	0.3%	0.4%	0.5%	2.3%	1.7%	0.4%	1.4%	4.4%	9.2%	14.2%	19.0%	13.0%	0.4%	0.3%	0.2%	0.0%
Debt to capital	—	—	0.0%	0.5%	0.3%	0.4%	0.5%	2.3%	1.6%	0.4%	1.4%	4.2%	8.4%	12.5%	16.0%	11.5%	0.4%	0.3%	0.2%	0.0%
Debt to assets	—	—	0.0%	0.4%	0.3%	0.3%	0.4%	1.9%	1.3%	0.3%	1.1%	3.4%	6.9%	10.3%	13.6%	9.8%	0.3%	0.2%	0.2%	0.0%
Assets to equity	1.28×	1.27×	1.30×	1.28×	1.23×	1.21×	1.22×	1.24×	1.24×	1.24×	1.26×	1.31×	1.36×	1.39×	1.37×	1.25×	1.16×	1.15×	1.13×	1.10×
Efficiency
Asset turnover	0.62×	0.72×	0.72×	0.62×	0.60×	0.66×	0.75×	0.67×	0.60×	0.52×	0.50×	0.43×	0.46×	0.39×	0.35×	0.33×	0.33×	0.34×	0.34×	0.36×
Receivable days days	61	68	84	87	69	52	56	80	77	74	58	66	57	68	232	424	477	436	342	184
Inventory days days	75	79	76	77	80	87	78	84	105	134	115	116	113	145	166	171	210	189	207	182
Payable days days	93	82	96	108	93	80	73	85	52	61	62	10	12	57	70	13	18	18	49	47
Cash conversion cycle days	42	64	64	55	56	58	60	79	130	147	111	171	157	155	328	582	669	606	500	319
Dividends
Dividend payout ratio	58.8%	48.6%	53.7%	61.3%	56.2%	36.6%	33.7%	69.1%	0.0%	0.0%	56.4%	70.3%	59.9%	77.1%	65.3%	65.3%	59.1%	61.9%	34.6%	28.8%
Earnings retention rate	0.41×	0.51×	0.46×	0.39×	0.44×	0.63×	0.66×	0.31×	1.00×	1.00×	0.44×	0.30×	0.40×	0.23×	0.35×	0.35×	0.41×	0.38×	0.65×	0.71×

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.

SEPL: frequently asked questions

What is SEPL's EPS?

Security Papers Limited reported basic earnings per share of Rs 15.31 for FY2026 (Jul 2025 – Jun 2026).

What is SEPL's P/E ratio?

At the closing price of Rs 134.48 on 16 Oct 2026, SEPL trades at a P/E of 8.8× based on EPS of Rs 15.31 (FY2026).

Does SEPL pay dividends?

Yes. Security Papers Limited declared a dividend of Rs 9.00 per share for FY2026. It has paid a dividend in each of the last 20 years. At Rs 134.48 that is a dividend yield of 6.7%.

What was SEPL's revenue and profit in FY2026?

Security Papers Limited reported revenue of Rs 7.3 bn and profit attributable to shareholders of Rs 907.2 mn for FY2026 (Jul 2025 – Jun 2026).

What is SEPL's book value per share?

Security Papers Limited's book value per share was Rs 158.28 at the end of FY2026. The shares trade at 0.85× book value.

Information only, not investment advice.