Emami Paper Mills (NSE:EMAMIPAP) Cyclically Adjusted PB Ratio: (As of Jul. 29, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:EMAMIPAP Emami Paper Mills Ltd NSE:EMAMIPAP
49 GF Score
Price ₹106.67
GF Value ₹101.13
Valuation Fairly Valued
! 10 Warning Signs
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What is Emami Paper Mills Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Emami Paper Mills  (NSE:EMAMIPAP) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Emami Paper Mills Cyclically Adjusted PB Ratio Related Terms


Emami Paper Mills Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Emami Paper Mills's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Emami Paper Mills Cyclically Adjusted PB Ratio Chart

Emami Paper Mills Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.40 1.58 1.57 1.16 0.76

Emami Paper Mills Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 1.31 0.00 0.76 0.00

Emami Paper Mills Cyclically Adjusted PB Ratio Competitor Comparison

For the Paper & Paper Products subindustry, Emami Paper Mills's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Emami Paper Mills Cyclically Adjusted PB Ratio vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Emami Paper Mills's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Emami Paper Mills's Cyclically Adjusted PB Ratio falls into.


NSE:EMAMIPAP
49GF Score
Emami Paper Mills Ltd NSE:EMAMIPAP
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Emami Paper Mills Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Emami Paper Mills's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Emami Paper Mills's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0/166.1454*166.1454
=0.000

Current CPI (Jun. 2026) = 166.1454.

Emami Paper Mills Quarterly Data

Book Value per Share CPI Adj_Book
201609 77.874 105.961 122.105
201612 0.000 105.196 0.000
201703 38.746 105.196 61.195
201706 0.000 107.109 0.000
201709 43.683 109.021 66.572
201712 0.000 109.404 0.000
201803 40.181 109.786 60.808
201806 0.000 111.317 0.000
201809 42.153 115.142 60.825
201812 0.000 115.142 0.000
201903 42.647 118.202 59.945
201906 0.000 120.880 0.000
201909 40.801 123.175 55.035
201912 0.000 126.235 0.000
202003 36.186 124.705 48.211
202006 0.000 127.000 0.000
202009 38.883 130.118 49.649
202012 0.000 130.889 0.000
202103 48.917 131.771 61.678
202106 0.000 134.084 0.000
202109 59.477 135.847 72.742
202112 0.000 138.161 0.000
202203 67.687 138.822 81.009
202206 0.000 142.347 0.000
202209 79.087 144.661 90.833
202212 0.000 145.763 0.000
202303 75.241 146.865 85.119
202306 0.000 150.280 0.000
202309 78.266 151.492 85.836
202312 0.000 152.924 0.000
202403 87.702 153.035 95.216
202406 0.000 155.789 0.000
202409 93.253 157.882 98.134
202412 0.000 158.323 0.000
202503 84.522 157.552 89.132
202506 0.000 159.755 0.000
202509 78.269 162.289 80.129
202512 0.000 163.281 0.000
202603 81.942 164.272 82.876
202606 0.000 166.145 0.000

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Emami Paper Mills (NSE:EMAMIPAP) Overvalued in 2026?

Based on GuruFocus' analysis, Emami Paper Mills stock appears to be overvalued. The current stock price of ₹106.67 is trading 5.5% above its estimated GF Value™ of ₹101.13. GuruFocus considers Emami Paper Mills to be Fairly Valued.

Key valuation signals for NSE:EMAMIPAP:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ₹101.13 vs. price of ₹106.67 (5.5% above fair value)
  • GF Score™: 49/100 with 10 warning signs

No single metric tells the full story. See the NSE:EMAMIPAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Emami Paper Mills Business Description

Other Exchanges 533208:India
Address 687, Anandapur, 1st Floor, E.M. Bypass, Kolkata, WB, IND, 700107
Emami Paper Mills Ltd is engaged in the manufacturing of paper and paper products. It offers various papers and paper products including newsprint, writing and printing paper, and multilayer-coated board used in pharmaceuticals, healthcare, fast-moving consumer goods, consumer durable goods, and food product industries. The company derives revenue from the sale of paper and paperboard.
49GF Score

Get the complete analysis for NSE:EMAMIPAP

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹106.67
Price
₹101.13
GF Value