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The Pulp and Paper Times | August 7, 2026
Shree Ajit Pulp and Paper Limited's manufacturing operations have been severely impacted following heavy flooding at its manufacturing facilities in Valsad, Gujarat, with ICRA stating that the company's Unit I is expected to remain disrupted for around two months due to damage to machinery and inventory.
On July 24, 2026, the company informed the stock exchange that operations at its manufacturing facilities located at Survey No. 239, Near Morai Railway Crossing, Village Salvav, Via Vapi, District Valsad, Gujarat, were temporarily disrupted following incessant rainfall and severe waterlogging that flooded the factory premises. Consequently, operations at the affected facilities were suspended with effect from July 23, 2026.
According to ICRA, the flooding has affected both manufacturing units operated by the company. The impact, however, is significantly higher at Unit I, which has an installed capacity of 1,20,000 MTPA of kraft paper. The unit has suffered damage to machinery as well as inventory, and operations are expected to remain suspended for around two months.
In comparison, the impact on Unit II, which has an installed capacity of 82,500 MTPA, has been relatively limited. As per the management, the flooding has affected inventory at Unit II. Although the unit is also currently non-operational following the floods, production is expected to resume shortly after completion of the insurer's inspection process. Phased resumption of operations (such as Unit-2) was reported in early August 2026
The management has stated that both movable and immovable assets at the affected locations are covered under insurance. However, ICRA noted that the adequacy of the insurance coverage, admissibility of claims, the quantum of settlement, and the timing of claim realisation will remain key monitorable factors.
Despite the operational disruption, ICRA said the company's liquidity position remains supported by modest working capital utilisation. As of July 31, 2026, Shree Ajit Pulp and Paper had utilised around Rs. 17 crore against sanctioned fund-based working capital limits of approximately Rs. 140 crore, although the available buffer remains capped by drawing power. The company also maintained cash and bank balances of around Rs. 8.3 crore as of the same date.
ICRA observed that while the flooding incident is likely to impact the company's operating performance in the near term, particularly because of the shutdown of Unit I, the company currently possesses adequate financial flexibility to absorb the disruption.
Going forward, the rating agency said the pace of restoration at Unit I, the resumption of normal operations, the progress of insurance claim settlement, and the resultant impact on the company's financial profile will remain the key rating sensitivities.
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