Pakka pushes back new paper machine start-up to January 2027

Indian speciality paper maker Pakka has pushed commissioning of Paper Machine 4, part of its Project Jagrati expansion, from October to December 2026, with commercial production now targeted for January 2027. It also disclosed a 100-tonne order from Reliance's solar-glass facility for interleaving paper, scalable to 500-800 tonnes, and a quarterly EBITDA margin of 14.2%. Refinancing of its special-situation debt is targeted for around December 2027 and depends on an EBITDA run-rate of USD 10.7m-11.7m (INR 100-110 crore).

Why this mattersA slipping capacity ramp-up delays the cash flow Pakka needs to refinance its debt, even as new speciality-paper demand from solar manufacturing emerges.

• Paper Machine 4 commissioning delayed from October to December 2026, with commercial production now targeted for January 2027
• Project Jagrati's pulp mill, recovery boiler and power plant are already commissioned
• The Reliance solar-glass interleaving-paper order starts at 100 tonnes, scalable to 500-800 tonnes
• Consolidated EBITDA margin improved to 14.2% in the quarter
• Debt of about USD 53m-64m (INR 500-600 crore); refinancing targeted for December 2027, contingent on an EBITDA run-rate of USD 10.7m-11.7m (INR 100-110 crore)
• Pakka's Guatemala expansion project remains paused with no resumption timeline

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