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The Indian paper Industry is the 15th largest in the world and provides employment to 1.3 Million people in the country contributing Rs. 25 Billion to the Government. India’s first machine made paper was manufactured in 1812. The Indian Paper Industry accounts for about 2.6 % of the world’s production of paper. The estimated turnover of the industry is INR 50,000 crore approximately and its contribution to the exchequer is around INR 4,500 crore. The industry provides employment to more than 0.5 Million people directly and 1.5 Million people in directly. This present paper analyze the financial analysis of select paper mills namely Tamil Nadu Newsprint & Papers Limited (TNPL) and Andhra Pradesh Paper Mills Limited (APPM).