West Coast Paper Mills Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

West Coast Paper Mills Ltd trades at ₹520, in a confirmed uptrend and 10 weeks into that stage. That is +9.4% against its own 200-day average. It sits at 88% of a 52-week range of ₹389 to ₹538. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹520 it trades +9.4% versus its 200-day average and sits at 88% of its 52-week range (₹389–₹538).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +715% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 94th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

West Coast Paper Mills Ltd trades at 24.2× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 7.5×, measured across 8.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 24.2× is at the pricey end of its own range (94th percentile), against a long-run median of 7.5× measured over 8.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −51.6% against a −7.1% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +14.7%/yr price move, ~+17.1%/yr came from earnings growth and ~−2.4 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 42% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

West Coast Paper Mills Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −64.6% at the trough to +17.4% off a 3-quarter-old trough (single-quarter readings), ROCE slipping at 6.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

57.3/100 — rank 2 of 10 in Paper · 79% evidence confidence

West Coast Paper Mills Ltd scores 57.3 out of 100 against the 10 companies it is compared with in Paper, ranking 2. Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 16.6 + 14.5 + 6.2 + 20 = 57.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

West Coast Paper Mills Ltd reported ₹1,245 Cr of revenue in the Mar 26 quarter, +19.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 12.1% a year. The last full year, FY26, came in at ₹4,279 Cr. The last four reported quarters add to ₹4,279 Cr.

West Coast Paper Mills Ltd reported ₹1,245 Cr of revenue in the Mar 26 quarter, +19.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 12.1% a year. The last full year, FY26, came in at ₹4,279 Cr. The last four reported quarters add to ₹4,279 Cr.

FY26 revenue came in at ₹4,279 Cr (+5.3% on the year), capping 8 years at 12.1% compound. The latest quarter (Mar 26) printed ₹1,245 Cr, +19.6% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +5.2% growth against the decade's 12.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +5.3% over the last 4 quarters against −1.9%/yr over the last 8 — accelerating; TTM profit −53.6% vs −55.4%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 13.0% this quarter (+5.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

West Coast Paper Mills Ltd's operating margin is 13.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 33.0%. The current quarter sits inside that band.

West Coast Paper Mills Ltd's operating margin is 13.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 33.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +5.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0%–33.0%.

Why the margin moved: operating margin went +4.9 pp year on year while gross margin went +1.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +17.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

West Coast Paper Mills Ltd earned ₹54.0 Cr of net profit in the Mar 26 quarter, +17.4% year on year. Full-year FY26 profit was ₹156 Cr. The 8-year compound rate is −4.4%. That is 4.3% of the quarter's revenue. The same quarter a year earlier earned ₹46.0 Cr.

West Coast Paper Mills Ltd earned ₹54.0 Cr of net profit in the Mar 26 quarter, +17.4% year on year. Full-year FY26 profit was ₹156 Cr. The 8-year compound rate is −4.4%. That is 4.3% of the quarter's revenue. The same quarter a year earlier earned ₹46.0 Cr.

Mar 26 profit was ₹54.0 Cr, +17.4% year on year. On the full year, FY26 printed ₹156 Cr (−53.6%), and the 8-year compound rate is −4.4%.

Why profit moved: revenue contributed +19.6% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −44.2% vs revenue +5.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 99% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 99% of West Coast Paper Mills Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹400 Cr of operating cash against ₹156 Cr of profit. After ₹422 Cr of capital spending, ₹−22.0 Cr was left as free cash.

FY26: operating cash of ₹400 Cr against reported profit of ₹156 Cr, leaving free cash of ₹−22.0 Cr after ₹422 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 99% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 99%: the cash cycle stretched 11 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,401 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

West Coast Paper Mills Ltd's cash conversion cycle runs 109 days in FY26, up from 98 days in FY21. Capital spending ran ₹1,401 Cr over the last 3 years. At FY26 sales of ₹4,279 Cr each day of that cycle holds about ₹11.7 Cr, so roughly ₹1,278 Cr sits inside the business at any moment.

FY26: debtors at 33 days, inventory at 113 days — roughly 3.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 109 days, looser than FY21's 98.

The full loop: cash goes out to suppliers and production on day 0; stock waits 113 days to sell; customers pay about 33 days after that; and suppliers themselves are paid at 37 days — netting out to the 109-day cycle.

In money terms: at FY26 sales of ₹4,279 Cr, each day of the cycle holds about ₹11.7 Cr — so the 109-day loop keeps roughly ₹1,278 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,401 Cr over the last 3 fiscal years against ₹643 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹290 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 6%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

West Coast Paper Mills Ltd earns a ROCE of 6% in FY26. That is up from a trough of 2% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.6% net margin on 0.78× asset turns.

FY26 ROCE is 6%, recovered from a FY21 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.6% net margin × 0.78× asset turns × 1.51× balance-sheet leverage ≈ 4.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 42% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.10.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

West Coast Paper Mills Ltd carries ₹345 Cr of borrowings against ₹3,608 Cr of equity in FY26, a debt-to-equity of 0.10. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹662 Cr to ₹345 Cr. Capital spending ran ₹1,401 Cr across the last 3 of those years.

FY26: borrowings of ₹345 Cr against equity of ₹3,608 Cr — a debt-to-equity of 0.10. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹662 Cr to ₹345 Cr while capital spending ran ₹1,401 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 42% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 6.4 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 6.4 points of West Coast Paper Mills Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 13.6% of the company. Foreign institutions moved −4.8 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +6.4 points over 8 quarters to 13.6%; Foreign institutions: −4.8 points over 8 quarters to 2.6%; Promoters: +0.0 points over 8 quarters to 56.6%.

Why the register moved: rotation — foreign institutions −4.8 points against domestic institutions +6.4 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

West Coast Paper Mills Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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