20-quarter listed-company comparison

Paper Stocks in India

Paper: JK Paper Ltd owns the largest revenue base; N R Agarwal Industries Ltd has the fastest current growth.

Nifty Paper Index — Constituents & Performance

The Paper companies below are the listed Indian Paper universe this page tracks — the same constituent set people search for as the Nifty Paper index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Paper moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 25% behind NIFTY 500. Earnings across its companies fell 50% on average over the last four reported quarters.

BASING · 1y −5.7%⚠Price down, no fundamental support2 of 10 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 3/10 >200d (+0) · 2/10 lead (+0) · EPS 3/9↑

Paper, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy NarrowHow much of the sector is participating, how recently, and whether the movers score well.

Together2 of 10 stocks moving

Fresh1 crossed in the last 4 weeks

Backed by scoresmovers score +9 vs the sector average

Down the cap ladder — bar is now, tick is four weeks ago

Large 2/2+1

Mid 0/40

Small 0/4−1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 10 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Paper outperforming NIFTY 500?

The 52-week comparison of Paper against NIFTY 500 is not available from the current market series. 2 of 10 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. West Coast Paper Mills Ltd is the strongest against the sector itself at +19.3%.

—Sector vs NIFTY 500 · 13 weeks

—Sector vs NIFTY 500 · 52 weeks

2/10Stocks leading NIFTY 500

4/9Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 2 of 10 covered companies currently have positive Mansfield relative strength versus NIFTY 500. JK Paper Ltd leads with revenue of ₹7,106 crore, based on 9 of 10 comparable companies through Mar 2026. N R Agarwal Industries Ltd has the fastest current revenue growth at 29.3%, across 9 of 10 comparable companies.

Is the Paper sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 10 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Paper company is largest by revenue?

JK Paper Ltd leads with revenue of ₹7,106 crore, based on 9 of 10 comparable companies through Mar 2026.

Which Paper company is growing fastest?

N R Agarwal Industries Ltd has the fastest current revenue growth at 29.3%, across 9 of 10 comparable companies.

Which Paper company has the strongest 4-Factor Sector Score?

Tamil Nadu Newsprint & Papers Ltd ranks first at 61.9/100 with 75.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Paper company has the least gross debt?

Seshasayee Paper & Boards Ltd has the lowest comparable gross debt at ₹0 crore. JK Paper Ltd has the highest at ₹2,578 crore.

How much history does this Paper comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

₹19.7K Cr

JK Paper Ltd

Revenue growing

6/9

positive TTM year-on-year growth

Beating NIFTY 500

2/10

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Tamil Nadu Newsprint & Papers Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 75.8% evidence confidence.

West Coast Paper Mills Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Tamil Nadu Newsprint & Papers Ltd · TNPL

61.9/100 · Mixed-positive evidence · 76% evidence

Exact sum: 22.4 + 12.2 + 11.5 + 15.8 = 61.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.4/35Growth & earnings

Revenue 3.4% · PAT 100% · OPM change 3 pp

83% evidence

12.2/25Capital efficiency

ROCE 6.4% · debt/equity 0.7×

95% evidence

11.5/20Valuation

P/E 4.2× · PEG —

15% evidence

15.8/20Relative strength

RS sector 5% · RS bench -1.8% · 1Y -14.4%

100% evidence

2. West Coast Paper Mills Ltd · WSTCSTPAPR

57.3/100 · Mixed-positive evidence · 79% evidence

Exact sum: 16.6 + 14.5 + 6.2 + 20 = 57.3

Decision use: Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

16.6/35Growth & earnings

Revenue 5.3% · PAT -53.6% · OPM change 5 pp

83% evidence

14.5/25Capital efficiency

ROCE 6.2% · debt/equity 0.1×

80% evidence

6.2/20Valuation

P/E 24.2× · PEG —

50% evidence

20.0/20Relative strength

RS sector 19.3% · RS bench 11.6% · 1Y -7.1%

100% evidence

3. JK Paper Ltd · JKPAPER

55.3/100 · Mixed-positive evidence · 79% evidence

Exact sum: 17.6 + 14.4 + 6.7 + 16.6 = 55.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.6/35Growth & earnings

Revenue 6% · PAT -31.1% · OPM change 1 pp

83% evidence

14.4/25Capital efficiency

ROCE 7.6% · debt/equity 0.47×

80% evidence

6.7/20Valuation

P/E 26.2× · PEG —

50% evidence

16.6/20Relative strength

RS sector 7.5% · RS bench 0.6% · 1Y -5.4%

100% evidence

4. Pudumjee Paper Products Ltd · PDMJEPAPER

55.2/100 · Mixed-positive evidence · 77% evidence

Exact sum: 17 + 21.3 + 13.5 + 3.4 = 55.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.0/35Growth & earnings

Revenue -0.1% · PAT -3.1% · OPM change 4 pp

83% evidence

21.3/25Capital efficiency

ROCE 19.8% · debt/equity 0.06×

95% evidence

13.5/20Valuation

P/E 9.3× · PEG —

50% evidence

3.4/20Relative strength

RS sector -32.8% · RS bench -15.2% · 1Y -31.8%

70% evidence

5. Seshasayee Paper & Boards Ltd · SESHAPAPER

53.3/100 · Mixed-positive evidence · 87% evidence

Exact sum: 23.7 + 13 + 10.8 + 5.8 = 53.3

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.9% and the one-year return is -24.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

23.7/35Growth & earnings

Revenue 5.9% · PAT 13.8% · OPM change 4 pp

95% evidence

13.0/25Capital efficiency

ROCE 5.6% · debt/equity 0×

95% evidence

10.8/20Valuation

P/E 14.7× · PEG —

50% evidence

5.8/20Relative strength

RS sector -5.9% · RS bench -12.2% · 1Y -24.7%

100% evidence

6. N R Agarwal Industries Ltd · NRAIL

51.9/100 · Mixed-positive evidence · 75% evidence

Exact sum: 24.9 + 10.6 + 8.1 + 8.3 = 51.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

24.9/35Growth & earnings

Revenue 29.3% · PAT 100% · OPM change 3 pp

62% evidence

10.6/25Capital efficiency

ROCE 8.5% · debt/equity 1.01×

95% evidence

8.1/20Valuation

P/E 18.1× · PEG —

50% evidence

8.3/20Relative strength

RS sector 2.3% · RS bench -4.3% · 1Y 17.7%

100% evidence

7. Andhra Paper Ltd · ANDHRAPAP

34.7/100 · Adverse evidence · 70% evidence

Exact sum: 12 + 8.3 + 8.5 + 5.9 = 34.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.0/35Growth & earnings

Revenue 10.4% · PAT -79.1% · OPM change -0.2 pp

83% evidence

8.3/25Capital efficiency

ROCE 0% · debt/equity 0.12×

95% evidence

8.5/20Valuation

P/E 64.7× · PEG —

15% evidence

5.9/20Relative strength

RS sector -15.1% · RS bench -12.6% · 1Y -26.3%

70% evidence

8. Kuantum Papers Ltd · KUANTUM

32.6/100 · Adverse evidence · 77% evidence

Exact sum: 7.9 + 10 + 11 + 3.7 = 32.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

7.9/35Growth & earnings

Revenue -1.2% · PAT -63.5% · OPM change -6 pp

83% evidence

10.0/25Capital efficiency

ROCE 5.2% · debt/equity 0.71×

95% evidence

11.0/20Valuation

P/E 16.1× · PEG —

50% evidence

3.7/20Relative strength

RS sector -30.6% · RS bench -19.4% · 1Y -41.8%

70% evidence

9. Satia Industries Ltd · SATIA

27.5/100 · Adverse evidence · 83% evidence

Exact sum: 4.8 + 7 + 9.7 + 6 = 27.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

4.8/35Growth & earnings

Revenue -4% · PAT -65.5% · OPM change -11.2 pp

83% evidence

7.0/25Capital efficiency

ROCE 3.9% · debt/equity 0.29×

95% evidence

9.7/20Valuation

P/E 14.8× · PEG —

50% evidence

6.0/20Relative strength

RS sector -6.9% · RS bench -13.1% · 1Y -33%

100% evidence

10. KS Smart Technlogies Limited · 516038

43.3/100 · Thin evidence · provisional · 29% evidence

Exact sum: 17.7 + 8.6 + 8.8 + 8.2 = 43.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.7/35Growth & earnings

Revenue — · PAT — · OPM change —

2% evidence

8.6/25Capital efficiency

ROCE -6% · debt/equity 0.69×

80% evidence

8.8/20Valuation

P/E 26.9× · PEG —

15% evidence

8.2/20Relative strength

RS sector — · RS bench -13.5% · 1Y 86.3%

25% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

JK Paper Ltd has the highest Revenue among the 10 Paper companies compared here, at ₹7,106 crore. Tamil Nadu Newsprint & Papers Ltd is next at ₹4,645 crore. N R Agarwal Industries Ltd has the highest Revenue growth at 29.3%, so level and change sit with different companies. Its Revenue series carries 14 reported observations across the 20-quarter window.

What the numbers say: JK Paper Ltd is the scale leader at ₹7,106 crore, 53% ahead of Tamil Nadu Newsprint & Papers Ltd. N R Agarwal Industries Ltd's growth is 29.3% from a ₹2,145 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderJK Paper Ltd · ₹7,106 crore

Gap53% versus #2 · Tamil Nadu Newsprint & Papers Ltd

Persistence5/8 recent comparable periods

Coverage9/10 companies · 129 observations

Investor read: JK Paper Ltd is the scale benchmark; N R Agarwal Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: JK Paper Ltd's growth falls below N R Agarwal Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1JK Paper Ltd JKPAPER₹7.1K Cr

2Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified₹4.6K Cr

3West Coast Paper Mills Ltd WSTCSTPAPR₹4.3K Cr

4N R Agarwal Industries Ltd NRAIL⚠ unverified₹2.1K Cr

5Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified₹1.8K Cr

Revenue growthfastest growers

1N R Agarwal Industries Ltd NRAIL⚠ unverified29%

2Andhra Paper Ltd ANDHRAPAP⚠ unverified10%

3JK Paper Ltd JKPAPER6.0%

4Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified5.9%

5West Coast Paper Mills Ltd WSTCSTPAPR5.3%

Revenue · company comparison

9/10 level · 9/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
JK Paper Ltd JKPAPER	₹2.0K Cr	17%	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	₹1.3K Cr	-4.9%	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	₹1.2K Cr	20%	Mar 2026
KS Smart Technlogies Limited 516038	₹815 Cr	—	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	₹605 Cr	30%	Mar 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	₹527 Cr	29%	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	₹492 Cr	28%	Jun 2026
Satia Industries Ltd SATIA	₹390 Cr	-1.8%	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	₹301 Cr	8.7%	Mar 2026
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	₹201 Cr	5.8%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹571 Cr

Mar 2023₹590 Cr

Jun 2023₹478 Cr

Sep 2023₹482 Cr

Dec 2023₹477 Cr

Mar 2024₹364 Cr

Jun 2024₹316 Cr

Sep 2024₹432 Cr

Dec 2024₹386 Cr

Mar 2025₹407 Cr

Jun 2025₹393 Cr

Sep 2025₹362 Cr

Dec 2025₹419 Cr

Mar 2026₹527 Cr

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹1.6K Cr

Mar 2023₹1.7K Cr

Jun 2023₹1.6K Cr

Sep 2023₹1.7K Cr

Dec 2023₹1.7K Cr

Mar 2024₹1.7K Cr

Jun 2024₹1.7K Cr

Sep 2024₹1.7K Cr

Dec 2024₹1.6K Cr

Mar 2025₹1.7K Cr

Jun 2025₹1.7K Cr

Sep 2025₹1.7K Cr

Dec 2025₹1.7K Cr

Mar 2026₹2.0K Cr

Jun 2026—

KS Smart Technlogies Limited · 516038

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025₹186 Cr

Mar 2026₹815 Cr

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹351 Cr

Mar 2023₹344 Cr

Jun 2023₹313 Cr

Sep 2023₹298 Cr

Dec 2023₹301 Cr

Mar 2024₹299 Cr

Jun 2024₹281 Cr

Sep 2024₹279 Cr

Dec 2024₹270 Cr

Mar 2025₹277 Cr

Jun 2025₹223 Cr

Sep 2025₹280 Cr

Dec 2025₹290 Cr

Mar 2026₹301 Cr

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹380 Cr

Mar 2023₹386 Cr

Jun 2023₹369 Cr

Sep 2023₹342 Cr

Dec 2023₹336 Cr

Mar 2024₹247 Cr

Jun 2024₹347 Cr

Sep 2024₹428 Cr

Dec 2024₹418 Cr

Mar 2025₹466 Cr

Jun 2025₹452 Cr

Sep 2025₹525 Cr

Dec 2025₹563 Cr

Mar 2026₹605 Cr

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹182 Cr

Mar 2023₹183 Cr

Jun 2023₹181 Cr

Sep 2023₹195 Cr

Dec 2023₹204 Cr

Mar 2024₹205 Cr

Jun 2024₹203 Cr

Sep 2024₹222 Cr

Dec 2024₹194 Cr

Mar 2025₹190 Cr

Jun 2025₹196 Cr

Sep 2025₹207 Cr

Dec 2025₹204 Cr

Mar 2026₹201 Cr

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹487 Cr

Mar 2023₹521 Cr

Jun 2023₹481 Cr

Sep 2023₹373 Cr

Dec 2023₹436 Cr

Mar 2024₹431 Cr

Jun 2024₹399 Cr

Sep 2024₹340 Cr

Dec 2024₹376 Cr

Mar 2025₹397 Cr

Jun 2025₹371 Cr

Sep 2025₹311 Cr

Dec 2025₹380 Cr

Mar 2026₹390 Cr

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹556 Cr

Mar 2023₹573 Cr

Jun 2023₹427 Cr

Sep 2023₹362 Cr

Dec 2023₹473 Cr

Mar 2024₹539 Cr

Jun 2024₹422 Cr

Sep 2024₹398 Cr

Dec 2024₹431 Cr

Mar 2025₹502 Cr

Jun 2025₹385 Cr

Sep 2025₹346 Cr

Dec 2025₹387 Cr

Mar 2026₹592 Cr

Jun 2026₹492 Cr

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹1.2K Cr

Mar 2023₹1.4K Cr

Jun 2023₹1.3K Cr

Sep 2023₹958 Cr

Dec 2023₹1.2K Cr

Mar 2024₹1.2K Cr

Jun 2024₹1.1K Cr

Sep 2024₹914 Cr

Dec 2024₹1.1K Cr

Mar 2025₹1.3K Cr

Jun 2025₹1.1K Cr

Sep 2025₹1.1K Cr

Dec 2025₹1.1K Cr

Mar 2026₹1.3K Cr

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹1.2K Cr

Mar 2023₹1.4K Cr

Jun 2023₹1.1K Cr

Sep 2023₹1.2K Cr

Dec 2023₹1.0K Cr

Mar 2024₹1.1K Cr

Jun 2024₹960 Cr

Sep 2024₹1.0K Cr

Dec 2024₹1.0K Cr

Mar 2025₹1.0K Cr

Jun 2025₹955 Cr

Sep 2025₹1.0K Cr

Dec 2025₹1.0K Cr

Mar 2026₹1.2K Cr

Jun 2026—

Revenue growth · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-17%

Mar 2024-38%

Jun 2024-34%

Sep 2024-10%

Dec 2024-19%

Mar 202512%

Jun 202525%

Sep 2025-16%

Dec 20258.6%

Mar 202629%

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20233.8%

Mar 20240.0%

Jun 20248.2%

Sep 20242.0%

Dec 2024-4.3%

Mar 2025-2.4%

Jun 2025-2.3%

Sep 20253.9%

Dec 20255.2%

Mar 202617%

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-14%

Mar 2024-13%

Jun 2024-10%

Sep 2024-6.4%

Dec 2024-10%

Mar 2025-7.4%

Jun 2025-21%

Sep 20250.4%

Dec 20257.4%

Mar 20268.7%

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-12%

Mar 2024-36%

Jun 2024-6.0%

Sep 202425%

Dec 202424%

Mar 202589%

Jun 202530%

Sep 202523%

Dec 202535%

Mar 202630%

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202312%

Mar 202412%

Jun 202412%

Sep 202414%

Dec 2024-4.9%

Mar 2025-7.3%

Jun 2025-3.5%

Sep 2025-6.8%

Dec 20255.2%

Mar 20265.8%

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-11%

Mar 2024-17%

Jun 2024-17%

Sep 2024-8.9%

Dec 2024-14%

Mar 2025-7.9%

Jun 2025-7.1%

Sep 2025-8.5%

Dec 20251.2%

Mar 2026-1.8%

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-15%

Mar 2024-5.9%

Jun 2024-1.2%

Sep 20249.9%

Dec 2024-8.9%

Mar 2025-6.9%

Jun 2025-8.8%

Sep 2025-13%

Dec 2025-10%

Mar 202618%

Jun 202628%

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-0.6%

Mar 2024-14%

Jun 2024-12%

Sep 2024-4.6%

Dec 2024-9.4%

Mar 20258.8%

Jun 20252.2%

Sep 202521%

Dec 2025-0.3%

Mar 2026-4.9%

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-16%

Mar 2024-21%

Jun 2024-16%

Sep 2024-12%

Dec 2024-2.8%

Mar 2025-2.7%

Jun 2025-0.5%

Sep 2025-0.2%

Dec 20252.0%

Mar 202620%

Jun 2026—

02 · compare level, then change

Operating Economics & Margin Trend

Pudumjee Paper Products Ltd has the highest OPM among the 10 Paper companies compared here, at 17%. Kuantum Papers Ltd is next at 16%. West Coast Paper Mills Ltd has the highest Margin change at +5 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Pudumjee Paper Products Ltd leads opm at 17%; West Coast Paper Mills Ltd leads margin change at +5 percentage points.

LeaderPudumjee Paper Products Ltd · 17%

Gap6.3% versus #2 · Kuantum Papers Ltd

Persistence4/8 recent comparable periods

Coverage10/10 companies · 174 observations

Investor read: Pudumjee Paper Products Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified17%

2Kuantum Papers Ltd KUANTUM⚠ unverified16%

3JK Paper Ltd JKPAPER14%

4West Coast Paper Mills Ltd WSTCSTPAPR13%

5Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified11%

Margin changefastest expanders

1West Coast Paper Mills Ltd WSTCSTPAPR+5.0 pp

2Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified+4.0 pp

3Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified+4.0 pp

4N R Agarwal Industries Ltd NRAIL⚠ unverified+3.0 pp

5Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified+3.0 pp

Operating margin · company comparison

10/10 level · 9/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	17%	+4.0 pp	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	16%	−6.0 pp	Mar 2026
JK Paper Ltd JKPAPER	14%	+1.0 pp	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	13%	+5.0 pp	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	11%	+3.0 pp	Mar 2026
KS Smart Technlogies Limited 516038	10%	—	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	9.0%	+4.0 pp	Jun 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	9.0%	+3.0 pp	Mar 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	4.8%	−0.2 pp	Mar 2026
Satia Industries Ltd SATIA	4.3%	−11.2 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 202110%

Dec 202118%

Mar 202219%

Jun 202227%

Sep 202230%

Dec 202241%

Mar 202339%

Jun 202332%

Sep 202327%

Dec 202323%

Mar 20249.7%

Jun 202411%

Sep 202412%

Dec 20247.3%

Mar 20255.0%

Jun 20258.5%

Sep 2025-1.9%

Dec 20253.7%

Mar 20264.8%

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 202123%

Dec 202125%

Mar 202225%

Jun 202230%

Sep 202233%

Dec 202234%

Mar 202328%

Jun 202330%

Sep 202325%

Dec 202322%

Mar 202421%

Jun 202416%

Sep 202416%

Dec 202410%

Mar 202513%

Jun 202515%

Sep 202513%

Dec 202510%

Mar 202614%

Jun 2026—

KS Smart Technlogies Limited · 516038

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 202517%

Mar 202610%

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 202120%

Dec 202113%

Mar 202213%

Jun 202222%

Sep 202229%

Dec 202230%

Mar 202333%

Jun 202335%

Sep 202327%

Dec 202326%

Mar 202421%

Jun 202425%

Sep 202422%

Dec 202419%

Mar 202522%

Jun 202518%

Sep 202512%

Dec 202514%

Mar 202616%

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 20216.1%

Dec 20217.0%

Mar 20229.6%

Jun 202212%

Sep 202211%

Dec 202210%

Mar 20239.0%

Jun 202313%

Sep 202314%

Dec 202314%

Mar 202414%

Jun 20248.0%

Sep 20246.0%

Dec 20247.0%

Mar 20256.0%

Jun 20254.0%

Sep 20258.0%

Dec 202510%

Mar 20269.0%

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 202112%

Dec 202112%

Mar 202210%

Jun 202214%

Sep 202212%

Dec 202211%

Mar 20239.0%

Jun 202310%

Sep 202313%

Dec 202322%

Mar 202424%

Jun 202418%

Sep 202417%

Dec 202413%

Mar 202513%

Jun 202517%

Sep 202514%

Dec 202514%

Mar 202617%

Jun 2026—

Satia Industries Ltd · SATIA

Sep 202119%

Dec 202118%

Mar 202219%

Jun 202217%

Sep 202220%

Dec 202223%

Mar 202326%

Jun 202331%

Sep 202323%

Dec 202321%

Mar 202421%

Jun 202428%

Sep 202413%

Dec 202414%

Mar 202516%

Jun 202517%

Sep 20252.1%

Dec 202510%

Mar 20264.3%

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 202112%

Dec 20214.6%

Mar 202217%

Jun 202220%

Sep 202227%

Dec 202227%

Mar 202327%

Jun 202322%

Sep 202325%

Dec 202319%

Mar 202413%

Jun 202411%

Sep 20248.0%

Dec 20242.0%

Mar 20255.0%

Jun 20255.0%

Sep 20258.0%

Dec 20256.0%

Mar 20264.0%

Jun 20269.0%

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 202110%

Dec 20218.4%

Mar 20228.1%

Jun 202215%

Sep 202220%

Dec 202223%

Mar 202319%

Jun 202325%

Sep 202316%

Dec 202311%

Mar 202413%

Jun 202413%

Sep 202414%

Dec 20245.0%

Mar 20258.0%

Jun 20259.0%

Sep 202511%

Dec 202510%

Mar 202611%

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 202116%

Dec 202118%

Mar 202222%

Jun 202229%

Sep 202230%

Dec 202237%

Mar 202336%

Jun 202335%

Sep 202326%

Dec 202321%

Mar 202416%

Jun 202418%

Sep 202414%

Dec 20248.0%

Mar 20258.0%

Jun 202512%

Sep 20257.0%

Dec 20257.0%

Mar 202613%

Jun 2026—

Margin change · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021+11.2 pp

Dec 2021+11.4 pp

Mar 2022+2.8 pp

Jun 2022+11.2 pp

Sep 2022+19.9 pp

Dec 2022+23.6 pp

Mar 2023+19.5 pp

Jun 2023+5.1 pp

Sep 2023−2.8 pp

Dec 2023−18.5 pp

Mar 2024−29.1 pp

Jun 2024−21.8 pp

Sep 2024−15.1 pp

Dec 2024−15.7 pp

Mar 2025−4.7 pp

Jun 2025−2.1 pp

Sep 2025−14.0 pp

Dec 2025−3.7 pp

Mar 2026−0.2 pp

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021+5.2 pp

Dec 2021+3.7 pp

Mar 2022−0.4 pp

Jun 2022+0.8 pp

Sep 2022+9.6 pp

Dec 2022+9.5 pp

Mar 2023+2.9 pp

Jun 2023+0.4 pp

Sep 2023−7.8 pp

Dec 2023−12.0 pp

Mar 2024−7.0 pp

Jun 2024−14.0 pp

Sep 2024−9.0 pp

Dec 2024−12.0 pp

Mar 2025−8.0 pp

Jun 2025−1.0 pp

Sep 2025−3.0 pp

Dec 20250.0 pp

Mar 2026+1.0 pp

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021+21.6 pp

Dec 2021+2.5 pp

Mar 2022−3.4 pp

Jun 2022+11.7 pp

Sep 2022+9.3 pp

Dec 2022+16.7 pp

Mar 2023+19.9 pp

Jun 2023+12.8 pp

Sep 2023−2.1 pp

Dec 2023−4.0 pp

Mar 2024−12.0 pp

Jun 2024−10.0 pp

Sep 2024−5.0 pp

Dec 2024−7.0 pp

Mar 2025+1.0 pp

Jun 2025−7.0 pp

Sep 2025−10.0 pp

Dec 2025−5.0 pp

Mar 2026−6.0 pp

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021−7.9 pp

Dec 2021−3.7 pp

Mar 2022+2.8 pp

Jun 2022−0.5 pp

Sep 2022+4.6 pp

Dec 2022+3.0 pp

Mar 2023−0.6 pp

Jun 2023+1.0 pp

Sep 2023+3.3 pp

Dec 2023+4.0 pp

Mar 2024+5.0 pp

Jun 2024−5.0 pp

Sep 2024−8.0 pp

Dec 2024−7.0 pp

Mar 2025−8.0 pp

Jun 2025−4.0 pp

Sep 2025+2.0 pp

Dec 2025+3.0 pp

Mar 2026+3.0 pp

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021−4.2 pp

Dec 2021−8.4 pp

Mar 2022−6.9 pp

Jun 2022−4.8 pp

Sep 2022+0.4 pp

Dec 2022−0.5 pp

Mar 2023−1.5 pp

Jun 2023−4.0 pp

Sep 2023+0.8 pp

Dec 2023+11.0 pp

Mar 2024+15.0 pp

Jun 2024+8.0 pp

Sep 2024+4.0 pp

Dec 2024−9.0 pp

Mar 2025−11.0 pp

Jun 2025−1.0 pp

Sep 2025−3.0 pp

Dec 2025+1.0 pp

Mar 2026+4.0 pp

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021−6.5 pp

Dec 2021+1.2 pp

Mar 2022−7.5 pp

Jun 2022−9.6 pp

Sep 2022+1.2 pp

Dec 2022+4.9 pp

Mar 2023+6.8 pp

Jun 2023+14.3 pp

Sep 2023+2.9 pp

Dec 2023−1.8 pp

Mar 2024−5.1 pp

Jun 2024−3.3 pp

Sep 2024−9.9 pp

Dec 2024−7.1 pp

Mar 2025−5.6 pp

Jun 2025−10.7 pp

Sep 2025−11.1 pp

Dec 2025−4.0 pp

Mar 2026−11.2 pp

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021−6.6 pp

Dec 2021−3.8 pp

Mar 2022+6.4 pp

Jun 2022+6.0 pp

Sep 2022+14.7 pp

Dec 2022+22.4 pp

Mar 2023+10.2 pp

Jun 2023+1.6 pp

Sep 2023−1.7 pp

Dec 2023−8.0 pp

Mar 2024−14.0 pp

Jun 2024−11.0 pp

Sep 2024−17.0 pp

Dec 2024−17.0 pp

Mar 2025−8.0 pp

Jun 2025−6.0 pp

Sep 20250.0 pp

Dec 2025+4.0 pp

Mar 2026−1.0 pp

Jun 2026+4.0 pp

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021−4.0 pp

Dec 2021+4.7 pp

Mar 2022+0.7 pp

Jun 2022+4.9 pp

Sep 2022+9.9 pp

Dec 2022+14.6 pp

Mar 2023+10.9 pp

Jun 2023+10.1 pp

Sep 2023−3.9 pp

Dec 2023−11.9 pp

Mar 2024−6.0 pp

Jun 2024−12.0 pp

Sep 2024−2.0 pp

Dec 2024−6.0 pp

Mar 2025−5.0 pp

Jun 2025−4.0 pp

Sep 2025−3.0 pp

Dec 2025+5.0 pp

Mar 2026+3.0 pp

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021+11.1 pp

Dec 2021+8.1 pp

Mar 2022+4.3 pp

Jun 2022+10.2 pp

Sep 2022+14.6 pp

Dec 2022+18.6 pp

Mar 2023+14.4 pp

Jun 2023+6.2 pp

Sep 2023−4.4 pp

Dec 2023−16.0 pp

Mar 2024−20.0 pp

Jun 2024−17.0 pp

Sep 2024−12.0 pp

Dec 2024−13.0 pp

Mar 2025−8.0 pp

Jun 2025−6.0 pp

Sep 2025−7.0 pp

Dec 2025−1.0 pp

Mar 2026+5.0 pp

Jun 2026—

03 · compare level, then change

Profit Scale & Acceleration

JK Paper Ltd has the highest Net profit among the 10 Paper companies compared here, at ₹277 crore. Tamil Nadu Newsprint & Papers Ltd is next at ₹248 crore. Tamil Nadu Newsprint & Papers Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: JK Paper Ltd leads with ₹277 crore of TTM profit, 11.7% above Tamil Nadu Newsprint & Papers Ltd. Tamil Nadu Newsprint & Papers Ltd shows ≥100% on the scoring scale (6100% uncapped) growth from a ₹248 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderJK Paper Ltd · ₹277 crore

Gap11.7% versus #2 · Tamil Nadu Newsprint & Papers Ltd

Persistence1/8 recent comparable periods

Coverage9/10 companies · 129 observations

Investor read: JK Paper Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1JK Paper Ltd JKPAPER₹277 Cr

2Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified₹248 Cr

3West Coast Paper Mills Ltd WSTCSTPAPR₹156 Cr

4Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified₹99 Cr

5Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified₹94 Cr

Profit growthfastest growers

1Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified100%

2Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified14%

3Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified-3.1%

4JK Paper Ltd JKPAPER-31%

5West Coast Paper Mills Ltd WSTCSTPAPR-54%

Net profit · company comparison

9/10 level · 8/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	₹240 Cr	991%	Mar 2026
JK Paper Ltd JKPAPER	₹90 Cr	34%	Mar 2026
KS Smart Technlogies Limited 516038	₹57 Cr	—	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	₹54 Cr	17%	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	₹32 Cr	113%	Jun 2026
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	₹20 Cr	5.3%	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	₹14 Cr	7.7%	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	₹14 Cr	-46%	Mar 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	₹8 Cr	-1.7%	Mar 2026
Satia Industries Ltd SATIA	₹6 Cr	-84%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹170 Cr

Mar 2023₹154 Cr

Jun 2023₹119 Cr

Sep 2023₹100 Cr

Dec 2023₹82 Cr

Mar 2024₹38 Cr

Jun 2024₹28 Cr

Sep 2024₹42 Cr

Dec 2024₹12 Cr

Mar 2025₹8 Cr

Jun 2025₹21 Cr

Sep 2025₹-20 Cr

Dec 2025₹10 Cr

Mar 2026₹8 Cr

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹334 Cr

Mar 2023₹284 Cr

Jun 2023₹313 Cr

Sep 2023₹306 Cr

Dec 2023₹236 Cr

Mar 2024₹279 Cr

Jun 2024₹141 Cr

Sep 2024₹129 Cr

Dec 2024₹65 Cr

Mar 2025₹67 Cr

Jun 2025₹85 Cr

Sep 2025₹78 Cr

Dec 2025₹24 Cr

Mar 2026₹90 Cr

Jun 2026—

KS Smart Technlogies Limited · 516038

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025₹17 Cr

Mar 2026₹57 Cr

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹57 Cr

Mar 2023₹65 Cr

Jun 2023₹65 Cr

Sep 2023₹43 Cr

Dec 2023₹42 Cr

Mar 2024₹34 Cr

Jun 2024₹38 Cr

Sep 2024₹30 Cr

Dec 2024₹21 Cr

Mar 2025₹26 Cr

Jun 2025₹12 Cr

Sep 2025₹6 Cr

Dec 2025₹10 Cr

Mar 2026₹14 Cr

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹19 Cr

Mar 2023₹20 Cr

Jun 2023₹41 Cr

Sep 2023₹38 Cr

Dec 2023₹31 Cr

Mar 2024₹16 Cr

Jun 2024₹3 Cr

Sep 2024₹8 Cr

Dec 2024₹13 Cr

Mar 2025₹-7 Cr

Jun 2025₹17 Cr

Sep 2025₹-1 Cr

Dec 2025₹14 Cr

Mar 2026₹14 Cr

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹13 Cr

Mar 2023₹11 Cr

Jun 2023₹11 Cr

Sep 2023₹18 Cr

Dec 2023₹32 Cr

Mar 2024₹37 Cr

Jun 2024₹28 Cr

Sep 2024₹30 Cr

Dec 2024₹20 Cr

Mar 2025₹19 Cr

Jun 2025₹36 Cr

Sep 2025₹17 Cr

Dec 2025₹21 Cr

Mar 2026₹20 Cr

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹65 Cr

Mar 2023₹46 Cr

Jun 2023₹84 Cr

Sep 2023₹48 Cr

Dec 2023₹40 Cr

Mar 2024₹39 Cr

Jun 2024₹51 Cr

Sep 2024₹12 Cr

Dec 2024₹20 Cr

Mar 2025₹35 Cr

Jun 2025₹32 Cr

Sep 2025₹-25 Cr

Dec 2025₹28 Cr

Mar 2026₹6 Cr

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹112 Cr

Mar 2023₹118 Cr

Jun 2023₹72 Cr

Sep 2023₹73 Cr

Dec 2023₹69 Cr

Mar 2024₹57 Cr

Jun 2024₹37 Cr

Sep 2024₹28 Cr

Dec 2024₹17 Cr

Mar 2025₹27 Cr

Jun 2025₹15 Cr

Sep 2025₹22 Cr

Dec 2025₹19 Cr

Mar 2026₹26 Cr

Jun 2026₹32 Cr

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹113 Cr

Mar 2023₹103 Cr

Jun 2023₹129 Cr

Sep 2023₹30 Cr

Dec 2023₹16 Cr

Mar 2024₹33 Cr

Jun 2024₹22 Cr

Sep 2024₹3 Cr

Dec 2024₹-43 Cr

Mar 2025₹22 Cr

Jun 2025₹-7 Cr

Sep 2025₹8 Cr

Dec 2025₹7 Cr

Mar 2026₹240 Cr

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹311 Cr

Mar 2023₹321 Cr

Jun 2023₹278 Cr

Sep 2023₹219 Cr

Dec 2023₹159 Cr

Mar 2024₹130 Cr

Jun 2024₹122 Cr

Sep 2024₹101 Cr

Dec 2024₹67 Cr

Mar 2025₹46 Cr

Jun 2025₹60 Cr

Sep 2025₹12 Cr

Dec 2025₹30 Cr

Mar 2026₹54 Cr

Jun 2026—

Profit growth · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-52%

Mar 2024-75%

Jun 2024-77%

Sep 2024-58%

Dec 2024-86%

Mar 2025-80%

Jun 2025-23%

Sep 2025-149%

Dec 2025-15%

Mar 2026-1.7%

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-29%

Mar 2024-1.8%

Jun 2024-55%

Sep 2024-58%

Dec 2024-72%

Mar 2025-76%

Jun 2025-40%

Sep 2025-40%

Dec 2025-63%

Mar 202634%

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-27%

Mar 2024-48%

Jun 2024-42%

Sep 2024-30%

Dec 2024-50%

Mar 2025-24%

Jun 2025-68%

Sep 2025-80%

Dec 2025-52%

Mar 2026-46%

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202363%

Mar 2024-20%

Jun 2024-93%

Sep 2024-79%

Dec 2024-58%

Mar 2025-144%

Jun 2025467%

Sep 2025-113%

Dec 20257.7%

Mar 2026—

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023146%

Mar 2024236%

Jun 2024155%

Sep 202467%

Dec 2024-38%

Mar 2025-49%

Jun 202529%

Sep 2025-43%

Dec 20255.0%

Mar 20265.3%

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-39%

Mar 2024-15%

Jun 2024-39%

Sep 2024-74%

Dec 2024-50%

Mar 2025-10%

Jun 2025-38%

Sep 2025-299%

Dec 202542%

Mar 2026-84%

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-38%

Mar 2024-52%

Jun 2024-49%

Sep 2024-62%

Dec 2024-75%

Mar 2025-53%

Jun 2025-59%

Sep 2025-21%

Dec 202512%

Mar 2026-3.7%

Jun 2026113%

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-86%

Mar 2024-68%

Jun 2024-83%

Sep 2024-90%

Dec 2024-369%

Mar 2025-33%

Jun 2025-132%

Sep 2025167%

Dec 2025—

Mar 2026991%

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-49%

Mar 2024-60%

Jun 2024-56%

Sep 2024-54%

Dec 2024-58%

Mar 2025-65%

Jun 2025-51%

Sep 2025-88%

Dec 2025-55%

Mar 202617%

Jun 2026—

04 · not available

Capacity Spending & Returns On It

No company in this Paper comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 10 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

Withheld from this comparison: JK Paper Ltd (JKPAPER) — its two data sources disagree by up to 13% on reported income across 14 comparable periods, so its derived ratios are withheld; West Coast Paper Mills Ltd (WSTCSTPAPR) — its two data sources disagree by up to 42% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Seshasayee Paper & Boards Ltd has the lowest Gross debt among the 10 Paper companies compared here, at ₹0 crore. Pudumjee Paper Products Ltd is next at ₹43 crore. The same company also holds the lowest Net debt, at ₹468 crore net cash. 10 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Seshasayee Paper & Boards Ltd has the clearest covered balance-sheet capacity with ₹468 crore net cash and gross debt of ₹0 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderSeshasayee Paper & Boards Ltd · ₹0 crore

Gap100% versus #2 · Pudumjee Paper Products Ltd

Persistence8/8 recent comparable periods

Coverage10/10 companies · 128 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified₹0 Cr

2Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified₹43 Cr

3KS Smart Technlogies Limited 516038₹203 Cr

4Andhra Paper Ltd ANDHRAPAP⚠ unverified₹232 Cr

5Satia Industries Ltd SATIA₹313 Cr

Net debtlowest net debt

1Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified₹-468 Cr

2Andhra Paper Ltd ANDHRAPAP⚠ unverified₹-289 Cr

3Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified₹-94 Cr

4N R Agarwal Industries Ltd NRAIL⚠ unverified₹803 Cr

5Kuantum Papers Ltd KUANTUM⚠ unverified₹822 Cr

Debt and balance-sheet capacity · company comparison

10/10 level · 6/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
JK Paper Ltd JKPAPER	₹2.6K Cr	—	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	₹1.6K Cr	₹1.6K Cr	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	₹870 Cr	₹822 Cr	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	₹821 Cr	₹803 Cr	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	₹345 Cr	—	Mar 2026
Satia Industries Ltd SATIA	₹313 Cr	—	Mar 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	₹232 Cr	₹-289 Cr	Mar 2026
KS Smart Technlogies Limited 516038	₹203 Cr	—	Mar 2026
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	₹43 Cr	₹-94 Cr	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	₹0 Cr	₹-468 Cr	Jun 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021₹74 Cr

Dec 2021₹74 Cr

Mar 2022₹59 Cr

Jun 2022₹59 Cr

Sep 2022₹57 Cr

Dec 2022₹57 Cr

Mar 2023₹55 Cr

Jun 2023₹55 Cr

Sep 2023₹14 Cr

Dec 2023₹14 Cr

Mar 2024₹115 Cr

Jun 2024₹115 Cr

Sep 2024₹253 Cr

Dec 2024₹253 Cr

Mar 2025₹283 Cr

Jun 2025₹283 Cr

Sep 2025₹263 Cr

Dec 2025₹263 Cr

Mar 2026₹232 Cr

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 2021—

Dec 2021—

Mar 2022₹3.1K Cr

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹2.8K Cr

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹2.2K Cr

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025₹1.9K Cr

Jun 2025—

Sep 2025₹2.1K Cr

Dec 2025—

Mar 2026₹2.6K Cr

Jun 2026—

KS Smart Technlogies Limited · 516038

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026₹203 Cr

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021₹716 Cr

Dec 2021₹716 Cr

Mar 2022₹762 Cr

Jun 2022₹762 Cr

Sep 2022₹662 Cr

Dec 2022₹662 Cr

Mar 2023₹513 Cr

Jun 2023₹513 Cr

Sep 2023₹469 Cr

Dec 2023₹469 Cr

Mar 2024₹512 Cr

Jun 2024₹513 Cr

Sep 2024₹491 Cr

Dec 2024₹491 Cr

Mar 2025₹654 Cr

Jun 2025₹654 Cr

Sep 2025₹678 Cr

Dec 2025₹678 Cr

Mar 2026₹870 Cr

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021₹222 Cr

Dec 2021₹222 Cr

Mar 2022₹175 Cr

Jun 2022₹175 Cr

Sep 2022₹127 Cr

Dec 2022₹127 Cr

Mar 2023₹164 Cr

Jun 2023₹164 Cr

Sep 2023₹392 Cr

Dec 2023₹392 Cr

Mar 2024₹579 Cr

Jun 2024₹579 Cr

Sep 2024₹693 Cr

Dec 2024₹693 Cr

Mar 2025₹644 Cr

Jun 2025₹644 Cr

Sep 2025₹728 Cr

Dec 2025₹728 Cr

Mar 2026₹821 Cr

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021₹26 Cr

Dec 2021₹26 Cr

Mar 2022₹77 Cr

Jun 2022₹77 Cr

Sep 2022₹55 Cr

Dec 2022₹55 Cr

Mar 2023₹57 Cr

Jun 2023₹54 Cr

Sep 2023₹47 Cr

Dec 2023₹47 Cr

Mar 2024₹22 Cr

Jun 2024₹19 Cr

Sep 2024₹15 Cr

Dec 2024₹15 Cr

Mar 2025₹14 Cr

Jun 2025₹12 Cr

Sep 2025₹12 Cr

Dec 2025₹12 Cr

Mar 2026₹43 Cr

Jun 2026—

Satia Industries Ltd · SATIA

Sep 2021—

Dec 2021—

Mar 2022₹443 Cr

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹436 Cr

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹319 Cr

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025₹244 Cr

Jun 2025—

Sep 2025₹292 Cr

Dec 2025—

Mar 2026₹313 Cr

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021₹7 Cr

Dec 2021₹7 Cr

Mar 2022₹4 Cr

Jun 2022₹4 Cr

Sep 2022₹4 Cr

Dec 2022₹4 Cr

Mar 2023₹0 Cr

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹21 Cr

Jun 2024₹21 Cr

Sep 2024₹82 Cr

Dec 2024₹82 Cr

Mar 2025₹82 Cr

Jun 2025₹82 Cr

Sep 2025₹77 Cr

Dec 2025₹77 Cr

Mar 2026₹0 Cr

Jun 2026—

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021₹2.9K Cr

Dec 2021₹2.9K Cr

Mar 2022₹2.2K Cr

Jun 2022₹2.2K Cr

Sep 2022₹2.1K Cr

Dec 2022₹2.1K Cr

Mar 2023₹1.9K Cr

Jun 2023₹1.9K Cr

Sep 2023—

Dec 2023—

Mar 2024₹1.8K Cr

Jun 2024₹1.8K Cr

Sep 2024₹1.8K Cr

Dec 2024₹1.8K Cr

Mar 2025₹1.6K Cr

Jun 2025₹1.6K Cr

Sep 2025₹1.9K Cr

Dec 2025₹1.9K Cr

Mar 2026₹1.6K Cr

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 2021—

Dec 2021—

Mar 2022₹478 Cr

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹231 Cr

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹276 Cr

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025₹456 Cr

Jun 2025—

Sep 2025₹463 Cr

Dec 2025—

Mar 2026₹345 Cr

Jun 2026—

Net debt · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021₹-164 Cr

Dec 2021₹-164 Cr

Mar 2022₹-236 Cr

Jun 2022₹-236 Cr

Sep 2022₹-327 Cr

Dec 2022₹-327 Cr

Mar 2023₹-698 Cr

Jun 2023₹-698 Cr

Sep 2023₹-890 Cr

Dec 2023₹-890 Cr

Mar 2024₹-763 Cr

Jun 2024₹-763 Cr

Sep 2024₹-651 Cr

Dec 2024₹-651 Cr

Mar 2025₹-465 Cr

Jun 2025₹-465 Cr

Sep 2025₹-390 Cr

Dec 2025₹-390 Cr

Mar 2026₹-289 Cr

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021₹700 Cr

Dec 2021₹700 Cr

Mar 2022₹758 Cr

Jun 2022₹758 Cr

Sep 2022₹637 Cr

Dec 2022₹637 Cr

Mar 2023₹511 Cr

Jun 2023₹507 Cr

Sep 2023₹452 Cr

Dec 2023₹452 Cr

Mar 2024₹442 Cr

Jun 2024₹435 Cr

Sep 2024₹482 Cr

Dec 2024₹482 Cr

Mar 2025₹645 Cr

Jun 2025₹645 Cr

Sep 2025₹665 Cr

Dec 2025₹665 Cr

Mar 2026₹822 Cr

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021₹217 Cr

Dec 2021₹217 Cr

Mar 2022₹175 Cr

Jun 2022₹169 Cr

Sep 2022₹97 Cr

Dec 2022₹97 Cr

Mar 2023₹156 Cr

Jun 2023₹114 Cr

Sep 2023₹359 Cr

Dec 2023₹359 Cr

Mar 2024₹557 Cr

Jun 2024₹579 Cr

Sep 2024₹683 Cr

Dec 2024₹683 Cr

Mar 2025₹571 Cr

Jun 2025₹570 Cr

Sep 2025₹677 Cr

Dec 2025₹677 Cr

Mar 2026₹803 Cr

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021₹-26 Cr

Dec 2021₹-26 Cr

Mar 2022₹30 Cr

Jun 2022₹30 Cr

Sep 2022₹11 Cr

Dec 2022₹11 Cr

Mar 2023₹19 Cr

Jun 2023₹19 Cr

Sep 2023₹-50 Cr

Dec 2023₹-50 Cr

Mar 2024₹-113 Cr

Jun 2024₹-114 Cr

Sep 2024₹-155 Cr

Dec 2024₹-155 Cr

Mar 2025₹-154 Cr

Jun 2025₹-154 Cr

Sep 2025₹-94 Cr

Dec 2025₹-94 Cr

Mar 2026₹-94 Cr

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021₹-161 Cr

Dec 2021₹-161 Cr

Mar 2022₹-210 Cr

Jun 2022₹-325 Cr

Sep 2022₹-175 Cr

Dec 2022₹-175 Cr

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹-374 Cr

Jun 2024₹-374 Cr

Sep 2024₹-660 Cr

Dec 2024₹-660 Cr

Mar 2025₹-361 Cr

Jun 2025₹-361 Cr

Sep 2025₹-468 Cr

Dec 2025₹-468 Cr

Mar 2026—

Jun 2026—

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021₹2.9K Cr

Dec 2021₹2.9K Cr

Mar 2022₹2.2K Cr

Jun 2022₹2.2K Cr

Sep 2022₹2.1K Cr

Dec 2022₹2.1K Cr

Mar 2023₹1.8K Cr

Jun 2023₹1.8K Cr

Sep 2023—

Dec 2023—

Mar 2024₹1.8K Cr

Jun 2024₹1.8K Cr

Sep 2024₹1.8K Cr

Dec 2024₹1.8K Cr

Mar 2025₹1.6K Cr

Jun 2025₹1.6K Cr

Sep 2025₹1.9K Cr

Dec 2025₹1.9K Cr

Mar 2026₹1.6K Cr

Jun 2026—

06 · compare level, then change

Return On Capital Employed

Pudumjee Paper Products Ltd has the highest ROCE among the 10 Paper companies compared here, at 19.8%. N R Agarwal Industries Ltd is next at 8.5%. N R Agarwal Industries Ltd has the highest ROCE change at +4.6 percentage points, so level and change sit with different companies. Its ROCE series carries 15 reported observations across the 20-quarter window.

What the numbers say: Pudumjee Paper Products Ltd leads ROCE at 19.8%, 11.3 percentage points above N R Agarwal Industries Ltd. N R Agarwal Industries Ltd has the strongest latest improvement at +4.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderPudumjee Paper Products Ltd · 19.8%

Gap133.8% versus #2 · N R Agarwal Industries Ltd

Persistence3/8 recent comparable periods

Coverage10/10 companies · 90 observations

Investor read: Pudumjee Paper Products Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified20%

2N R Agarwal Industries Ltd NRAIL⚠ unverified8.5%

3JK Paper Ltd JKPAPER7.6%

4Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified6.4%

5West Coast Paper Mills Ltd WSTCSTPAPR6.2%

ROCE changefastest improvers

1N R Agarwal Industries Ltd NRAIL⚠ unverified+4.6 pp

2Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified0.0 pp

3Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified−0.8 pp

4JK Paper Ltd JKPAPER−1.0 pp

5Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified−2.9 pp

Return on capital · company comparison

10/10 level · 9/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: JK Paper Ltd (JKPAPER) — its two data sources disagree by up to 13% on reported income across 14 comparable periods, so its derived ratios are withheld; West Coast Paper Mills Ltd (WSTCSTPAPR) — its two data sources disagree by up to 42% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	14%	−2.9 pp	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	6.9%	+4.6 pp	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	4.8%	−5.6 pp	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	4.7%	0.0 pp	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	2.2%	−0.8 pp	Jun 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	-1.8%	−4.2 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 20217.3%

Dec 2021—

Mar 202213%

Jun 2022—

Sep 202226%

Dec 2022—

Mar 202341%

Jun 2023—

Sep 202338%

Dec 202339%

Mar 202418%

Jun 202418%

Sep 20247.3%

Dec 20248.4%

Mar 20252.4%

Jun 20256.3%

Sep 2025-0.9%

Dec 20251.9%

Mar 2026-1.8%

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 20213.6%

Dec 2021—

Mar 20224.9%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 202323%

Jun 2023—

Sep 202324%

Dec 202322%

Mar 202417%

Jun 202416%

Sep 202413%

Dec 202413%

Mar 202510%

Jun 20259.4%

Sep 20256.7%

Dec 20256.7%

Mar 20264.8%

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 202115%

Dec 2021—

Mar 202216%

Jun 2022—

Sep 202220%

Dec 2022—

Mar 202317%

Jun 2023—

Sep 202311%

Dec 202316%

Mar 202412%

Jun 202411%

Sep 20247.5%

Dec 20247.3%

Mar 20252.3%

Jun 20256.2%

Sep 20252.6%

Dec 20257.2%

Mar 20266.9%

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 202118%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202315%

Jun 2023—

Sep 202312%

Dec 202320%

Mar 202421%

Jun 202429%

Sep 202424%

Dec 202427%

Mar 202517%

Jun 202523%

Sep 202514%

Dec 202519%

Mar 202614%

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 20215.9%

Dec 2021—

Mar 20228.9%

Jun 2022—

Sep 202218%

Dec 2022—

Mar 202327%

Jun 2023—

Sep 202323%

Dec 202325%

Mar 202414%

Jun 202416%

Sep 20248.9%

Dec 20248.9%

Mar 20253.0%

Jun 20255.2%

Sep 20251.6%

Dec 20255.3%

Mar 20262.2%

Jun 2026—

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 20211.4%

Dec 2021—

Mar 20224.6%

Jun 2022—

Sep 202213%

Dec 2022—

Mar 202322%

Jun 2023—

Sep 202323%

Dec 202319%

Mar 202414%

Jun 202411%

Sep 20249.0%

Dec 20247.0%

Mar 20254.7%

Jun 20254.9%

Sep 20253.0%

Dec 20257.1%

Mar 20264.7%

Jun 2026—

ROCE change · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+18.5 pp

Dec 2022—

Mar 2023+27.8 pp

Jun 2023—

Sep 2023+11.7 pp

Dec 2023—

Mar 2024−22.4 pp

Jun 2024—

Sep 2024−30.2 pp

Dec 2024−30.7 pp

Mar 2025−15.7 pp

Jun 2025−12.0 pp

Sep 2025−8.2 pp

Dec 2025−6.5 pp

Mar 2026−4.2 pp

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+7.8 pp

Dec 2022—

Mar 2023+17.7 pp

Jun 2023—

Sep 2023+12.4 pp

Dec 2023—

Mar 2024−5.6 pp

Jun 2024—

Sep 2024−11.0 pp

Dec 2024−9.0 pp

Mar 2025−6.6 pp

Jun 2025−6.9 pp

Sep 2025−6.1 pp

Dec 2025−6.0 pp

Mar 2026−5.6 pp

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+4.6 pp

Dec 2022—

Mar 2023+0.6 pp

Jun 2023—

Sep 2023−8.1 pp

Dec 2023—

Mar 2024−5.1 pp

Jun 2024—

Sep 2024−3.9 pp

Dec 2024−8.3 pp

Mar 2025−9.4 pp

Jun 2025−5.2 pp

Sep 2025−4.9 pp

Dec 2025−0.1 pp

Mar 2026+4.6 pp

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.5 pp

Dec 2022—

Mar 2023+2.4 pp

Jun 2023—

Sep 2023−3.2 pp

Dec 2023—

Mar 2024+6.6 pp

Jun 2024—

Sep 2024+11.8 pp

Dec 2024+7.1 pp

Mar 2025−4.4 pp

Jun 2025−5.9 pp

Sep 2025−9.9 pp

Dec 2025−8.0 pp

Mar 2026−2.9 pp

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+11.9 pp

Dec 2022—

Mar 2023+18.5 pp

Jun 2023—

Sep 2023+5.4 pp

Dec 2023—

Mar 2024−13.1 pp

Jun 2024—

Sep 2024−14.3 pp

Dec 2024−16.3 pp

Mar 2025−11.3 pp

Jun 2025−11.0 pp

Sep 2025−7.3 pp

Dec 2025−3.6 pp

Mar 2026−0.8 pp

Jun 2026—

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+11.1 pp

Dec 2022—

Mar 2023+17.6 pp

Jun 2023—

Sep 2023+10.5 pp

Dec 2023—

Mar 2024−7.8 pp

Jun 2024—

Sep 2024−14.0 pp

Dec 2024−11.7 pp

Mar 2025−9.7 pp

Jun 2025−5.8 pp

Sep 2025−6.0 pp

Dec 2025+0.1 pp

Mar 20260.0 pp

Jun 2026—

07 · compare level, then change

Valuation Against Growth & Quality

No company in this Paper comparison has a valuation figure that passes this section's guard, so the Guarded PEG rank is empty. On P/E, Tamil Nadu Newsprint & Papers Ltd is lowest at 4.18×, across 10 of 10 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

LeaderNo comparable leader

GapNot enough peers

PersistenceNot enough history

Coverage0/10 companies · 0 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

—Not enough comparable data—

P/Elowest P/E

1Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified4.2

2Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified9.3

3Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified14.7

4Satia Industries Ltd SATIA14.8

5Kuantum Papers Ltd KUANTUM⚠ unverified16.1

Valuation · company comparison

0/10 level · 10/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
KS Smart Technlogies Limited 516038	—	1.7	Mar 2026
JK Paper Ltd JKPAPER	—	21.9	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	—	19.4	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	—	17.1	Jun 2026
Andhra Paper Ltd ANDHRAPAP⚠ unverified	—	62.8	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	—	29.3	Mar 2026
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	—	6.9	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	—	26.1	Mar 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	—	11.1	Mar 2026
Satia Industries Ltd SATIA	—	7.7	Mar 2026

Full 20-quarter history · every available company

No consistent historical series is available for guarded peg.

P/E · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 202119.5

Dec 202110.7

Mar 20229.9

Jun 20228.4

Sep 20228.9

Dec 20225.7

Mar 20233.9

Jun 20233.1

Sep 20234.2

Dec 20234.4

Mar 20244.1

Jun 20246.7

Sep 20248.5

Dec 202410.0

Mar 202511.5

Jun 202518.6

Sep 202518.3

Dec 202564.7

Mar 202662.8

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 202111.8

Dec 20218.2

Mar 202210.1

Jun 20228.9

Sep 20229.2

Dec 20227.5

Mar 20235.8

Jun 20234.5

Sep 20235.3

Dec 20235.7

Mar 20244.8

Jun 20248.2

Sep 20248.0

Dec 20249.2

Mar 20258.7

Jun 202515.7

Sep 202518.3

Dec 202521.3

Mar 202621.9

Jun 2026—

KS Smart Technlogies Limited · 516038

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20261.7

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 202149.2

Dec 202130.2

Mar 202226.3

Jun 202243.9

Sep 202228.7

Dec 202216.5

Mar 20238.1

Jun 20238.7

Sep 20236.4

Dec 20236.5

Mar 20246.3

Jun 20247.5

Sep 20247.7

Dec 20247.7

Mar 20257.2

Jun 20258.6

Sep 202510.9

Dec 202512.4

Mar 202611.1

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 20218.0

Dec 20217.7

Mar 20228.7

Jun 20226.1

Sep 20229.8

Dec 20225.6

Mar 20233.5

Jun 20235.1

Sep 20235.7

Dec 20235.8

Mar 20245.7

Jun 20246.9

Sep 20247.0

Dec 202410.9

Mar 20259.4

Jun 202533.9

Sep 202521.4

Dec 202533.4

Mar 202626.1

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 20215.2

Dec 20215.1

Mar 20226.8

Jun 20227.2

Sep 20227.8

Dec 20228.0

Mar 20235.8

Jun 20236.5

Sep 20239.3

Dec 20239.4

Mar 20248.3

Jun 202410.8

Sep 20249.3

Dec 202414.5

Mar 20258.1

Jun 202511.5

Sep 202510.7

Dec 20259.7

Mar 20266.9

Jun 2026—

Satia Industries Ltd · SATIA

Sep 202115.9

Dec 202113.3

Mar 202211.1

Jun 202211.2

Sep 202211.7

Dec 20229.4

Mar 20236.0

Jun 20235.9

Sep 20235.2

Dec 20235.7

Mar 20245.0

Jun 20246.0

Sep 20246.8

Dec 20246.7

Mar 20255.4

Jun 20257.5

Sep 20258.0

Dec 202510.6

Mar 20267.7

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 202110.2

Dec 20218.2

Mar 20229.6

Jun 202210.4

Sep 202211.5

Dec 20227.7

Mar 20234.4

Jun 20234.5

Sep 20236.0

Dec 20236.0

Mar 20245.6

Jun 20247.7

Sep 20249.2

Dec 202410.4

Mar 202511.8

Jun 202517.4

Sep 202518.1

Dec 202518.7

Mar 202620.0

Jun 202617.1

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 2021-20.6

Dec 2021-70.2

Mar 202281.0

Jun 202282.8

Sep 202218.0

Dec 20228.3

Mar 20234.9

Jun 20233.7

Sep 20234.0

Dec 20235.5

Mar 20246.1

Jun 20249.0

Sep 202414.5

Dec 202418.0

Mar 202559.9

Jun 202560.1

Sep 2025-54.6

Dec 202533.6

Mar 202629.3

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 202123.6

Dec 20218.8

Mar 20228.2

Jun 20226.6

Sep 20227.1

Dec 20225.7

Mar 20234.5

Jun 20233.5

Sep 20234.6

Dec 20234.9

Mar 20244.5

Jun 20246.4

Sep 20247.2

Dec 20248.0

Mar 20257.0

Jun 202510.8

Sep 202512.1

Dec 202515.3

Mar 202619.4

Jun 2026—

08 · compare level, then change

Enterprise Value & Book Value

Satia Industries Ltd has the lowest EV/EBITDA among the 10 Paper companies compared here, at 3.5×. Pudumjee Paper Products Ltd is next at 4.5×. Tamil Nadu Newsprint & Papers Ltd has the lowest P/BV at 0.45×, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Satia Industries Ltd leads ev/ebitda at 3.5×; Tamil Nadu Newsprint & Papers Ltd leads p/bv at 0.45×.

LeaderSatia Industries Ltd · 3.5×

Gap22.2% versus #2 · Pudumjee Paper Products Ltd

Persistence0/8 recent comparable periods

Coverage9/10 companies · 172 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Satia Industries Ltd SATIA3.5

2Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified4.5

3Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified4.9

4West Coast Paper Mills Ltd WSTCSTPAPR6.5

5Kuantum Papers Ltd KUANTUM⚠ unverified7.0

P/BVlowest P/BV

1Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified0.5

2Kuantum Papers Ltd KUANTUM⚠ unverified0.6

3Satia Industries Ltd SATIA0.6

4Andhra Paper Ltd ANDHRAPAP⚠ unverified0.6

5Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified0.7

Enterprise and book valuation · company comparison

9/10 level · 10/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
Andhra Paper Ltd ANDHRAPAP⚠ unverified	9.8	0.6	Mar 2026
JK Paper Ltd JKPAPER	8.5	1.0	Mar 2026
N R Agarwal Industries Ltd NRAIL⚠ unverified	8.3	0.9	Mar 2026
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	7.9	0.7	Jun 2026
Kuantum Papers Ltd KUANTUM⚠ unverified	7.0	0.5	Mar 2026
West Coast Paper Mills Ltd WSTCSTPAPR	6.5	0.8	Mar 2026
Tamil Nadu Newsprint & Papers Ltd TNPL⚠ unverified	4.9	0.4	Mar 2026
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	4.5	1.0	Mar 2026
Satia Industries Ltd SATIA	3.5	0.5	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 20216.2

Dec 20214.7

Mar 20224.8

Jun 20224.3

Sep 20225.1

Dec 20223.7

Mar 20232.6

Jun 20232.1

Sep 20232.9

Dec 20232.9

Mar 20242.7

Jun 20244.3

Sep 20245.4

Dec 20246.3

Mar 20256.5

Jun 20257.8

Sep 20257.9

Dec 202510.8

Mar 20269.8

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 20218.4

Dec 20217.1

Mar 20228.0

Jun 20226.8

Sep 20226.9

Dec 20225.8

Mar 20234.8

Jun 20233.9

Sep 20234.2

Dec 20234.4

Mar 20244.0

Jun 20246.5

Sep 20246.0

Dec 20246.3

Mar 20256.0

Jun 20258.2

Sep 20258.2

Dec 20258.8

Mar 20268.5

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 202119.9

Dec 202113.7

Mar 202212.2

Jun 202210.3

Sep 20229.8

Dec 20228.4

Mar 20236.0

Jun 20236.3

Sep 20234.7

Dec 20234.7

Mar 20244.7

Jun 20245.4

Sep 20245.5

Dec 20245.7

Mar 20255.4

Jun 20255.7

Sep 20257.3

Dec 20257.7

Mar 20267.0

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 20214.7

Dec 20214.6

Mar 20224.9

Jun 20223.6

Sep 20224.6

Dec 20223.0

Mar 20232.5

Jun 20233.4

Sep 20234.0

Dec 20235.9

Mar 20245.9

Jun 20245.3

Sep 20246.9

Dec 20248.4

Mar 20257.1

Jun 20258.1

Sep 20258.7

Dec 202510.1

Mar 20268.3

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 20214.3

Dec 20213.8

Mar 20224.5

Jun 20224.8

Sep 20225.1

Dec 20225.3

Mar 20234.3

Jun 20234.8

Sep 20236.2

Dec 20236.0

Mar 20245.5

Jun 20247.4

Sep 20246.3

Dec 20249.9

Mar 20255.5

Jun 20257.7

Sep 20257.0

Dec 20256.4

Mar 20264.5

Jun 2026—

Satia Industries Ltd · SATIA

Sep 20217.4

Dec 20217.1

Mar 20226.8

Jun 20227.0

Sep 20226.8

Dec 20225.6

Mar 20234.2

Jun 20233.7

Sep 20233.4

Dec 20233.6

Mar 20243.1

Jun 20243.9

Sep 20243.8

Dec 20243.4

Mar 20252.9

Jun 20254.1

Sep 20254.5

Dec 20254.2

Mar 20263.5

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 20216.8

Dec 20215.5

Mar 20226.8

Jun 20225.0

Sep 20226.3

Dec 20224.5

Mar 20232.4

Jun 20232.2

Sep 20233.3

Dec 20233.0

Mar 20242.6

Jun 20243.7

Sep 20244.4

Dec 20244.5

Mar 20254.3

Jun 20257.0

Sep 20256.3

Dec 20257.0

Mar 20267.5

Jun 20267.9

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 202111.6

Dec 202111.6

Mar 202210.7

Jun 20229.6

Sep 20227.3

Dec 20225.4

Mar 20234.2

Jun 20233.5

Sep 20233.0

Dec 20233.8

Mar 20243.9

Jun 20244.3

Sep 20244.8

Dec 20244.9

Mar 20254.9

Jun 20255.5

Sep 20255.5

Dec 20255.9

Mar 20264.9

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 20215.8

Dec 20214.2

Mar 20224.4

Jun 20223.8

Sep 20223.9

Dec 20223.3

Mar 20232.7

Jun 20232.2

Sep 20232.6

Dec 20232.7

Mar 20242.5

Jun 20243.6

Sep 20244.1

Dec 20244.5

Mar 20253.9

Jun 20255.2

Sep 20255.5

Dec 20256.1

Mar 20266.5

Jun 2026—

P/BV · reported quarter history

Andhra Paper Ltd · ANDHRAPAP⚠ unverified

Sep 20210.9

Dec 20210.9

Mar 20221.1

Jun 20221.2

Sep 20221.4

Dec 20221.3

Mar 20231.5

Jun 20231.5

Sep 20231.5

Dec 20231.4

Mar 20241.1

Jun 20241.4

Sep 20241.1

Dec 20241.0

Mar 20250.7

Jun 20250.9

Sep 20250.8

Dec 20250.7

Mar 20260.6

Jun 2026—

JK Paper Ltd · JKPAPER

Sep 20211.6

Dec 20211.3

Mar 20221.9

Jun 20221.9

Sep 20221.8

Dec 20222.0

Mar 20232.2

Jun 20231.8

Sep 20231.6

Dec 20231.5

Mar 20241.2

Jun 20242.3

Sep 20241.5

Dec 20241.4

Mar 20251.0

Jun 20251.2

Sep 20251.2

Dec 20251.1

Mar 20261.0

Jun 2026—

Kuantum Papers Ltd · KUANTUM⚠ unverified

Sep 20210.8

Dec 20210.8

Mar 20220.9

Jun 20220.7

Sep 20221.2

Dec 20221.5

Mar 20231.3

Jun 20232.0

Sep 20231.6

Dec 20231.4

Mar 20241.3

Jun 20241.4

Sep 20241.1

Dec 20240.9

Mar 20250.8

Jun 20250.9

Sep 20250.8

Dec 20250.7

Mar 20260.5

Jun 2026—

N R Agarwal Industries Ltd · NRAIL⚠ unverified

Sep 20211.1

Dec 20210.9

Mar 20220.9

Jun 20220.8

Sep 20221.1

Dec 20220.8

Mar 20230.7

Jun 20230.9

Sep 20231.0

Dec 20230.9

Mar 20241.0

Jun 20241.4

Sep 20240.8

Dec 20240.8

Mar 20250.5

Jun 20250.8

Sep 20250.8

Dec 20251.0

Mar 20260.9

Jun 2026—

Pudumjee Paper Products Ltd · PDMJEPAPER⚠ unverified

Sep 20211.2

Dec 20211.0

Mar 20221.1

Jun 20221.0

Sep 20221.0

Dec 20221.2

Mar 20231.0

Jun 20231.1

Sep 20231.2

Dec 20231.2

Mar 20241.4

Jun 20242.7

Sep 20242.2

Dec 20243.4

Mar 20251.7

Jun 20252.2

Sep 20251.9

Dec 20251.4

Mar 20261.0

Jun 2026—

Satia Industries Ltd · SATIA

Sep 20212.4

Dec 20211.8

Mar 20222.1

Jun 20222.5

Sep 20222.0

Dec 20222.1

Mar 20231.9

Jun 20232.1

Sep 20231.8

Dec 20231.6

Mar 20241.3

Jun 20241.7

Sep 20241.3

Dec 20241.0

Mar 20250.7

Jun 20251.0

Sep 20250.8

Dec 20250.6

Mar 20260.5

Jun 2026—

Seshasayee Paper & Boards Ltd · SESHAPAPER⚠ unverified

Sep 20211.0

Dec 20210.8

Mar 20220.9

Jun 20221.0

Sep 20221.2

Dec 20221.3

Mar 20231.2

Jun 20231.1

Sep 20231.5

Dec 20231.3

Mar 20241.1

Jun 20241.1

Sep 20241.1

Dec 20241.0

Mar 20250.8

Jun 20250.9

Sep 20250.8

Dec 20250.8

Mar 20260.8

Jun 20260.7

Tamil Nadu Newsprint & Papers Ltd · TNPL⚠ unverified

Sep 20210.6

Dec 20210.5

Mar 20220.8

Jun 20220.7

Sep 20220.9

Dec 20220.9

Mar 20230.9

Jun 20230.9

Sep 20230.9

Dec 20231.0

Mar 20240.8

Jun 20241.0

Sep 20240.7

Dec 20240.6

Mar 20250.4

Jun 20250.6

Sep 20250.5

Dec 20250.5

Mar 20260.4

Jun 2026—

West Coast Paper Mills Ltd · WSTCSTPAPR

Sep 20211.2

Dec 20211.1

Mar 20221.4

Jun 20221.5

Sep 20221.6

Dec 20221.7

Mar 20232.1

Jun 20232.0

Sep 20231.8

Dec 20231.6

Mar 20241.3

Jun 20241.7

Sep 20241.2

Dec 20241.1

Mar 20250.8

Jun 20251.0

Sep 20250.9

Dec 20250.8

Mar 20260.8

Jun 2026—

09 · let price answer last

Market action

KS Smart Technlogies Limited has the strongest one-year price move in Paper at +86.3%. West Coast Paper Mills Ltd leads on Mansfield relative strength against NIFTY at +11.6%. 2 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Paper comparison names 7 specific ways its own evidence can mislead, all listed below. All 10 companies here report on comparable dates, so no rank carries a stale marker. 6 draw at least one figure from a second feed with too little overlap to cross-check. 2 have second-feed figures withheld because the two sources disagree.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

10 · the complete set

Which companies are included?

All 10 companies in the canonical Paper membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals	Source standing
JK Paper Ltd JKPAPERAHEAD	₹7.3K Cr	₹401	2026-07-19	Mar 2026	Second feed withheld
West Coast Paper Mills Ltd WSTCSTPAPRAHEAD24/26 WEEKS	₹3.7K Cr	₹554	2026-07-19	Mar 2026	Second feed withheld
KS Smart Technlogies Limited 516038	₹2.0K Cr	₹122	2026-07-19	Mar 2026	Primary source only
Seshasayee Paper & Boards Ltd SESHAPAPER⚠ unverified	₹1.5K Cr	₹230	2026-07-19	Jun 2026	Includes unverified figures
Andhra Paper Ltd ANDHRAPAP⚠ unverified	₹1.2K Cr	₹61.3	2026-07-19	Mar 2026	Includes unverified figures
Tamil Nadu Newsprint & Papers Ltd TNPL18/26 WEEKS⚠ unverified	₹1.0K Cr	₹150	2026-07-19	Mar 2026	Includes unverified figures
Pudumjee Paper Products Ltd PDMJEPAPER⚠ unverified	₹871 Cr	₹91.7	2026-07-19	Mar 2026	Includes unverified figures
N R Agarwal Industries Ltd NRAIL⚠ unverified	₹866 Cr	₹509	2026-07-19	Mar 2026	Includes unverified figures
Kuantum Papers Ltd KUANTUM⚠ unverified	₹675 Cr	₹77.4	2026-07-19	Mar 2026	Includes unverified figures
Satia Industries Ltd SATIA	₹604 Cr	₹60.4	2026-07-19	Mar 2026	Primary source only

How each company's sources stand: 6 of 10 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 2 of 10 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JK Paper Ltd (JKPAPER) — its two data sources disagree by up to 13% on reported income across 14 comparable periods, so its derived ratios are withheld; West Coast Paper Mills Ltd (WSTCSTPAPR) — its two data sources disagree by up to 42% on reported income across 14 comparable periods, so its derived ratios are withheld.

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 10 Paper companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-24 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing0 cross-checked · 8 unverified · 2 withheld, of 10 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Paper company comparison FAQs

These 17 answers restate the Paper comparison above in question form. Every one is computed from the same 10 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Paper index?

The Nifty Paper index tracks India's listed Paper companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Paper sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Paper stocks in India?

Ranked by this page's four-factor score, Tamil Nadu Newsprint & Papers Ltd places first among 10 listed Paper companies, followed by West Coast Paper Mills Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Paper stocks are listed in India?

This comparison covers 10 listed Paper companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Paper company is the biggest?

JK Paper Ltd is the largest, with trailing-twelve-month revenue of ₹7,106 crore, ahead of Tamil Nadu Newsprint & Papers Ltd at ₹4,645 crore. That covers 9 of 10 companies with comparable reporting through Mar 2026.

Which Paper company is growing fastest?

N R Agarwal Industries Ltd has the fastest revenue growth at 29.3% year on year, across 9 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Paper company has the best profit margins?

Pudumjee Paper Products Ltd has the highest operating margin at 17%, from 10 of 10 comparable companies. West Coast Paper Mills Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Paper company makes the most profit?

JK Paper Ltd earns the most, at ₹277 crore of trailing-twelve-month net profit, from 9 of 10 comparable companies. Tamil Nadu Newsprint & Papers Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Paper company earns the highest return on capital?

Pudumjee Paper Products Ltd leads on return on capital employed at 19.8%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Paper company has the strongest balance sheet?

Seshasayee Paper & Boards Ltd carries the lowest comparable gross debt at ₹0 crore, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Paper stock has the strongest price momentum?

West Coast Paper Mills Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Paper company scores highest for research priority?

Tamil Nadu Newsprint & Papers Ltd scores 61.9 out of 100 with 75.8% evidence confidence, from 22.4 points on growth and earnings, 12.2 on capital efficiency, 11.5 on valuation and 15.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Paper companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Paper sector?

The 10 Paper companies on this page carry ₹19,662 crore of combined market value. JK Paper Ltd is the largest at ₹7,279 crore, about 37% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Paper sector's P/E ratio?

The median price-to-earnings ratio across the 10 Paper companies on this page is 18.1×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Paper sector performing?

2 of the 10 covered Paper companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.