Paper Stocks and Companies in India

The largest Paper stocks in India by market value are JK Paper (₹6,673 crore), West Coast Paper Mills (₹4,876 crore) and Andhra Paper (₹1,223 crore), at prices of 6 Nov 2026.

• JK Paper: ₹368 | market value ₹6,673 crore | P/E 20.4
• West Coast Paper Mills: ₹738.15 | market value ₹4,876 crore | P/E 21.2
• Andhra Paper: ₹61.52 | market value ₹1,223 crore | P/E 23.5
• KS Smart Technologies: ₹92.93 | market value ₹1,525 crore | P/E 11.7
• Seshasayee Paper & Boards: ₹216.45 | market value ₹1,366 crore | P/E 11.5
• N R Agarwal Industries: ₹673 | market value ₹1,133 crore | P/E 11.9
• Tamil Nadu Newsprint & Papers: ₹136.26 | market value ₹944 crore | P/E 3.6
• Pudumjee Paper Products: ₹87.80 | market value ₹834 crore | P/E 8.6
• Emami Paper Mills: ₹114.81 | market value ₹694 crore | P/E 5.3
• Satia Industries: ₹66.16 | market value ₹664 crore

The other 1 Paper company is in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 11 listed Indian Paper companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Paper index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. JK Paper Ltd₹6,710 cr
2. West Coast Paper Mills Ltd₹5,490 cr
3. Andhra Paper Ltd₹1,330 cr
4. KS Smart Technologies Limited₹1,320 cr
5. Seshasayee Paper & Boards Ltd₹1,280 cr
6. N R Agarwal Industries Ltd₹1,140 cr
7. Tamil Nadu Newsprint & Papers Ltd₹887 cr
8. Pudumjee Paper Products Ltd₹842 cr
9. Emami Paper Mills Ltd₹696 cr
10. Satia Industries Ltd₹667 cr
11. Kuantum Papers Ltd₹565 cr

11 Paper companies in the Paper industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 11 are listed below, largest first. The largest is JK Paper (₹6,711 crore) and the smallest with a market value is Kuantum Papers.

Download all 11 Paper companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 2% behind NIFTY 500. Earnings across its companies grew 4% on average over the last four reported quarters, close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 10 weeks running.

4 of 11 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 10 weeks running; 7 of the 11 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 4 of those 11 pass the momentum test (4 fewer than four weeks earlier); earnings rising at 7 of the 11 that report earnings.

Participation is shrinking, 8 → 4 of 11 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 7 of 11 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 11 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Paper has done better than the NIFTY 500 by 11.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 8.6%. West Coast Paper Mills Ltd is the strongest against the sector itself at +54.1%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 30.2 as of 30 October 2026 (narrowing, rising).

Paper has done better than the NIFTY 500 by 11.6% over 52 weeks and by 8.6% over 13 weeks. 4 of 11 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of the 8 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

N R Agarwal Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 91% evidence confidence.

Pudumjee Paper Products Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

West Coast Paper Mills Ltd has the strongest one-year price move in Paper at +80.1%. It also leads on relative strength against the NIFTY, at +64.1%. 7 of 11 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Paper itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 10 Paper companies held a results call for July to September 2026. Kuantum Papers guided: FY27 operational revenue ₹1,300 crore plus on full volumes and price recovery.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.2 points over the last two quarters. Founders and promoters raised theirs by 1.0 points.

• Spending on new plants and equipment was ₹2,439 crore in the last 12 months, 84% more than a year before.
• Projects still being built grew 217% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 12 Paper companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Paper figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 5 themes are live here, 2 of them rated high severity.

The paper sector is caught in a margin squeeze between elevated raw material costs and depressed finished goods pricing due to low imports. While capacity utilization remains high and the shift toward value-added products is underway, near-term profitability remains under pressure.

The paper sector is navigating a highly challenging environment characterized by severe margin compression and top-line contraction. Three of the four constituents reported year-over-year revenue declines ranging from 10.02% to 15.4%, driven by depressed per-ton realizations.

How old this read is: OLD: this read comes from our Paper sector brief dated 19 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Paper sector brief, 19 Apr 2026 · company earnings-call transcripts.

JK Paper Ltd has the highest Revenue among the 11 Paper companies compared here, at ₹7,319 crore. Tamil Nadu Newsprint & Papers Ltd is next at ₹4,649 crore. N R Agarwal Industries Ltd has the highest Revenue growth at 33.5%, so level and change sit with different companies. Its Revenue series carries 15 reported observations across the 20-quarter window.

What the numbers say: JK Paper Ltd is the largest at ₹7,319 crore, 57.4% ahead of Tamil Nadu Newsprint & Papers Ltd. N R Agarwal Industries Ltd's growth is 33.5% from a ₹2,484 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: JK Paper Ltd is the size to compare against; N R Agarwal Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

West Coast Paper Mills Ltd has the highest OPM among the 11 Paper companies compared here, at 19%. Emami Paper Mills Ltd is next at 16%. Andhra Paper Ltd has the highest Margin change at +8.7 percentage points, so level and change sit with different companies. 11 of 11 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: West Coast Paper Mills Ltd leads opm at 19%; Andhra Paper Ltd leads margin change at +8.7 percentage points.

What this means: West Coast Paper Mills Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

JK Paper Ltd has the highest Net profit among the 11 Paper companies compared here, at ₹328 crore. Tamil Nadu Newsprint & Papers Ltd is next at ₹261 crore. Emami Paper Mills 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 earns the most, ₹328 crore of profit over the last 12 months, 25.7% above Tamil Nadu Newsprint & Papers Ltd. Emami Paper Mills Ltd shows at least 100% on the scoring scale (594.7% in full) growth from a profit base of ₹132 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: JK Paper Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Pudumjee Paper Products Ltd has the highest ROCE among the 11 Paper companies compared here, at 18.1%. Emami Paper Mills Ltd is next at 11.4%. KS Smart Technologies Limited has the highest ROCE change at +68.8 percentage points, so level and change sit with different companies. 11 of 11 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Pudumjee Paper Products Ltd leads ROCE at 18.1%, 6.7 percentage points above Emami Paper Mills Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Pudumjee Paper Products Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: JK Paper Ltd (JKPAPER): its two data sources disagree by up to 12% on reported income across 15 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 15 comparable periods, so its derived ratios are withheld; Emami Paper Mills Ltd (EMAMIPAP): its two data sources disagree by up to 13% 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Pudumjee Paper Products Ltd has the lowest PEG among the 11 Paper companies compared here, at 0.14×. N R Agarwal Industries Ltd is next at 0.26×. Tamil Nadu Newsprint & Papers Ltd has the lowest P/E at 3.4×, so level and change sit with different companies. 3 of 11 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Pudumjee Paper Products Ltd has the lowest comparable PEG at 0.14×, 46.2% below N R Agarwal Industries Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Paper companies show up on 5 of our India lists. The most are on the momentum stocks list (4 companies).

This Paper comparison names 5 specific ways its own evidence can mislead, all listed below. All 11 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 11 Paper companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 11 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 12% on reported income across 15 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 15 comparable periods, so its derived ratios are withheld; Emami Paper Mills Ltd (EMAMIPAP): its two data sources disagree by up to 13% on reported income across 14 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Paper comparison above in question form. Every one is computed from the same 11 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.