# Paper — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Paper has underperformed NIFTY 500 by 7.4% over 52 weeks and 7.1% over 13 weeks. 4 of 10 covered companies beat NIFTY on Mansfield relative strength, while 4 of 9 beat the sector itself. JK Paper Ltd leads with revenue of ₹7,319 crore, based on 9 of 10 comparable companies through Jun 2026.

## Sector relative strength

Paper has underperformed NIFTY 500 by 7.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.1%. 4 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 +24.5%.

13-week sector return versus NIFTY 500: -7.1%
52-week sector return versus NIFTY 500: -7.4%
Stocks leading NIFTY: 4/10
Stocks leading sector: 4/9

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

Companies: 10
Combined market value: ₹19.5K Cr

## 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.

1. Tamil Nadu Newsprint & Papers Ltd (TNPL): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 22.4/35 | Capital efficiency 13.0/25 | Valuation 11.5/20 | Relative strength 14.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 22.4 + 13 + 11.5 + 14.4 = 61.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. N R Agarwal Industries Ltd (NRAIL): 58/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 24.9/35 | Capital efficiency 12.4/25 | Valuation 8.5/20 | Relative strength 12.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 24.9 + 12.4 + 8.5 + 12.2 = 58
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. JK Paper Ltd (JKPAPER): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.7/35 | Capital efficiency 14.7/25 | Valuation 7.0/20 | Relative strength 18.1/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 17.7 + 14.7 + 7 + 18.1 = 57.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Pudumjee Paper Products Ltd (PDMJEPAPER): 57/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 17.0/35 | Capital efficiency 21.0/25 | Valuation 13.5/20 | Relative strength 5.2/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 17 + 21 + 13.5 + 5.2 = 56.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. West Coast Paper Mills Ltd (WSTCSTPAPR): 55/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 16.6/35 | Capital efficiency 12.6/25 | Valuation 5.6/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 16.6 + 12.6 + 5.6 + 20 = 54.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 21.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Seshasayee Paper & Boards Ltd (SESHAPAPER): 50/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 23.7/35 | Capital efficiency 8.1/25 | Valuation 10.5/20 | Relative strength 7.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.7 + 8.1 + 10.5 + 7.8 = 50.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Kuantum Papers Ltd (KUANTUM): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.9/35 | Capital efficiency 11.0/25 | Valuation 11.0/20 | Relative strength 4.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 7.9 + 11 + 11 + 4.1 = 34
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Andhra Paper Ltd (ANDHRAPAP): 31/100 — Adverse evidence; evidence 70%
   - Growth & earnings 12.0/35 | Capital efficiency 5.2/25 | Valuation 8.5/20 | Relative strength 5.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 12 + 5.2 + 8.5 + 5.2 = 30.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Satia Industries Ltd (SATIA): 26/100 — Adverse evidence; evidence 83%
   - Growth & earnings 4.8/35 | Capital efficiency 4.6/25 | Valuation 9.5/20 | Relative strength 6.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 4.8 + 4.6 + 9.5 + 6.8 = 25.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. KS Smart Technlogies Limited (516038): 42/100 — Thin evidence · provisional; evidence 28%
   - Growth & earnings 17.7/35 | Capital efficiency 7.7/25 | Valuation 9.2/20 | Relative strength 7.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.7 + 7.7 + 9.2 + 7.5 = 42.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

KS Smart Technlogies Limited has the strongest one-year price move in Paper at +56.2%. West Coast Paper Mills Ltd leads on Mansfield relative strength against NIFTY at +21.2%. 4 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. KS Smart Technlogies Limited (516038): 56%
2. N R Agarwal Industries Ltd (NRAIL): 37%
3. West Coast Paper Mills Ltd (WSTCSTPAPR): 5.0%
4. JK Paper Ltd (JKPAPER): 4.4%
5. Tamil Nadu Newsprint & Papers Ltd (TNPL): -8.6%

### Strongest relative strength versus NIFTY 500
1. West Coast Paper Mills Ltd (WSTCSTPAPR): 21%
2. JK Paper Ltd (JKPAPER): 5.4%
3. N R Agarwal Industries Ltd (NRAIL): 5.0%
4. Tamil Nadu Newsprint & Papers Ltd (TNPL): 1.7%
5. Pudumjee Paper Products Ltd (PDMJEPAPER): -2.9%

## Revenue Scale & Growth Durability

What the numbers say: JK Paper Ltd is the scale leader at ₹7,319 crore, 57.6% 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.

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.

Evidence: JK Paper Ltd · ₹7,319 crore | 57.6% versus #2 · Tamil Nadu Newsprint & Papers Ltd | 5/8 recent comparable periods | 9/10 companies · 130 observations

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

### Revenue — largest
1. JK Paper Ltd (JKPAPER): ₹7.3K Cr
2. Tamil Nadu Newsprint & Papers Ltd (TNPL): ₹4.6K Cr
3. West Coast Paper Mills Ltd (WSTCSTPAPR): ₹4.3K Cr
4. N R Agarwal Industries Ltd (NRAIL): ₹2.1K Cr
5. Seshasayee Paper & Boards Ltd (SESHAPAPER): ₹1.8K Cr

### Revenue growth — fastest growers
1. N R Agarwal Industries Ltd (NRAIL): 29%
2. Andhra Paper Ltd (ANDHRAPAP): 10%
3. JK Paper Ltd (JKPAPER): 10%
4. Seshasayee Paper & Boards Ltd (SESHAPAPER): 5.9%
5. West Coast Paper Mills Ltd (WSTCSTPAPR): 5.3%

### 20-quarter Revenue history
- 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 —
- 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 ₹1.9K Cr
- 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 —
- SESHAPAPER: 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
- ANDHRAPAP: 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 —
- TNPL: 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 —
- PDMJEPAPER: 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 —
- NRAIL: 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 —
- KUANTUM: 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 —
- 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 —

### 20-quarter Revenue growth history
- JKPAPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.8% | Mar 2024 0.0% | Jun 2024 8.2% | Sep 2024 2.0% | Dec 2024 -4.3% | Mar 2025 -2.4% | Jun 2025 -3.1% | Sep 2025 3.9% | Dec 2025 5.2% | Mar 2026 17% | Jun 2026 14%
- 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 2025 2.0% | Mar 2026 20% | Jun 2026 —
- SESHAPAPER: 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 2024 9.9% | Dec 2024 -8.9% | Mar 2025 -6.9% | Jun 2025 -8.8% | Sep 2025 -13% | Dec 2025 -10% | Mar 2026 18% | Jun 2026 28%
- ANDHRAPAP: 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 2025 12% | Jun 2025 25% | Sep 2025 -16% | Dec 2025 8.6% | Mar 2026 29% | Jun 2026 —
- TNPL: 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 2025 8.8% | Jun 2025 2.2% | Sep 2025 21% | Dec 2025 -0.3% | Mar 2026 -4.9% | Jun 2026 —
- PDMJEPAPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 -4.9% | Mar 2025 -7.3% | Jun 2025 -3.5% | Sep 2025 -6.8% | Dec 2025 5.2% | Mar 2026 5.8% | Jun 2026 —
- NRAIL: 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 2024 25% | Dec 2024 24% | Mar 2025 89% | Jun 2025 30% | Sep 2025 23% | Dec 2025 35% | Mar 2026 30% | Jun 2026 —
- KUANTUM: 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 2025 0.4% | Dec 2025 7.4% | Mar 2026 8.7% | Jun 2026 —
- 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 2025 1.2% | Mar 2026 -1.8% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Pudumjee Paper Products Ltd · 17% | 6.3% versus #2 · Kuantum Papers Ltd | 4/8 recent comparable periods | 10/10 companies · 175 observations

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

### OPM — highest
1. Pudumjee Paper Products Ltd (PDMJEPAPER): 17%
2. Kuantum Papers Ltd (KUANTUM): 16%
3. JK Paper Ltd (JKPAPER): 15%
4. West Coast Paper Mills Ltd (WSTCSTPAPR): 13%
5. Tamil Nadu Newsprint & Papers Ltd (TNPL): 11%

### Margin change — fastest expanders
1. West Coast Paper Mills Ltd (WSTCSTPAPR): +5.0 pp
2. Pudumjee Paper Products Ltd (PDMJEPAPER): +4.0 pp
3. Seshasayee Paper & Boards Ltd (SESHAPAPER): +4.0 pp
4. N R Agarwal Industries Ltd (NRAIL): +3.0 pp
5. Tamil Nadu Newsprint & Papers Ltd (TNPL): +3.0 pp

### 20-quarter OPM history
- 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% | Mar 2026 10% | Jun 2026 —
- JKPAPER: Sep 2021 23% | Dec 2021 25% | Mar 2022 25% | Jun 2022 30% | Sep 2022 33% | Dec 2022 34% | Mar 2023 28% | Jun 2023 30% | Sep 2023 25% | Dec 2023 22% | Mar 2024 21% | Jun 2024 16% | Sep 2024 16% | Dec 2024 10% | Mar 2025 13% | Jun 2025 15% | Sep 2025 13% | Dec 2025 10% | Mar 2026 14% | Jun 2026 15%
- WSTCSTPAPR: Sep 2021 16% | Dec 2021 18% | Mar 2022 22% | Jun 2022 29% | Sep 2022 30% | Dec 2022 37% | Mar 2023 36% | Jun 2023 35% | Sep 2023 26% | Dec 2023 21% | Mar 2024 16% | Jun 2024 18% | Sep 2024 14% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 12% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 13% | Jun 2026 —
- SESHAPAPER: Sep 2021 12% | Dec 2021 4.6% | Mar 2022 17% | Jun 2022 20% | Sep 2022 27% | Dec 2022 27% | Mar 2023 27% | Jun 2023 22% | Sep 2023 25% | Dec 2023 19% | Mar 2024 13% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 1.8% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 8.0% | Dec 2025 6.0% | Mar 2026 4.0% | Jun 2026 9.0%
- ANDHRAPAP: Sep 2021 10% | Dec 2021 18% | Mar 2022 19% | Jun 2022 27% | Sep 2022 30% | Dec 2022 41% | Mar 2023 39% | Jun 2023 32% | Sep 2023 27% | Dec 2023 23% | Mar 2024 9.7% | Jun 2024 11% | Sep 2024 12% | Dec 2024 7.3% | Mar 2025 5.0% | Jun 2025 8.5% | Sep 2025 -1.9% | Dec 2025 3.7% | Mar 2026 4.8% | Jun 2026 —
- TNPL: Sep 2021 10% | Dec 2021 8.4% | Mar 2022 8.1% | Jun 2022 15% | Sep 2022 20% | Dec 2022 23% | Mar 2023 19% | Jun 2023 25% | Sep 2023 16% | Dec 2023 11% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 4.7% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- PDMJEPAPER: Sep 2021 12% | Dec 2021 12% | Mar 2022 10% | Jun 2022 14% | Sep 2022 12% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 13% | Dec 2023 22% | Mar 2024 24% | Jun 2024 18% | Sep 2024 17% | Dec 2024 13% | Mar 2025 13% | Jun 2025 17% | Sep 2025 14% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- NRAIL: Sep 2021 6.1% | Dec 2021 7.0% | Mar 2022 9.6% | Jun 2022 12% | Sep 2022 11% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 14% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 7.0% | Mar 2025 6.0% | Jun 2025 3.6% | Sep 2025 8.0% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 —
- KUANTUM: Sep 2021 20% | Dec 2021 13% | Mar 2022 13% | Jun 2022 22% | Sep 2022 29% | Dec 2022 30% | Mar 2023 33% | Jun 2023 35% | Sep 2023 27% | Dec 2023 26% | Mar 2024 21% | Jun 2024 25% | Sep 2024 22% | Dec 2024 19% | Mar 2025 22% | Jun 2025 18% | Sep 2025 12% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- SATIA: Sep 2021 19% | Dec 2021 18% | Mar 2022 19% | Jun 2022 17% | Sep 2022 20% | Dec 2022 23% | Mar 2023 26% | Jun 2023 31% | Sep 2023 23% | Dec 2023 21% | Mar 2024 21% | Jun 2024 28% | Sep 2024 13% | Dec 2024 14% | Mar 2025 16% | Jun 2025 17% | Sep 2025 2.1% | Dec 2025 10% | Mar 2026 4.3% | Jun 2026 —

### 20-quarter Margin change history
- 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 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- 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 —
- SESHAPAPER: 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 −17.2 pp | Mar 2025 −8.0 pp | Jun 2025 −6.0 pp | Sep 2025 0.0 pp | Dec 2025 +4.2 pp | Mar 2026 −1.0 pp | Jun 2026 +4.0 pp
- ANDHRAPAP: 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 —
- TNPL: 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 −6.3 pp | Mar 2025 −5.0 pp | Jun 2025 −4.0 pp | Sep 2025 −3.0 pp | Dec 2025 +5.3 pp | Mar 2026 +3.0 pp | Jun 2026 —
- PDMJEPAPER: 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 —
- NRAIL: 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 −4.4 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- KUANTUM: 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 —
- 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 —

## Profit Scale & Acceleration

What the numbers say: JK Paper Ltd leads with ₹328 crore of TTM profit, 32.3% 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.

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.

Evidence: JK Paper Ltd · ₹328 crore | 32.3% versus #2 · Tamil Nadu Newsprint & Papers Ltd | 2/8 recent comparable periods | 9/10 companies · 130 observations

Definition: 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 — largest
1. JK Paper Ltd (JKPAPER): ₹328 Cr
2. Tamil Nadu Newsprint & Papers Ltd (TNPL): ₹248 Cr
3. West Coast Paper Mills Ltd (WSTCSTPAPR): ₹156 Cr
4. Seshasayee Paper & Boards Ltd (SESHAPAPER): ₹99 Cr
5. Pudumjee Paper Products Ltd (PDMJEPAPER): ₹94 Cr

### Profit growth — fastest growers
1. Tamil Nadu Newsprint & Papers Ltd (TNPL): 100%
2. Seshasayee Paper & Boards Ltd (SESHAPAPER): 14%
3. Pudumjee Paper Products Ltd (PDMJEPAPER): -3.1%
4. JK Paper Ltd (JKPAPER): -4.9%
5. West Coast Paper Mills Ltd (WSTCSTPAPR): -54%

### 20-quarter Net profit history
- 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 —
- 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 ₹84 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹90 Cr | Jun 2026 ₹136 Cr
- 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 —
- SESHAPAPER: 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
- ANDHRAPAP: 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 —
- TNPL: 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 —
- PDMJEPAPER: 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 —
- NRAIL: 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 —
- KUANTUM: 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 —
- 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 —

### 20-quarter Profit growth history
- 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 2026 34% | Jun 2026 62%
- 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 2026 17% | Jun 2026 —
- SESHAPAPER: 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 2025 12% | Mar 2026 -3.7% | Jun 2026 113%
- ANDHRAPAP: 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 —
- TNPL: 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 2025 167% | Dec 2025 — | Mar 2026 991% | Jun 2026 —
- PDMJEPAPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 146% | Mar 2024 236% | Jun 2024 155% | Sep 2024 67% | Dec 2024 -38% | Mar 2025 -49% | Jun 2025 29% | Sep 2025 -43% | Dec 2025 5.0% | Mar 2026 5.3% | Jun 2026 —
- NRAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 63% | Mar 2024 -20% | Jun 2024 -93% | Sep 2024 -79% | Dec 2024 -58% | Mar 2025 -144% | Jun 2025 467% | Sep 2025 -113% | Dec 2025 7.7% | Mar 2026 — | Jun 2026 —
- KUANTUM: 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 —
- 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 2025 42% | Mar 2026 -84% | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Pudumjee Paper Products Ltd · 19.8% | 133.8% versus #2 · N R Agarwal Industries Ltd | 3/8 recent comparable periods | 10/10 companies · 90 observations

Definition: 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.

### ROCE — highest
1. Pudumjee Paper Products Ltd (PDMJEPAPER): 20%
2. N R Agarwal Industries Ltd (NRAIL): 8.5%
3. JK Paper Ltd (JKPAPER): 7.6%
4. Tamil Nadu Newsprint & Papers Ltd (TNPL): 6.4%
5. West Coast Paper Mills Ltd (WSTCSTPAPR): 6.2%

### ROCE change — fastest improvers
1. N R Agarwal Industries Ltd (NRAIL): +4.6 pp
2. Tamil Nadu Newsprint & Papers Ltd (TNPL): 0.0 pp
3. Seshasayee Paper & Boards Ltd (SESHAPAPER): −0.8 pp
4. JK Paper Ltd (JKPAPER): −1.0 pp
5. Pudumjee Paper Products Ltd (PDMJEPAPER): −2.9 pp

### 20-quarter ROCE history
- SESHAPAPER: Sep 2021 5.9% | Dec 2021 — | Mar 2022 8.9% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 23% | Dec 2023 25% | Mar 2024 14% | Jun 2024 16% | Sep 2024 8.9% | Dec 2024 8.9% | Mar 2025 3.0% | Jun 2025 5.2% | Sep 2025 1.6% | Dec 2025 5.3% | Mar 2026 2.2% | Jun 2026 —
- ANDHRAPAP: Sep 2021 7.3% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 41% | Jun 2023 — | Sep 2023 38% | Dec 2023 39% | Mar 2024 18% | Jun 2024 18% | Sep 2024 7.3% | Dec 2024 8.4% | Mar 2025 2.4% | Jun 2025 6.3% | Sep 2025 -0.9% | Dec 2025 1.9% | Mar 2026 -1.8% | Jun 2026 —
- TNPL: Sep 2021 1.4% | Dec 2021 — | Mar 2022 4.6% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 23% | Dec 2023 19% | Mar 2024 14% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 7.0% | Mar 2025 4.7% | Jun 2025 4.9% | Sep 2025 3.0% | Dec 2025 7.1% | Mar 2026 4.7% | Jun 2026 —
- PDMJEPAPER: Sep 2021 18% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 20% | Mar 2024 21% | Jun 2024 29% | Sep 2024 24% | Dec 2024 27% | Mar 2025 17% | Jun 2025 23% | Sep 2025 14% | Dec 2025 19% | Mar 2026 14% | Jun 2026 —
- NRAIL: Sep 2021 15% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 11% | Dec 2023 16% | Mar 2024 12% | Jun 2024 11% | Sep 2024 7.5% | Dec 2024 7.3% | Mar 2025 2.3% | Jun 2025 6.2% | Sep 2025 2.6% | Dec 2025 7.2% | Mar 2026 6.9% | Jun 2026 —
- KUANTUM: Sep 2021 3.6% | Dec 2021 — | Mar 2022 4.9% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 24% | Dec 2023 22% | Mar 2024 17% | Jun 2024 16% | Sep 2024 13% | Dec 2024 13% | Mar 2025 10% | Jun 2025 9.4% | Sep 2025 6.7% | Dec 2025 6.7% | Mar 2026 4.8% | Jun 2026 —

### 20-quarter ROCE change history
- SESHAPAPER: 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 —
- ANDHRAPAP: 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 —
- TNPL: 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 2026 0.0 pp | Jun 2026 —
- PDMJEPAPER: 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 —
- NRAIL: 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 —
- KUANTUM: 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 —

## Valuation Against Growth & Quality

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

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.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/10 companies · 0 observations

Definition: 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 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.

### PEG — lowest PEG

### P/E — lowest P/E
1. Tamil Nadu Newsprint & Papers Ltd (TNPL): 4.2
2. Pudumjee Paper Products Ltd (PDMJEPAPER): 9.6
3. Satia Industries Ltd (SATIA): 15.1
4. Seshasayee Paper & Boards Ltd (SESHAPAPER): 15.5
5. Kuantum Papers Ltd (KUANTUM): 16.2

### 20-quarter PEG history

### 20-quarter P/E history
- 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 1.7 | Jun 2026 —
- JKPAPER: Sep 2021 11.8 | Dec 2021 8.2 | Mar 2022 10.1 | Jun 2022 8.9 | Sep 2022 9.2 | Dec 2022 7.5 | Mar 2023 5.8 | Jun 2023 4.5 | Sep 2023 5.3 | Dec 2023 5.7 | Mar 2024 4.8 | Jun 2024 8.2 | Sep 2024 8.0 | Dec 2024 9.2 | Mar 2025 8.7 | Jun 2025 15.7 | Sep 2025 18.4 | Dec 2025 21.5 | Mar 2026 22.1 | Jun 2026 22.4
- WSTCSTPAPR: Sep 2021 23.6 | Dec 2021 8.8 | Mar 2022 8.2 | Jun 2022 6.6 | Sep 2022 7.1 | Dec 2022 5.7 | Mar 2023 4.5 | Jun 2023 3.5 | Sep 2023 4.6 | Dec 2023 4.9 | Mar 2024 4.5 | Jun 2024 6.4 | Sep 2024 7.2 | Dec 2024 8.0 | Mar 2025 7.0 | Jun 2025 10.8 | Sep 2025 12.1 | Dec 2025 15.3 | Mar 2026 19.4 | Jun 2026 —
- SESHAPAPER: Sep 2021 10.2 | Dec 2021 8.2 | Mar 2022 9.6 | Jun 2022 10.4 | Sep 2022 11.5 | Dec 2022 7.7 | Mar 2023 4.4 | Jun 2023 4.5 | Sep 2023 6.0 | Dec 2023 6.0 | Mar 2024 5.6 | Jun 2024 7.7 | Sep 2024 9.2 | Dec 2024 10.4 | Mar 2025 11.8 | Jun 2025 17.4 | Sep 2025 18.1 | Dec 2025 18.7 | Mar 2026 20.0 | Jun 2026 17.1
- ANDHRAPAP: Sep 2021 19.5 | Dec 2021 10.7 | Mar 2022 9.9 | Jun 2022 8.4 | Sep 2022 8.9 | Dec 2022 5.7 | Mar 2023 3.9 | Jun 2023 3.1 | Sep 2023 4.2 | Dec 2023 4.4 | Mar 2024 4.1 | Jun 2024 6.7 | Sep 2024 8.5 | Dec 2024 10.0 | Mar 2025 11.5 | Jun 2025 18.6 | Sep 2025 18.3 | Dec 2025 64.7 | Mar 2026 62.8 | Jun 2026 —
- TNPL: Sep 2021 -20.6 | Dec 2021 -70.2 | Mar 2022 81.0 | Jun 2022 82.8 | Sep 2022 18.0 | Dec 2022 8.3 | Mar 2023 4.9 | Jun 2023 3.7 | Sep 2023 4.0 | Dec 2023 5.5 | Mar 2024 6.1 | Jun 2024 9.0 | Sep 2024 14.5 | Dec 2024 18.0 | Mar 2025 59.9 | Jun 2025 60.1 | Sep 2025 -54.6 | Dec 2025 33.6 | Mar 2026 29.3 | Jun 2026 —
- PDMJEPAPER: Sep 2021 5.2 | Dec 2021 5.1 | Mar 2022 6.8 | Jun 2022 7.2 | Sep 2022 7.8 | Dec 2022 8.0 | Mar 2023 5.8 | Jun 2023 6.5 | Sep 2023 9.3 | Dec 2023 9.4 | Mar 2024 8.3 | Jun 2024 10.8 | Sep 2024 9.3 | Dec 2024 14.5 | Mar 2025 8.1 | Jun 2025 11.5 | Sep 2025 10.7 | Dec 2025 9.7 | Mar 2026 6.9 | Jun 2026 —
- NRAIL: Sep 2021 8.0 | Dec 2021 7.7 | Mar 2022 8.7 | Jun 2022 6.1 | Sep 2022 9.8 | Dec 2022 5.6 | Mar 2023 3.5 | Jun 2023 5.1 | Sep 2023 5.7 | Dec 2023 5.8 | Mar 2024 5.7 | Jun 2024 6.9 | Sep 2024 7.0 | Dec 2024 10.9 | Mar 2025 9.4 | Jun 2025 33.9 | Sep 2025 21.4 | Dec 2025 33.4 | Mar 2026 26.1 | Jun 2026 —
- KUANTUM: Sep 2021 49.2 | Dec 2021 30.2 | Mar 2022 26.3 | Jun 2022 43.9 | Sep 2022 28.7 | Dec 2022 16.5 | Mar 2023 8.1 | Jun 2023 8.7 | Sep 2023 6.4 | Dec 2023 6.5 | Mar 2024 6.3 | Jun 2024 7.5 | Sep 2024 7.7 | Dec 2024 7.7 | Mar 2025 7.2 | Jun 2025 8.6 | Sep 2025 10.9 | Dec 2025 12.4 | Mar 2026 11.1 | Jun 2026 —
- SATIA: Sep 2021 15.9 | Dec 2021 13.3 | Mar 2022 11.1 | Jun 2022 11.2 | Sep 2022 11.7 | Dec 2022 9.4 | Mar 2023 6.0 | Jun 2023 5.9 | Sep 2023 5.2 | Dec 2023 5.7 | Mar 2024 5.0 | Jun 2024 6.0 | Sep 2024 6.8 | Dec 2024 6.7 | Mar 2025 5.4 | Jun 2025 7.5 | Sep 2025 8.0 | Dec 2025 10.6 | Mar 2026 7.7 | Jun 2026 —


## What can make this comparison misleading?
- 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: Valuation have fewer than three usable current readings.

## Every company
- JK Paper Ltd (JKPAPER) — market value ₹7.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- West Coast Paper Mills Ltd (WSTCSTPAPR) — market value ₹3.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- KS Smart Technlogies Limited (516038) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Seshasayee Paper & Boards Ltd (SESHAPAPER) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Andhra Paper Ltd (ANDHRAPAP) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Tamil Nadu Newsprint & Papers Ltd (TNPL) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Pudumjee Paper Products Ltd (PDMJEPAPER) — market value ₹901 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- N R Agarwal Industries Ltd (NRAIL) — market value ₹806 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kuantum Papers Ltd (KUANTUM) — market value ₹681 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Satia Industries Ltd (SATIA) — market value ₹618 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 0. Unverified: 8. Withheld: 2. Graded companies: 10.

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.

- WITHHELD | JKPAPER | JK Paper Ltd | diff_gt_2pct | disagreement up to 12.98% over 14 comparable periods
- WITHHELD | WSTCSTPAPR | West Coast Paper Mills Ltd | diff_gt_2pct | disagreement up to 41.57% over 14 comparable periods

- UNVERIFIED | SESHAPAPER | Seshasayee Paper & Boards Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ANDHRAPAP | Andhra Paper Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TNPL | Tamil Nadu Newsprint & Papers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PDMJEPAPER | Pudumjee Paper Products Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NRAIL | N R Agarwal Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KUANTUM | Kuantum Papers Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Paper sector outperforming NIFTY 500?

Paper has underperformed NIFTY 500 by 7.4% over 52 weeks and 7.1% over 13 weeks. 4 of 10 covered companies beat NIFTY on Mansfield relative strength, while 4 of 9 beat the sector itself.

### Which Paper company is largest by revenue?

JK Paper Ltd leads with revenue of ₹7,319 crore, based on 9 of 10 comparable companies through Jun 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 61.3/100 with 75.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Paper comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 N R Agarwal Industries 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 ₹7,319 crore, ahead of Tamil Nadu Newsprint & Papers Ltd at ₹4,645 crore. That covers 9 of 10 companies with comparable reporting through Jun 2026.

### 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 ₹328 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.

### Is the Paper sector beating the market?

Paper has underperformed NIFTY 500 by 7.4% over the last 52 weeks and 7.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 61.3 out of 100 with 75.8% evidence confidence, from 22.4 points on growth and earnings, 13 on capital efficiency, 11.5 on valuation and 14.4 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, 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 ₹19,483 crore of combined market value. JK Paper Ltd is the largest at ₹7,081 crore, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 10 Paper companies on this page is 16.9×, 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 2026-08-05.

### How is the Paper sector performing?

4 of the 10 covered Paper companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.