NSE: WSTCSTPAPR · BSE: 500444
WEST COAST PAPER MILLS LT
Manufactures paper and paper board, with a smaller cable-making business alongside. Paper and paper board contributed 92.0% of segment revenue in FY26 at Rs. 3,937.08 crore, with segment EBIT of Rs. 213.97 crore. Telecommunication cables, made through 100%-owned subsidiary West Coast Opticable, made up 8.0% of segment revenue at Rs. 341.64 crore with EBIT of Rs. 24.49 crore. The paper operations rely on integrated pulp and paper mills; recent sustainability disclosures show 200.30 lakh seedlings planted against a target of 200 lakh, a stated target of 3 crore trees in FY26-27, and maintenance of ISO 9001, 14001, 45001 and FSC certifications. The promoter group also holds 72.45% in Andhra Paper, whose Kadiyam plant has been under lockout since May 1, 2026 due to an illegal strike by contract workers. Materials are the largest cost item at 64.2% of revenue, followed by other operating expenses at 16.8% and employees at 9.9%. Depreciation stands at 5.8% of revenue and capex at 8.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper and Paper Board (92%), Telecommunication Cables (8%), Others (0%). Asset-heavy, cyclical integrated pulp and paper maker with a smaller telecom cable business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,378 | 4,921 | 4,448 | 4,062 | 4,279 |
| EBITDA (ex other income) | 633 | 1,627 | 1,092 | 481 | 413 |
| margin % | 18.8 | 33.1 | 24.6 | 11.8 | 9.7 |
| Owners' profit | 307 | 942 | 692 | 311 | 156 |
| EPS, as reported (₹) | 46.49 | 142.62 | 104.77 | 47.11 | 22.80 |
| ROE % · ROCE % | 17.0 · 18.8 | 35.5 · 44.6 | 20.6 · 25.3 | 8.2 · 10.4 | 3.7 · 5.9 |
| Debt / equity (x) | 0.22 | 0.07 | 0.07 | 0.11 | 0.07 |
| Cash from operations | 591 | 1,238 | 764 | 99 | 400 |
| Capex | (63) | (161) | (521) | (447) | (380) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,045 | 1,016 | 1,041 | 955 | 1,043 | 1,050 | 1,245 | 1,051 |
| Profit before tax | 135 | 89 | 56 | 86 | 19 | 47 | 85 | 181 |
| Net profit | 101 | 67 | 46 | 60 | 12 | 30 | 54 | 142 |
| EPS (₹) | 13.49 | 9.72 | 6.66 | 8.24 | 2.65 | 4.07 | 7.85 | 20.21 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Paper and Paper Board | 3,937 | 91.7 |
| Telecommunication Cables | 356 | 8.3 |
| Others | 0 | 0.0 |
| Total, before eliminations | 4,293 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT ◆ | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 13.8 | 28 of 36 | 23% |
| P/B | 1.3 | 0.7 | 29 of 36 | 20% |
| ROCE | 5.0 | 4.4 | 18 of 45 | 61% |
| ROE | 3.7 | 4.0 | 22 of 37 | 42% |
| Debt / Equity | 0.1 | 0.4 | 11 of 37 | 72% |
| EBITDA margin | 23.6 | 10.4 | 5 of 38 | 89% |
| Revenue growth | 10.1 | 11.5 | 21 of 39 | 47% |
| Profit growth | 135.4 | 60.9 | 9 of 42 | 81% |
| Market cap | 5402 | 55 | 2 of 48 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 16 Oct 2026 · West Coast Paper Mills Responds to Price Movement Query | compliance | minimal | — | — |
| 15 Oct 2026 · BSE seeks clarification from West Coast Paper on price movement | regulatory legal | high | — | — |
| 15 Oct 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 6 Oct 2026 · Routine quarterly dematerialisation confirmation certificate filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 31 Aug 2026 · 71st AGM minutes filed; Rs 3 dividend declared, all resolutions passed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 17 Aug 2026 · 71st AGM: All 8 Resolutions Passed, Dividend Declared | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · 71st AGM: All 8 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.