Paper & Paper Products industry

57 companies · ₹36,546 cr · 9 with AI deep dives · Q1FY27 report

Volume surge from capacity upgrades masks spread compression as West Asia costs outpace NSR gains

Turning upmargin troughed at 7.4% and has risen for 6 quarters to 12.6%, on positive revenue growth

Revenue YoY: +16.8%
EBITDA margin: 12.6%; +220bps YoY
Price, 1 year: -15.3%; 38% of names up
P/E vs own 5y: +30.3%; 15.5x now

Exhibit 1The quarter in numbers

constant panel of 13 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	7,469 cr	8,492 cr	-12.0%	6,397 cr	+16.8%	8,492 cr	-12.0%
EBITDA margin	12.6%	9.0%	+360bps	10.4%	+220bps	12.6%	0bps

Revenue

Jun 26: 7,469 cr
Mar 26: 8,492 cr
QoQ: -12.0%
Jun 25: 6,397 cr
YoY: +16.8%
Peak: 8,492 cr
vs peak: -12.0%

EBITDA margin

Jun 26: 12.6%
Mar 26: 9.0%
QoQ: +360bps
Jun 25: 10.4%

Sept 26: 0 of 13 reported so far, so it is not in the trend above.

Breadth: 92% of 13 companies grew revenue year on year (was 77% a quarter earlier) and 62% expanded margin (was 46%).

Exhibit 2What it costs

9.71x - 19.12x across the panel today

The median name trades at 15.5x, +30.3% against this industry's own 5-year median of 11.9x, and -27.5% against its own peak of 21.4x.

Exhibit 3Structure

₹36,546 cr

Aditya Birla Real Estate Ltd is 31.9% of this industry by market cap. The top 5 are 70.9% and the top 10 are 83.8%.

mid 1small 6micro 5013 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 15.51x, 5y ROCE above its median of 9.43%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 57)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Aditya Birla Real Estate Ltd	₹12,108 cr	-	-53.4x	-4.2%	-88.2%	+29.7%	Unlock
Seshasayee Paper & Boards Ltd	₹1,366 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindPost-upgradation capacity additions driving strong volume growth2 managements

Both Kuantum Papers and Pakka are mid-way through multi-machine upgradation programmes delivering step-change volume increases. Kuantum completed three of four machine upgrades…

KUANTUM (Q1FY27): “Operational income for the quarter stood at INR304 crores, registering a year-on-year…”

headwind2 managements headwind2 managements

2 more themes from this quarter's earnings calls are locked.

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 32 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Nikita Greentech Recycling Ltd	₹148 cr	15.7x	8.8x	9.3%	8.0%	-13.5%	Unlock