West Coast Paper Mills Ltd

₹ 515 0.80%

16 Jun - close price

westcoastpaper.com BSE: 500444 NSE: WSTCSTPAPR

About

West Coast Paper Mills Ltd is one of the oldest and the largest producers of paper for printing, writing, and packaging in India. Established in 1955, the Mill is located at Dandeli in Uttara Kannada district in Karnataka. The global quality paper produced by the Company serves the needs of innumerable industries in printing, writing, publishing, stationary, notebooks and packaging sectors in India, in the process contributing to the development of the nation. ^[1]

Key Points

Business Segments
a) Paper Division (93% in H1 FY25 vs 96% in FY22) ^[1] ^[2] The company produces premium papers, writing papers, boards, office stationery, etc under the Wesco brand. The segment revenue grew 30% between FY22 and FY24, driven by a 30% rise in price realizations, while volume remained flat. ^[3] ^[4]

Website BSE NSE

Market Cap ₹ 3,399 Cr.
Current Price ₹ 515
High / Low ₹ 583 / 375
Stock P/E 22.1
Book Value ₹ 428
Dividend Yield 0.97 %
ROCE 8.61 %
ROE 5.55 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 12.0% over last 3 years.
Dividend payout has been low at 11.9% of profits over last 3 years
Working capital days have increased from 92.0 days to 165 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Forest Materials Paper, Forest & Jute Products Paper & Paper Products

Part of BSE Commodities BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	767	651	706	565	701	642	609	629	631	556	645	591	707
	504	414	529	458	567	501	519	575	567	479	574	534	597
Operating Profit	263	238	178	107	133	141	90	54	64	77	70	57	110
OPM %	34%	36%	25%	19%	19%	22%	15%	9%	10%	14%	11%	10%	16%
	9	14	50	18	15	17	53	54	25	18	27	16	8
Interest	7	5	4	5	5	5	4	5	6	5	5	6	6
Depreciation	30	26	27	27	30	26	27	29	30	30	33	34	36
Profit before tax	235	221	197	93	114	127	111	75	54	59	59	33	76
Tax %	29%	27%	21%	16%	28%	27%	17%	22%	23%	31%	24%	44%	36%
	166	160	156	78	82	93	92	58	41	41	45	19	49
EPS in Rs	25.14	24.30	23.56	11.75	12.48	14.10	13.93	8.81	6.27	6.22	6.82	2.82	7.40
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,648	1,700	1,769	1,710	1,979	1,982	1,368	1,985	2,810	2,623	2,511	2,498
	1,403	1,450	1,431	1,348	1,470	1,501	1,170	1,579	1,907	1,966	2,159	2,185
Operating Profit	246	250	338	362	509	482	198	406	904	657	352	314
OPM %	15%	15%	19%	21%	26%	24%	14%	20%	32%	25%	14%	13%
	-49	-46	2	18	21	47	3	30	45	95	147	69
Interest	70	76	52	42	29	72	65	53	29	19	20	22
Depreciation	122	114	111	116	175	166	153	138	119	109	113	132
Profit before tax	5	14	178	223	325	290	-18	244	799	624	367	228
Tax %	77%	103%	28%	-0%	9%	5%	-112%	11%	27%	24%	22%	33%
	1	-0	128	223	296	276	2	218	587	476	285	154
EPS in Rs	0.17	-0.07	19.46	33.80	44.82	41.85	0.31	33.02	88.89	72.10	43.11	23.24
Dividend Payout %	0%	-1,405%	13%	12%	11%	12%	322%	18%	11%	11%	12%	13%

Compounded Sales Growth
10 Years:	4%
5 Years:	13%
3 Years:	-4%
TTM:	-1%

Compounded Profit Growth
10 Years:	17%
5 Years:	82%
3 Years:	-36%
TTM:	-46%

Stock Price CAGR
10 Years:	21%
5 Years:	18%
3 Years:	0%
1 Year:	3%

Return on Equity
10 Years:	17%
5 Years:	16%
3 Years:	12%
Last Year:	6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	585	503	626	826	1,090	1,282	1,285	1,494	2,037	2,467	2,692	2,811
	910	744	444	315	357	740	628	415	174	161	172	111
	417	470	448	436	455	363	368	410	453	532	553	498
Total Liabilities	1,925	1,731	1,531	1,590	1,915	2,398	2,295	2,332	2,677	3,173	3,429	3,433
	1,147	1,086	1,001	1,035	985	913	835	754	671	674	703	788
CWIP	2	3	6	3	37	55	25	14	25	96	139	8
Investments	47	1	1	1	223	912	912	1,001	1,335	1,629	1,626	1,779
	730	641	523	551	671	517	523	563	645	774	962	859
Total Assets	1,925	1,731	1,531	1,590	1,915	2,398	2,295	2,332	2,677	3,173	3,429	3,433

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	257	98	434	326	395	544	239	382	695	454	157	298
	-22	34	-39	-139	-384	-771	-59	-88	-371	-356	-82	-178
	-230	-132	-394	-194	-16	225	-177	-299	-311	-100	-66	-126
Net Cash Flow	4	-1	1	-7	-5	-1	4	-4	13	-2	9	-6
Free Cash Flow	234	68	404	180	233	439	187	360	648	273	-25	218
CFO/OP	105%	42%	135%	104%	89%	120%	121%	104%	93%	87%	68%	106%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	28	25	26	25	30	19	34	25	24	27	35	33
Inventory Days	179	136	101	137	158	119	122	88	95	128	132	125
Days Payable	92	72	53	81	67	29	35	39	32	31	34	23
Cash Conversion Cycle	114	89	75	82	122	108	120	74	87	124	132	135
Working Capital Days	-39	-20	1	24	19	3	-6	4	21	43	67	165
ROCE %	8%	10%	20%	23%	27%	21%	3%	15%	40%	26%	14%	9%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

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Mar 2025

Production Volume - Paper & Paper Board (Standalone)
MT

xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
					xx	xx	xx	xx	xx	xxx	xx
			xx,xxx		xx,xxx	xx,xxx	xx,xxx		xx,xxx	xx,xxx	xxx,xxx
							xxx.xx		xx.xx	xxx.xx	xxx.xx
										xx	xx

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Sales Volume - Paper & Paper Board (Standalone)
MT

Capacity Utilization - Paper & Paper Board (Standalone)
%

Installed Capacity - Paper & Paper Board (Standalone)
MTPA

Distribution Network - Established Dealers
Number

Production Volume - Optical Fibre Cables
Kms

Seedlings Distributed to Farmers
Lakhs

Specific Water Consumption
KL/MT of product

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.55%	56.55%	56.55%	56.55%	56.58%
	7.38%	7.80%	7.98%	8.19%	7.40%	6.17%	5.30%	4.20%	3.77%	3.31%	3.26%	3.24%
	7.18%	6.77%	6.62%	7.13%	7.19%	8.19%	9.35%	9.82%	11.74%	12.61%	12.65%	13.11%
	28.92%	28.90%	28.88%	28.15%	28.87%	29.12%	28.82%	29.43%	27.95%	27.55%	27.54%	27.06%
No. of Shareholders	52,029	57,706	57,193	60,840	53,673	55,848	55,058	54,375	52,312	50,839	49,345	47,196

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	55.80%	56.04%	56.72%	56.14%	56.29%	56.48%	56.53%	56.53%	56.55%	56.58%
	3.40%	6.44%	4.91%	3.26%	2.19%	2.23%	7.04%	8.19%	4.20%	3.24%
	12.26%	10.88%	11.38%	12.89%	8.99%	8.80%	7.57%	7.13%	9.82%	13.11%
	28.54%	26.64%	27.00%	27.71%	32.53%	32.48%	28.87%	28.15%	29.43%	27.06%
No. of Shareholders	16,363	21,033	24,816	28,886	33,489	31,426	42,603	60,840	54,375	47,196

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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