West Coast Paper Mills Ltd

West Coast Paper Mills Ltd

₹ 511 -0.46%
03 Sep - close price
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]

  • Market Cap 3,377 Cr.
  • Current Price 511
  • High / Low 639 / 382
  • Stock P/E 13.4
  • Book Value 529
  • Dividend Yield 0.98 %
  • ROCE 11.5 %
  • ROE 9.49 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.97 times its book value

Cons

  • The company has delivered a poor sales growth of 10.3% over past five years.
  • Earnings include an other income of Rs.213 Cr.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
1,114 1,210 1,239 1,357 1,139 1,194 1,045 1,070 960 1,045 1,016 1,041 955
793 843 778 865 744 884 828 900 785 903 933 961 844
Operating Profit 321 367 461 493 395 310 218 170 176 142 83 81 110
OPM % 29% 30% 37% 36% 35% 26% 21% 16% 18% 14% 8% 8% 12%
11 17 24 10 35 35 41 59 42 54 69 45 45
Interest 6 7 14 10 7 6 6 6 7 8 10 13 11
Depreciation 46 47 48 48 44 46 46 49 47 53 53 57 58
Profit before tax 280 331 423 444 379 294 207 174 163 135 89 56 86
Tax % 25% 26% 26% 28% 27% 26% 23% 25% 26% 26% 24% 18% 30%
209 246 311 321 278 219 159 130 122 101 67 46 60
EPS in Rs 28.06 32.50 39.93 42.12 37.17 28.88 20.58 18.14 17.24 13.49 9.72 6.66 8.23
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,710 1,979 2,493 2,245 3,378 4,921 4,448 4,062 4,057
1,348 1,468 1,875 1,983 2,740 3,274 3,353 3,569 3,641
Operating Profit 362 511 618 261 638 1,647 1,095 493 416
OPM % 21% 26% 25% 12% 19% 33% 25% 12% 10%
18 20 52 12 54 58 167 198 213
Interest 42 29 75 70 59 37 24 38 42
Depreciation 116 176 198 229 213 189 185 210 220
Profit before tax 222 326 397 -26 420 1,478 1,053 444 366
Tax % -0% 9% -2% -83% 18% 26% 25% 24%
223 296 406 -4 346 1,087 786 336 274
EPS in Rs 33.79 44.82 56.08 -0.47 46.49 142.62 104.77 47.11 38.10
Dividend Payout % 12% 11% 9% -213% 13% 7% 8% 11%
Compounded Sales Growth
10 Years: %
5 Years: 10%
3 Years: 6%
TTM: -5%
Compounded Profit Growth
10 Years: %
5 Years: -3%
3 Years: 1%
TTM: -55%
Stock Price CAGR
10 Years: 24%
5 Years: 22%
3 Years: -6%
1 Year: -15%
Return on Equity
10 Years: %
5 Years: 20%
3 Years: 23%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 13 13 13 13 13 13 13 13
Reserves 826 1,090 1,375 1,376 1,673 2,568 3,228 3,478
315 361 753 676 478 231 276 456
436 455 1,043 1,004 1,094 1,361 1,600 1,565
Total Liabilities 1,590 1,920 3,184 3,069 3,259 4,173 5,118 5,512
1,035 991 2,010 1,873 1,757 1,659 1,882 2,126
CWIP 3 37 57 34 22 55 210 172
Investments 1 223 45 220 472 1,310 1,730 1,604
551 669 1,072 942 1,008 1,149 1,296 1,610
Total Assets 1,590 1,920 3,184 3,069 3,259 4,173 5,118 5,512

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
326 394 649 338 591 1,238 764 99
-139 -382 -858 -166 -291 -894 -714 -172
-194 -12 218 -167 -295 -334 -61 72
Net Cash Flow -6 -1 9 5 5 10 -11 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 25 30 21 33 26 25 21 31
Inventory Days 137 159 167 128 85 88 117 130
Days Payable 81 67 63 64 59 54 56 50
Cash Conversion Cycle 82 123 124 98 52 58 81 112
Working Capital Days 24 18 18 7 11 13 24 50
ROCE % 27% 24% 2% 20% 53% 29% 11%

Shareholding Pattern

Numbers in percentages

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
56.51% 56.52% 56.53% 56.53% 56.53% 56.53% 56.53% 56.53% 56.53% 56.53% 56.55% 56.55%
3.67% 5.62% 7.04% 7.38% 7.80% 7.98% 8.19% 7.40% 6.17% 5.30% 4.20% 3.77%
7.46% 7.60% 7.57% 7.18% 6.77% 6.62% 7.13% 7.19% 8.19% 9.35% 9.82% 11.74%
32.34% 30.26% 28.87% 28.92% 28.90% 28.88% 28.15% 28.87% 29.12% 28.82% 29.43% 27.95%
No. of Shareholders 40,55042,76142,60352,02957,70657,19360,84053,67355,84855,05854,37552,312

* 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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