West Coast Paper Mills Ltd

₹ 425 -1.44%

01 Dec - 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 ₹ 2,805 Cr.
Current Price ₹ 425
High / Low ₹ 639 / 382
Stock P/E 15.6
Book Value ₹ 536
Dividend Yield 1.18 %
ROCE 11.5 %
ROE 9.49 %
Face Value ₹ 2.00

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Pros

Stock is trading at 0.79 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.181 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.

Peer comparison

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

Part of BSE SmallCap BSE Allcap BSE Commodities

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,210	1,239	1,357	1,139	1,194	1,045	1,070	960	1,045	1,016	1,041	955	1,043
	843	778	865	744	884	828	900	785	903	933	961	844	975
Operating Profit	367	461	493	395	310	218	170	176	142	83	81	110	68
OPM %	30%	37%	36%	35%	26%	21%	16%	18%	14%	8%	8%	12%	7%
	17	24	10	35	35	41	59	42	54	69	45	45	23
Interest	7	14	10	7	6	6	6	7	8	10	13	11	10
Depreciation	47	48	48	44	46	46	49	47	53	53	57	58	62
Profit before tax	331	423	444	379	294	207	174	163	135	89	56	86	19
Tax %	26%	26%	28%	27%	26%	23%	25%	26%	26%	24%	18%	30%	37%
	246	311	321	278	219	159	130	122	101	67	46	60	12
EPS in Rs	32.50	39.93	42.12	37.17	28.88	20.58	18.14	17.24	13.49	9.72	6.66	8.23	2.65
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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	4,055
	1,348	1,468	1,875	1,983	2,740	3,274	3,353	3,569	3,713
Operating Profit	362	511	618	261	638	1,647	1,095	493	342
OPM %	21%	26%	25%	12%	19%	33%	25%	12%	8%
	18	20	52	12	54	58	167	198	181
Interest	42	29	75	70	59	37	24	38	44
Depreciation	116	176	198	229	213	189	185	210	229
Profit before tax	222	326	397	-26	420	1,478	1,053	444	250
Tax %	-0%	9%	-2%	-83%	18%	26%	25%	24%
	223	296	406	-4	346	1,087	786	336	186
EPS in Rs	33.79	44.82	56.08	-0.47	46.49	142.62	104.77	47.11	27.26
Dividend Payout %	12%	11%	9%	-213%	13%	7%	8%	11%

Compounded Sales Growth
10 Years:	%
5 Years:	10%
3 Years:	6%
TTM:	-2%

Compounded Profit Growth
10 Years:	%
5 Years:	-3%
3 Years:	1%
TTM:	-61%

Stock Price CAGR
10 Years:	20%
5 Years:	20%
3 Years:	-10%
1 Year:	-30%

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	Sep 2025
Equity Capital	13	13	13	13	13	13	13	13	13
Reserves	826	1,090	1,375	1,376	1,673	2,568	3,228	3,478	3,525
	315	361	753	662	478	231	276	456	463
	436	455	1,043	1,018	1,094	1,361	1,600	1,565	1,574
Total Liabilities	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,512	5,576
	1,035	991	2,018	1,873	1,757	1,659	1,882	2,126	2,220
CWIP	3	37	57	34	22	55	210	172	113
Investments	1	223	45	220	472	1,310	1,730	1,604	1,754
	551	669	1,065	942	1,008	1,149	1,296	1,610	1,489
Total Assets	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,512	5,576

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	-289	-894	-714	-172
	-194	-12	218	-167	-295	-334	-61	72
Net Cash Flow	-6	-1	9	5	7	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	21	50
ROCE %		27%	24%	2%	20%	53%	29%	11%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	56.52%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.55%	56.55%	56.55%
	5.62%	7.04%	7.38%	7.80%	7.98%	8.19%	7.40%	6.17%	5.30%	4.20%	3.77%	3.31%
	7.60%	7.57%	7.18%	6.77%	6.62%	7.13%	7.19%	8.19%	9.35%	9.82%	11.74%	12.61%
	30.26%	28.87%	28.92%	28.90%	28.88%	28.15%	28.87%	29.12%	28.82%	29.43%	27.95%	27.55%
No. of Shareholders	42,761	42,603	52,029	57,706	57,193	60,840	53,673	55,848	55,058	54,375	52,312	50,839

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	55.80%	56.04%	56.72%	56.14%	56.29%	56.48%	56.53%	56.53%	56.55%	56.55%
	3.40%	6.44%	4.91%	3.26%	2.19%	2.23%	7.04%	8.19%	4.20%	3.31%
	12.26%	10.88%	11.38%	12.89%	8.99%	8.80%	7.57%	7.13%	9.82%	12.61%
	28.54%	26.64%	27.00%	27.71%	32.53%	32.48%	28.87%	28.15%	29.43%	27.55%
No. of Shareholders	16,363	21,033	24,816	28,886	33,489	31,426	42,603	60,840	54,375	50,839

* 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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