West Coast Paper Mills Ltd

₹ 548 1.26%

09 Jul 3:40 p.m.

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 ₹ 3,622 Cr.
Current Price ₹ 548
High / Low ₹ 583 / 375
Stock P/E 24.0
Book Value ₹ 546
Dividend Yield 0.90 %
ROCE 6.16 %
ROE 4.24 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Stock is trading at 0.99 times its book value

Cons

Company has a low return on equity of 11.8% over last 3 years.
Dividend payout has been low at 10.5% of profits over last 3 years
Working capital days have increased from 73.8 days to 151 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,357	1,139	1,194	1,045	1,070	960	1,045	1,016	1,041	955	1,043	1,036	1,245
	865	744	884	828	900	785	903	933	961	844	975	959	1,088
Operating Profit	493	395	310	218	170	176	142	83	81	110	68	77	157
OPM %	36%	35%	26%	21%	16%	18%	14%	8%	8%	12%	7%	7%	13%
	10	35	35	41	59	42	54	69	45	45	23	45	3
Interest	10	7	6	6	6	7	8	10	13	11	10	11	10
Depreciation	48	44	46	46	49	47	53	53	57	58	62	63	65
Profit before tax	444	379	294	207	174	163	135	89	56	86	19	47	85
Tax %	28%	27%	26%	23%	25%	26%	26%	24%	18%	30%	37%	37%	36%
	321	278	219	159	130	122	101	67	46	60	12	30	54
EPS in Rs	42.12	37.17	28.88	20.58	18.14	17.24	13.49	9.72	6.66	8.23	2.65	4.07	7.85
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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	Mar 2026
	1,710	1,979	2,493	2,245	3,378	4,921	4,448	4,062	4,279
	1,348	1,468	1,875	1,983	2,740	3,274	3,353	3,569	3,866
Operating Profit	362	511	618	261	638	1,647	1,095	493	413
OPM %	21%	26%	25%	12%	19%	33%	25%	12%	10%
	18	20	52	12	54	58	167	198	114
Interest	42	29	75	70	59	37	24	38	42
Depreciation	116	176	198	229	213	189	185	210	248
Profit before tax	222	326	397	-26	420	1,478	1,053	444	237
Tax %	-0%	9%	-2%	-83%	18%	26%	25%	24%	34%
	223	296	406	-4	346	1,087	786	336	156
EPS in Rs	33.79	44.82	56.08	-0.47	46.49	142.62	104.77	47.11	22.80
Dividend Payout %	12%	11%	9%	-213%	13%	7%	8%	11%	13%

Compounded Sales Growth
10 Years:	%
5 Years:	14%
3 Years:	-5%
TTM:	5%

Compounded Profit Growth
10 Years:	%
5 Years:	115%
3 Years:	-46%
TTM:	-53%

Stock Price CAGR
10 Years:	20%
5 Years:	15%
3 Years:	5%
1 Year:	-2%

Return on Equity
10 Years:	%
5 Years:	18%
3 Years:	12%
Last Year:	4%

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	Mar 2026
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	3,595
	315	361	753	662	478	231	276	456	345
	436	455	1,043	1,018	1,094	1,361	1,600	1,565	1,502
Total Liabilities	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,512	5,455
	1,035	991	2,018	1,873	1,757	1,659	1,882	2,126	2,182
CWIP	3	37	57	34	22	55	210	172	290
Investments	1	223	45	220	472	1,310	1,730	1,604	1,492
	551	669	1,065	942	1,008	1,149	1,296	1,610	1,491
Total Assets	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,512	5,455

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	Mar 2026
	326	394	649	338	591	1,238	764	99	400
	-139	-382	-858	-166	-289	-894	-714	-172	-188
	-194	-12	218	-167	-295	-334	-61	72	-206
Net Cash Flow	-6	-1	9	5	7	10	-11	-0	7
Free Cash Flow	180	225	536	265	528	1,077	240	-350	19
CFO/OP	104%	89%	113%	129%	108%	95%	93%	38%	108%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	25	30	21	33	26	25	21	31	33
Inventory Days	137	159	167	128	85	88	117	130	108
Days Payable	81	67	63	64	59	54	56	50	36
Cash Conversion Cycle	82	123	124	98	52	58	81	112	106
Working Capital Days	24	18	18	7	11	13	21	50	151
ROCE %		27%	24%	2%	20%	53%	29%	11%	6%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Paper and Paperboard Sales Volume
MT ・Standalone data

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		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			xx	xx
							xx.xx	xx.xx	xx.xx
							xxx	xxx	xxx

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Installed Paper Capacity (Standalone)
MTPA ・Standalone data

Paper Capacity Utilization
% ・Standalone data

Number of Dealers
count ・Standalone data

Number of Export Countries
count ・Standalone data

Captive Power Capacity
MW ・Standalone data

In-house Pulp Capacity
TPD ・Standalone data

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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