Sector analysis · India

Forest Materials sector earnings growth, Q1 FY27

The 20 largest Forest Materials companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.

The top 20 at Q1 FY27

Q1 FY27 vs Q1 FY26: combined net profit ₹500 cr (+34%), median EPS +42% (11 of 20 up), market-cap-weighted price −15%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	JK PaperJKPAPER	30.6%	4.80 → 7.18	+50% one source	+12.2 pp	−5%
2	West Coast Paper Mills LimitedWSTCSTPAPR	17.0%	8.24 → 20.21	+145% one source	+19.7 pp	+6%
3	Seshasayee Paper and Boards LimitedSESHAPAPER	7.0%	2.45 → 5.06	+107% one source	+4.1 pp	−23%
4	Andhra Paper LimitedANDHRAPAP	6.0%	1.07 → 1.52	+42%	+2.2 pp	−22%
5	Tamil Nadu Newsprint & Papers LimitedTNPL	4.9%	−1.07 → 0.83	turned profitable	+3.3 pp	−12%
6	Gloster LtdGLOSTERLTD	3.8%	2.74 → −2.13	to loss one source	−1.3 pp	−6%
7	Pudumjee Paper Products LimitedPDMJEPAPER	3.8%	3.82 → 3.55	−7%	−0.6 pp	−28%
8	N R Agarwal Industries LimitedNRAIL	3.6%	9.72 → 20.55	+111%	+4.6 pp	+20%
9	Kuantum Papers LimitedKUANTUM	3.2%	1.38 → 0.71	−49%	−1.4 pp	−36%
10	Cheviot Company LimitedCHEVIOT	3.1%	49.15 → 77.53	+58%	+4.1 pp	−9%
11	Satia Industries LimitedSATIA	2.6%	3.16 → −1.71	to loss	−12.1 pp	−41%
12	Emami PaperEMAMIPAP	2.5%	1.04 → 6.38	+513%	+8.0 pp	−13%
13	Shree Rama Newsprint LimitedRAMANEWS	2.1%	−0.70 → −0.71	loss, bigger	−0.1 pp	−16%
14	PAKKA LIMITEDPAKKA	1.8%	−0.34 → 1.24	turned profitable	+1.8 pp	−63%
15	Orient Paper & Industries LimitedORIENTPPR	1.7%	1.60 → −0.39	to loss	−10.5 pp	−42%
16	Ruchira Papers LimitedRUCHIRA	1.6%	5.69 → 2.06	−64%	−2.7 pp	−20%
17	Genus Paper & Boards LimitedGENUSPAPER	1.5%	0.16 → 0.14	−12%	−0.2 pp	−38%
18	Shree Ajit Pulp & Paper LimitedSAPPL	1.2%	7.92 → 20.84	+163% one source	+2.9 pp	—
19	Star Paper Mills LimitedSTARPAPER	1.0%	8.21 → 7.05	−14%	−0.4 pp	−23%
20	The Indian Wood Products Company LimitedIWP	1.0%	0.18 → 0.39	+117%	+0.3 pp	—
	Sector earnings growth	100%			+33.8 pp

Who joined and who left

2 joined and 2 left the top 20 since Q4 FY26, as market caps moved.

Joined the top 20 since Q4 FY26 2

now #18 Shree Ajit Pulp & Paper Limited SAPPL
now #20 The Indian Wood Products Company Limited IWP

Left the top 20 since Q4 FY26 2

was #19 Shreyans Industries Limited SHREYANIND
was #20 Magnum Ventures Limited MAGNUM

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
JKPAPER	−7%	−29%	−2%	−55%	−57%	−72%	−72%	−42%	−42%	−58%	+13%	+50%
WSTCSTPAPR	−11%	−48%	−57%	−54%	−53%	−53%	−63%	−52%	−80%	−58%	+23%	+145%
SESHAPAPER	−31%	−38%	−52%	−48%	−61%	−76%	−52%	−58%	−21%	+12%	−4%	+107%
ANDHRAPAP	−12%	−52%	−75%	−77%	−58%	−86%	−80%	−23%	to loss	−15%	0%	+42%
TNPL	−73%	−86%	−68%	−83%	−92%	to loss	−33%	to loss	+216%	turned profitable	+985%	turned profitable
GLOSTERLTD	outside	outside	outside	to loss	to loss	−62%	to loss	turned profitable	turned profitable	to loss	turned profitable	to loss
PDMJEPAPER	−3%	+151%	+249%	+146%	+68%	−39%	−49%	+32%	−43%	+6%	+5%	−7%
NRAIL	+38%	+63%	−21%	−92%	−78%	−60%	to loss	+386%	to loss	+13%	turned profitable	+111%
KUANTUM	−19%	−26%	−48%	−41%	−30%	−50%	−23%	−68%	−81%	−53%	−45%	−49%
CHEVIOT	+9%	+41%	+9%	+57%	−3%	−80%	−36%	+12%	−20%	+400%	to loss	+58%
SATIA	−6%	−39%	−15%	−39%	−74%	−50%	−10%	−38%	to loss	+41%	−84%	to loss
EMAMIPAP	−35%	+2,730%	turned profitable	+864%	−54%	−96%	−86%	−51%	−13%	+904%	+702%	+513%
RAMANEWS	loss, bigger	loss, bigger	loss, smaller	loss, smaller	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, bigger
PAKKA	+10%	−32%	−34%	−42%	+51%	−22%	−66%	to loss	to loss	−21%	−4%	turned profitable
ORIENTPPR	to loss	to loss	to loss	to loss	loss, bigger	loss, bigger	loss, bigger	turned profitable	loss, bigger	loss, bigger	loss, smaller	to loss
RUCHIRA	−47%	−58%	−49%	−32%	+67%	+129%	+91%	+15%	−14%	−88%	−48%	−64%
GENUSPAPER	turned profitable	turned profitable	+300%	+1,000%	−80%	+100%	+50%	+45%	+750%	+33%	+25%	−12%
SAPPL	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+163%
STARPAPER	−28%	+16%	−13%	−30%	−4%	−48%	−65%	−8%	−10%	+6%	to loss	−14%
IWP	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+117%