Sector analysis · India

Forest Materials sector earnings growth, Q1 FY25

The 20 largest Forest Materials companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q1 FY24.

The top 20 at Q1 FY25

Q1 FY25 vs Q1 FY24: combined net profit ₹516 cr (−57%), median EPS −48% (5 of 20 up), market-cap-weighted price +38%. 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	29.3%	18.22 → 8.25	−55%	−13.7 pp	+69%
2	West Coast Paper Mills LimitedWSTCSTPAPR	14.1%	37.17 → 17.24	−54%	−10.7 pp	+34%
3	Andhra Paper LimitedANDHRAPAP	7.2%	5.96 → 1.39	−77%	−7.4 pp	+36%
4	Seshasayee Paper and Boards LimitedSESHAPAPER	6.7%	11.38 → 5.87	−48%	−2.8 pp	+18%
5	Tamil Nadu Newsprint & Papers LimitedTNPL	6.0%	18.59 → 3.17	−83%	−8.6 pp	+30%
6	Kuantum Papers LimitedKUANTUM	4.4%	7.46 → 4.38	−41%	−2.2 pp	−18%
7	Satia Industries LimitedSATIA	4.1%	8.41 → 5.11	−39%	−2.7 pp	+12%
8	Orient Paper & Industries LimitedORIENTPPR	3.7%	1.52 → −0.30	to loss	−3.1 pp	+35%
9	Pudumjee Paper Products LimitedPDMJEPAPER	3.4%	1.18 → 2.90	+146%	+1.3 pp	+175%
10	PAKKA LIMITEDPAKKA	3.2%	3.77 → 2.17	−42%	−0.5 pp	—
11	Gloster LtdGLOSTERLTD	2.9%	7.13 → −7.72	to loss	−1.3 pp	—
12	Cheviot Company LimitedCHEVIOT	2.8%	28.03 → 44.07	+57%	+0.8 pp	+22%
13	N R Agarwal Industries LimitedNRAIL	2.7%	23.83 → 2.00	−92%	−3.0 pp	+70%
14	Emami PaperEMAMIPAP	2.3%	0.22 → 2.12	+864%	+0.9 pp	−4%
15	Genus Paper & Boards LimitedGENUSPAPER	1.7%	0.01 → 0.11	+1,000%	+0.2 pp	+44%
16	Ruchira Papers LimitedRUCHIRA	1.3%	7.29 → 4.95	−32%	−0.6 pp	+21%
17	Star Paper Mills LimitedSTARPAPER	1.3%	12.64 → 8.91	−30%	−0.5 pp	+49%
18	Shreyans Industries LimitedSHREYANIND	1.2%	23.13 → 10.11	−56%	−1.5 pp	+27%
19	Magnum Ventures LimitedMAGNUM	0.9%	0.61 → −2.08	to loss	−1.3 pp	+41%
20	Shree Rama Newsprint LimitedRAMANEWS	0.9%	−0.72 → −0.69	loss, smaller	0.0 pp	+48%
	Sector earnings growth	100%			−56.5 pp

Who joined and who left

1 joined and 1 left the top 20 since Q4 FY24, as market caps moved.

Joined the top 20 since Q4 FY24 1

now #11 Gloster Ltd GLOSTERLTD

Left the top 20 since Q4 FY24 1

was #20 Astron Paper & Board Mill Limited ASTRON

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%
ANDHRAPAP	−12%	−52%	−75%	−77%	−58%	−86%	−80%	−23%	to loss	−15%	0%	+42%
SESHAPAPER	−31%	−38%	−52%	−48%	−61%	−76%	−52%	−58%	−21%	+12%	−4%	+107%
TNPL	−73%	−86%	−68%	−83%	−92%	to loss	−33%	to loss	+216%	turned profitable	+985%	turned profitable
KUANTUM	−19%	−26%	−48%	−41%	−30%	−50%	−23%	−68%	−81%	−53%	−45%	−49%
SATIA	−6%	−39%	−15%	−39%	−74%	−50%	−10%	−38%	to loss	+41%	−84%	to loss
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
PDMJEPAPER	−3%	+151%	+249%	+146%	+68%	−39%	−49%	+32%	−43%	+6%	+5%	−7%
PAKKA	+10%	−32%	−34%	−42%	+51%	−22%	−66%	to loss	to loss	−21%	−4%	turned profitable
GLOSTERLTD	outside	outside	outside	to loss	to loss	−62%	to loss	turned profitable	turned profitable	to loss	turned profitable	to loss
CHEVIOT	+9%	+41%	+9%	+57%	−3%	−80%	−36%	+12%	−20%	+400%	to loss	+58%
NRAIL	+38%	+63%	−21%	−92%	−78%	−60%	to loss	+386%	to loss	+13%	turned profitable	+111%
EMAMIPAP	−35%	+2,730%	turned profitable	+864%	−54%	−96%	−86%	−51%	−13%	+904%	+702%	+513%
GENUSPAPER	turned profitable	turned profitable	+300%	+1,000%	−80%	+100%	+50%	+45%	+750%	+33%	+25%	−12%
RUCHIRA	−47%	−58%	−49%	−32%	+67%	+129%	+91%	+15%	−14%	−88%	−48%	−64%
STARPAPER	−28%	+16%	−13%	−30%	−4%	−48%	−65%	−8%	−10%	+6%	to loss	−14%
SHREYANIND	−5%	+3%	−38%	−56%	−54%	−56%	+24%	+24%	−75%	to loss	to loss	outside
MAGNUM	+8%	+13%	−45%	to loss	+42%	+180%	−64%	loss, bigger	−86%	−97%	−4%	outside
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