Sector analysis · India

Forest Materials sector earnings growth, Q3 FY26

The 20 largest Forest Materials companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.

The top 20 at Q3 FY26

Q3 FY26 vs Q3 FY25: combined net profit ₹182 cr (+6%), median EPS −15% (10 of 20 up), market-cap-weighted price −23%. 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	29.5%	3.86 → 1.62	−58% one-off	−9.0 pp	−14%
2	West Coast Paper Mills LimitedWSTCSTPAPR	13.3%	9.72 → 4.07	−58%	−8.8 pp	−26%
3	Seshasayee Paper and Boards LimitedSESHAPAPER	7.3%	2.64 → 2.96	+12%	+0.5 pp	−23%
4	Andhra Paper LimitedANDHRAPAP	6.5%	0.59 → 0.50	−15%	−0.4 pp	−29%
5	Tamil Nadu Newsprint & Papers LimitedTNPL	4.9%	−6.20 → 0.98	turned profitable	+11.7 pp	−24%
6	Pudumjee Paper Products LimitedPDMJEPAPER	4.4%	2.06 → 2.18	+6%	+0.3 pp	−47%
7	N R Agarwal Industries LimitedNRAIL	4.0%	7.48 → 8.48	+13%	+0.4 pp	+38%
8	Kuantum Papers LimitedKUANTUM	3.9%	2.40 → 1.12	−53%	−2.6 pp	−26%
9	Gloster LtdGLOSTERLTD	3.6%	0.76 → −0.68	to loss	−0.4 pp	−1%
10	Satia Industries LimitedSATIA	3.3%	1.98 → 2.80	+41%	+1.9 pp	−30%
11	Cheviot Company LimitedCHEVIOT	3.1%	5.89 → 29.43	+400%	+3.3 pp	−16%
12	Emami PaperEMAMIPAP	2.6%	0.28 → 2.81	+904%	+3.6 pp	−20%
13	Shree Rama Newsprint LimitedRAMANEWS	2.4%	−5.47 → −0.69	loss, smaller	+16.7 pp	+80%
14	Orient Paper & Industries LimitedORIENTPPR	2.4%	−0.50 → −1.00	loss, bigger	−2.5 pp	−39%
15	PAKKA LIMITEDPAKKA	2.3%	1.98 → 1.57	−21%	−0.4 pp	−61%
16	Ruchira Papers LimitedRUCHIRA	1.8%	5.52 → 0.68	−88%	−3.4 pp	−6%
17	Genus Paper & Boards LimitedGENUSPAPER	1.6%	0.06 → 0.08	+33%	+0.1 pp	−40%
18	Star Paper Mills LimitedSTARPAPER	1.3%	4.94 → 5.26	+6%	+0.1 pp	−23%
19	Shreyans Industries LimitedSHREYANIND	1.2%	6.58 → −1.84	to loss	−2.8 pp	−24%
20	Magnum Ventures LimitedMAGNUM	0.8%	1.26 → 0.04	−97%	−1.9 pp	−41%
	Sector earnings growth	100%			+6.3 pp

Who joined and who left

0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 0

Nobody joined.

Left the top 20 since Q2 FY26 0

Nobody left.

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
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%
GLOSTERLTD	outside	outside	outside	to loss	to loss	−62%	to loss	turned profitable	turned profitable	to loss	turned profitable	to loss
SATIA	−6%	−39%	−15%	−39%	−74%	−50%	−10%	−38%	to loss	+41%	−84%	to loss
CHEVIOT	+9%	+41%	+9%	+57%	−3%	−80%	−36%	+12%	−20%	+400%	to loss	+58%
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
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
PAKKA	+10%	−32%	−34%	−42%	+51%	−22%	−66%	to loss	to loss	−21%	−4%	turned profitable
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%
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