West Coast Paper Mills Reports Q3FY26 Results Amid Paper Industry Challenges
West Coast Paper Mills Limited reported Q3FY26 results showing consolidated revenue of ₹1,049.78 crores with net profit of ₹29.58 crores, while standalone revenue declined 8% to ₹590.77 crores amid pricing pressures from rising paper imports. The board re-appointed S.K. Bangur as Chairman & Managing Director for five years and Sudha Bhushan as Independent Director for a second term, both subject to shareholder approval.
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West Coast Paper Mills Limited announced its unaudited financial results for the quarter ended December 31, 2025, revealing a mixed performance amid challenging market conditions. The paper manufacturing company faced headwinds from rising imports and competitive pricing pressures that impacted operational metrics across both consolidated and standalone business segments.
Financial Performance Overview
The company's financial results demonstrated contrasting trends between consolidated and standalone operations during Q3FY26:
| Metric | Consolidated Q3FY26 | Consolidated Q2FY26 | QoQ Change | Standalone Q3FY26 | Standalone Q2FY26 | QoQ Change |
|---|---|---|---|---|---|---|
| Revenue (₹ crores) | 1,049.78 | 1,043.02 | +1% | 590.77 | 644.53 | -8% |
| EBITDA (₹ crores) | 121.32 | 90.55 | +34% | 73.04 | 97.46 | -25% |
| Net Profit (₹ crores) | 29.58 | 11.91 | +148% | 18.61 | 45.02 | -59% |
| PAT Margin | 3% | 1% | +200bps | 3% | 7% | -400bps |
| EPS (₹) | 4.07 | 2.65 | +54% | 2.82 | 6.82 | -59% |
On a consolidated basis, the company demonstrated resilience with revenue growing 1% quarter-on-quarter to ₹1,049.78 crores and net profit surging 148% to ₹29.58 crores. However, standalone operations faced significant pressure with revenue declining 8% to ₹590.77 crores and net profit dropping 59% to ₹18.61 crores.
Segment-wise Revenue Analysis
The company's diversified business portfolio showed varied performance across segments:
Consolidated Segment Performance
| Segment | Q3FY26 Revenue (₹ crores) | Q2FY26 Revenue (₹ crores) | Nine Months FY26 (₹ crores) |
|---|---|---|---|
| Paper and Paper Board | 952.63 | 944.41 | 2,777.71 |
| Telecommunication Cables | 97.13 | 98.60 | 269.67 |
| Others | 0.02 | 0.01 | 0.06 |
Standalone Segment Performance
| Segment | Q3FY26 Revenue (₹ crores) | Q2FY26 Revenue (₹ crores) | Nine Months FY26 (₹ crores) |
|---|---|---|---|
| Paper and Paper Board | 533.94 | 582.33 | 1,603.53 |
| Telecommunication Cables | 56.81 | 62.18 | 187.56 |
| Others | 0.02 | 0.01 | 0.06 |
The Paper and Paper Board segment remained the primary revenue driver, contributing over 90% of total revenue across both consolidated and standalone operations.
Operational Challenges and Market Dynamics
Chairman and Managing Director S.K. Bangur highlighted the challenging operating environment, stating that the paper industry continued to face margin pressure from rising imports resulting in competitive pricing pressures. The company noted that while demand in core writing and printing grades remained broadly stable, realizations were affected across segments.
During the quarter, production was also impacted due to planned maintenance activities undertaken in November 2025. Despite these challenges, the company maintained strong operational discipline with continued focus on efficiency and cost control measures.
Board Appointments and Governance
The Board of Directors approved significant leadership appointments during their meeting held on February 12, 2026:
| Position | Name | Appointment Details |
|---|---|---|
| Chairman & Managing Director | S.K. Bangur (DIN: 00053237) | Re-appointed for 5 years w.e.f. May 01, 2026 |
| Independent Non-Executive Director | Sudha Bhushan (DIN: 01749008) | Re-appointed for second term w.e.f. May 19, 2026 |
Both appointments are subject to shareholder approval. S.K. Bangur brings extensive industry experience and has been instrumental in solidifying the company's position as one of India's leading paper manufacturers. Sudha Bhushan, a distinguished finance and governance leader with over three decades of experience, serves on multiple listed company boards and brings expertise in cross-border structuring, regulatory advisory, and valuations.
Financial Position and Outlook
For the nine months ended December 31, 2025, the company reported consolidated revenue of ₹3,047.45 crores and net profit of ₹101.75 crores, compared to ₹3,021.01 crores revenue and ₹289.49 crores net profit in the corresponding period of the previous year.
The company remains committed to strengthening raw material security and sustainable operations. Management expressed confidence that the current pressure phase will stabilize and maintained a positive outlook for the industry's growth prospects despite near-term challenges from import competition and pricing pressures.
Historical Stock Returns for West Coast Paper Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.64% | -0.11% | +6.91% | -12.23% | -10.22% | +129.55% |
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