Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>This insight details about the monthly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any and where the most action is happening.</li>
<li>While this note captures 4 holding companies, we intend to add <a href="https://www.smartkarma.com/entities/bombay-burmah-trading-corp-ltd" target="_blank" data-smartkarma-citation="entities:20010:1" rel="noopener">Bombay Burmah Trading Corporation (BBTC IN)</a> to our coverage in coming days.</li>
</ul>


This insight details about the monthly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any and where the most action is happening.
While this note captures 4 holding companies, we intend to add Bombay Burmah Trading Corporation (BBTC IN) to our coverage in coming days.


HoldCo Monthly (September 2026): Where’s the Discount?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Paper imports have doubled in four years, with FY-25 Chinese inflows up 33 %; domestic mills’ Q4 profits collapsed 50-70 %.</li>
<li>Predatory pricing is idling one-third of India’s capacity, derailing INR 30,000Crs expansion plans and jeopardising jobs in a sector crucial for plastic-free packaging demand.</li>
<li>Near-Term recovery hinges less on demand and more on policy; anti-dumping duties could swiftly restore utilisation and margins, making FY-26 a pivotal re-rating year.</li>
</ul>


Paper imports have doubled in four years, with FY-25 Chinese inflows up 33 %; domestic mills’ Q4 profits collapsed 50-70 %.
Predatory pricing is idling one-third of India’s capacity, derailing INR 30,000Crs expansion plans and jeopardising jobs in a sector crucial for plastic-free packaging demand.
Near-Term recovery hinges less on demand and more on policy; anti-dumping duties could swiftly restore utilisation and margins, making FY-26 a pivotal re-rating year.


Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

<ul>
<li>This insight details about the weekly changes in the holding company discount in India.</li>
<li>We track the reasons for change in the holdco discount if any.</li>
<li>While this note captures 4 holding companies, we intend to add more names in coming weeks.</li>
</ul>


This insight details about the weekly changes in the holding company discount in India.
We track the reasons for change in the holdco discount if any.
While this note captures 4 holding companies, we intend to add more names in coming weeks.


HoldCo Weekly (18 Sep): Where’s the Discount?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s paper imports hit a record 2.05 million tonnes in FY25, doubling over four years due to FTAs and zero-duty access for low-cost producers.</li>
<li>Domestic mills are shutting down as predatory imports undermine a sector vital to rural jobs, sustainability, and national development goals like Clean India and education. </li>
<li>With policy momentum building post-PAPEXPO 2025 and past success of anti-dumping duties, trade protection for paper now appears not just likely but urgent.</li>
</ul>


India’s paper imports hit a record 2.05 million tonnes in FY25, doubling over four years due to FTAs and zero-duty access for low-cost producers.
Domestic mills are shutting down as predatory imports undermine a sector vital to rural jobs, sustainability, and national development goals like Clean India and education. 
With policy momentum building post-PAPEXPO 2025 and past success of anti-dumping duties, trade protection for paper now appears not just likely but urgent.


India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

<ul>
<li>The paper industry is poised for gradual recovery by FY26, driven by strategic product diversification, integration, and acquisitions, with high-margin segments like tissue and packaging leading the way.</li>
<li>Despite cautious capex, companies focusing on inorganic growth and regional access via acquisitions, like ITC’s Century Pulp deal, will enhance market positioning.</li>
<li>As plantations mature, and anti-dumping measures take effect, the industry could stabilize by FY26, with integrated players gaining faster margin recovery.</li>
</ul>


The paper industry is poised for gradual recovery by FY26, driven by strategic product diversification, integration, and acquisitions, with high-margin segments like tissue and packaging leading the way.
Despite cautious capex, companies focusing on inorganic growth and regional access via acquisitions, like ITC’s Century Pulp deal, will enhance market positioning.
As plantations mature, and anti-dumping measures take effect, the industry could stabilize by FY26, with integrated players gaining faster margin recovery.


Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

India

JK Paper is a leading Indian paper manufacturer, specializing in the production and sale of office papers, coated papers, writing and printing papers, and high-end packaging boards. The company offers a wide range of paper-based solutions, including branded copier paper and packaging boards for various industries like education, commercial printing, and consumer packaging. JK Paper Limited was founded in 1938 and is headquartered in New Delhi, India.

Price Gauge
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JK Paper (JKPAPER IN)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

DGFT has tightened import rules for paper and paperboard products. From August 22, 2025, registration under the Paper Import Monitoring System...

Nimish Maheshwari

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

Sudarshan Bhandari

Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HoldCo Monthly (September 2026): Where’s the Discount?

Insight details about the monthly changes in the holding company discount in India - Reasons for change in the discount if any and where the most...

Sreemant Dudhoria

Thematic Report: Indian Paper Sector - At the Bottom, Is It the Right Time?

DGFT has tightened import rules for paper and paperboard products. From August 22, 2025, registration under the Paper Import Monitoring System...

Nimish Maheshwari

HoldCo Weekly (18 Sep): Where’s the Discount?

This insight details about the weekly changes in the holding company discount in India and where do we see near term triggers.

Sreemant Dudhoria

India’s Paper Industry Under Siege: Why Urgent Anti-Dumping Action Is Critical to Save Jobs.

​India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

Sudarshan Bhandari

Thematic Report: Indian Paper Industry- Low Margin, China Dumping, Capex

​The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...

Nimish Maheshwari

India's record paper imports threaten domestic mills, rural jobs, and national development goals, prompting urgent need for trade protection.

The paper industry is expected to recover by FY26 through product diversification, acquisitions, and strategic growth, with high-margin segments...