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?

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  </li>
<li>This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.</li>
<li>This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.</li>
</ul>



ITC Ltd (ITC IN) recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.  
This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.
This acquisition significantly expands ITC's paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.


Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kuantum-papers-ltd" target="_blank" data-smartkarma-citation="entities:13797:1" rel="noopener">Kauntam Papers (KAUN IN)</a> is implementing a significant capacity expansion project, estimated to increase production capacity by 50% within 18 months. Total Capex: 735Cr, including debt of Rs. 535 crore.</li>
<li>Despite recent industry challenges, Kuantum Papers maintained a healthy EBITDA margin of approximately 22% Q2FY25. The company expects improved margins with anticipated demand increases and raw material price stabilization.</li>
<li>Under Project NIRMAN, focused on Industry 4.0 integration, the company has successfully implemented online sensors and control logic in its wood bleach section, improving automation and efficiency.</li>
</ul>



Kauntam Papers (KAUN IN) is implementing a significant capacity expansion project, estimated to increase production capacity by 50% within 18 months. Total Capex: 735Cr, including debt of Rs. 535 crore.
Despite recent industry challenges, Kuantum Papers maintained a healthy EBITDA margin of approximately 22% Q2FY25. The company expects improved margins with anticipated demand increases and raw material price stabilization.
Under Project NIRMAN, focused on Industry 4.0 integration, the company has successfully implemented online sensors and control logic in its wood bleach section, improving automation and efficiency.


The Beat Ideas: Kuantum Papers' Strategic Expansion and Product Innovation

India

West Coast Paper Mills Limited manufactures paper and pulp.  The Company's products include various kinds of printing papers, writing papers, wrapping papers, greeting cards, and security papers. West Coast Paper Mills also manufactures cable products for the telecommunications industry.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

West Coast Paper Mills (WCPM IN)

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

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

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

The Beat Ideas: Kuantum Papers' Strategic Expansion and Product Innovation

Kauntam Papers is expanding production capacity by 50% with a Rs. 735Cr investment, maintaining healthy EBITDA margins and implementing Industry...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Event Driven: ITC Acquiring Aditya Birla Group's Paper Business

​ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Nimish Maheshwari

The Beat Ideas: Kuantum Papers' Strategic Expansion and Product Innovation

​Kauntam Papers is expanding production capacity by 50% with a Rs. 735Cr investment, maintaining healthy EBITDA margins and implementing Industry...

Sudarshan Bhandari

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...

ITC Ltd acquires Century Pulp and Paper for INR 3,500 crore amid industry downturn, aiming to boost paper segment capacity by 60% and improve...

Kauntam Papers is expanding production capacity by 50% with a Rs. 735Cr investment, maintaining healthy EBITDA margins and implementing Industry...