The business outlook for the printing and writing paper (PWP) segment remains Negative, given the sustained pressure on earnings. Competition from cheaper imports limits meaningful improvement in realisations, which coupled with elevated wood pulp prices (a key input) keeps margins under pressure. Packaging sector however shows a divergent trend with stable demand. Operating leverage benefits from increased scale of operations and a better product mix are likely to support margins in FY2026 and FY2027.

Exhibit : Industry segment-mix in volume (around 24 million MT in FY2025)