Paper & Forest Products Industry in India

India’s paper and forest products industry brings together manufacturers serving everyday material needs through paper, board, pulp, tissue and corrugated formats.

Top paper & forest products companies in India (listed and private)

Frequently asked questions

How large is the paper & forest products industry in India?

466 paper & forest products companies with statutory filings (7 listed, 459 private) reported combined revenue of ₹96,599 crore in FY2025, +5.6% on the same companies, and aggregate EBITDA of ₹10,443 crore. As filed each year, combined revenue was ₹35,030 crore in FY2018, reached ₹96,599 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 4 listed companies with an exchange price are worth ₹7,498 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of paper & forest products companies was 10.8% in FY2025, 0.7 pts above FY2024, against a peak of 11.7% in FY2022. The low since the peak was 10.1% in FY2024. Profit after tax margin was 2.9% (+0.9 pts on FY2024). Aggregate EBITDA of listed and private paper & forest products companies moved +14% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹10,443 crore (+9.4% on FY2024).

Which companies are leading the paper & forest products industry?

By FY2025 revenue the largest paper & forest products companies are Kerala State Electricity Board (₹21,719 crore, 18.7% EBITDA margin, private); JK Paper (₹6,718 crore, 15.4% EBITDA margin); Garden Silk Mills (₹2,837 crore, -0.6% EBITDA margin, private); Jay Jay Mills India (₹2,640 crore, 14.5% EBITDA margin, private); Rajdhani Flour Mills (₹2,180 crore, 2.7% EBITDA margin, private). Among the ten largest, Kerala State Electricity Board (18.7%) and JK Paper (15.4%) earn the widest EBITDA margins and Garden Silk Mills (-0.6%) the thinnest. 23 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Packaging demand carried 1.9% of paper & forest products stories in 2025-06 to 2026-05, up 0.8 pts (+68%) on the prior 12 months; net tone +88 vs +28 for all paper & forest products stories. In buyer searches: Search interest in kraft paper and paperboard queries (kraft paper, duplex board, paperboard) was +44% in the 12 months to 2026-09 vs the prior 12, led by “kraft paper” (+33%), followed by paper bags and carry bags (+26%); paper packaging prices moved -11%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Paper & Forest Products EBITDA grew 14% since FY2022 (Industry financials). 18 private paper & forest products manufacturers pass an IPO-readiness screen (Top paper & forest products companies in India). Packaging demand is gaining the most ground in paper & forest products news (Paper & Forest Products in the news). Kraft paper and paperboard searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 8.0× and median P/E 16.3× across 4 priced paper & forest products companies. (Market capitalisation & valuation).

How are paper & forest products stocks valued?

The median trailing P/E is 16.3× and the median EV/EBITDA 8.0× across 4 priced companies.

What does this companies lane cover?

It covers listed and unlisted manufacturers connected to paper, board, pulp, tissue and corrugated products under the configured selection rules.

How are unrelated businesses handled?

The selection uses activity codes, name guards and review controls to keep unrelated businesses out of the company universe.

Research information, not investment advice.