Paper mills are closing at an alarming pace due to demand reduction.
https://indianexpress.com/article/cities/ahmedabad/20-paper-mills-shut-in-six-months-association-seeks-govt-support-8669974/
We may still not be at the cycle lows yet. Management indicated lower margins next year with no growth capex, near triggers are definitely not there. I plan to shortlist this company and wait for the cyclical low and some inventory improvements
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