JK Paper Ltd.'s (JK Paper) Q3FY26 result was below our estimates on key parameters. The management cited that Q3FY26 performance has been adversely impacted primarily due to planned annual shut at two major plants of JK Paper Ltd in Odisha and Gujarat leading to lower production. Further, continued imports at low price have resulted in lower sales realisation, and sharp rupee depreciation against Euro has impacted the finance cost. On a positive note, some improvement is anticipated in the coming quarter due to improved demand and reduction in input costs. The Company's Composite Scheme of Arrangement has...