India is the fastest growing market in the global pulp and paper industry at 6-7% growth per year, whereas globally the growth has been much lower in comparison. In recent years, there has been a major shift of demand towards Asia due to the sharp divergence in growth prospects between India and the rest of the world. In spite of having over 16 per cent of the world's population, India produces only 3 per cent, and on a per capita basis, the consumption is less than one-fifth of the global average. The proliferation of e-commerce has contributed to the growth in the packaging boards segment at around 12-15 per cent. It is projected that by 2025, the industry will grow by 70 per cent. The profit margins are very low and it is a game of volume growth. Hence, companies with a focus on quality and cost control will come out ahead in the long run. Also, their fortunes are dependent on pulp prices, which have to be partly imported to the extent of 15-20 per cent. Although pulp prices have reduced, logistics and material handling are causes of concern. Besides that, it is important to note that there are no import tariffs or anti-dumping policies, and hence, there is a threat of dumping from China and Indonesia after the US imposed a countervailing duty in 2015. In such an environment, the companies which have a low debt-to-equity ratio and valuations are stable investment opportunities.