A major hidden gem in JK Paper’s growth strategy is its acquisition of Sirpur Paper Mills (SPM) in Telangana. The once-defunct plant was acquired through the NCLT route and revived successfully. This move was not just opportunistic; it reflects management's foresight in acquiring assets at distressed valuations and turning them around. Furthermore, the company has commissioned a new packaging board plant in Gujarat (Unit CPM) with a capacity of 170,000 TPA. This expansion diversifies its portfolio into higher-margin segments like packaging boards, which are in growing demand due to e-commerce and food packaging trends. These strategic expansions provide a growth runway and resilience that isn't fully captured in its current market valuation.