The Daily Brief The stationery industry has plenty of ink left in it
Dec 9, 2025
Delve into the vibrant world of stationery as the dynamics of India's market unfold. Discover the balance between paper and non-paper segments, and find out who the key buyers are. Emphasize the importance of distribution over advertising in this realm. Explore the impact of raw material volatility on smaller players and the shift from unorganized to organized sectors. In contrast, examine the oil sector’s ups and downs, from ONGC's performance to the refining margins' surge, rounding off with insights on future developments.
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Nostalgic Stationery Shopping Rituals
- Akshara recalls childhood trips to stationery shops before the school year with vivid sensory details.
- The ritual of choosing pen colors and pencil boxes illustrates why stationery remains culturally embedded.
Crude Moves Help Some And Hurt Others
- Falling crude hurt upstream players like ONGC but boosted refiners who buy crude and sell refined products.
- Same commodity moves can have opposite effects depending on your value‑chain position.
ONGC's Divergent Standalone And Consolidated Results
- ONGC's standalone PAT fell 18% while consolidated PAT rose due to a highly profitable subsidiary, HBCL.
- Upstream realizations per barrel dropped from $78.33 to $67.34, squeezing ONGC's earnings.