N R AGARWAL INDS LTD

Manufactures paper and paper products, with its product mix including multilayer board. Total installed capacity stood at 5 lakh TPA in FY26, and revenue was Rs 2,145.45 crore with EBITDA margin of 8.97% and net profit of Rs 43.70 crore. The cost structure is dominated by raw materials at 66.9% of revenue (Rs 1,434.57 crore), followed by other operating expenses at 19.6%, with employee costs at 4.9% and depreciation at 3.2%. Capex ran at 13.7% of revenue (Rs 293.52 crore) in FY26, and capital work-in-progress jumped from Rs 1,974.04 lakhs to Rs 22,716.23 lakhs, reflecting heavy expansion. The company is building a new multilayer board plant (Unit VI) at Dahej, Gujarat, with paper machine capacity upgraded to 1,500 TPD (~42,000 MT per month) on about 150 acres, at a revised project cost of approximately Rs 1,500 crore spread over FY28-FY30. Debt-to-equity stood at 0.97 and ICRA reaffirmed the long-term rating at A- (Stable) with rated amount enhanced to Rs 1,137.57 crore. The Board has also approved (subject to shareholder approval) an amendment to the Memorandum of Association to permit developing land and immovable properties into industrial galas, sheds, warehouses and commercial complexes for sale, lease or licensing.