NSE: NRAIL · BSE: 516082
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper and paper products (including multilayer board). Capital-intensive paper manufacturing with a major capacity expansion underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,617 | 1,766 | 1,293 | 1,659 | 2,145 |
| EBITDA (ex other income) | 143 | 185 | 176 | 111 | 169 |
| margin % | 8.8 | 10.5 | 13.6 | 6.7 | 7.9 |
| Owners' profit | 61 | 99 | 125 | 18 | 44 |
| EPS, as reported (₹) | 35.85 | 58.35 | 73.72 | 10.37 | 25.68 |
| ROE % · ROCE % | 11.4 · 17.6 | 15.6 · 18.1 | 16.5 · 11.1 | 2.3 · 5.6 | 5.4 · 8.0 |
| Debt / equity (x) | 0.27 | 0.21 | 0.73 | 0.80 | 0.97 |
| Cash from operations | 95 | 129 | 135 | 176 | 95 |
| Capex | (42) | (194) | (534) | (120) | (294) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 418 | 466 | 452 | 525 | 563 | 605 | 647 |
| Profit before tax | 4 | 9 | (3) | 10 | (0) | 26 | 24 | 46 |
| Net profit | 8 | 13 | (7) | 17 | (1) | 14 | 14 | 35 |
| EPS (₹) | 4.90 | 7.48 | (4.01) | 9.72 | (0.87) | 8.48 | 8.34 | 20.55 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD ◆ | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 13.8 | 24 of 36 | 34% |
| P/B | 1.4 | 0.7 | 31 of 36 | 14% |
| ROCE | 3.9 | 4.4 | 27 of 45 | 41% |
| ROE | 5.4 | 4.0 | 13 of 37 | 67% |
| Debt / Equity | 1.0 | 0.4 | 32 of 37 | 14% |
| EBITDA margin | 12.4 | 10.4 | 16 of 38 | 60% |
| Revenue growth | 43.1 | 11.5 | 5 of 39 | 90% |
| Profit growth | 111.3 | 60.9 | 14 of 42 | 68% |
| Market cap | 1156 | 55 | 5 of 48 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting on Nov 3 to consider Q2 and H1 FY27 unaudited results | results | low | — | — |
| 12 Oct 2026 · Certificate under SEBI Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 12 Oct 2026 · N R Agarwal Industries appoints Makarand Barhanpurkar as Director Operations | management changes | medium | — | — |
| 7 Oct 2026 · Newspaper notice for SEBI special window to re-lodge physical share transfers | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Company clarifies no undisclosed info behind price movement | regulatory legal | medium | — | — |
| 9 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 3 Sept 2026 · AGM 2026 results: all 9 resolutions passed, Rs 2 dividend declared | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Alteration of Memorandum of Association Object Clause Approved at AGM | general | medium | — | — |
| 2 Sept 2026 · 33rd AGM concluded; all 9 resolutions approved, dividend of Rs 2 per share | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.