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N R Agarwal Industries Q2 FY27 results: net profit ₹30.94 crore vs ₹1.47 crore loss, revenue up 27.5%
N R Agarwal Industries Limited reported standalone Q2 FY27 revenue of ₹668.81 crore, up 27.5% from Q2 FY26, while EBITDA rose 66.5% to ₹72.99 crore and profit turned positive at ₹30.94 crore. Against Q1 FY27, revenue increased 3.4%, but profit declined 11.5% and EBITDA margin fell to 10.9% from 11.5%.
Key points
- Standalone revenue was ₹668.81 crore in Q2 FY27, up 27.5% from ₹524.68 crore in Q2 FY26.
- EBITDA rose 66.5% to ₹72.99 crore, while EBITDA margin expanded 2.5 percentage points to 10.9%.
- The company reported a net profit of ₹30.94 crore in Q2 FY27, against a net loss of ₹1.47 crore a year earlier.
- Basic EPS was ₹18.18, compared with ₹20.55 in Q1 FY27 and a loss per share of ₹0.87 in Q2 FY26.
- H1 FY27 revenue was ₹1,315.77 crore, up 34.7%, while net profit rose to ₹65.92 crore from ₹15.07 crore.
How did N R Agarwal Industries perform in Q2 FY27?
N R Agarwal Industries reported standalone revenue of ₹668.81 crore for Q2 FY27, up 27.5% from ₹524.68 crore in Q2 FY26 and 3.4% from ₹646.96 crore in Q1 FY27. EBITDA was ₹72.99 crore, up 66.5% year on year but down 1.7% sequentially. The EBITDA margin was 10.9%, up 2.5 percentage points from Q2 FY26 and down 0.6 percentage points from Q1 FY27.
Profit before tax was ₹42.36 crore in Q2 FY27, against a loss of ₹0.32 crore in Q2 FY26 and ₹45.76 crore in Q1 FY27. After tax of ₹11.42 crore, the company reported a net profit of ₹30.94 crore, versus a net loss of ₹1.47 crore a year earlier. Basic EPS was ₹18.18, compared with ₹20.55 in Q1 FY27 and a loss per share of ₹0.87 in Q2 FY26. These are standalone figures; the filing also presents consolidated results separately.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 668.81 | 646.96 | 524.68 | +27.5% | +3.4% |
| Other income | 3.12 | 5.77 | −5.83 | −45.9% | |
| Total expenses | 629.57 | 606.97 | 514.74 | +22.3% | +3.7% |
| EBITDA | 72.99 | 74.29 | 43.84 | +66.5% | −1.7% |
| EBITDA margin | 10.9% | 11.5% | 8.4% | +2.5 pp | −0.6 pp |
| Profit before tax | 42.36 | 45.76 | −0.32 | turned to profit | −7.4% |
| Tax | 11.42 | 10.79 | 1.15 | +893.0% | +5.8% |
| Net profit | 30.94 | 34.98 | −1.47 | turned to profit | −11.5% |
| EPS (₹) | 18.18 | 20.55 | −0.87 | turned to profit | −11.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in N R Agarwal Industries' costs and profit?
Total expenses rose 22.3% to ₹629.57 crore from ₹514.74 crore in Q2 FY26, below the 27.5% increase in revenue. Cost of materials consumed was ₹446.18 crore, up ₹90.62 crore, while employee cost rose ₹8.19 crore to ₹33.75 crore. Other expenses increased ₹22.77 crore to ₹126.44 crore, depreciation rose ₹1.27 crore to ₹18.21 crore, and finance costs fell ₹1.40 crore to ₹15.55 crore.
Other income moved from a loss of ₹5.83 crore in Q2 FY26 to ₹3.12 crore in Q2 FY27, an improvement of ₹8.95 crore. The year-ago quarter included a ₹4.44 crore exceptional charge for loss on assets discarded, while Q2 FY27 had no exceptional item. Profit before tax consequently moved from a loss of ₹0.32 crore to ₹42.36 crore. Tax expense increased from ₹1.15 crore to ₹11.42 crore, and net profit was ₹30.94 crore.
Sequentially, total expenses rose ₹22.60 crore to ₹629.57 crore as cost of materials consumed increased ₹20.03 crore and other expenses rose ₹11.18 crore. Finance costs fell ₹0.89 crore and employee cost fell ₹0.26 crore, while depreciation rose ₹0.36 crore. Other income declined ₹2.65 crore to ₹3.12 crore, and tax expense rose ₹0.63 crore to ₹11.42 crore. EBITDA fell to ₹72.99 crore from ₹74.29 crore, and net profit declined to ₹30.94 crore from ₹34.98 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 446.18 | 355.56 | +90.62 | +25.5% |
| Employee cost | 33.75 | 25.56 | +8.19 | +32.0% |
| Finance costs | 15.55 | 16.95 | −1.40 | −8.3% |
| Depreciation | 18.21 | 16.94 | +1.27 | +7.5% |
| Other expenses | 126.44 | 103.67 | +22.77 | +22.0% |
| Total expenses | 629.57 | 514.74 | +114.83 | +22.3% |
| Other income | 3.12 | −5.83 | +8.95 | |
| Tax | 11.42 | 1.15 | +10.27 | +893.0% |
| Exceptional items | none | −4.44 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, N R Agarwal Industries reported standalone revenue of ₹1,315.77 crore, up 34.7% from ₹976.83 crore in H1 FY26. Total income was ₹1,324.66 crore, up 32.9% from ₹996.68 crore, while profit before tax rose to ₹88.12 crore from ₹9.49 crore.
Net profit for the first half was ₹65.92 crore, compared with ₹15.07 crore in H1 FY26, and basic EPS was ₹38.73, up from ₹8.86. The filing reported no exceptional item for H1 FY27, compared with a ₹4.44 crore exceptional charge in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,316 | 976.83 | +34.7% |
| Profit before tax | 88.12 | 9.49 | +828.6% |
| Net profit | 65.92 | 15.07 | +337.4% |
| EPS (₹) | 38.73 | 8.86 | +337.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹2,135.54 crore, compared with ₹2,031.45 crore at 31 March 2026. Total equity was ₹877.66 crore against ₹815.40 crore, while borrowings were ₹797.67 crore against ₹788.91 crore. Cash and cash equivalents stood at ₹3.64 crore, compared with ₹3.43 crore, inventories rose to ₹303.29 crore from ₹253.69 crore, and trade receivables increased to ₹282.93 crore from ₹246.52 crore.
H1 FY27 operating cash flow was ₹78.06 crore, compared with an outflow of ₹29.06 crore in H1 FY26. Investing cash flow was an outflow of ₹49.17 crore against an outflow of ₹18.15 crore, while financing cash flow was an outflow of ₹28.68 crore against an inflow of ₹48.92 crore. Capital expenditure was ₹44.95 crore, compared with ₹54.35 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,136 | 2,031 |
| Total equity | 877.66 | 815.40 |
| Borrowings | 797.67 | 788.91 |
| Cash and equivalents | 3.64 | 3.43 |
| Inventories | 303.29 | 253.69 |
| Trade receivables | 282.93 | 246.52 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 78.06 | −29.06 |
| Cash from investing | −49.17 | −18.15 |
| Cash from financing | −28.68 | 48.92 |
| Capital expenditure | 44.95 | 54.35 |
Source: Company's results filing (XBRL).
How has N R Agarwal Industries done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters and reached ₹668.81 crore in Q2 FY27, the highest level in the reported series. It was ₹646.96 crore in Q1 FY27 and ₹605.39 crore in Q4 FY26, after the lowest quarterly revenue of ₹417.91 crore in Q3 FY25.
Net profit bottomed at a loss of ₹6.82 crore in Q4 FY25 and later reached ₹34.98 crore in Q1 FY27 before easing to ₹30.94 crore in Q2 FY27. The EBITDA margin bottomed at 3.7% in Q1 FY26, peaked at 11.5% in Q1 FY27 and eased to 10.9% in the latest quarter, indicating continued revenue growth alongside lower quarterly profit and margin than the preceding quarter.
How did N R Agarwal Industries shares react?
The filing appeared after market hours. From the price when it appeared, the stock rose 1.0% after five minutes, then fell 3.2% after 15 minutes and 0.9% after 30 minutes. On the reaction day, it closed 8.0% below its pre-results close, against a 1.4% median rise for the Paper & Paper Products industry; its relative move was 9.4 percentage points below the sector.
By the next day's close, the stock was down 7.3% from its pre-results close. The industry's median gain over the same close was 1.8%, leaving N R Agarwal Industries 9.1 percentage points behind the sector. Earlier results-day moves included gains of 5.9% on 5 August 2026 and 0.4% on 12 May 2026, while the seven earlier reactions in the series were negative.
| After the filing | Stock | Paper & Paper Products median |
|---|---|---|
| 5 minutes | +1.0% | |
| 15 minutes | −3.2% | |
| 30 minutes | −0.9% | |
| Reaction day | −8.0% | +1.4% |
| Next day | −7.3% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | +5.9% |
| 12 May 2026 | +0.4% |
| 11 February 2026 | −1.1% |
| 14 November 2025 | −5.7% |
| 28 May 2025 | −7.8% |
| 11 February 2025 | −9.2% |
| 12 August 2024 | −7.3% |
| 27 May 2024 | −6.7% |
Source: MarketPing price-reaction measurement.
How did other Paper & Paper Products companies do?
Among 14 other Paper & Paper Products companies that had filed for the quarter by 6 November 2026, the median revenue growth was 13.7%. Nine peers grew slower than N R Agarwal Industries and five grew faster, based on the company's reported revenue growth of 27.5%.
Profit was compared for 16 peers, of which 13 reported higher profit. These peer figures cover the companies available in the industry comparison and are presented on a standalone basis for N R Agarwal Industries.
| N R Agarwal Industries revenue growth (YoY) | +27.5% |
|---|---|
| Median of 14 other Paper & Paper Products companies | +13.7% |
| Companies with slower revenue growth than N R Agarwal Industries | 9 of 14 |
| Companies with faster revenue growth than N R Agarwal Industries | 5 of 14 |
| Companies whose net profit rose | 13 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was N R Agarwal Industries' revenue in Q2 FY27?
Revenue from operations was ₹668.81 crore, up 27.5% from ₹524.68 crore in Q2 FY26 (standalone).
Did N R Agarwal Industries make a profit in Q2 FY27?
Yes. Net profit was ₹30.94 crore, against a net loss of ₹1.47 crore in Q2 FY26.
What was N R Agarwal Industries' EPS in Q2 FY27?
Basic earnings per share were ₹18.18, against a loss of ₹0.87 in Q2 FY26.
How did N R Agarwal Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.0% from the previous close; the median Paper & Paper Products stock moved +1.4%.
When did N R Agarwal Industries announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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