N R Agarwal Industries Ltd

NRAIL

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Market Cap

₹ 840 Cr

P/E

34.61

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

N R Agarwal Industries Limited is a leading manufacturer of industrial paper and packaging boards based in Mumbai, India.

The company aims to triple its production capacity with a new duplex board facility, highlighting a significant growth strategy.

N R Agarwal's products, used in FMCG packaging and print media, are well-regarded for quality, serving blue-chip clients like ITC and Colgate-Palmolive.

The company operates two major manufacturing plants in Vapi and Sarigam, Gujarat, illustrating a robust production infrastructure.

Recent expansions, including a new Multilayer Board Plant, strengthen the company's competitive positioning in the industrial paper sector.

Sector

Paper

Industry

Paper - Large

Market Cap

840 Cr

Volatility

Low Risk

P/E Ratio

34.6

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

1.1

52W High

516.95

52W Low

210.05

Sales CAGR

28.30%

0.87%

3.38%

10Y

6.71%

Profit CAGR

-85.93%

-33.87%

-31.47%

10Y

-0.11%

ROE

TTM

3.09%

11.17%

11.33%

10Y

16.74%

ROCE

TTM

5.56%

10.69%

12.47%

10Y

16.96%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TNPL	143.30	992 Cr	—	0.48	2.10	-0.97	4.37	-0.33
PDMJEPAPER	98.70	937 Cr	10.23	1.48	0.61	14.50	19.20	10.83
NRAIL	491.85	840 Cr	34.61	1.07	0.81	3.09	5.56	1.12
KUANTUM	92.27	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.15	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	90.11	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99
ORIENTPPR	22.67	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	369	342	336	247	347	428	418	466	452	525
Expenses	322	294	288	213	319	401	389	438	436	481
Operating Profit	47	48	48	34	28	27	29	28	17	44
OPM %	12.64	13.99	14.24	13.71	8.03	6.29	6.84	5.94	3.65	8.36
Other Income	2.80	1.67	2.43	2.57	7.43	8.98	14	1.13	26	-10
Interest	1.78	1.38	2.22	5.16	13	16	16	16	16	17
Depreciation	8.96	8.92	9.16	10	16	16	17	16	17	17
Profit Before Tax	39	39	39	21	5.91	4.13	9.26	-3.34	9.82	-0.32
Tax %	-4.86	3.45	19.10	25.21	42.30	-101.94	-37.47	-104.19	-68.53	-359.37
Net Profit	41	38	31	16	3.40	8.34	13	-6.82	17	-1.47
EPS in Rs	23.83	22.22	18.47	9.20	2.00	4.90	7.48	-4.01	9.72	-0.87

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,095	1,204	1,318	1,405	1,146	1,617	1,766	1,293	1,659	1,764
Expenses	906	1,033	1,134	1,189	1,013	1,474	1,581	1,117	1,548	1,665
Operating Profit	189	170	184	216	133	143	185	176	111	100
OPM %	17.26	14.16	13.98	15.39	11.57	8.83	10.47	13.62	6.69	5.65
Other Income	7.27	6.12	8.42	12	8.36	11	12	9.47	31	50
Interest	43	40	35	36	30	25	14	11	61	63
Depreciation	25	26	27	32	33	34	36	37	66	66
Profit Before Tax	78	97	131	161	78	95	148	138	16	20
Tax %	36.37	7.04	27.58	27.46	26.27	35.50	32.79	8.84	-10.62	-55.01
Net Profit	50	90	95	117	57	61	99	125	18	31
EPS in Rs	29.22	53.02	55.62	68.60	33.63	35.85	58.35	73.72	10.37	12.32
Dividend Payout %	6.84	5.66	7.19	0.00	2.97	0.00	0.00	2.71	38.57	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	17	17	17
Reserves	77	116	202	295	402	459	519	619	743	758
Borrowings	314	266	241	241	173	195	175	164	579	644
Other Liabilities	259	260	243	251	273	261	290	245	227	351
Total Liabilities	667	659	703	805	865	933	1,001	1,045	1,567	1,770
Fixed Assets	447	436	464	526	572	584	501	483	1,135	1,197
CWIP	24	25	21	21	20	29	28	122	29	20
Investments	0.07	0.55	0.45	0.41	0.17	0.24	0.35	0.53	21	101
Other Assets	195	197	218	257	273	320	471	439	381	452
Total Assets	667	659	703	805	865	933	1,001	1,045	1,567	1,770

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	38	91	104	112	191	116	96	129	135	176
Cash from Investing Activity	-31	-14	-47	-85	-52	-48	-41	-96	-548	-175
Cash from Financing Activity	-11	-78	-55	-29	-139	-67	-55	-25	405	-0.93
Net Cash Flow	-4.80	-0.93	2.81	-2.10	-0.05	1.56	-0.15	7.97	-7.85	0.49

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.55%	73.55%	73.96%	73.96%	73.96%	73.96%	73.96%	73.96%	73.96%	73.96%	73.96%	74.11%
FIIs	0.41%	0.41%	0.36%	0.21%	0.39%	0.41%	0.46%	0.43%	0.41%	0.39%	0.40%	0.39%
DIIs	0.01%	0.02%	0.17%	0.01%	0.01%	0.01%	0.02%	0.02%	0.17%	0.12%	0.04%	0.04%
Public	26.03%	26.03%	25.51%	25.81%	25.63%	25.61%	25.56%	25.58%	25.46%	25.52%	25.60%	25.46%
Total Shareholders	11,304	11,077	10,859	10,562	9,794	9,725	9,559	9,930	9,679	9,710	9,282	8,683

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 01, 2025	Reera holdings private limited	Insider - Promoter Group	Acquisition	414.43	0.41 Cr	10,000	0.05
Aug 22, 2025	Reera holdings private limited	Insider - Promoter Group	Acquisition	376.84	0.19 Cr	5,000	0.02
Aug 22, 2025	Reera holdings private limited	Insider - Promoter Group	Acquisition	367.32	0.37 Cr	10,000	0.05
Jun 26, 2023	Reera holdings private limited	Insider - Promoter Group	Acquisition	293.09	0.07 Cr	2,500	0.01
Jun 23, 2023	Reera holdings private limited	Insider - Promoter Group	Acquisition	294.42	0.12 Cr	4,000	0.02
Jun 22, 2023	Reera holdings private limited	Insider - Promoter Group	Acquisition	291.69	0.06 Cr	2,100	0.01
Jun 07, 2023	Rohan agarwal	Insider - Promoter	Acquisition	296.27	0.03 Cr	1,000	—
Jun 07, 2023	Raunal agarwal	Insider - Promoter	Acquisition	291.06	0.03 Cr	968	—
Jun 06, 2023	Reera holdings private limited	Insider - Promoter Group	Acquisition	294.31	0.31 Cr	10,600	0.06148
May 30, 2023	Reera holdings private limited	Insider - Promoter Group	Acquisition	285.76	0.88 Cr	30,900	0.17

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

4 days ago

Revised Disclosure of Promoter Encumbrance

The disclosure details the encumbrance of promoter shares in N R Agarwal Industries Ltd, indicating a pledge to SBICAP and a non-disposal undertaking to Axis Bank.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY22

Investor Presentation

Q3 FY22

Investor Presentation

Q3 FY22

Investor Presentation

Q3 FY22

Investor Presentation

Q1 FY22

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Oscillators

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Neutral

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Neutral

Bullish

Overall

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Neutral

Bullish

Moving Averages

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Overall

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Neutral

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	369	342	336	247	347	428	418	466	452	525
Expenses	322	294	288	213	319	401	389	438	436	481
Operating Profit	47	48	48	34	28	27	29	28	17	44
OPM %	12.64	13.99	14.24	13.71	8.03	6.29	6.84	5.94	3.65	8.36
Other Income	2.80	1.67	2.43	2.57	7.43	8.98	14	1.13	26	-10
Interest	1.78	1.38	2.22	5.16	13	16	16	16	16	17
Depreciation	8.96	8.92	9.16	10	16	16	17	16	17	17
Profit Before Tax	39	39	39	21	5.91	4.13	9.26	-3.34	9.82	-0.32
Tax %	-4.86	3.45	19.10	25.21	42.30	-101.94	-37.47	-104.19	-68.53	-359.37
Net Profit	41	38	31	16	3.40	8.34	13	-6.82	17	-1.47
EPS in Rs	23.83	22.22	18.47	9.20	2.00	4.90	7.48	-4.01	9.72	-0.87

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,095	1,204	1,318	1,405	1,146	1,617	1,766	1,293	1,659	1,764
Expenses	906	1,033	1,134	1,189	1,013	1,474	1,581	1,117	1,548	1,665
Operating Profit	189	170	184	216	133	143	185	176	111	100
OPM %	17.26	14.16	13.98	15.39	11.57	8.83	10.47	13.62	6.69	5.65
Other Income	7.27	6.12	8.42	12	8.36	11	12	9.47	31	50
Interest	43	40	35	36	30	25	14	11	61	63
Depreciation	25	26	27	32	33	34	36	37	66	66
Profit Before Tax	78	97	131	161	78	95	148	138	16	20
Tax %	36.37	7.04	27.58	27.46	26.27	35.50	32.79	8.84	-10.62	-55.01
Net Profit	50	90	95	117	57	61	99	125	18	31
EPS in Rs	29.22	53.02	55.62	68.60	33.63	35.85	58.35	73.72	10.37	12.32
Dividend Payout %	6.84	5.66	7.19	0.00	2.97	0.00	0.00	2.71	38.57	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	17	17	17
Reserves	77	116	202	295	402	459	519	619	743	758
Borrowings	314	266	241	241	173	195	175	164	579	644
Other Liabilities	259	260	243	251	273	261	290	245	227	351
Total Liabilities	667	659	703	805	865	933	1,001	1,045	1,567	1,770
Fixed Assets	447	436	464	526	572	584	501	483	1,135	1,197
CWIP	24	25	21	21	20	29	28	122	29	20
Investments	0.07	0.55	0.45	0.41	0.17	0.24	0.35	0.53	21	101
Other Assets	195	197	218	257	273	320	471	439	381	452
Total Assets	667	659	703	805	865	933	1,001	1,045	1,567	1,770

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	38	91	104	112	191	116	96	129	135	176
Cash from Investing Activity	-31	-14	-47	-85	-52	-48	-41	-96	-548	-175
Cash from Financing Activity	-11	-78	-55	-29	-139	-67	-55	-25	405	-0.93
Net Cash Flow	-4.80	-0.93	2.81	-2.10	-0.05	1.56	-0.15	7.97	-7.85	0.49

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TNPL	143.30	992 Cr	—	0.48	2.10	-0.97	4.37	-0.33
PDMJEPAPER	98.70	937 Cr	10.23	1.48	0.61	14.50	19.20	10.83
NRAIL	491.85	840 Cr	34.61	1.07	0.81	3.09	5.56	1.12
KUANTUM	92.27	813 Cr	12.53	0.68	3.22	5.39	6.91	3.01
SATIA	66.15	662 Cr	10.63	0.63	0.60	5.92	4.74	4.14
EMAMIPAP	90.11	545 Cr	29.45	0.94	1.78	3.18	6.59	0.99
ORIENTPPR	22.67	481 Cr	—	0.31	0.00	-1.62	-4.23	-1.14

Overview

Detailed Summary

N R Agarwal Industries Limited is a leading manufacturer of industrial paper and packaging boards based in Mumbai, India.

The company aims to triple its production capacity with a new duplex board facility, highlighting a significant growth strategy.

N R Agarwal's products, used in FMCG packaging and print media, are well-regarded for quality, serving blue-chip clients like ITC and Colgate-Palmolive.

The company operates two major manufacturing plants in Vapi and Sarigam, Gujarat, illustrating a robust production infrastructure.

Recent expansions, including a new Multilayer Board Plant, strengthen the company's competitive positioning in the industrial paper sector.

Sector

Paper

Industry

Paper - Large

Market Cap

840 Cr

Volatility

Low Risk

P/E Ratio

34.6

Industry P/E

17.1

PEG Ratio

—

P/B Ratio

1.1

52W High

516.95

52W Low

210.05

Sales CAGR

28.30%

0.87%

3.38%

10Y

6.71%

Profit CAGR

-85.93%

-33.87%

-31.47%

10Y

-0.11%

ROE

TTM

3.09%

11.17%

11.33%

10Y

16.74%

ROCE

TTM

5.56%

10.69%

12.47%

10Y

16.96%