N R Agarwal Industries Ltd

₹ 264 3.69%

06 Jun - close price

About

Incorporated in 1993, N. R. Agarwal Industries Ltd manufacturers recycled paper and grey back & white back Duplex Boards^[1]

Key Points

Business Overview:^[1]
NRAIL is in the business of manufacturing paper products using 100% deinked wood free recycled furnish for domestic and international markets

Website BSE NSE

Market Cap ₹ 454 Cr.
Current Price ₹ 264
High / Low ₹ 548 / 206
Stock P/E 25.7
Book Value ₹ 455
Dividend Yield 0.76 %
ROCE 5.58 %
ROE 2.30 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.58 times its book value
Company is expected to give good quarter

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 3.38% over past five years.
Tax rate seems low
Company has a low return on equity of 12.0% over last 3 years.
Promoters have pledged 99.4% of their holding.
Dividend payout has been low at 7.33% of profits over last 3 years
Debtor days have increased from 31.4 to 41.0 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Forest Materials Paper, Forest & Jute Products Paper & Paper Products

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	446.11	495.41	504.04	380.20	386.42	368.67	341.65	335.56	247.24	346.98	428.41	417.91	465.74
	403.28	435.80	450.23	343.67	351.45	322.06	293.86	287.76	213.33	319.13	401.47	389.31	438.08
Operating Profit	42.83	59.61	53.81	36.53	34.97	46.61	47.79	47.80	33.91	27.85	26.94	28.60	27.66
OPM %	9.60%	12.03%	10.68%	9.61%	9.05%	12.64%	13.99%	14.24%	13.72%	8.03%	6.29%	6.84%	5.94%
	2.45	4.61	3.12	2.43	2.27	2.80	1.67	2.43	2.57	7.43	8.98	13.85	1.13
Interest	5.23	3.65	3.73	3.31	3.10	1.78	1.38	2.22	5.16	13.24	15.50	16.40	15.77
Depreciation	7.43	8.90	8.92	9.08	8.90	8.96	8.92	9.16	10.38	16.14	16.29	16.79	16.36
Profit before tax	32.62	51.67	44.28	26.57	25.24	38.67	39.16	38.85	20.94	5.90	4.13	9.26	-3.34
Tax %	41.63%	36.73%	38.03%	27.36%	21.20%	-4.86%	3.45%	19.10%	25.17%	42.37%	-101.94%	-37.47%	104.49%
	19.05	32.69	27.44	19.29	19.88	40.56	37.81	31.43	15.66	3.40	8.34	12.73	-6.82
EPS in Rs	11.19	19.21	16.12	11.33	11.68	23.83	22.22	18.47	9.20	2.00	4.90	7.48	-4.01
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	541	725	883	1,044	1,190	1,318	1,405	1,146	1,617	1,766	1,293	1,659
	522	695	818	905	1,033	1,133	1,189	1,013	1,473	1,580	1,114	1,548
Operating Profit	19	30	66	139	157	186	216	133	144	186	179	111
OPM %	3%	4%	7%	13%	13%	14%	15%	12%	9%	11%	14%	7%
	4	6	8	6	6	7	12	8	10	11	7	31
Interest	12	36	46	43	40	35	36	30	25	14	11	61
Depreciation	10	18	23	24	26	27	32	33	34	36	37	66
Profit before tax	1	-17	4	78	97	131	161	78	95	148	138	16
Tax %	35%	95%	-335%	36%	7%	28%	27%	26%	36%	33%	9%	-11%
	0	-33	18	50	90	95	117	57	61	99	125	18
EPS in Rs	0.26	-19.64	10.48	29.22	53.02	55.61	68.60	33.63	35.85	58.35	73.72	10.37
Dividend Payout %	0%	0%	0%	7%	6%	7%	0%	3%	0%	0%	3%	19%

Compounded Sales Growth
10 Years:	9%
5 Years:	3%
3 Years:	1%
TTM:	28%

Compounded Profit Growth
10 Years:	10%
5 Years:	-31%
3 Years:	-34%
TTM:	-86%

Stock Price CAGR
10 Years:	29%
5 Years:	6%
3 Years:	3%
1 Year:	-40%

Return on Equity
10 Years:	18%
5 Years:	12%
3 Years:	12%
Last Year:	2%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	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	17	17
Reserves	94	59	77	116	202	295	402	459	519	619	743	758
	302	365	347	300	289	297	202	195	175	164	579	644
	147	222	226	226	195	196	245	261	290	245	227	351
Total Liabilities	560	663	667	659	703	805	865	933	1,001	1,045	1,567	1,770
	127	458	447	436	464	526	572	584	501	483	1,135	1,197
CWIP	290	4	24	25	21	21	20	29	28	122	29	20
Investments	0	0	0	1	0	0	0	0	0	1	21	101
	143	200	195	197	218	257	273	320	471	439	381	452
Total Assets	560	663	667	659	703	805	865	933	1,001	1,045	1,567	1,770

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	38	63	38	91	104	112	191	116	96	129	135	176
	-98	-63	-31	-14	-47	-85	-52	-48	-41	-96	-548	-175
	57	6	-11	-78	-55	-29	-139	-67	-55	-25	405	-1
Net Cash Flow	-3	7	-5	-1	3	-2	-0	2	-0	8	-8	0

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	38	42	33	33	34	33	31	39	38	29	25	41
Inventory Days	35	49	44	37	36	50	47	79	56	44	88	59
Days Payable	102	90	53	33	23	31	39	77	56	32	33	81
Cash Conversion Cycle	-29	1	24	37	47	51	39	42	38	40	80	19
Working Capital Days	-3	4	18	25	26	27	26	41	33	30	65	55
ROCE %	3%	4%	11%	28%	29%	30%	32%	17%	17%	22%	14%	6%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	73.55%	73.55%	73.55%	73.55%	73.96%	73.97%	73.97%	73.97%	73.97%	73.97%	73.97%	73.97%
	0.54%	0.45%	0.41%	0.41%	0.36%	0.21%	0.39%	0.41%	0.46%	0.44%	0.41%	0.39%
	0.02%	0.01%	0.01%	0.01%	0.17%	0.01%	0.01%	0.01%	0.01%	0.01%	0.16%	0.11%
	25.90%	25.98%	26.03%	26.03%	25.51%	25.81%	25.64%	25.62%	25.56%	25.59%	25.45%	25.52%
No. of Shareholders	11,093	11,782	11,304	11,077	10,859	10,562	9,794	9,725	9,559	9,930	9,679	9,710

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	73.22%	73.22%	73.31%	73.55%	73.55%	73.55%	73.55%	73.97%	73.97%
	0.00%	0.51%	0.52%	0.45%	0.43%	0.64%	0.41%	0.41%	0.39%
	0.04%	1.63%	1.34%	0.97%	0.01%	0.01%	0.01%	0.01%	0.11%
	26.74%	24.64%	24.83%	25.03%	26.01%	25.80%	26.03%	25.62%	25.52%
No. of Shareholders	7,766	7,535	8,595	8,207	9,167	11,148	11,077	9,725	9,710

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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