N R Agarwal Industries Ltd

₹ 460 0.75%

25 May - 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 ₹ 782 Cr.
Current Price ₹ 460
High / Low ₹ 550 / 249
Stock P/E 16.4
Book Value ₹ 479
Dividend Yield 0.44 %
ROCE 8.47 %
ROE 6.01 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.96 times its book value
Company is expected to give good quarter
Company's working capital requirements have reduced from 16.4 days to 12.1 days

Cons

Company has a low return on equity of 8.56% over last 3 years.
Dividend payout has been low at 13.8% of profits over last 3 years

* 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 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	386	369	342	336	247	347	428	418	466	452	525	563	605
	351	322	294	288	213	319	401	389	438	436	481	506	549
Operating Profit	35	47	48	48	34	28	27	29	28	17	44	57	57
OPM %	9%	13%	14%	14%	14%	8%	6%	7%	6%	4%	8%	10%	9%
	2	3	2	2	3	7	9	14	1	26	-10	2	0
Interest	3	2	1	2	5	13	16	16	16	16	17	16	16
Depreciation	9	9	9	9	10	16	16	17	16	17	17	17	18
Profit before tax	25	39	39	39	21	6	4	9	-3	10	-0	26	24
Tax %	21%	-5%	3%	19%	25%	42%	-102%	-37%	104%	-69%	359%	45%	41%
	20	41	38	31	16	3	8	13	-7	17	-1	14	14
EPS in Rs	11.68	23.83	22.22	18.47	9.20	2.00	4.90	7.48	-4.01	9.72	-0.86	8.48	8.34
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	725	883	1,044	1,190	1,318	1,405	1,146	1,617	1,766	1,293	1,659	2,145
	695	818	905	1,033	1,133	1,189	1,013	1,473	1,580	1,113	1,547	1,971
Operating Profit	30	66	139	157	186	216	133	144	186	181	112	174
OPM %	4%	7%	13%	13%	14%	15%	12%	9%	11%	14%	7%	8%
	6	8	6	6	7	12	8	10	11	5	31	18
Interest	36	46	43	40	35	36	30	25	14	11	61	64
Depreciation	18	23	24	26	27	32	33	34	36	37	66	69
Profit before tax	-17	4	78	97	131	161	78	95	148	138	16	60
Tax %	95%	-335%	36%	7%	28%	27%	26%	36%	33%	9%	-11%	27%
	-33	18	50	90	95	117	57	61	99	125	18	44
EPS in Rs	-19.64	10.48	29.22	53.02	55.61	68.60	33.63	35.85	58.35	73.72	10.37	25.68
Dividend Payout %	0%	0%	7%	6%	7%	0%	3%	0%	0%	3%	39%	0%

Compounded Sales Growth
10 Years:	9%
5 Years:	13%
3 Years:	7%
TTM:	29%

Compounded Profit Growth
10 Years:	10%
5 Years:	-4%
3 Years:	-22%
TTM:	164%

Stock Price CAGR
10 Years:	26%
5 Years:	16%
3 Years:	20%
1 Year:	69%

Return on Equity
10 Years:	16%
5 Years:	11%
3 Years:	9%
Last Year:	6%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	17	17	17	17	17	17	17	17	17	17	17	17
Reserves	59	77	116	202	295	402	459	519	619	743	758	798
	365	347	300	289	297	202	195	175	164	579	644	821
	222	226	226	195	196	245	261	290	245	227	351	396
Total Liabilities	663	667	659	703	805	865	933	1,001	1,045	1,567	1,770	2,031
	458	447	436	464	526	572	584	501	483	1,135	1,197	1,221
CWIP	4	24	25	21	21	20	29	28	122	29	20	227
Investments	0	0	1	0	0	0	0	0	1	21	101	13
	200	195	197	218	257	273	320	471	439	381	452	571
Total Assets	663	667	659	703	805	865	933	1,001	1,045	1,567	1,770	2,031

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	63	38	91	104	112	191	116	96	129	135	176	95
	-63	-31	-14	-47	-85	-52	-48	-41	-96	-548	-175	-188
	6	-11	-78	-55	-29	-139	-67	-55	-25	405	-1	96
Net Cash Flow	7	-5	-1	3	-2	-0	2	-0	8	-8	0	3
Free Cash Flow	-1	4	74	55	25	136	66	54	29	-392	66	-196
CFO/OP	209%	57%	66%	82%	77%	101%	97%	77%	86%	84%	159%	53%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	42	33	33	34	33	31	39	38	29	25	41	42
Inventory Days	49	44	37	36	50	47	79	56	44	86	61	64
Days Payable	90	53	33	23	31	39	77	56	32	32	84	62
Cash Conversion Cycle	1	24	37	47	51	39	42	38	40	79	18	44
Working Capital Days	-46	-22	-3	-1	5	15	1	8	29	26	11	12
ROCE %	4%	11%	28%	29%	30%	32%	17%	17%	22%	14%	6%	8%

Insights

In beta

Mar 2014

Mar 2015

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Mar 2023

Mar 2024

Mar 2025

Production Volume
Metric Tonnes (MT)

xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx		xxx,xxx	xxx,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xxx.xx				xx.xx
		xx.xx	xx.xx		xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx
		xx.xx	xx.xx		xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx

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Installed Capacity
Metric Tonnes Per Annum (MTPA)

Capacity Utilization
%

Geographic Sales - Domestic (India)
%

Geographic Sales - Exports
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	73.96%	73.97%	73.97%	73.97%	73.97%	73.97%	73.97%	73.97%	73.97%	74.11%	74.11%	74.28%
	0.36%	0.21%	0.39%	0.41%	0.46%	0.44%	0.41%	0.39%	0.40%	0.39%	0.41%	0.39%
	0.17%	0.01%	0.01%	0.01%	0.01%	0.01%	0.16%	0.11%	0.03%	0.03%	0.03%	0.02%
	25.51%	25.81%	25.64%	25.62%	25.56%	25.59%	25.45%	25.52%	25.60%	25.46%	25.44%	25.29%
No. of Shareholders	10,859	10,562	9,794	9,725	9,559	9,930	9,679	9,710	9,282	8,683	8,233	7,886

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73.22%	73.22%	73.31%	73.55%	73.55%	73.55%	73.55%	73.97%	73.97%	74.28%
	0.00%	0.51%	0.52%	0.45%	0.43%	0.64%	0.41%	0.41%	0.39%	0.39%
	0.04%	1.63%	1.34%	0.97%	0.01%	0.01%	0.01%	0.01%	0.11%	0.02%
	26.74%	24.64%	24.83%	25.03%	26.01%	25.80%	26.03%	25.62%	25.52%	25.29%
No. of Shareholders	7,766	7,535	8,595	8,207	9,167	11,148	11,077	9,725	9,710	7,886

* 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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