N R Agarwal Industries Ltd

₹ 299 11.69%

30 May - close price

About

NR Agarwal Industries Ltd is in the business of manufacturing different kinds of duplex paper boards and writing and printing papers.
The company is among the first and leading manufacturers of recycled paper in India and the largest manufacturer of grey back and white back duplex board for over 2 decades. ^[1]

Key Points

Under Penerated Market^[1]
India’s paper sector is vastly under-penetrated. Per-capita consumption was estimated at 13 kg compared to a global average of 57 kg, indicating a large headroom.

Website BSE NSE

Market Cap ₹ 509 Cr.
Current Price ₹ 299
High / Low ₹ 428 / 196
Stock P/E 5.13
Book Value ₹ 373
Dividend Yield 0.00 %
ROCE 21.4 %
ROE 17.0 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.80 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 8.21% over past five years.
Promoters have pledged 100% of their holding.
Dividend payout has been low at 0.99% 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

Sector: Paper Industry: Paper

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	337	203	272	328	343	392	383	395	446	495	504	380	386
	274	167	234	293	320	343	359	368	403	436	450	344	351
Operating Profit	63	36	38	35	23	49	23	28	43	60	54	37	35
OPM %	19%	18%	14%	11%	7%	13%	6%	7%	10%	12%	11%	10%	9%
	4	2	1	2	3	4	3	2	2	5	3	2	2
Interest	8	7	9	7	7	6	7	6	5	4	4	3	3
Depreciation	8	8	8	8	8	9	9	9	7	9	9	9	9
Profit before tax	51	22	22	22	11	37	10	14	33	52	44	27	25
Tax %	28%	30%	25%	29%	17%	31%	37%	33%	42%	37%	38%	27%	21%
Net Profit	37	16	17	16	9	26	6	10	19	33	27	19	20
EPS in Rs	21.73	9.24	9.72	9.11	5.55	15.27	3.79	5.61	11.19	19.21	16.12	11.33	11.68
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Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	493	512	541	725	883	1,044	1,190	1,318	1,405	1,146	1,617	1,766
	460	491	522	695	818	905	1,033	1,133	1,189	1,013	1,473	1,581
Operating Profit	33	21	19	30	66	139	157	186	216	133	144	185
OPM %	7%	4%	3%	4%	7%	13%	13%	14%	15%	12%	9%	10%
	4	4	4	6	8	6	6	7	12	8	10	12
Interest	10	10	12	36	46	43	40	35	36	30	25	14
Depreciation	9	9	10	18	23	24	26	27	32	33	34	36
Profit before tax	18	5	1	-17	4	78	97	131	161	78	95	148
Tax %	20%	13%	35%	-95%	-335%	36%	7%	28%	27%	26%	36%	33%
Net Profit	14	5	0	-33	18	50	90	95	117	57	61	99
EPS in Rs	8.28	2.70	0.26	-19.64	10.48	29.22	53.02	55.61	68.60	33.63	35.85	58.35
Dividend Payout %	14%	0%	0%	0%	0%	7%	6%	7%	0%	3%	0%	0%

Compounded Sales Growth
10 Years:	13%
5 Years:	8%
3 Years:	8%
TTM:	9%

Compounded Profit Growth
10 Years:	36%
5 Years:	2%
3 Years:	-5%
TTM:	61%

Stock Price CAGR
10 Years:	30%
5 Years:	-6%
3 Years:	20%
1 Year:	25%

Return on Equity
10 Years:	20%
5 Years:	20%
3 Years:	14%
Last Year:	17%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	17	17	17	17	17	17	17	17	17	17	17	17
Reserves	89	93	94	59	77	116	202	295	402	459	519	619
	212	221	302	365	347	300	289	297	202	195	175	164
	121	132	147	222	226	226	195	196	245	261	290	241
Total Liabilities	438	463	560	663	667	659	703	805	865	933	1,001	1,041
	117	124	127	458	447	436	464	526	572	584	501	483
CWIP	198	203	290	4	24	25	21	21	20	29	25	122
Investments	0	0	0	0	0	1	0	0	0	0	0	1
	123	135	143	200	195	197	218	257	273	320	475	435
Total Assets	438	463	560	663	667	659	703	805	865	933	1,001	1,041

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	66	20	38	63	38	91	104	112	191	116	95	129
	-75	-20	-98	-63	-31	-14	-47	-85	-52	-48	-41	-96
	5	-1	57	6	-11	-78	-55	-29	-139	-67	-55	-25
Net Cash Flow	-4	-1	-3	7	-5	-1	3	-2	-0	2	-1	8

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	41	41	38	42	33	33	34	33	31	39	38	29
Inventory Days	39	35	35	49	44	37	36	50	47	79	58	43
Days Payable	95	113	102	90	53	33	23	31	39	77	56	32
Cash Conversion Cycle	-15	-37	-29	1	24	37	47	51	39	42	39	40
Working Capital Days	-13	-4	-3	4	18	25	26	27	26	41	34	30
ROCE %	9%	5%	3%	4%	11%	28%	29%	30%	32%	17%	17%	21%

Shareholding Pattern

Numbers in percentages

5 Recently

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
73.55	73.55	73.55	73.55	73.55	73.55	73.55	73.55	73.55	73.55	73.55	73.55
0.45	0.43	0.43	0.43	0.43	0.63	0.73	0.64	0.54	0.45	0.41	0.41
0.93	0.63	0.25	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01
25.08	25.39	25.78	26.01	26.01	25.81	25.71	25.80	25.90	25.98	26.03	26.03

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
73.22	73.22	73.31	73.55	73.55	73.55	73.55
0.00	0.51	0.52	0.45	0.43	0.64	0.41
0.04	1.63	1.34	0.97	0.01	0.01	0.01
26.74	24.64	24.83	25.03	26.01	25.80	26.03

* 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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