N R Agarwal Industries Ltd

₹ 366 0.52%

12 Dec 1:15 p.m.

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 ₹ 623 Cr.
Current Price ₹ 366
High / Low ₹ 548 / 317
Stock P/E 10.6
Book Value ₹ 451
Dividend Yield 0.55 %
ROCE 14.1 %
ROE 18.3 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.82 times its book value

Cons

The company has delivered a poor sales growth of -0.38% over past five years.
Company might be capitalizing the interest cost
Promoters have pledged 99.4% of their holding.
Working capital days have increased from 42.7 days to 64.7 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

Sector: Paper Industry: Paper

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	382.68	395.31	446.11	495.41	504.04	380.20	386.42	368.67	341.65	335.56	247.24	346.98	428.41
	359.35	367.77	403.28	435.80	450.23	343.67	351.45	322.06	293.86	287.76	213.33	319.13	401.47
Operating Profit	23.33	27.54	42.83	59.61	53.81	36.53	34.97	46.61	47.79	47.80	33.91	27.85	26.94
OPM %	6.10%	6.97%	9.60%	12.03%	10.68%	9.61%	9.05%	12.64%	13.99%	14.24%	13.72%	8.03%	6.29%
	2.98	2.46	2.45	4.61	3.12	2.43	2.27	2.80	1.67	2.43	2.57	7.43	8.98
Interest	7.14	6.48	5.23	3.65	3.73	3.31	3.10	1.78	1.38	2.22	5.16	13.24	15.50
Depreciation	9.01	9.17	7.43	8.90	8.92	9.08	8.90	8.96	8.92	9.16	10.38	16.14	16.29
Profit before tax	10.16	14.35	32.62	51.67	44.28	26.57	25.24	38.67	39.16	38.85	20.94	5.90	4.13
Tax %	36.52%	33.45%	41.63%	36.73%	38.03%	27.36%	21.20%	-4.86%	3.45%	19.10%	25.17%	42.37%	-101.94%
	6.45	9.55	19.05	32.69	27.44	19.29	19.88	40.56	37.81	31.43	15.66	3.40	8.34
EPS in Rs	3.79	5.61	11.19	19.21	16.12	11.33	11.68	23.83	22.22	18.47	9.20	2.00	4.90
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	512	541	725	883	1,044	1,190	1,318	1,405	1,146	1,617	1,766	1,293	1,358
	491	522	695	818	905	1,033	1,133	1,189	1,013	1,473	1,580	1,114	1,222
Operating Profit	21	19	30	66	139	157	186	216	133	144	186	179	136
OPM %	4%	3%	4%	7%	13%	13%	14%	15%	12%	9%	11%	14%	10%
	4	4	6	8	6	6	7	12	8	10	11	7	21
Interest	10	12	36	46	43	40	35	36	30	25	14	11	36
Depreciation	9	10	18	23	24	26	27	32	33	34	36	37	52
Profit before tax	5	1	-17	4	78	97	131	161	78	95	148	138	70
Tax %	13%	35%	95%	-335%	36%	7%	28%	27%	26%	36%	33%	9%
	5	0	-33	18	50	90	95	117	57	61	99	125	59
EPS in Rs	2.70	0.26	-19.64	10.48	29.22	53.02	55.61	68.60	33.63	35.85	58.35	73.72	34.57
Dividend Payout %	0%	0%	0%	0%	7%	6%	7%	0%	3%	0%	0%	3%

Compounded Sales Growth
10 Years:	9%
5 Years:	0%
3 Years:	4%
TTM:	-8%

Compounded Profit Growth
10 Years:	74%
5 Years:	6%
3 Years:	31%
TTM:	-50%

Stock Price CAGR
10 Years:	34%
5 Years:	12%
3 Years:	13%
1 Year:	-5%

Return on Equity
10 Years:	20%
5 Years:	18%
3 Years:	16%
Last Year:	18%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	17	17	17	17	17	17	17	17	17	17	17	17	17
Reserves	93	94	59	77	116	202	295	402	459	519	619	743	751
	221	302	365	347	300	289	297	202	195	175	164	579	693
	132	147	222	226	226	195	196	245	261	290	245	227	304
Total Liabilities	463	560	663	667	659	703	805	865	933	1,001	1,045	1,567	1,766
	124	127	458	447	436	464	526	572	584	501	483	1,135	1,153
CWIP	203	290	4	24	25	21	21	20	29	28	122	29	45
Investments	0	0	0	0	1	0	0	0	0	0	1	21	104
	135	143	200	195	197	218	257	273	320	471	439	381	464
Total Assets	463	560	663	667	659	703	805	865	933	1,001	1,045	1,567	1,766

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	20	38	63	38	91	104	112	191	116	96	129	135
	-20	-98	-63	-31	-14	-47	-85	-52	-48	-41	-96	-548
	-1	57	6	-11	-78	-55	-29	-139	-67	-55	-25	405
Net Cash Flow	-1	-3	7	-5	-1	3	-2	-0	2	-0	8	-8

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	41	38	42	33	33	34	33	31	39	38	29	25
Inventory Days	35	35	49	44	37	36	50	47	79	56	44	88
Days Payable	113	102	90	53	33	23	31	39	77	56	32	33
Cash Conversion Cycle	-37	-29	1	24	37	47	51	39	42	38	40	80
Working Capital Days	-4	-3	4	18	25	26	27	26	41	33	30	65
ROCE %	5%	3%	4%	11%	28%	29%	30%	32%	17%	17%	22%	14%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	73.55%	73.55%	73.55%	73.55%	73.55%	73.55%	73.96%	73.97%	73.97%	73.97%	73.97%	73.97%
	0.73%	0.64%	0.54%	0.45%	0.41%	0.41%	0.36%	0.21%	0.39%	0.41%	0.46%	0.44%
	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.17%	0.01%	0.01%	0.01%	0.01%	0.01%
	25.71%	25.80%	25.90%	25.98%	26.03%	26.03%	25.51%	25.81%	25.64%	25.62%	25.56%	25.59%
No. of Shareholders	11,276	11,148	11,093	11,782	11,304	11,077	10,859	10,562	9,794	9,725	9,559	9,930

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	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%	0.44%
	0.04%	1.63%	1.34%	0.97%	0.01%	0.01%	0.01%	0.01%	0.01%
	26.74%	24.64%	24.83%	25.03%	26.01%	25.80%	26.03%	25.62%	25.59%
No. of Shareholders	7,766	7,535	8,595	8,207	9,167	11,148	11,077	9,725	9,930

* 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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