Fin Cascade
Get Android appGet iOS app

Prices as of 9 Oct 2026 close · Not investment advice

N R Agarwal Industries Limited

NSE: NRAILPaper & Paper Products

Share price

₹636.15

-2.30% close of 9 Oct 2026

Market cap ₹1,081 CrP/E 17.4

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

49

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹1,081 Cr

P/E ratio

17.4

P/B ratio

1.3

ROCE

8.5%

ROE

5.5%

Dividend yield

0.3%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹677.2552-week low ₹388.95

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 32.7% over the past year, and 12.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 8.7% to 9.8% over the last four years.

Whether it grew faster than its sector

It grew 12.8% a year against a sector median of 10.3% — 2.5 percentage points faster.

Room to re-rate, or risk of de-rating

At 17.4× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 20.2×, across 5 companies. It is against its own five-year median of 7.8×, the 77th percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
N R Agarwal Industries Limited — this one-22%/yr17.4×—
JK Paper Limited-40%/yr20.2×—
West Coast Paper Mills Limited-46%/yr20.7×—
Seshasayee Paper and Boards Limited-41%/yr13.5×—
ANDHRA PAPER LIMITED-67%/yr48.0×—
Tamil Nadu Newsprint & Papers Limited-14%/yr3.7×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Paper & Paper Products), it ranks 5 of 22 on returns, 6 of 22 on growth, 13 of 22 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 8.5% on capital, ahead of 77% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹631 crore of cash from the business but spent ₹1070 crore on plant and equipment, ₹439 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹175 crore to ₹821 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 182 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 9 checks clear · 89%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 5 Aug 2026 · Standalone · Unaudited

Revenue

₹647 Cr

Revenue vs last year

+43.1%

Revenue vs last quarter

+6.9%

Net profit

₹35 Cr

Profit vs last year

+105.7%

Profit vs last quarter

+149.8%

Net margin

5.4%

EPS

₹20.55

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹1,081 Cr
Prev close
₹636.15
52w High
₹706
52w Low
₹385
Enterprise value
₹1,885 Cr
Beta
0.7
Price CAGR 1y
38.0%
Price CAGR 3y
22.0%
Price CAGR 5y
14.0%
Price CAGR 10y
12.0%

Ratios

Return on assets
2.2%
PEG ratio
-0.7
P/E ratio
17.4
P/B ratio
1.3
EV / EBITDA
8.1
Industry P/E
15.3
ROCE
8.5%
ROCE 5y average
13.4%
ROE
5.5%
Debt / Equity
1.0
Interest coverage
1.9
Dividend yield
0.3%
ROE 3y average
9.0%
ROE last year
6.0%

Annual P&L

Annual revenue
₹2,145 Cr
Annual profit
₹44 Cr
Operating margin
8.0%
Net profit margin
2.1%
EBITDA margin
8.2%
Sales growth 3y
6.7%
Sales growth 5y
13.4%
Profit growth 3y
-22.0%
Profit growth 5y
-3.0%
EPS
₹25.7
Sales growth TTM
33.0%
Profit growth TTM
114.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹647 Cr
Profit latest quarter
₹35 Cr
YoY quarterly sales growth
43.1%
YoY quarterly profit growth
105.9%
OPM latest quarter
11.5%

Balance Sheet

Book Value
₹479
Face Value
₹10.0
Total debt
₹821 Cr
Total cash
₹5 Cr
Borrowings
₹821 Cr
Reserves / Equity
46.9

Cash Flow

Operating cash flow
₹95 Cr
Free cash flow
-₹196 Cr
FCF yield
-24.0%
Net cash flow
₹3 Cr

Shareholding

Promoter holding
74.3%
FII holding
0.3%
DII holding
0.0%
Public holding
25.4%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
JK Paper375.1520.86,8021.03136.364.51,887.213.67.4
West Coast Paper719.0020.74,7490.41141.8145.41,051.310.16.2
Seshasayee Paper228.5014.61,4410.8731.9106.8492.127.75.6
Andhra Paper68.2049.11,3560.7230.342.3393.80.10.0
N R Agarwal Inds656.0016.91,1160.3035.0111.4647.043.18.5
T N Newsprint141.553.79802.825.7177.51,146.60.46.4
Pudumjee Paper93.079.78840.6533.7-7.0202.93.318.1
Median97.0015.93410.306.242.3201.27.16.2

Competes with: ANDHRA PAPER LIMITED, Astron Paper & Board Mill Limited, Balkrishna Paper Mills Limited, Emami Paper Mills Limited, Genus Paper & Boards Limited, JK Paper Limited, Kuantum Papers Limited, Magnum Ventures Limited, Malu Paper Mills Limited, Orient Paper & Industries Limited, PAKKA LIMITED, Pudumjee Paper Products Limited, Ruchira Papers Limited, Satia Industries Limited, Seshasayee Paper and Boards Limited, Shree Ajit Pulp & Paper Limited, Shree Rama Newsprint Limited, Shreyans Industries Limited, Star Paper Mills Limited, Tamil Nadu Newsprint & Papers Limited, West Coast Paper Mills Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales369342336247347428418466452525563605647
Expenses322294288213319401389438436481506549573
Material Cost311298356391390426
Change in Inventories-0.918.44-3.95-1520-2.75
Purchases of Stock-in-Trade000000
Employee Cost242526272834
Other Expenses104104104104110115
Operating Profit47484834282729281744575774
OPM %131414148.036.296.845.943.658.36109.3611
Other Income32237914126-10206
Exceptional items (within Other Income)00-4.44-1.0600
Interest2125131616161617161616
Depreciation99910161617161717171818
Profit before tax39393921649-310-0262446
Tax %-53192542-102-37104-69359454124
Net Profit413831163813-717-1141435
EPS in Rs2422189.2024.907.48-4.019.72-0.868.488.3421
Diluted EPS in Rs-4.019.72-0.878.488.3421

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7258831,0441,1901,3181,4051,1461,6171,7661,2931,6592,1452,340
Expenses6958189051,0331,1331,1891,0131,4731,5801,1131,5471,9712,108
Material Cost1,0621,435
Change in Inventories-189.71
Purchases of Stock-in-Trade00
Employee Cost98105
Other Expenses407421
Operating Profit3066139157186216133144186181112175232
OPM %4.2071313141512911147810
Other Income68667128101153118-2
Exceptional items (within Other Income)0-5.51
Interest36464340353630251411616465
Depreciation18232426273233343637666970
Profit before tax-17478971311617895148138166096
Tax %95-33536728272636339-1127
Net Profit-3318509095117576199125184462
EPS in Rs-20102953566934365874102637
Diluted EPS in Rs1026
Dividend Payout %0076703003390

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
9%
5 years
13%
3 years
7%
TTM
33%

Compounded profit growth

10 years
10%
5 years
-3%
3 years
-22%
TTM
114%

Stock price CAGR

10 years
12%
5 years
14%
3 years
22%
1 year
38%

Return on equity

10 years
16%
5 years
11%
3 years
9%
Last year
6%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital171717171717171717171717
Reserves5977116202295402459519619743758798
Borrowings365347300289297202195175164579644821
Other Liabilities222226226195196245261290245227351396
Total Liabilities6636676597038058659331,0011,0451,5671,7702,031
Fixed Assets4584474364645265725845014831,1351,1971,221
CWIP4242521212029281222920227
Investments0010000012110113
Other Assets200195197218257273320471439381452571
Total Assets6636676597038058659331,0011,0451,5671,7702,031

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6338911041121911169612913517695
Cash from Investing Activity-63-31-14-47-85-52-48-41-96-548-175-188
Cash from Financing Activity6-11-78-55-29-139-67-55-25405-196
Net Cash Flow7-5-13-2-02-08-803
Free Cash Flow-14745525136665429-39266-196

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days423333343331393829254142
Inventory Days494437365047795644866166
Days Payable905333233139775632328464
Cash Conversion Cycle12437475139423840791844
Working Capital Days-46-22-3-15151829261210
ROCE %411282930321717221468

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters747474747474747474747474
FIIs0.210.390.410.460.440.410.390.400.390.410.390.34
DIIs0.010.010.010.010.010.160.110.030.030.030.020.01
Public262626262625262625252525
No. of Shareholders10,5629,7949,7259,5599,9309,6799,7109,2828,6838,2337,8867,633

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +39.0% (₹457.75 → ₹636.15)Brick size ₹36.76 (fixed)Bricks 9
₹400₹500₹600₹636Jan '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹636.15 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

803inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about N R Agarwal Industries Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • coal (captive cogeneration boiler fuel)
  • deinking and bleaching chemicals
  • packing material
  • waste paper / recovered paper (OCC)

Depends on the price of

  • coal
  • fuel
  • paper_pulp

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Forest Materials
Industry
Paper & Paper Products
Classification
Forest Materials › Paper & Paper Products
ISIN
INE740D01017

Plants

  • N R Agarwal Unit I, Vapi
  • N R Agarwal Unit V (PM2), Sarigam
  • N R Agarwal Unit V, Sarigam
  • N R Agarwal Unit VI Multilayer Board Plant, Dahej (under development)

News impact

Big market events that reach N R Agarwal Industries Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

25 Aug 2026unspecified₹2
17 Sep 2025unspecified₹2
16 Aug 2024unspecified₹2
21 Sep 2021unspecified₹1
6 Sep 2019unspecified₹4
18 Sep 2018unspecified₹3
12 Sep 2017unspecified₹2

Splits, bonuses & buybacks

  • daily-prices repair: 7 rows from NSE's archive (replace 1, delete 0, insert 6), 2020-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2020
  • bse-history fill: 305 BSE bars before cutoff, code 516082, seam residual 0.99731× · 5 Apr 2017

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.