NRAIL
N R Agarwal Industries financials
- Market cap
- ₹1.1k Cr
- Sector
- Forest Materials
What N R Agarwal Industries Limited does
N R Agarwal Industries manufactures multi-layer paperboard (coated duplex board, FBB, SBS) and writing, printing and copier paper, using wastepaper as its primary raw material. Production is spread across manufacturing units in Vapi and Sarigam, Gujarat, including a 900 tonnes-per-day paperboard facility commissioned in March 2024 that the company describes as India's largest single-location paperboard manufacturing unit. Output serves FMCG and food packaging, e-commerce packaging, textbooks, print media and notebooks, sold across India and exported to more than 33 countries.
Segments
- Paperboard (packaging board)
- Writing & printing paper
- Paperboard manufacturing unit capacity
- 900 TPD (India's largest single-location paperboard unit)
- Paper & paperboard production (FY25)
- 3,84,880 MT
- Manufacturing locations
- Vapi & Sarigam, Gujarat
- Employees
- 1,432 (as of Mar-25)
- Sarigam industrial facility area
- 100 acres
- Captive power plant
- 7.5 MW
Quarterly results
Q1 FY27: revenue up 43.1%, net profit up 105.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 418 | 466 | 452 | 525 +23% | 563 +35% | 605 +30% | 647 +43% |
| EBITDA | 27 | 29 | 28 | 17 | 44 +63% | 57 +97% | 57 +104% | 74 +335% |
| Net profit | 8 | 13 | -7 | 17 | -1 −112% | 14 +8% | 14 +300% | 35 +106% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +60.8% 1Y
1Y: ₹390.5 on 10 Sept 2025 → ₹627.9. High ₹644.35 (8 Sept 2026), low ₹368.85 (23 Sept 2025).
Financials, as filed
Revenue grew 6.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.8k Cr | ₹1.3k Cr | ₹1.7k Cr | ₹2.1k Cr |
| Operating profit | ₹186 Cr | ₹177 Cr | ₹112 Cr | ₹175 Cr |
| Operating margin | 10.5% | 13.7% | 6.8% | 8.2% |
| Interest | ₹14 Cr | ₹10 Cr | ₹61 Cr | ₹65 Cr |
| Depreciation | ₹36 Cr | ₹37 Cr | ₹65 Cr | ₹69 Cr |
| Net profit | ₹99 Cr | ₹126 Cr | ₹17 Cr | ₹44 Cr |
| Net margin | 5.6% | 9.7% | 1.0% | 2.1% |
| Cash from operations | ₹129 Cr | ₹135 Cr | ₹176 Cr | ₹95 Cr |
| Free cash flow | ₹29 Cr | ₹-392 Cr | ₹66 Cr | ₹-196 Cr |
| ROCE | 22.0% | 14.0% | 6.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹459 Cr | ₹519 Cr | ₹619 Cr | ₹743 Cr | ₹769 Cr | ₹798 Cr |
| Borrowings | ₹195 Cr | ₹175 Cr | ₹164 Cr | ₹579 Cr | ₹728 Cr | ₹821 Cr |
| Other liabilities | ₹261 Cr | ₹290 Cr | ₹245 Cr | ₹227 Cr | ₹354 Cr | ₹396 Cr |
| Total liabilities | ₹933 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹584 Cr | ₹501 Cr | ₹483 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Capital work in progress | ₹29 Cr | ₹28 Cr | ₹122 Cr | ₹29 Cr | ₹59 Cr | ₹227 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹21 Cr | ₹83 Cr | ₹13 Cr |
| Other assets | ₹320 Cr | ₹471 Cr | ₹439 Cr | ₹381 Cr | ₹555 Cr | ₹571 Cr |
| Total assets | ₹933 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +0.31 pp while the public trimmed −0.23 pp. The shareholder count shrank 18% to 7,633.
- Promoters
- 74.3%
- FIIs
- 0.3%
- DIIs
- 0.0%
- Public
- 25.4%
Since Jun 2025
- Promoters +0.31 pp
- Public −0.23 pp
- FIIs −0.06 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, FIIs 0.2%, DIIs 0.0%, Public 25.8%.Dec '23: Promoters 74.0%, FIIs 0.4%, DIIs 0.0%, Public 25.6%.Mar '24: Promoters 74.0%, FIIs 0.4%, DIIs 0.0%, Public 25.6%.Jun '24: Promoters 74.0%, FIIs 0.5%, DIIs 0.0%, Public 25.6%.Sep '24: Promoters 74.0%, FIIs 0.4%, DIIs 0.0%, Public 25.6%.Dec '24: Promoters 74.0%, FIIs 0.4%, DIIs 0.2%, Public 25.4%.Mar '25: Promoters 74.0%, FIIs 0.4%, DIIs 0.1%, Public 25.5%.Jun '25: Promoters 74.0%, FIIs 0.4%, DIIs 0.0%, Public 25.6%.Sep '25: Promoters 74.1%, FIIs 0.4%, DIIs 0.0%, Public 25.5%.Dec '25: Promoters 74.1%, FIIs 0.4%, DIIs 0.0%, Public 25.4%.Mar '26: Promoters 74.3%, FIIs 0.4%, DIIs 0.0%, Public 25.3%.Jun '26: Promoters 74.3%, FIIs 0.3%, DIIs 0.0%, Public 25.4%.
Who is on the register
Named in the Jun 2026 filing
Every holder of N R Agarwal Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajendra Nagin Agarwal | 47.05% | unchanged |
| Reena Rajendra Agarwal | 26.67% | unchanged |
| Mukul Mahavir Agrawal | 2.06% | unchanged |
| Devendra Bankatlal Rathi | 1.80% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.41% | unchanged |
| Reera Holdings Private Limited | 0.55% | unchanged |
| Rohan Rajendra Agarwal | 0.01% | unchanged |
| Raunak Agarwal | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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