N R Agarwal Industries Ltd(NRAIL)

NSE: NRAILBSE: 516082

₹ 655.9-2.79%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,116 crNext results: 3 Nov 2026Website: www.nrail.comUpdated: 24 Oct 2026

About

N R Agarwal Industries Ltd (NRAIL) is among the leading manufacturers of paper and paper boards in India, producing exclusively from recycled waste paper. The company operates in a single segment - Paper and Paper Boards - with FY26 revenue of ₹2,145.45 Cr. It sells both domestically and through exports, with net foreign exchange exports of ₹2,90,35,04,603 in FY26.^[1][2][3]

Business segments

NRAIL operates in a single segment - Paper and Paper Boards - manufactured entirely from recycled waste paper, with both domestic and export sales channels.^[1]
In FY25, domestic Paper and Paper Boards revenue was ₹1,35,810.16 lakhs and export revenue was ₹28,001.11 lakhs.^[1]

Export performance

Net foreign exchange exports were ₹2,90,35,04,603 in FY26, up from ₹2,80,01,11,180 in FY25.^[3]
In FY25, export revenues more than doubled to ₹28,001.11 lakhs from ₹14,251.72 lakhs the prior year.^[1]

Key operating numbers

FY26 EBITDA was ₹1,92,41,82,244, representing 9.03% of turnover of ₹21,31,26,05,301.^[3]
FY25 gearing ratio was 44% (up from 41%) and net debt to equity rose to 0.79 from 0.69, reflecting new project debt.^[1]

Borrowings and financial structure

In FY25, total borrowings rose to ₹54,507.16 lakhs from ₹48,027.10 lakhs; 99.22% were at variable rates.^[1]
In FY25, open USD payable (borrowings) of $469.19 mn was hedged via forward contracts of $476.81 mn.^[1]

Distribution and branding

The company is continually expanding its distribution network as part of building a stronger branding position.^[3]

Expansion and capex

The company plans to increase installed capacity by setting up new plants, launching value-added products, and improving efficiency and cost parameters.^[3]
Shareholders were sought to approve an increase in borrowing powers to ₹5,000 Cr from the prior limit of ₹1,000 Cr in view of increased business activities and future plans.^[3]

Recent developments

The FY26 board proposed an amendment to the Memorandum of Association to permit development of industrial galas, plots, sheds, warehouses, and commercial complexes on company-owned land.^[3]
In FY25, assets of Unit III (a closed unit) that were held for sale were fully disposed of during the year.^[1]
The board declared a final dividend of ₹2 per share (20%) for FY26, the same rate as FY24 and FY25.^[3]

Market Cap

₹1,116 Cr

High / Low

₹831 / 361

Stock P/E

18.0

Price / Book

1.4

Book Value

₹479

EPS

₹25.7

No. of Shares

1.7 Cr

ROCE

8.5%

ROE

5.5%

OPM

6.0%

Debt / Equity

0.97

Sales

₹2,145 Cr

Net Profit

₹44 Cr

Promoter holding

74.3%

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