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NR Agarwal Industries Ltd (NRAIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 516082 NSE: NRAIL Paper & Paper Products | Small Cap | NR Agarwal Inds. Share Price

₹523.95 17.15 (3.38%)

As on 14-Aug'26 16:59

NR Agarwal Industries Ltd (NRAIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 516082 NSE: NRAIL Paper & Paper Products | Small Cap | NR Agarwal Inds. Share Price

₹523.95 17.15 (3.38%)

As on 14-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹892 Cr.
Current Price
₹524
52-Week Low / High
₹336 / 573
TTM EPS
₹36.5
TTM Sales
₹2,340 Cr.
Book Value per Share
₹499.7
P/E Ratio
14.35
Higher than its 5-year historical median
Industry PE
15.8
Price to Book (P/B)
1.05
Higher than its 5-year historical median
Price to Sales (P/S)
0.38
In line with its 5-year historical median
EV/EBITDA
7.11
Higher than its 5-year historical median
Dividend Yield
0.38%
Profitability Efficiency
Return on Equity (ROE)
5.50%
Outperforms industry median
Return on Capital Employed (ROCE)
8.25%
Outperforms industry median
Return on Assets (ROA)
2.30%
Operating Profit Margin
8.1%
Net Profit Margin
2.04%
Gross Profit Margin
6.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
29.32%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
46.51%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
147.59%
Asset Quality
Promoter Holding
74.29%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹833 Cr.
Equity
₹17 Cr.
Face Value
₹10
All Time Low / High
₹2.00 / 615.85

NR Agarwal Industries stock performance

Key Ratios
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Valuation

Somewhat Undervalued

Price Trend

Strong
Q.1 Is NR Agarwal Industries Ltd a good quality company?
NR Agarwal Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does NR Agarwal Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of NR Agarwal Industries Ltd vs industry peers?
NR Agarwal Industries Ltd revenue CAGR is 13.37%, compared to the industry median CAGR of 7.38%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of NR Agarwal Industries Ltd?
Promoters hold 74.29% of the NR Agarwal Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of NR Agarwal Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 18.1% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
NR Agarwal Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 27.7%29.1%29.6%32%17.1%18.1%22.3%14.2%5.7%8.3%-
Value Creation
Index
1.01.11.11.30.20.30.60.0-0.6-0.4-

Growth Parameters

Sales 1,0441,1901,3181,4051,1461,6171,7661,2931,6592,1452,340
Sales YoY Gr.-14%10.7%6.6%-18.5%41.1%9.3%-26.8%28.3%29.3%-
Adj EPS 285253.765.531.632.355.973.86.931.736.5
YoY Gr.-86%3.3%22%-51.8%2.4%72.8%32.2%-90.7%359.4%-
BVPS (₹) 78.3128.9183.5246.1280315373.5446.7455.1479.1499.7
Adj Net
Profit
47.688.591.411253.75595.112611.753.962
Cash Flow from Ops. 90.610411219111695.612913517694.9-
Debt/CF from Ops. 3.32.82.71.11.51.514.13.58.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 8.3%13.4%6.7%29.3%
Adj EPS 1.4%0.1%-17.3%359.4%
BVPS22.3%11.3%8.7%5.3%
Share Price 18.1% 9.4% 16% 41.4%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
41.950.234.430.51210.916.2181.56.87.5
Op. Profit
Mgn %
13.313.214.115.411.68.910.5146.78.19.9
Net Profit
Mgn %
4.67.46.97.94.73.45.49.70.72.52.7
Debt to
Equity
2.31.310.50.40.30.20.70.81-
Working Cap
Days
63606367927779106898645
Cash Conv.
Cycle
304244435343415346487

Valuation of NR Agarwal Inds. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *99.4399.4399.4399.4399.4399.4399.240.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,0441,1901,3181,4051,1461,6171,7661,2931,6592,145
Operating Expenses + 9061,0331,1341,1891,0131,4741,5821,1151,5491,985
Manufacturing Costs154187205218191285342263341359
Material Costs6147067638106591,0101,0747001,0071,400
Employee Cost 505770766871788098105
Other Costs 88849685951088873104121
Operating Profit 138157184216133143184178110161
Operating Profit Margin (%) 13.2%13.2%14.0%15.4%11.6%8.8%10.4%13.8%6.6%7.5%
Other Income + 668128111383337
Exceptional Items 100000000-6
Interest 43403536302514116164
Depreciation 25262732333436376669
Profit Before Tax 789713116178951481381660
Tax 287364420344812-216
Profit After Tax 5090951175761991251844
PAT Margin (%) 4.8%7.6%7.2%8.3%5.0%3.8%5.6%9.7%1.1%2.0%
Adjusted EPS (₹)29.253.055.668.633.635.958.473.710.425.7
Dividend Payout Ratio (%)6.80%5.70%7.20%0%3%0%0%2.70%19.30%7.80%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 133219312419476536636760775815
Share Capital 17171717171717171717
Reserves 116202295402459519619743758798
Debt +266241241173112108134518577724
Long Term Debt1871541601314636133446501587
Short Term Debt78878142667317276137
Minority Interest0000000000
Trade Payables564565851351509563230247
Others Liabilities 204198186188210206180225187245
Total Liabilities 6597038058659331,0011,0451,5671,7702,031

Fixed Assets

Net Fixed Assets +4364645265725845014831,1351,1971,221
Gross Block4615146036807246296461,3131,4371,499
Accumulated Depreciation245176107140128163178240278
CWIP 2521212029281222920227
Investments 10000012110113
Inventories6369104103139151130169168254
Trade Receivables9411111712112316713887186247
Cash Equivalents 586676501825
Others Assets 34303044511471221079665
Total Assets 6597038058659331,0011,0451,5671,7702,031
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 911041121911169612913517695
PBT 789713116178951481381660
Adjustment 6365626461594658108131
Changes in Working Capital -49-33-50-5-11-43-35-4454-98
Tax Paid -2-24-30-28-12-15-30-17-12
Cash Flow From Investing Activity + -14-47-85-52-48-41-96-548-175-188
Capex -16-49-87-55-50-41-100-527-110-290
Net Investments 0000000-23-66100
Others 2223304223
Cash Flow From Financing Activity + -78-55-29-139-67-55-25405-196
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000-560-33633465686
Interest Paid -49-41-35-31-29-22-10-7-60-62
Dividend Paid 0-3-1-70-2-0-0-3-3
Others -29-117-45-382-7866675
Net Cash Flow -13-2-02-08-803
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)43.7751.1935.631.9412.7812.0516.9517.982.35.5
ROCE (%)27.6729.1429.5632.0117.0518.122.2914.235.688.25
Asset Turnover Ratio1.651.81.771.681.271.671.730.990.991.13
PAT to CFO Conversion(x)1.821.161.181.632.041.571.31.089.782.16
Working Capital Days
Receivable Days28.9030.5031.2030.9038.8032.8031.5031.8030.1036.80
Inventory Days21.5019.7023.7026.9038.5032.8029.1042.2037.1035.80
Payable Days30.5011.7016.7022.4037.8033.2028.7034.1033.4035.90

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NR Agarwal Industries Ltd FAQs

The current trading price of NR Agarwal Inds. on 14-Aug-2026 16:59 is ₹524.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Aug-2026 the market cap of NR Agarwal Inds. stood at ₹891.7 Cr

The latest P/E ratio of NR Agarwal Inds. as of 13-Aug-2026 is 14.35.

The latest P/B ratio of NR Agarwal Inds. as of 13-Aug-2026 is 1.05.

The 52-week high of NR Agarwal Inds. is ₹572.6 and the 52-week low is ₹336.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of NR Agarwal Inds. is ₹2,340 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that NR Agarwal Industries Ltd is a good quality company.

The key valuation ratios of NR Agarwal Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of NR Agarwal Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About NR Agarwal Industries Ltd

NR Agarwal Industries, incorporated in 1975, is one of the largest coated duplex board and newsprint manufacturing group having its corporate office at Mumbai and four manufacturing units located at Vapi, Gujarat

It has today evolved as one of the largest manufacturing facility in its chosen area of operation. The combined manufacturing capacity of coated duplex boards today is 130,000 MT per annum and that of newsprint, 40,000 MT PA.

The company has vast resources in terms of assets, technical expertise and technology, Research and development, plants and state-of-the-art machinery, well equipped laboratories, excellent infrastructure and utilities including water, own power generation (steam), steam generation, communication, D.M. Plants, Effluent Treatment Plants, transportation etc. at all manufacturing locations. The Group has excellent marketing network including highly effective sales team, end users, distributors, storage facility and fast delivery capabilities.

NR Agarwal Industries has grown significantly during the last decade. The technical manpower of the company is rated among the best in the Industry. To achieve the objectives of exponential growth, the company has a well knit organization with clear vision, coordination and decision channels. The effective functioning of the company is aided by support services and effective administrative systems and procedures. Total manpower including technical and commercial personnel handling activities of the company is 1500.

Coated duplex boards manufactured by the company are exported across the globe to many countries including Sri Lanka, Bangladesh, Philippines, Egypt, East Africa and Gulf Countries to name a few.

The company manufactures five different qualities of newsprint depending on the specific needs of publishing houses.

Product range of the company includes:

NR Agarwal Industries Ltd manufactures two kinds of products i.e. coated duplex boards -- grey back and white back as well as newsprint at four different locations in GIDC, Vapi, Gujarat state.

  • Superior Quality Double Coated Duplex Board - HWC (Grey Back/White Back)
  • Double Coated Duplex Board - HWC(White Back)
  • Double Coated Duplex Board - HWC(Grey Back)
  • Newsprint

Achievements/ recognition:

  • Quality Management System based on ISO 9001:2000 standard
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