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Swing Capital

N R Agarwal Industries Ltd

NSE: NRAIL BSE: 516082

Incorporated in 1993, N. R. Agarwal Industries Ltd manufacturers recycled paper and grey back & white back Duplex Boards[1]

₹450
52W: ₹249 — ₹550
PE 16 · Book ₹479 · -6% vs book
Market Cap₹766 Cr
Stock P/E16Price to Earnings
ROCE8.47%Return on Capital
ROE6.01%Return on Equity
Div. Yield0.45%Face Value ₹10

Strengths

  • +Stock is trading at 0.94 times its book value
  • +Company is expected to give good quarter
  • +Company's working capital requirements have reduced from 16.4 days to 12.1 days

Weaknesses

  • −Company has a low return on equity of 8.56% over last 3 years.
  • −Dividend payout has been low at 13.8% of profits over last 3 years

Shareholding Pattern

Promoters74.28%
FIIs0.39%
DIIs0.02%
Public25.29%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.97%73.97%73.97%73.97%73.97%74.11%▲0.174.11%74.28%▲0.2
FIIs0.46%0.44%▼0.00.41%▼0.00.39%▼0.00.4%▲0.00.39%▼0.00.41%▲0.00.39%▼0.0
DIIs0.01%0.01%0.16%▲0.10.11%▼0.10.03%▼0.10.03%0.03%0.02%▼0.0
Public25.56%25.59%▲0.025.45%▼0.125.52%▲0.125.6%▲0.125.46%▼0.125.44%▼0.025.29%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales336247347428418466452525563605
Expenses288213319401389438436481506549
Operating Profit48342827292817445757
OPM %14%14%8%6%7%6%4%8%10%9%
Net Profit31163813-717-11414
EPS ₹18.479.224.97.48-4.019.72-0.868.488.34

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,145Cr, up 29.3% YoY. OPM at 8%.

Debt Position

Borrowings at ₹821Cr. Debt-to-equity ratio: 1.03x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹227Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.02% (-0.15pp change). FIIs: 0.39% (+0.03pp change). Promoters hold 74.28%.

Margin & Efficiency

ROCE improving from 4% (Mar 2015) to 8% (Mar 2026). Working capital days: 12.

Valuation

PE 16x with 8.47% ROCE. Price is -6% above book value of ₹479. Dividend yield: 0.45%.

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