N R Agarwal Industries Ltd: Stock Analysis & Fundamentals

N R Agarwal Industries Ltd's latest quarterly results (Mar 2026) show

• PAT Growth YoY: +300.0%
• Revenue Growth YoY: +29.8%
• Operating Margin: 9.0%

N R Agarwal Industries Ltd's current PE ratio is 16.7x.

• Current PE: 16.7x
• Market Cap: 799 Cr
• Dividend Yield: 0.43%

N R Agarwal Industries Ltd's price-to-book ratio is 1.0x.

• Price-to-Book (P/B): 1.0x
• Book Value per Share: ₹479
• Current Price: ₹470

N R Agarwal Industries Ltd's fundamental strength based on key financial ratios

• Return on Capital (ROCE): 8.0%

N R Agarwal Industries Ltd has a debt-to-equity ratio of N/A.

• Total Debt: ₹821 Cr

N R Agarwal Industries Ltd's return ratios over recent years

• FY2024: ROCE 14.0%
• FY2025: ROCE 6.0%
• FY2026: ROCE 8.0%

N R Agarwal Industries Ltd's operating cash flow is positive (FY2026).

• Cash from Operations (CFO): ₹95 Cr
• Free Cash Flow (FCF): ₹-93 Cr
• CFO/PAT Ratio: 216% (strong cash conversion)

N R Agarwal Industries Ltd's current dividend yield is 0.43%.

• Dividend Yield: 0.43%
• Current Price: ₹470

N R Agarwal Industries Ltd's shareholding pattern (Mar 2026)

• Promoters: 74.3%
• FII (Foreign): 0.4%
• DII (Domestic): 0.0%
• Public: 25.3%

N R Agarwal Industries Ltd's promoter holding has increased recently.

• Current Promoter Holding: 74.3% (Mar 2026)
• Previous Quarter: 74.1% (Dec 2025)
• Change: +0.17% (increasing — positive signal)

N R Agarwal Industries Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

N R Agarwal Industries Ltd has 2 key growth catalysts identified from recent earnings analysis

• Value Added Product Mix Shift — Higher realizations in premium segments partially offset the volume pressure in newsprint.
• Operating Leverage Inflection — Increased volume will lower the per-unit cost of production.

N R Agarwal Industries Ltd has 2 key risks worth monitoring

• [HIGH] Volatility in imported waste paper prices and chemical costs impacting gross mar — Volatility in imported waste paper prices and chemical costs impacting gross margins.
• [MEDIUM] Rising ocean freight rates for imported raw materials — Rising ocean freight rates for imported raw materials.

N R Agarwal Industries Ltd's management has provided the following forward guidance

• Revenue outlook: Not Given
• Margin outlook: Not Given
• Capex plan: ₹150 Cr for Modernization of Unit PM4 and PM5 for efficiency gains
• Management tone: cautious

N R Agarwal Industries Ltd's most important sub-sector-specific KPIs from the latest concall

• Capacity Utilization: 92% (YoY -200 bps) (QoQ 0) — Slight slowdown in newsprint demand led to lower run rates in specific units.
• Raw Material Cost to Sales: 58.4% (YoY +310 bps) (QoQ +120 bps) — Higher prices for imported waste paper and specialty chemicals.
• Power & Fuel Cost: INR 52.14 Cr (YoY +4.2%) (QoQ +1.5%) — Increase in coal prices and grid electricity tariffs.
• Inventory Days: 42 days (YoY -3 days) (QoQ -1 day) — Better working capital management and inventory liquidation.
• Export Revenue Share: 12% (YoY -300 bps) (QoQ -100 bps) — Global slowdown and competitive pricing from Southeast Asian manufacturers.
• Debt to Equity Ratio: 0.38x (YoY -0.05x) (QoQ 0) — Scheduled repayment of long-term borrowings.

Based on quantitative research signals, here is why N R Agarwal Industries Ltd may be worth studying

• Cash flow is positive — CFO ₹95 Cr

N R Agarwal Industries Ltd investment thesis summary:

N R Agarwal Industries Ltd's forward outlook based on current data signals

• Key Catalyst: Value Added Product Mix Shift
• Key Risk: Volatility in imported waste paper prices and chemical costs impacting gross mar