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NR Agarwal Industries Ltd.
(NRAIL)
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Rating:57Neutral
Price Target:
₹666.00
▲(42.80% Upside)
Action:Reiterated
Date:09/09/26
The score is held back primarily by weakened financial quality—material margin compression, higher leverage, and poor cash-flow conversion with negative free cash flow. This is partially offset by strong technical momentum (price above all key moving averages with positive MACD), while valuation is only moderate and the dividend yield offers limited support.
Positive Factors
Revenue Reacceleration
The return to double-digit revenue growth indicates improving demand and renewed top-line momentum in the company’s core operations. If sustained, stronger sales can improve fixed-cost absorption, support reinvestment, and provide a broader base for rebuilding earnings over coming quarters.
Negative Factors
Severe Margin Compression
The sharp decline in gross margin shows that revenue growth is not translating proportionately into profitability. Persistently thin net margins leave limited room to absorb changes in operating costs or paper economics, making earnings power less durable until margins recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Reacceleration
The return to double-digit revenue growth indicates improving demand and renewed top-line momentum in the company’s core operations. If sustained, stronger sales can improve fixed-cost absorption, support reinvestment, and provide a broader base for rebuilding earnings over coming quarters.
Read all positive factors
NR Agarwal Industries Ltd. (NRAIL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.03B
Dividend Yield0.31%
Average Volume (3M)1.89K
Price to Earnings (P/E)17.7
Beta (1Y)0.64
Revenue Growth32.65%
EPS Growth101.73%
CountryIN
Employees1,460
SectorGeneral
Sector StrengthN/A
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)36.50
Shares Outstanding17,019,100
10 Day Avg. Volume2,569
30 Day Avg. Volume1,888
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.84
Price to Sales (P/S)0.32
P/FCF Ratio-2.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NR Agarwal Industries Ltd. Business Overview & Revenue Model
Company Description
N. R. Agarwal Industries Limited operates in India, specializing in the production and distribution of diverse paper products, including those made from recycled materials. Its comprehensive product portfolio encompasses various paper goods, such ...
How the Company Makes Money
NRAIL makes money primarily by selling paper products—especially kraft paper and other recycled paper grades—to business customers that use these materials for packaging (e.g., corrugated box and packaging converters). Revenue is generated on a pe...
NR Agarwal Industries Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.40B | 21.45B | 16.59B | 12.93B | 17.45B | 16.01B |
| Gross Profit | 3.36B | 2.79B | 2.02B | 3.72B | 5.94B | 1.74B |
| EBITDA | 2.22B | 1.92B | 1.42B | 1.83B | 1.94B | 1.49B |
| Net Income | 621.26M | 436.99M | 176.51M | 1.25B | 993.03M | 610.22M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 20.31B | 17.70B | 15.67B | 10.45B | 10.01B |
| Cash, Cash Equivalents and Short-Term Investments | 161.30M | 176.45M | 744.25M | 1.73M | 80.28M | 574.00K |
| Total Debt | 0.00 | 8.21B | 6.44B | 5.79B | 1.64B | 1.75B |
| Total Liabilities | -8.15B | 12.16B | 9.95B | 8.06B | 4.09B | 4.65B |
| Stockholders Equity | 8.15B | 8.15B | 7.75B | 7.60B | 6.36B | 5.36B |
Cash Flow | ||||||
| Free Cash Flow | -834.15M | -2.57B | -15.50M | -3.99B | -652.32M | 535.85M |
| Operating Cash Flow | -290.65M | 361.70M | 1.18B | 1.35B | 1.29B | 956.26M |
| Investing Cash Flow | -181.46M | -1.91B | -1.76B | -5.48B | -963.97M | -409.90M |
| Financing Cash Flow | 489.22M | 1.58B | 586.06M | 4.05B | -246.35M | -547.85M |
NR Agarwal Industries Ltd. Technical Analysis
Positive
466.40
Price Trends
486.19
Positive
474.71
Positive
461.77
Positive
Market Momentum
28.30
Negative
68.85
Neutral
81.94
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NRAIL, the sentiment is Positive. The current price of 466.4 is below the 20-day moving average (MA) of 526.12, below the 50-day MA of 486.19, and above the 200-day MA of 461.77, indicating a bullish trend. The MACD of 28.30 indicates Negative momentum. The RSI at 68.85 is Neutral, neither overbought nor oversold. The STOCH value of 81.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NRAIL.
NR Agarwal Industries Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹9.65B | 10.39 | ― | 0.60% | 1.45% | -12.79% | |
67 Neutral | ₹15.30B | 14.84 | ― | 0.83% | 5.80% | 13.03% | |
66 Neutral | ₹45.39B | 19.59 | ― | 1.17% | 8.20% | -8.74% | |
57 Neutral | ₹10.03B | 17.65 | ― | 0.31% | 32.65% | 101.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹76.14B | 22.72 | ― | 0.96% | 10.27% | -11.88% | |
51 Neutral | ₹6.69B | 18.87 | ― | 3.21% | 11.89% | -59.44% |
* General Sector Average
IN:NRAIL
NR Agarwal Industries Ltd.
643.15
249.36
63.32%
IN:JKPAPER
JK Paper Limited
415.35
21.48
5.45%
IN:KUANTUM
Kuantum Papers Limited
78.00
-29.63
-27.53%
IN:PDMJEPAPER
Pudumjee Paper Products Ltd.
100.20
-27.25
-21.38%
IN:SESHAPAPER
Seshasayee Paper & Boards Ltd.
244.00
-25.63
-9.51%
IN:WSTCSTPAPR
West Coast Paper Mills Limited
680.90
196.39
40.53%
NR Agarwal Industries Ltd. Corporate Events
N R Agarwal Industries Sets September 2 Virtual AGM, Notifies Shareholders
Aug 5, 2026
N R Agarwal Industries Ltd. has notified exchanges and shareholders that the notice of its 33rd Annual General Meeting has been dispatched and that the meeting will be held on September 02, 2026 at 11:30 a.m. IST via video conferencing or other au...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.