NR Agarwal Industries Ltd. (NRAIL) AI Stock Analysis

NR Agarwal Industries Ltd.

(NSE:NRAIL)

Select Model

Rating:60Neutral

Price Target:INR 725.00▲(9.18% Upside)

Action:reiterated

Date:09/09/26

The score of 60 is driven primarily by moderate financial performance with growth potential offset by volatility and cash flow issues, supported by strong technical momentum from price above moving averages and positive MACD.

Positive Factors

Revenue GrowthThe return to double-digit revenue growth indicates improving demand for the company’s paper products after a weak prior year. If sustained, stronger volumes can improve operating leverage, support reinvestment, and reinforce NRAIL’s position in packaging-paper markets over the next several quarters.

Negative Factors

Margin CompressionThe sharp decline in gross margin shows that revenue growth is not translating efficiently into profitability. Thin net margins leave limited protection against changes in selling prices or input economics, making earnings more volatile and reducing the cash available to fund future expansion.

NR Agarwal Industries Ltd. (NRAIL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 11.32B
Dividend Yield: 0.30%
Average Volume (3M): 2,822
Price to Earnings (P/E): 18.2
Beta (1Y): 0.75
Revenue Growth: 32.65%
EPS Growth: 101.73%
Country: India
Employees: 1,460
Sector: General
Sector Strength: 55
Industry: Paper, Lumber & Forest Products

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 as...

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 per-u...

NR Agarwal Industries Ltd. Financial Statement Overview

Summary

Mixed results with long-term revenue growth to 21.5 billion by 2026 but recent volatility including revenue drops and profit declines, alongside rising debt-to-equity to 1.01 and negative free cash flows.

Income Statement

62Positive

Balance Sheet

58Neutral

Cash Flow

42Neutral

Financial statement breakdown
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	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	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

Technical Analysis SentimentNeutral

Last Price664.05

Price Trends

50DMA624.02Positive

100DMA542.25Positive

200DMA494.76Positive

Market Momentum

MACD12.47Positive

RSI49.14Neutral

STOCH38.66Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NRAIL, the sentiment is Neutral. The current price of 664.05 is below the 20-day moving average (MA) of 687.56, above the 50-day MA of 624.02, and above the 200-day MA of 494.76, indicating a neutral trend. The MACD of 12.47 indicates Positive momentum. The RSI at 49.14 is Neutral, neither overbought nor oversold. The STOCH value of 38.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NRAIL.

NR Agarwal Industries Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:NRAIL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PDMJEPAPER	77Outperform	INR 8.29B	9.08	―	0.69%	1.45%	-12.79%
IN:JKPAPER	65Neutral	INR 67.03B	20.25	―	1.08%	10.27%	-11.88%
IN:WSTCSTPAPR	64Neutral	INR 53.82B	23.45	―	0.98%	8.20%	-8.74%
IN:NRAIL	60Neutral	INR 11.30B	18.22	―	0.30%	32.65%	101.73%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SESHAPAPER	53Neutral	INR 12.75B	10.26	―	1.00%	18.52%	45.83%
IN:KUANTUM	47Neutral	INR 5.68B	15.69	―	3.85%	11.89%	-59.44%

* General Sector Average

Performance Comparison

IN:NRAIL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:NRAIL	NR Agarwal Industries Ltd.	664.05	209.76	46.17%
IN:JKPAPER	JK Paper Limited	369.70	-23.82	-6.05%
IN:KUANTUM	Kuantum Papers Limited	65.08	-35.96	-35.59%
IN:PDMJEPAPER	Pudumjee Paper Products Ltd.	87.32	-27.96	-24.26%
IN:SESHAPAPER	Seshasayee Paper & Boards Ltd.	202.15	-57.47	-22.14%
IN:WSTCSTPAPR	West Coast Paper Mills Limited	814.85	363.12	80.39%

NR Agarwal Industries Ltd. Corporate Events

N R Agarwal Industries Strengthens Operations with Senior Management Appointment

Oct 12, 2026

N R Agarwal Industries Ltd., a listed player in India’s pulp, paperboard and specialty paper sector, manufactures a range of paper products for commercial and industrial uses and is present on both BSE and NSE. The company operates within the o...

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 audio...

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.

Date of analysis: Sep 09, 2026

NR Agarwal Industries Ltd. AI Stock Analysis