N R Agarwal Industries Limited is an established paper manufacturing company founded in 1993, specializing in the production of high-quality finished paper products for both domestic and international markets. Headquartered in Mumbai, India, the company operates production plants strategically located in Vapi and Sarigam, Gujarat. N R Agarwal Industries pioneered the use of 100% deinked wood-free recycled furnish for manufacturing quality finished paper products.
Stewarded by industry veteran Shri R N Agarwal, who serves as Chairman & Managing Director, and supported by a team of qualified professionals, the company has emerged as one of the leading manufacturers of quality paper and packaging boards in India. The core management team includes R N Agarwal as Chairman and Pooja Daftary as Company Secretary.
N R Agarwal Industries is recognized as one of the significant manufacturers of industrial paper and packing boards in India. The company serves a diverse clientele of over 100 customers, including prominent blue-chip firms such as Johnson & Johnson, Emami, and Balsara. Its Duplex Boards, marketed under the NR brand, are widely utilized by reputed FMCG companies for packaging solutions.
Financially, as of May 2025, N R Agarwal Industries holds a market capitalization of ₹391.30 Crores. For the fourth quarter of FY25 (ending March 2025), the company reported revenue of ₹465.74 Crores, though it recorded a net loss of ₹6.82 Crores for the same period.
- Market Capitalization: ₹391.30 Crores (May 2025)
- Q4 FY25 Revenue: ₹465.74 Crores
- Q4 FY25 Net Loss: ₹6.82 Crores
- Annual Revenue (FY25 approx.): ₹1,659 Crores
- Annual Revenue Growth: 30%
- Debt-to-Equity Ratio: 65%
- PE Ratio: 9.75
- PB Ratio: 0.51
- Promoter Holding: 73.96% (March 2025)
- Promoter Pledged Holding: 99.4% (as of March 2025)
- Dividend Payout (last 3 years): 7.33% of profits
N R Agarwal Industries operates primarily within the Paper and Paper Boards segment. The company manufactures recycled paper-based products that cater to four main categories:
- Duplex Boards: Including Coated Paper Board Grey Back (Chromo), Coated Paper Board White Back (Chromo), Coated Paper Board Grey Back (Diamond), and Coated Paper Board White Back (Diamond).
- Writing and Printing Papers: Portfolio includes NR Excel Specification Sheet (SS), NR Excel, NR Maxima SS, NR Maxima, NR Classic, NR Shine SS, and NR Shine.
- Copiers: Products like NR Copier and NR Brilliance Copier.
- Newsprint: NR Newsprint.
The company's products find extensive application in FMCG packaging, educational materials (textbooks and notebooks), and the print media industry.
The company boasts significant manufacturing infrastructure across its plants in Gujarat:
- Vapi, Gujarat: Operates two plants with an installed capacity to produce 25,200 MTPA of Duplex Boards and 30,000 MTPA of Newsprint on a three-shift basis.
- Established a 15,000 TPA plant for Duplex Boards and Kraft paper, along with a 3MW power plant for the Newsprint Unit in December 2004.
- Amalgamated two paper and paper board companies in 2006.
- Sarigam, Gujarat:
- Set up a 300 TPS newsprint/writing/printing/Kraft paper project in 2012.
- Added copier paper to its product offerings in 2019.
- 52-Week High: ₹543.00
- 52-Week Low: ₹210.05
- Past 6 Months Performance: -32.24% decrease
- Past 1 Year Performance: -49.83% decrease
In May 2025, the company approved its FY25 audited results and declared a final dividend of ₹2 per share.
N R Agarwal Industries reported a substantial 88.37% increase in net sales to ₹465.74 crore for the quarter ending March 2025. However, this period also saw a net loss of ₹6.82 crore, and EBITDA declined by 21.08%. The company has also approved a proposal to shift its office to Gujarat, subject to shareholder approval.
The company remains focused on expanding its market presence in the recycled paper segment. A key strategic initiative involves developing a new duplex board factory with the aim of nearly tripling its existing production capacity. This positions N R Agarwal Industries to capitalize on future growth opportunities within India's burgeoning paper manufacturing sector while navigating current market dynamics.
