Reported Earnings • May 14
Full year 2026 earnings released: EPS: ₹25.68 (vs ₹10.37 in FY 2025) Full year 2026 results: EPS: ₹25.68 (up from ₹10.37 in FY 2025). Revenue: ₹21.7b (up 31% from FY 2025). Net income: ₹437.0m (up 148% from FY 2025). Profit margin: 2.0% (up from 1.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 08
N R Agarwal Industries Limited to Report Q4, 2026 Results on May 12, 2026 N R Agarwal Industries Limited announced that they will report Q4, 2026 results on May 12, 2026 Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹469, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 16x in the Packaging industry in India. Total returns to shareholders of 106% over the past three years. Reported Earnings • Feb 12
Third quarter 2026 earnings released: EPS: ₹8.48 (vs ₹7.48 in 3Q 2025) Third quarter 2026 results: EPS: ₹8.48 (up from ₹7.48 in 3Q 2025). Revenue: ₹5.67b (up 36% from 3Q 2025). Net income: ₹144.3m (up 13% from 3Q 2025). Profit margin: 2.5% (down from 3.0% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Feb 04
N R Agarwal Industries Limited to Report Q3, 2026 Results on Feb 11, 2026 N R Agarwal Industries Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: ₹0.87 loss per share (vs ₹4.90 profit in 2Q 2025) Second quarter 2026 results: ₹0.87 loss per share (down from ₹4.90 profit in 2Q 2025). Revenue: ₹5.19b (up 21% from 2Q 2025). Net loss: ₹14.7m (down 118% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Oct 31
N R Agarwal Industries Limited to Report Q2, 2026 Results on Nov 14, 2025 N R Agarwal Industries Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 14, 2025 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹433, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 19x in the Packaging industry in India. Total returns to shareholders of 9.8% over the past three years. Upcoming Dividend • Sep 10
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 17 September 2025. Payment date: 24 October 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.9%). New Risk • Aug 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₹6.68b market cap, or US$76.2m). Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹409, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 19x in the Packaging industry in India. Total returns to shareholders of 9.5% over the past three years. Announcement • Aug 19
N R Agarwal Industries Limited, Annual General Meeting, Sep 24, 2025 N R Agarwal Industries Limited, Annual General Meeting, Sep 24, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹9.72 (vs ₹2.00 in 1Q 2025) First quarter 2026 results: EPS: ₹9.72 (up from ₹2.00 in 1Q 2025). Revenue: ₹4.78b (up 38% from 1Q 2025). Net income: ₹165.5m (up 386% from 1Q 2025). Profit margin: 3.5% (up from 1.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jul 29
N R Agarwal Industries Limited to Report Q1, 2026 Results on Aug 13, 2025 N R Agarwal Industries Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Board Change • Jul 15
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Sanjay Sinha was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹386, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 24x in the Packaging industry in India. Total returns to shareholders of 58% over the past three years. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₹6.13b market cap, or US$71.2m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹303, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 24x in the Packaging industry in India. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹10.37 (vs ₹73.72 in FY 2024) Full year 2025 results: EPS: ₹10.37 (down from ₹73.72 in FY 2024). Revenue: ₹16.9b (up 31% from FY 2024). Net income: ₹176.5m (down 86% from FY 2024). Profit margin: 1.0% (down from 9.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 28
N R Agarwal Industries Limited Recommends Final Dividend for the Financial Year 2024-2025 N R Agarwal Industries Limited announced that at its board meeting held on May 28, 2025, recommended a final dividend at 20% that is INR 2 per share (face value INR 10) for financial year 2024-2025 subject to the approval of shareholders at the upcoming Annual General Meeting. Announcement • May 19
N R Agarwal Industries Limited to Report Q4, 2025 Results on May 28, 2025 N R Agarwal Industries Limited announced that they will report Q4, 2025 results on May 28, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹267, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 22x in the Packaging industry in India. Total returns to shareholders of 4.5% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹234, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 19x in the Packaging industry in India. Total returns to shareholders of 8.7% over the past three years. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹7.48 (vs ₹18.47 in 3Q 2024) Third quarter 2025 results: EPS: ₹7.48 (down from ₹18.47 in 3Q 2024). Revenue: ₹4.18b (up 25% from 3Q 2024). Net income: ₹127.3m (down 60% from 3Q 2024). Profit margin: 3.0% (down from 9.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Announcement • Jan 28
N R Agarwal Industries Limited to Report Q3, 2025 Results on Feb 11, 2025 N R Agarwal Industries Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Announcement • Dec 26
N R Agarwal Industries Limited Promotes Joshua Hajkiel Madhuker as the President - Corporate Affairs N R Agarwal Industries Limited announced promotion of Mr. Joshua Hajkiel Madhuker as the President - Corporate Affairs with effect from December 26, 2024. Mr. Joshua Hajkiel Madhuker has completed his Bachelor's Degree in Science - Chemistry from South Gujarat University - Surat. He has over 22 years' experience in different paper & other industry like M/s. Gayatri shakti Paper & Board Ltd, M/s. Noor India Build Con (P) Ltd. & M/s. Vasparr Containers Ltd., has rich & varied exposure in field of Liaison and handling administrative functions. New Risk • Nov 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (₹5.84b market cap, or US$69.2m). Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹4.90 (vs ₹22.22 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.90 (down from ₹22.22 in 2Q 2024). Revenue: ₹4.37b (up 28% from 2Q 2024). Net income: ₹83.4m (down 78% from 2Q 2024). Profit margin: 1.9% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Nov 09
N R Agarwal Industries Limited Re-Designates Shri Rohan Agarwal from Whole Time Director to CEO N R Agarwal Industries Limited announced that at its board meeting held on November 08, 2024, the company re-designated Shri Rohan Agarwal, Whole time Director, as CEO of the Company with effect from November 08, 2024. He oversees crucial aspects of the Company's operations, including strategic purchasing, project management and IT operations and has experience more than 10 years. Shri Rohan Agarwal is related to Shri Rajendra Agarwal, Chairman, Managing Director and Promoter and Smt. Reena Agarwal and Shri Raunak Agarwal, Whole Time Directors and Promoters of the Company. Announcement • Nov 08
N R Agarwal Industries Limited Announces Management Changes N R Agarwal Industries Limited announced that at its board meeting held on November 08, 2024, the company re-designated Shri Rohan Agarwal, Wholetime Director, as Executive Director of the Company with effect from November 08, 2024. Identified Mr. Ravi Kumar Sharma (Vice-President - Marketing), as a Senior Managerial Personnel with effect from November 08, 2024. Rohan oversees crucial aspects of the Company's operations, including strategic purchasing, project management and IT operations and has experience more than 10 years. Shri Rohan Agarwal is related to Shri Rajendra Agarwal, Chairman, Managing Director and Promoter and Smt. Reena Agarwal and Shri Raunak Agarwal, Whole Time Directors and Promoters of the Company. Ravi Kumar has 28 years of experience in Duplex Board Marketing and has conceptualised various strategies for appointing good dealer network in domestic and export market. Announcement • Oct 25
N R Agarwal Industries Limited to Report Q2, 2025 Results on Nov 08, 2024 N R Agarwal Industries Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Announcement • Oct 21
N R Agarwal Industries Limited Announces Cessation of Sachindranath Chaturvedi as an Independent Director N R Agarwal Industries Limited informed that Shri Sachindranath Chaturvedi, has completed his second and final term as an Independent Director and consequently ceased to be Director of the Company with effect from the close of business hours on October 21, 2024. Board Change • Sep 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kanhaiyalal Chunni Chandak was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 09
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 16 September 2024. Payout ratio is a comfortable 2.7% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.8%). Announcement • Aug 05
N R Agarwal Industries Limited to Report Q1, 2025 Results on Aug 12, 2024 N R Agarwal Industries Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Announcement • Aug 02
N R Agarwal Industries Limited Announces Re-Designation of S Venkatesh as President - Technical & Operations N R Agarwal Industries Limited informed regarding the re-designation of Mr. S Venkatesh as the President - Technical & Operations with effect from August 02, 2024. Reason for change: Promotion. Mr. S Venkatesh has completed his B.E - Mechanical Engineering from Shivaji University- Kolhapur and has done his MBA - Project Management from Sikkim Manipal University. He has over 28 years' experience in different paper industry like Emami
Paper Mills Ltd, Sharma Fabricators & Erectors, Quattroll Oy, Liecester Paper Company, Paper chase International and Globe Machinery and has executed major paper mill projects and operations. Reported Earnings • Jul 21
Full year 2024 earnings released: EPS: ₹73.72 (vs ₹58.35 in FY 2023) Full year 2024 results: EPS: ₹73.72 (up from ₹58.35 in FY 2023). Revenue: ₹12.9b (down 27% from FY 2023). Net income: ₹1.25b (up 26% from FY 2023). Profit margin: 9.7% (up from 5.6% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 26% per year. Announcement • Jul 10
N R Agarwal Industries Limited, Annual General Meeting, Aug 22, 2024 N R Agarwal Industries Limited, Annual General Meeting, Aug 22, 2024, at 11:30 Indian Standard Time. Announcement • Jul 04
N R Agarwal Industries Limited Announces Resignation of Anil Kumar Singh, President (Project & Operation) - Packaging Board, Effective August 01, 2024 N R Agarwal Industries Limited announced that Mr. Anil Kumar Singh, President (Project & Operation) - Packaging Board, has tendered his resignation with effect from the close of working hours of August 01, 2024 due to personal reasons. New Risk • Jun 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks High level of debt (70% net debt to equity). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹7.41b market cap, or US$88.7m). Reported Earnings • May 28
Full year 2024 earnings released: EPS: ₹73.72 (vs ₹58.35 in FY 2023) Full year 2024 results: EPS: ₹73.72 (up from ₹58.35 in FY 2023). Revenue: ₹13.0b (down 26% from FY 2023). Net income: ₹1.25b (up 26% from FY 2023). Profit margin: 9.6% (up from 5.6% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • May 22
N R Agarwal Industries Limited to Report Q4, 2024 Results on May 27, 2024 N R Agarwal Industries Limited announced that they will report Q4, 2024 results on May 27, 2024 Announcement • Apr 12
N R Agarwal Industries Limited Announces Resignation of Mr. Deepak Bhardwaj as President-Operations (Writing & Printing) N R Agarwal Industries Limited informed that Mr. Deepak Bhardwaj, President-Operations (Writing & Printing) has tendered his resignation with effect from close of working hours of April 10, 2024 due to personal reasons. Duly accepted resignation letter has been enclosed for your records. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹454, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 21x in the Packaging industry in India. Total returns to shareholders of 88% over the past three years. Announcement • Jan 25
N R Agarwal Industries Limited Announces Resignation of Soumyajit Mukherjee as Chief Marketing Officer, Effective January 31, 2024 N R Agarwal Industries Limited announced resignation of Mr. Soumyajit Mukherjee, Chief Marketing Officer with effect from close of working hours of January 31, 2024 due to personal reasons. Reported Earnings • Jan 23
Third quarter 2024 earnings released: EPS: ₹18.47 (vs ₹11.34 in 3Q 2023) Third quarter 2024 results: EPS: ₹18.47 (up from ₹11.34 in 3Q 2023). Revenue: ₹3.38b (down 11% from 3Q 2023). Net income: ₹314.3m (up 63% from 3Q 2023). Profit margin: 9.3% (up from 5.1% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹506, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 23x in the Packaging industry in India. Total returns to shareholders of 131% over the past three years. Announcement • Jan 09
N R Agarwal Industries Limited to Report Q3, 2024 Results on Jan 22, 2024 N R Agarwal Industries Limited announced that they will report Q3, 2024 results on Jan 22, 2024 Reported Earnings • Oct 24
Second quarter 2024 earnings released: EPS: ₹22.22 (vs ₹16.12 in 2Q 2023) Second quarter 2024 results: EPS: ₹22.22 (up from ₹16.12 in 2Q 2023). Revenue: ₹3.43b (down 32% from 2Q 2023). Net income: ₹378.1m (up 38% from 2Q 2023). Profit margin: 11% (up from 5.4% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Independent Director K.L Chandak was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 10
N R Agarwal Industries Limited Appoints Soumyajit Mukherjee as Chief Marketing Officer N R Agarwal Industries Limited announced the appointment of Senior Managerial Personnel Mr. Soumyajit Mukherjee as the Chief Marketing Officer with effect from October 09, 2023. Mr. Soumyajit Mukherjee has completed his Post Graduate in Economics with specialisation in International Economics and Operation Research. He has over 24 years of experience in overseeing the planning, development and execution of Marketing & Sales Strategies, drive revenue' by increasing sales & approve marketing campaign ideas and co- ordinate marketing efforts with company's financial and branding goals. Announcement • Oct 05
N R Agarwal Industries Limited to Report Q2, 2024 Results on Oct 23, 2023 N R Agarwal Industries Limited announced that they will report Q2, 2024 results on Oct 23, 2023 Announcement • Sep 22
N R Agarwal Industries Limited Announces Management Changes N R Agarwal Industries Limited announced appointment of Anil Kumar Singh as the President- Projects & Operations (Board), and promotion of Deepak Bharadwaj as the President-Operations (Writing & Printing), effective from September 21, 2023. Mr. Anil Kumar Singh has completed his B.Sc. from University of Calcutta & has done his Masters from _ IIT, Roorkee in Pulp & Paper. He has over 33 years of experience in different paper mills like Rohit Paper & Pulp Limited, Global Board Limited, Khanna Paper Mills Limited, JK Paper Mills Limited. Prior to joining, he _ has| worked with Emami Paper Mills Limited. He has experience of working on Projects & Operations in his earlier assignments. Mr. Deepak Bhardwaj has completed his B.Sc. from CCS University of Meerut and has done his Post Graduate Diploma in Pulp & Paper Technology from VSI, Pune. He has over 25 years of experience in different paper mills like Shri Vindhya Paper Mills Limited, Rama News Print & Paper Limited, Khanna Paper Mills Limited, Bindal Paper Mills Limited, N R Agarwal Industries Limited, Satia Paper Mills| Limited. He joined on March 21, 2022 and has been handling _ the Writing & Printing plant as Unit Head. He has been promoted as President- Operations (Writing & Printing) with effect from 21-Sep-2023. Announcement • Aug 30
N R Agarwal Industries Limited, Annual General Meeting, Sep 28, 2023 N R Agarwal Industries Limited, Annual General Meeting, Sep 28, 2023, at 11:30 Indian Standard Time. Announcement • Aug 04
N R Agarwal Industries Limited Announces Designation of Shri Raunak Agarwal, Whole Time Director as Executive Director N R Agarwal Industries Limited announced that at its board meeting held on August 3, 2023, designated Shri Raunak Agarwal, whole time director as executive director of the company. Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: ₹23.83 (vs ₹19.21 in 1Q 2023) First quarter 2024 results: EPS: ₹23.83 (up from ₹19.21 in 1Q 2023). Revenue: ₹3.71b (down 25% from 1Q 2023). Net income: ₹405.6m (up 24% from 1Q 2023). Profit margin: 11% (up from 6.6% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 29
N R Agarwal Industries Limited Announces Resignation of Ashok Kumar Bansal as Wholetime Director, Effective July 31, 2023 N R Agarwal Industries Limited informed that Shri Ashok Kumar Bansal Wholetime Director has tendered his resignation from the Directorship of the Company w.e.f. close of July 31, 2023 due to personal reasons. Recent Insider Transactions • Jun 10
Whole Time Director recently bought ₹282k worth of stock On the 6th of June, Raunak Agarwal bought around 968 shares on-market at roughly ₹291 per share. This transaction increased Raunak's direct individual holding by 30x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 13
Full year 2023 earnings released: EPS: ₹58.35 (vs ₹35.86 in FY 2022) Full year 2023 results: EPS: ₹58.35 (up from ₹35.86 in FY 2022). Revenue: ₹17.8b (up 10.0% from FY 2022). Net income: ₹993.0m (up 63% from FY 2022). Profit margin: 5.6% (up from 3.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Apr 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Non-Executive Independent Director Sunita Nair was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 08
N R Agarwal Industries Limited Announces Closure of Unit III Permanently N R Agarwal Industries Limited announced that the company's Unit III (Duplex Board) situated at Plot No. 901, Phase III, GIDC, Vapi - 396 195, Dist. Valsad, Gujarat Sate, has been permanently shut down with effect from January 6, 2023. The amount and percentage of the turnover contributed by Unit 3 is INR 2,130 million which 13% of the overall turnover of the Company during the last financial year. The net worth contribution of Unit III was approximately 10%-11% of the overall net worth of the Company during the last financial year. Reasons for closure: Market conditions not favorable; Non receipt of orders on time; Increase in raw material prices on daily basis; Non viability due to detoriating condition of machine. Announcement • Dec 21
N R Agarwal Industries Limited to Report Q3, 2023 Results on Jan 23, 2023 N R Agarwal Industries Limited announced that they will report Q3, 2023 results on Jan 23, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Non-Executive Independent Director Sunita Nair was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: ₹16.12 (vs ₹3.79 in 2Q 2022) Second quarter 2023 results: EPS: ₹16.12 (up from ₹3.79 in 2Q 2022). Revenue: ₹5.04b (up 32% from 2Q 2022). Net income: ₹274.4m (up 325% from 2Q 2022). Profit margin: 5.4% (up from 1.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹351, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 16x in the Packaging industry in India. Total returns to shareholders of 61% over the past three years. Board Change • Nov 03
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Non-Executive Independent Director Sunita Nair was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 16
Now 23% undervalued Over the last 90 days, the stock is up 72%. The fair value is estimated to be ₹494, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₹339, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Packaging industry in India. Total returns to shareholders of 60% over the past three years. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: ₹19.21 (vs ₹15.26 in 1Q 2022) First quarter 2023 results: EPS: ₹19.21 (up from ₹15.26 in 1Q 2022). Revenue: ₹5.00b (up 27% from 1Q 2022). Net income: ₹326.9m (up 26% from 1Q 2022). Profit margin: 6.5% (down from 6.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 22
Full year 2022 earnings released: EPS: ₹35.85 (vs ₹33.63 in FY 2021) Full year 2022 results: EPS: ₹35.85 (up from ₹33.63 in FY 2021). Revenue: ₹16.2b (up 41% from FY 2021). Net income: ₹610.2m (up 6.6% from FY 2021). Profit margin: 3.8% (down from 5.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Apr 07
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be ₹360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₹255, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 14x in the Packaging industry in India. Total loss to shareholders of 19% over the past three years. 
