What we do N R Agarwal Industries Ltd manufactures high-quality paper products including duplex boards and newsprint, serving FMCG packaging, printing, and educational sectors domestically and internationally. |
Founded in 1,993 |
Market share Among India's largest manufacturers of industrial paper and packaging boards with established global presence. |
Problem solved Provides sustainable, high-quality paper solutions for packaging and printing, addressing demand for durable, eco-friendly materials in FMCG and publishing. |
Top clients or who we serve Serves B2B clients including blue-chip FMCG firms like ITC, Colgate-Palmolive, Brooke Bond, plus textbook publishers and print media houses. |
Key management Shri R N Agarwal (Chairman & Managing Director), Shri Raunak Agarwal (Executive Director), and other key executives with deep industry experience. |
Our journey and innovations Founded in 1993, expanded capacity via acquisitions and new plants, latest being a 240,000 TPA duplex board plant in 2024. |
Where we operate Mainly India with growing exports, production facilities in Gujarat; products reach global markets through exports. |
Top products or what we offer Duplex boards, newsprint, copier paper, kraft paper, writing & printing paper, serving packaging, printing, and stationery sectors. |
Top brands N R brand duplex boards, a preferred packaging solution among top FMCG companies in India. |
Raw materials needed Pulp (soda, mechanical, sulphite), waste paper, and chemicals for paper manufacturing. |
Raw materials supplier Sourced from domestic and international pulp suppliers and recycled waste paper vendors. |
Recurring vs cyclical contribution Revenue driven by recurring orders from FMCG packaging and print segments; some cyclicality tied to paper price fluctuations. |
Our industry position Leading Indian manufacturer with expanding capacity and significant market share in industrial paper and packaging boards. |
Financial highlights FY 2024-25 Revenue ₹1659.03 cr; Net Profit ₹17.65 cr; EBITDA ₹142.44 cr; revenue growth 28.27% driven by new plant output. |
Geographical revenue split India constitutes approximately 83% revenue; outside India accounts for 17% through exports. |
Order book - |
Whats driving growth Capacity expansion, product diversification, strong FMCG demand, efficiency improvements and entry into copier paper segment. |
Our future plans Balancing capacity and upgrading pulp mill with ₹150 cr investment to complete by September 2025 for further growth. |
Our green promise Energy conservation, waste-heat recovery, sludge drying, renewable energy use and CSR focusing on sustainability and community welfare. |
Our people and values Around 1432 employees, with emphasis on training, leadership development, diversity and safe workplace culture. |
Key challenges ahead Rising input costs, competitive pricing pressure, managing debt from recent expansions, and market volatility in paper industry. |
Interesting facts Commissioned India’s large-scale duplex board plant in 2024; longstanding supplier to major FMCG firms. |
Risks and strategy Mitigating input cost volatility through efficiency, expanding capacity to reduce per unit cost, and diversifying product portfolio. |
