NR Agarwal Industries (NRAIL), is among the first and leading manufacturers of recycled paper in India. It is the largest manufacturer (175,000 MTPA, ~7% market share) of recycled grey back and white back Duplex Boards (DB) for over 25 years now and forayed into Writing & Printing (W&P;) paper segment in July'14. Presently, the company earns ~48% revenues from DB, ~43% from W&P; and balance from Newsprint. Recently they completed Rs1bn balancing capex which augmented capacities from 306,000 MTPA to ~350,000 MTPA. We see significant headroom for growth in paper, going ahead, given the low...