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N R Agarwal Industries Ltd.    
04 Apr 2018

Company Update

Prabhudas Lilladhar
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...
N R Agarwal Industries Ltd. is trading below all available SMAs
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