N R Agarwal Industries Q1 Results: Net Profit Jumps 111% YoY, EBITDA Triples

N R Agarwal Industries Limited reported a net profit of ₹34.98 crore for the quarter ended June 30, 2026, up 111% from ₹16.55 crore in Q1FY26. The Mumbai-based paper manufacturer posted revenue from operations of ₹646.96 crore, a 43% year-on-year increase from ₹452.14 crore. EBITDA surged to ₹743M from ₹165M in the same quarter last year, with the EBITDA margin expanding sharply to 11.48% from 3.65%, reflecting a significant improvement in operating efficiency. Earnings per share (EPS) stood at ₹20.55, compared to ₹9.72 in the same quarter last year. The results reflect strong top-line growth and improved profitability in the single operating segment of paper and paper board manufacturing.

The Board of Directors approved the unaudited financial results at a meeting held on August 05, 2026, pursuant to Regulation 30 and Regulation 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. Statutory Auditors GMJ & Co., Chartered Accountants, conducted a limited review under Standard on Review Engagements (SRE) 2410 and issued an unmodified opinion on the financial statements.

Financial Performance Overview

Revenue from operations grew significantly, driven by increased sales volume or pricing power, while other income contributed minimally at ₹5.77 crore compared to ₹25.68 crore in Q1FY26. Total expenses rose to ₹606.97 crore from ₹468.01 crore, primarily due to higher cost of materials consumed, which increased to ₹426.15 crore from ₹298.45 crore. Employee benefits expenses also saw a rise to ₹34.01 crore from ₹25.18 crore. The following table summarises the key financial metrics for the quarter:

Particulars:	Q1FY27 (₹ in Lakhs)	Q1FY26 (₹ in Lakhs)	Change (%)
Revenue from Operations:	64,695.56	45,214.22	43.1%
Other Income:	577.03	2,568.48	-77.5%
Total Income:	65,272.59	47,782.70	36.6%
Total Expenses:	60,696.56	46,801.20	29.7%
EBITDA:	743M	165M	—
EBITDA Margin:	11.48%	3.65%	—
Profit Before Tax:	4,576.03	981.50	366.2%
Net Profit After Tax:	3,497.53	1,654.88	111.3%
EPS (Basic/Diluted):	₹20.55	₹9.72	111.4%

Profit before tax surged to ₹45.76 crore from ₹9.82 crore, aided by a lower tax expense burden relative to pre-tax profits. The total tax expense was ₹10.79 crore, comprising ₹1.53 crore current tax and ₹10.63 crore deferred tax. In contrast, the previous year saw a deferred tax credit of ₹6.73 crore, reducing the overall tax impact.

What the Numbers Show

The sharp divergence between the growth in revenue (43%) and the decline in other income (77.5%) indicates that the profit surge is operationally driven rather than reliant on non-operating gains. The EBITDA margin expansion from 3.65% to 11.48% further underscores the improvement in core operating performance during the quarter. In Q1FY26, other income constituted over 5% of total income, whereas in Q1FY27, it fell below 1%, suggesting improved core business efficiency. Additionally, while material costs rose proportionally with revenue, employee benefits and finance costs grew at a slower pace, contributing to margin expansion. The company's paid-up equity capital remained unchanged at ₹17.02 crore.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.88%	+5.02%	+17.79%	+8.74%	+30.66%	+60.71%

N R Agarwal Industries Limited has recommended a final dividend of ₹2 per equity share for the financial year ended March 31, 2026 (FY26), representing a 20% payout on the face value of ₹10. The company has scheduled its 33rd Annual General Meeting (AGM) for Wednesday, September 02, 2026, to seek shareholder approval for the dividend and other routine business matters. This declaration provides shareholders with a clear return on investment while establishing a definitive timeline for voting and entitlement verification.

The Board of Directors fixed Wednesday, August 26, 2026, as the record date to determine shareholder eligibility for the proposed dividend. Shareholders holding units in demat form will be identified based on the beneficial owner lists furnished by NSDL and CDSL at the end of the day on this date. For physical shareholders, eligibility is determined by valid transmission and transposition requests lodged with the company by the close of business hours on August 26, 2026. The actual payment of the dividend is contingent upon approval by members at the AGM; if approved, the payout will be subject to applicable Tax Deducted at Source (TDS) provisions under the Finance Act 2020.

E-Voting and Meeting Logistics

In compliance with Section 108 of the Companies Act 2013 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has enabled remote e-voting through the National Securities Depository Limited (NSDL) platform. The remote e-voting window opens on Sunday, August 30, 2026, at 9:00 a.m. and closes on Tuesday, September 01, 2026, at 5:00 p.m. Once a vote is cast, it cannot be altered. Members who have already voted remotely may attend the meeting but are not entitled to vote again.

The AGM will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM) starting at 11:30 a.m. IST. Participation through VC/OAVM counts toward the quorum as per Section 103 of the Companies Act 2013. Ms. Jigyasa Ved (FCS 6488) or failing her, Ms. Sarvari Shah (FCS 9697) of Parikh & Associates, Practising Company Secretaries, have been appointed as Scrutinizers to ensure a fair and transparent voting process. Their report will be published on the company’s website and communicated to stock exchanges.

Key Dates for Shareholders

Event	Date	Time	Details
Remote E-Voting Commences	August 30, 2026	9:00 a.m.	Voting portal opens via NSDL
Record Date for Dividend	August 26, 2026	N/A	Eligibility cutoff for dividend
Remote E-Voting Ends	September 01, 2026	5:00 p.m.	Voting portal closes
33rd Annual General Meeting	September 02, 2026	11:30 a.m. IST	Held via VC/OAVM

Shareholders are advised to register or update their bank details with Depository Participants (for demat holders) or the Registrar and Share Transfer Agent (for physical holders) to facilitate electronic dividend transfers. The Notice of the AGM, along with the Annual Report for FY26, was dispatched electronically on August 04, 2026, to registered email addresses. Copies are also available on the company’s website and the stock exchange portals. Investors requiring login credentials for e-voting can request them via evoting@nsdl.co.in if they acquired shares after the notice dispatch but hold them on the cut-off date.