N R Agarwal Industries Limited has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, confirming general adherence to regulatory requirements while addressing past lapses in meeting schedules. The report, filed with BSE and NSE, was issued by Parikh & Associates, Practicing Company Secretaries, following an examination of the company's records, filings, and website disclosures.

The certification confirms that the listed entity complied with the provisions of the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, during the review period. While no deviations were reported for FY26, the document detailed actions taken to rectify non-compliances identified in the previous financial year.

Specifically, the report addressed gaps between meetings that exceeded the 120-day limit prescribed under SEBI regulations during FY 2024-25. The company recorded that the interval between Board meetings held on January 22, 2024, and May 27, 2024, surpassed the regulatory threshold. Similarly, the gap between Audit Committee meetings on the same dates exceeded the prescribed limit.

In response to these observations, the company stated that it has strengthened its processes to ensure all compliances are met moving forward. The report confirmed that no actions were taken against the entity, its promoters, or directors by SEBI or the stock exchanges during the review period.

The compliance status also covered areas such as the adoption of policies, website disclosures, and the preservation of documents. Parikh & Associates noted that the company does not have any subsidiaries or an Employee Stock Option Scheme, rendering certain regulatory requirements inapplicable.

NR Agarwal Industries Limited's Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026. The company reported a strong improvement in both revenue and profitability for FY26. The board also recommended a final dividend and approved key managerial changes during the meeting held on May 12, 2026.

Financial Performance: FY26 vs FY25

The company delivered a robust full-year performance, with revenue from operations growing significantly year-on-year. Total income for FY26 reached ₹2,16,895.77 lakhs compared to ₹1,69,042.83 lakhs in FY25. Net profit after tax surged to ₹4,369.91 lakhs from ₹1,765.10 lakhs in the prior year. The following table summarises the key financial metrics:

Quarterly Performance: Q4 FY26

For the quarter ended March 31, 2026, the company recorded revenue from operations of ₹60,539.25 lakhs, compared to ₹56,322.69 lakhs in Q3 FY26 and ₹46,573.54 lakhs in Q4 FY25. Net profit for Q4 FY26 stood at ₹1,419.84 lakhs, reversing a net loss of ₹681.94 lakhs in Q4 FY25 and compared to a net profit of ₹1,442.61 lakhs in Q3 FY26.

Balance Sheet Highlights

As at March 31, 2026, total assets stood at ₹2,03,145.31 lakhs compared to ₹1,76,950.78 lakhs as at March 31, 2025. Total equity increased to ₹81,539.56 lakhs from ₹77,458.67 lakhs. Non-current assets grew to ₹1,46,365.68 lakhs from ₹1,25,891.17 lakhs, driven primarily by an increase in capital work-in-progress to ₹22,716.23 lakhs from ₹1,974.04 lakhs, reflecting ongoing capital expenditure activity. Paid-up equity share capital remained unchanged at ₹1,701.91 lakhs, with other equity at ₹79,837.65 lakhs.

Cash Flow Summary

The company generated net cash flow from operating activities of ₹9,468.55 lakhs for the year ended March 31, 2026, compared to ₹17,610.69 lakhs in the prior year. Net cash used in investing activities stood at ₹(18,808.33) lakhs, reflecting significant capital expenditure of ₹29,351.83 lakhs on property, plant and equipment and intangible assets. Net cash from financing activities was ₹9,598.11 lakhs, supported by proceeds from secured long-term borrowings of ₹8,301.07 lakhs and an increase in short-term borrowings of ₹8,190.39 lakhs. Cash and cash equivalents at the end of the year stood at ₹342.92 lakhs, up from ₹66.60 lakhs at the beginning of the year.

Dividend and Borrowings

The board recommended a final dividend of ₹2/- per fully paid-up equity share of ₹10/- face value (20%) for the financial year ended March 31, 2026, subject to approval by shareholders at the ensuing Annual General Meeting. On the borrowings front, outstanding qualified long-term borrowings stood at Rs. 588.36 crores at the end of the financial year (April 1, 2026 to March 31, 2027 period), up from Rs. 501.32 crores at the start, with incremental borrowings of Rs. 87.04 crores during the year. The company holds a credit rating of ICRA A- from ICRA Limited.

Board and Managerial Changes

The board approved the following key managerial appointments and re-designations, effective as noted:

Shri P K Mundra brings over 44 years of experience spanning finance, labor relations, legal compliance, secretarial duties, income tax management, structural products, insurance, costing, accounts, and purchasing. He is not related to any directors of the company and is not debarred or disqualified by SEBI or any other authority from being appointed or continuing as a director. The company is engaged in the manufacture and sale of paper and paper boards, which constitutes its single operating segment under Ind AS 108.