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.

N R Agarwal Industries has announced a significant upgrade to its upcoming Multilayer Board plant (Unit VI) at Dahej, Gujarat, following a detailed technical evaluation. The company disclosed, pursuant to Regulation 30 of the SEBI Listing Regulations, that the capacity of the paper machine imported from China is being upgraded from 1020 TPD to 1500 TPD — equivalent to approximately 42,000 MT per month. This disclosure is in continuation of the company's earlier intimations dated July 31, 2025 and December 20, 2025 regarding the setting up of Unit VI.

Key Project Parameters

The following table summarises the updated details of the Multilayer Board plant (Unit VI) project:

Capacity Upgrade and Technical Evaluation

The capacity enhancement from 1020 TPD to 1500 TPD is the result of a detailed technical evaluation conducted by the company. The upgraded machine, imported from China, will now be capable of producing approximately 42,000 MT per month, representing a substantial increase in output potential for the Dahej facility. The revision underscores the company's intent to scale up its multilayer board manufacturing capabilities at the new unit.

Project Execution and Approvals

To support the execution of the expanded project, N R Agarwal Industries has appointed a reputed foreign consultant. The company has also initiated the process for obtaining environmental clearance and other necessary regulatory approvals. In addition, the land requirement for the project has been revised to approximately 150 acres to accommodate the upgraded plant specifications.

Revised Project Cost

Alongside the capacity upgrade, the estimated cost of the project has been revised to approximately ₹1,500 Crores. The revision reflects the enhanced scope and scale of the Multilayer Board plant (Unit VI) at Dahej, Gujarat. The company made this disclosure under Regulation 30 read with Schedule III and other applicable provisions of the SEBI Listing Regulations on May 12, 2026.