N R Agarwal Industries Limited has announced strong financial results for the third quarter of fiscal year 2026, showcasing significant growth across key performance metrics. The paper and paper boards manufacturer reported robust revenue expansion and improved profitability for the quarter ended December 31, 2025.

Financial Performance Highlights

The company's quarterly performance demonstrated substantial growth momentum, with revenue from operations reaching Rs. 56,322.69 lakhs compared to Rs. 41,791.21 lakhs in the corresponding quarter of the previous year. This represents a notable 34.77% year-on-year increase, reflecting strong operational execution and market demand.

Profitability and Operational Efficiency

The company maintained healthy profitability margins despite increased operational scale. Net profit after tax for Q3FY26 stood at Rs. 1,442.61 lakhs, representing a 13.35% increase from Rs. 1,272.65 lakhs in Q3FY25. Profit before tax reached Rs. 2,623.63 lakhs compared to Rs. 925.86 lakhs in the previous year's corresponding quarter.

Total expenses for the quarter amounted to Rs. 53,925.71 lakhs, with cost of materials consumed being the largest component at Rs. 39,062.47 lakhs. The company benefited from favorable inventory changes, recording a positive impact of Rs. 1,509.27 lakhs from changes in inventories of finished goods and work-in-progress.

Nine-Month Performance

For the nine-month period ended December 31, 2025, N R Agarwal Industries demonstrated consistent growth trajectory. Revenue from operations reached Rs. 154,005.28 lakhs, marking a 29.05% increase from Rs. 119,329.63 lakhs in the corresponding nine-month period of the previous year.

Exceptional Items and Tax Impact

The company recorded exceptional items totaling Rs. 550.76 lakhs during the nine-month period, including Rs. 106.47 lakhs impact from Labour Code implementation and Rs. 444.29 lakhs loss on assets discarded. The quarter ended December 31, 2025 saw a deferred tax expense of Rs. 1,181.02 lakhs, contributing to the overall tax expense of Rs. 1,181.02 lakhs.

Corporate Governance and Compliance

The financial results were reviewed by the Audit Committee and approved by the Board of Directors on February 11, 2026. The company's statutory auditors, GMJ & Co, conducted a limited review of the financial results and provided an unmodified conclusion. The company operates in the manufacture and sale of paper and paper boards business, which constitutes its single operating segment as per Indian Accounting Standards.

N R Agarwal Industries , a textile manufacturer based in Bijainagar, Rajasthan, has successfully commissioned a 302-kW rooftop solar project as part of its strategy to reduce operational costs and achieve sustainable manufacturing. The company was previously incurring over ₹20.00 million annually in electricity expenses, making the transition to solar power a financially strategic decision.

Project Performance and Savings

The newly installed solar system demonstrates significant economic and environmental benefits for the textile manufacturer:

Keshav Nagori, owner of Agarwal Industries, explained the rationale behind the solar adoption: "Earlier, we had installed a 238-kW rooftop solar project at the spinning division in Bijainagar spinning division, which is just 200 meters from the new site. The savings from that project are around ₹2.20 million annually. The main reason for shifting to rooftop solar is to reduce production costs and have an uninterrupted power supply."

Technical Specifications and Implementation

EcoMitram Sustainable Solutions commissioned this project, marking their third installation for the textile manufacturer. The system incorporates advanced technology specifically chosen for textile manufacturing environments:

• Solar Modules: Panasonic TOPCon 585 Wp bifacial solar modules selected for high efficiency and superior performance under high-temperature conditions
• Inverters: Two 125 kW Hitachi inverters with specialized protective measures
• Environmental Adaptations: Custom engineering to handle cotton threads and fiber dust prevalent in textile operations

Shashank Jain, Chief Executive Officer at EcoMitram Sustainable Solutions, highlighted the specialized engineering approach: "In textile units, cotton threads and fiber dust are continuously present in the operating environment, and inverters are among the most vulnerable components in such conditions. To address this, the system design included careful inverter placement, protective enclosures, controlled ventilation, and optimized cable routing to minimize fiber ingress and dust accumulation."

Market Context and Growth

The installation aligns with India's rapidly expanding rooftop solar sector, which added 4.90 GW of capacity in the first nine months of 2025, compared to 1.90 GW in the previous year, representing a 161.00% year-over-year increase according to Mercom India's Q3 2025 India Rooftop Solar Market Report.

Jain noted that rooftop solar adoption is growing rapidly across industrial, commercial, and residential segments in Rajasthan, which has consistently ranked among the top five solarized states in India over the past decade. Recent policy enablers, such as virtual net metering and group net metering, are expected to further accelerate rooftop solar adoption.

Combined Solar Portfolio

With this latest installation, Agarwal Industries now operates two rooftop solar systems:

The successful implementation of both projects demonstrates the company's commitment to sustainable manufacturing practices while achieving substantial cost reductions in operational expenses.

Source: https://www.mercomindia.com/textile-firm-agarwal-industries-benefits-from-rooftop-solar-switch