Annual Report along with Notice of AGM for the Financial Year 2025-26

N R AGARWAL INDUSTRIES LTD August 04, 2026 To, To, The General Manager Asst. Vice President, BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street Bandra Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400051 Scrip Code: 516082 NSE Symbol: NRAIL Sub: Annual Report for FY 2025-26 along with the Notice of 33rd Annual General Meeting (AGM) of N R Agarwal Industries Limited (“the Company”) Dear Sir/ Ma’am, The 33rd Annual General Meeting (“AGM”) of the Company is scheduled to be held on Wednesday, September 02, 2026 at 11.30 a.m. (IST) through Video Conferencing / Other Audio Visual Means. This is in compliance with the General Circulars issued by the Ministry of Corporate Affairs dated April 8, 2020, April 13, 2020, May 5, 2020, and subsequent circulars issued in this regard, the latest being dated September 22, 2025 (“MCA Circulars). Pursuant to Regulation 30 and 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Annual Report of the Company along with the Notice of AGM for the financial year 2025- 2026. In compliance with the Companies Act, MCA Circulars read with Regulations 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) the same is being sent only through electronic mode to the Members whose email addresses are registered with the Company/its Registrar and Transfer Agent/Depositories. The Company has also dispatched physical letters, providing the web- link, including the exact path where complete details of the Annual Report including the Notice of AGM is available, to those shareholder(s) who have not registered their e-mail address with the Company/Registrar and Transfer Agent/Depositories/Depository Participants. Members of the Company holding shares in dematerialized or in physical form as on Wednesday, August 26, 2026 ( cut off date ) will be eligible to cast their vote by electronic means through remote e-voting facility or through e-voting facility at the AGM on all resolutions set out in the Notice. The remote e-voting period will commence from Sunday, August 30, 2026 at 09:00 am (IST) and ends on Tuesday, September 01, 2026 at 05:00 pm (IST). email: admin@nrail.com, website: www.nrail.com CIN: L22210MH1993PLC133365 REGD. OFF. : 502-A/501-B, FORTUNE TERRACES, 5TH FLOOR, OPP. CITY MALL, NEW LINK ROAD, ANDHERI (W), MUMBAI – 400 053. TEL: +91 22 67317500, FAX: +91 22 26730227 N R AGARWAL INDUSTRIES LTD The Notice of AGM and Annual Report for FY 2025-2026 is also uploaded on the Company’s website https://www.nrail.com/nrail-annual-reports . This is for your information and records. Yours faithfully, For N R Agarwal Industries Limited Pooja Daftary Company Secretary & Compliance Officer ACS: A38024 email: admin@nrail.com, website: www.nrail.com CIN: L22210MH1993PLC133365 REGD. OFF. : 502-A/501-B, FORTUNE TERRACES, 5TH FLOOR, OPP. CITY MALL, NEW LINK ROAD, ANDHERI (W), MUMBAI – 400 053. TEL: +91 22 67317500, FAX: +91 22 26730227 N R Agarwal Industries Limited Annual Report 2025-26 V I S I O N TO BECOME A ONE MILLION TPA COMPANY BY 2030 Forward-looking statement: This document contains statements about expected future events and financial and operating results of N R Agarwal Industries Limited, which are forward looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that the assumptions, predictions and other forward- looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the management’s discussion and analysis of the N R Agarwal Industries Limited Annual Report 2025-26. 02 04 06 Corporate How we have The Big snapshot grown over Picture the years 08 12 14 Managing Our Board of Management Director’s Directors discussion review analysis 21 40 83 Notice Statutory Financial section statement V I S I N TO BECOME A ONE MILLION TPA COMPANY BY 2030 At N R Agarwal Industries Limited, we have placed a decisive bet on the Indian consumption story. In the last couple of years, the Company commissioned and stabilized India’s largest single paperboard plant (900 tons per day). The Company has now embarked on an even bigger bet: to commission a 1500 tons per day paperboard plant within the next four years. This proposed investment will empower the Company to consistently outperform the growth of India’s paperboard sector, deepen its positioning as one of the country’s largest paperboard producers and enhance value for all its stakeholders. CORPORATE SNAPSHOT N R Agarwal Industries Limited is one of the fastest-growing REVENUE BY GEOGRAPHY, FY 2025-26 paperboard companies in India, servicing the growing needs of the modern packaging sector. The Company has consistently invested in scale, operational efficiency, value-addition, marketing and environmental responsibility. India: 86% Global: 14% The Company remained viable PRODUCT-WISE REVENUE (AS A % OF OVERALL and liquid through the extended REVENUES, FY 2025-26) downtrend in the paperboard segment of the last few years. The Company utilized this downtrend to invest deeper in its business and emerge with adequate capacity at the most opportune time. Packaging Board: 73% Writing and Printing Paper: 27% The Company is now a prominent national player in the paperboard ecosystem, distinguished by value-added products, process discipline and cost competitiveness. 2 | N R Agarwal Industries Limited Our vision manufacturing operations based printing and copier paper is in Vapi and Sarigam in Gujarat, designed to deliver a consistent To be a globally acknowledged supporting its production and performance across diverse manufacturer delivering supply capabilities. The Company applications. These products innovative paper products with also acquired land in Dahej, Gujarat, combine brightness, surface consistent value to customers. as a part of its planned expansion, smoothness and dimensional Through steadfast adherence strengthening its long-term stability, enabling high-quality to our core values. Focused on manufacturing footprint. output in high-speed and multi- providing sustainable returns colour printing environments. while strengthening stakeholder Our listing With strong physical properties confidence. The Company’s equity shares and uniform quality, they Our mission are listed on the Bombay Stock effectively cater to commercial and Exchange and the National Stock institutional printing needs. N R Agarwal Industries Limited is Exchange, reflecting its established committed to delivering the highest Core strengths presence in India’s capital markets. stakeholder satisfaction through As on March 31, 2026, the Company’s Environmental stewardship: innovation, cost-effectiveness and market capitalization stood at The Company strengthened its an excellent work culture. H approximately 688 cr. sustainability focus through Who we are improved operating efficiencies, Credit standing resulting in a lower consumption Established in 1993, N R Agarwal The Company’s long-term loan of water and energy per ton Industries Limited has built a strong facilities were rated A- Stable, while of production. Water recycling presence in India’s recycled paper its short-term non-fund-based capabilities were enhanced through and paperboard industry through facilities were rated A2+by ICRA as the implementation of a reverse a sustained focus and operational of March 31, 2026. The ratings reflect osmosis system, supporting [Showing first 8,000 characters — download PDF for full document]