🔍

N R Agarwal Industries Limited (NRAIL)

₹731.75 -3.91% last close, 16 Oct

📊 NSE: NRAIL 🏢 Paper 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, N R's revenue was ₹605 Cr (+29.8% year on year, +7.5% on the previous quarter), and net profit ₹14.0 Cr (against a loss a year earlier); the operating margin was 9.4%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹605	+29.8%	+7.5%
Operating profit	₹57.0	+103.6%	+0.0%
Net profit	₹14.0	from loss	+0.0%
EPS (₹)	8.34	from loss	-1.7%
Operating margin	9.4%	—	—

Full quarterly financials → Results calendar →

NRAIL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 35.4% of the NRAIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.63%. That is close to its usual level. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

35.4%Delivery, 16 Oct

46.63%Own 20-session average

0.5×Volume vs its average

₹731.75NSE close · -3.91%

Delivery in the last 5 sessions: 19.0% · 17.4% · 22.1% · 42.0% · 35.4%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

N R Agarwal Industries Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 04:09 PM

N R Agarwal Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that all securities received for dematerialisation during the period were processed and listed on the exchanges. This is a standard quarterly regulatory submission and carries no operational or financial impact.

Regulation 74(5) compliance completed for the quarter ended September 30, 2026
Confirmation certificate dated October 03, 2026, issued by RTA MUFG Intime India Private Limited
Verification confirmed that securities received were mutilated, cancelled, and substituted in the register within prescribed timelines
Filing submitted to BSE and NSE on October 12, 2026

💡 Track upcoming announcements for Q2 FY27 financial results and operational performance updates.

N R Agarwal Appoints Ex-ITC Executive Makarand Barhanpurkar as Director - Operations & Project

🟢 POSITIVE ⭐ 5/10

MANAGEMENT 📅 12 Oct 2026, 03:52 PM

N R Agarwal Industries Limited has appointed Mr. Makarand P. Barhanpurkar as Senior Managerial Personnel in the role of Director – Operations & Project, effective October 12, 2026. Mr. Barhanpurkar brings over 36 years of experience in the pulp, paperboard, and specialty paper industry, most recently serving as Executive Vice President of Manufacturing and Projects at ITC Limited's Paperboards and Specialty Papers Division. This leadership addition comes as the company focuses on optimizing its recent 1,50,000 MTPA duplex board expansion to support its ₹2,145 crore TTM revenue base.

Appointment of Mr. Makarand P. Barhanpurkar as Director – Operations & Project effective October 12, 2026
Appointee brings over 36 years of experience in the pulp, paperboard, and specialty paper sector
Previously served as Executive Vice President – Manufacturing and Projects at ITC Limited's Paperboards and Specialty Papers Division
Role is a full-time employment engagement covering manufacturing excellence, project execution, and sustainability

💡 Track subsequent quarterly operating margins and capacity ramp-up efficiency at Unit IV to assess the impact of strengthened operational leadership.

N R Agarwal Clarifies Price Movement: No Undisclosed Material Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 10:57 AM

N R Agarwal Industries Limited has responded to a surveillance clarification letter from the National Stock Exchange dated September 09, 2026, regarding significant price movement in its equity shares. The company clarified that all required disclosures under Regulation 30 of SEBI LODR have been made in a timely manner. It confirmed that there is no undisclosed event or impending announcement that could affect trading price or volume. Management stated that the volume and price movement in its shares are purely market-driven.

NSE surveillance query letter ref NSE/CM/Surveillance/17527 dated September 09, 2026
Company issued formal clarification response on September 10, 2026
Confirmed full compliance with Regulation 30 of SEBI LODR regulations
Clarified no undisclosed information or impending announcements exist

💡 Track broader paper sector fundamentals and subsequent quarterly financial filings, as the recent share price volatility has no underlying company-disclosed developments.

NRAIL Shareholders Approve Rs 2 Dividend and Rs 5,000 Cr Borrowing Limit at 33rd AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Sep 2026, 03:49 PM

N R Agarwal Industries Limited announced that its shareholders approved all 9 resolutions at the 33rd AGM held on September 02, 2026. Key approvals include a final dividend of Rs 2 per share for FY26 and the re-appointment of Shri P K Mundra as Whole-Time Director & CFO. Additionally, shareholders approved enabling special resolutions to increase borrowing powers and asset charge limits up to Rs 5,000 Crore, providing headroom relative to current debt of Rs 821 Crore.

Approved final dividend of Rs 2 per equity share for FY26 with 99.99% approval
Passed special resolutions increasing borrowing and asset charge limits to Rs 5,000 Crore with 99.59% approval
Approved re-appointment and remuneration of Shri P K Mundra as Whole-Time Director & CFO
All 9 resolutions passed with over 99.5% votes in favor across 1.29 crore votes polled

💡 Track the dividend disbursement timelines and watch for any future board announcements regarding fresh capex or debt syndication under the expanded borrowing headroom.

N R Agarwal Industries Alters MOA to Enable Industrial Land and Warehouse Development

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 02 Sep 2026, 07:02 PM

At its 33rd Annual General Meeting held on September 02, 2026, N R Agarwal Industries Limited approved an alteration to its Memorandum of Association (MOA). The company inserted a new Clause 37 under its ancillary objects, enabling it to develop, construct, and utilize owned or leased land for industrial galas, sheds, warehouses, and commercial complexes. The amendment also empowers the company to sell, lease, enter into joint ventures, or raise financing against its immovable property for such development. No specific project timeline, monetization scale, or capital outlay was disclosed.

Shareholders approved the alteration of MOA at the 33rd AGM on September 02, 2026
Renumbered existing Clause 35A in Part (B) of MOA as Clause 36
Inserted new Clause 37 under ancillary objects allowing development of industrial sheds, galas, and warehouses
Empowers company to sell, lease, license, or enter joint ventures for real estate and industrial infrastructure

💡 Track whether management announces specific monetization plans or joint venture projects for surplus land assets in upcoming quarterly calls.

N R Agarwal Industries AGM Approves Rs 2/Share Dividend and Borrowing Limit Hike to Rs 5,000 Cr

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 02 Sep 2026, 06:40 PM

N R Agarwal Industries Limited concluded its 33rd Annual General Meeting on September 02, 2026, where shareholders approved all proposed resolutions. Key approvals include a dividend declaration of Rs. 2/- per equity share for FY26 and the re-appointment of Shri P K Mundra as Executive Director & CFO. Additionally, members approved special resolutions raising the company's borrowing powers and asset encumbrance limits under Section 180 of the Companies Act up to Rs. 5,000 Crore, compared to current debt of Rs 821 Crore.

Shareholders approved a dividend of Rs. 2/- per equity share for FY26
Borrowing powers under Section 180(1)(c) increased up to Rs. 5,000 Crore
Creation of mortgage/charge on company assets approved up to Rs. 5,000 Crore
Re-appointment and remuneration of P K Mundra as Executive Director & CFO approved
Approved alteration of the Object Clause of the Memorandum of Association

💡 Track the dividend payment timeline and monitor upcoming quarterly filings for any announcement of large debt-funded capex plans utilizing the expanded Rs 5,000 Crore borrowing limit.

NRAIL Appoints Manoj Chauhan as Chief Marketing & Business Transformation Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 03:37 PM

N R Agarwal Industries Limited has appointed Mr. Manoj Chauhan as a Senior Managerial Personnel, designated as Chief Marketing & Business Transformation Officer, effective September 01, 2026. Mr. Chauhan brings over 28 years of experience in sales, marketing, and supply chain across packaging boards, specialty paper, and tissue segments. Prior to this appointment, he worked with Century Pulp & Paper since 2024. The appointment comes as the company continues to focus on optimizing product mix and distribution across its 4,40,000 MTPA manufacturing base.

Appointed Mr. Manoj Chauhan as Chief Marketing & Business Transformation Officer effective September 01, 2026
Appointee has over 28 years of experience in packaging boards, specialty paper, copier, and tissue papers
Previously associated with peer Century Pulp & Paper since 2024

💡 Track whether marketing and business transformation initiatives translate into improved realizations and operating profit margins in upcoming quarters.

NRAIL Q1 FY27 PAT Jumps 111% YoY to ₹34.98 Cr; Revenue Grows 24%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Aug 2026, 04:11 PM

N R Agarwal Industries (NRAIL) reported a strong performance for Q1 FY27, with revenue from operations rising 24% YoY to ₹646.96 Cr. Net profit more than doubled to ₹34.98 Cr from ₹16.55 Cr in the year-ago period, reflecting significant margin expansion. This growth is likely driven by the ramp-up of the 1,50,000 MTPA duplex board facility and a shift toward premium products. Despite a high debt-to-equity ratio of 1.01, finance costs remained stable at ₹16.44 Cr.

Revenue from operations grew 24.1% YoY to ₹646.96 Cr from ₹521.42 Cr.
Net profit surged 111.4% YoY to ₹34.98 Cr, up from ₹16.55 Cr in Q1 FY26.
Earnings Per Share (EPS) increased to ₹20.55 from ₹9.72 in the previous year's corresponding quarter.
Total expenses rose to ₹606.97 Cr, with cost of materials consumed accounting for ₹426.15 Cr.
Finance costs were contained at ₹16.44 Cr, nearly flat compared to ₹15.50 Cr in Q1 FY26.

💡 Investors should monitor the sustainability of the improved operating margins and the utilization levels of the new Unit IV capacity in the coming quarters to see if the 20-25% revenue growth target for the year is achievable.

August 26 set as Record Date for N R Agarwal Industries Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 04 Aug 2026, 05:47 PM

N R Agarwal Industries Limited has fixed August 26, 2026, as the record date to determine shareholder eligibility for the final dividend of FY2025-26. The dividend is subject to approval at the company's 33rd Annual General Meeting (AGM), which is scheduled for September 02, 2026. If approved, the dividend will be paid to eligible shareholders on or before October 01, 2026. This follows a fiscal year where the company reported a PAT of Rs 44 Cr on a revenue of Rs 2,145 Cr.

Record date for determining dividend entitlement is August 26, 2026
33rd Annual General Meeting (AGM) to be held on September 02, 2026
Final dividend payment to be completed by October 01, 2026
The dividend pertains to the financial year ended March 31, 2026

💡 Investors should note the record date of August 26, 2026; shares must be purchased before the ex-dividend date to qualify for the payout.

₹2 Dividend and Proposal to Increase Borrowing Limit to ₹5,000 Cr for NRAIL

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 04 Aug 2026, 05:32 PM

N R Agarwal Industries Limited (NRAIL) has issued a notice for its 33rd AGM on September 02, 2026. Key agenda items include the approval of a ₹2 per share dividend for FY26 and a significant proposal to increase borrowing limits to ₹5,000 Crore. This proposed limit is approximately 6.1x the company's current net worth of ₹815 Crore and current debt of ₹821 Crore. Additionally, the company seeks to re-appoint P.K. Mundra as CFO for a three-year term starting August 2026.

Proposed dividend of ₹2 per equity share for the financial year ended March 31, 2026.
Seeking shareholder approval to increase borrowing limits under Section 180(1)(c) to ₹5,000 Crore.
Proposed borrowing limit represents ~613% of the current net worth of ₹815 Crore.
Re-appointment of Shri P K Mundra as Whole-time Director & CFO for a 3-year term (2026-2029).
CFO's last drawn annual remuneration was ₹1.17 Crore.

💡 Investors should monitor the AGM voting results on September 02, 2026, specifically the justification for the massive increase in borrowing headroom, which may precede a large-scale capex announcement.

₹1,137.57 Cr Credit Limit: ICRA Reaffirms [ICRA]A- (Stable) for N R Agarwal Industries

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 17 Jul 2026, 02:11 PM

ICRA has reaffirmed NRAIL's long-term rating at [ICRA]A- with a Stable outlook, while increasing the total rated bank facilities by 19% to ₹1,137.57 Cr. The company reported a 29% revenue growth in FY2026, supported by the ramp-up of its duplex board capacity which was enhanced to 900 TPD in January 2026. However, NRAIL has disclosed a massive ₹1,500 Cr greenfield expansion (Unit VI) to be implemented over FY2028-FY2030, which is significantly larger than its current market cap of ₹732 Cr. While operating margins improved to 8.1% in FY2026, the high debt-to-OPBITDA of 4.7x and upcoming capex cycle remain key monitoring points for investors.

Total rated credit facilities increased by ₹181.93 Cr to a total of ₹1,137.57 Cr
New greenfield expansion (Unit VI) cost estimate increased to ₹1,500 Cr for a 1,500 TPD plant
Operating margins improved to 8.1% in FY2026 from 6.7% in FY2025 due to better capacity utilization
Total debt to OPBITDA remains elevated at 4.7x as of March 31, 2026, though improved from 5.8x YoY
Duplex board plant capacity was enhanced from 725 TPD to 900 TPD in January 2026

💡 Monitor the funding mix and execution timeline for the ₹1,500 Cr Unit VI project, as it represents a massive undertaking relative to the company's current size. Watch for margin sustainability amidst volatile imported wastepaper prices, which account for 59% of raw materials.

NRAIL Reports 100% Reconciliation of 1.70 Crore Issued Shares for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 02:09 PM

N R Agarwal Industries Limited (NRAIL) has filed its quarterly Reconciliation of Share Capital Audit Report for the period ended June 30, 2026. The report confirms that the company's total issued capital of 1,70,19,100 shares is fully reconciled with the listed capital on both BSE and NSE. A significant 99.1% of the shareholding is now in dematerialized form, with 86.42% held in CDSL and 12.64% in NSDL. This is a standard regulatory filing to ensure the integrity of the company's share registry.

Total issued and listed capital remains at 1,70,19,100 equity shares as of June 30, 2026.
86.42% of the total issued capital (1,47,07,584 shares) is held in dematerialized form with CDSL.
12.64% of the total issued capital (21,50,811 shares) is held in dematerialized form with NSDL.
Only 0.9% of the capital (1,60,705 shares) continues to be held in physical form.
The audit confirms 100% reconciliation between issued, listed, and admitted capital across depositories.

💡 This is a routine administrative filing. No action is required from investors as it confirms the accuracy of the company's share capital records.

NRAIL Submits June 2026 Quarter Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Jul 2026, 01:07 PM

N R Agarwal Industries Limited (NRAIL) has filed its quarterly compliance certificate for the period ended June 30, 2026. The certificate, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization were processed within the prescribed timelines. This filing is a standard regulatory requirement under SEBI (Depositories and Participants) Regulations, 2018. It confirms that physical share certificates were cancelled and the depositories' names were updated in the register of members.

Compliance certificate issued for the quarter ended June 30, 2026.
Registrar MUFG Intime India Private Limited issued the confirmation on July 01, 2026.
Confirms that securities received for dematerialization are listed on the stock exchanges.
Confirms that physical certificates were mutilated and cancelled after due verification.
Filing submitted to exchanges on July 07, 2026, in accordance with Regulation 74(5).

💡 This is a routine administrative filing with no impact on business fundamentals. Investors should monitor the company's upcoming quarterly financial results for operational performance updates.

NRAIL to Close Trading Window from July 1, 2026 for Q1 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jun 2026, 03:45 PM

N R Agarwal Industries Limited (NRAIL) has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the board meeting results are officially disclosed. This is a standard regulatory procedure for listed companies in India.

Trading window closure effective from Wednesday, July 1, 2026
Closure pertains to the consideration of unaudited financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the conclusion of the board meeting where results are approved
Compliance with Clause 4 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming board meeting date for the actual Q1 earnings release.

NRAIL FY26 Net Profit Surges 147% to ₹43.7 Cr; Recommends ₹2 Dividend & Management Changes

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 May 2026, 07:30 PM

N R Agarwal Industries (NRAIL) reported a robust performance for FY26, with annual revenue from operations growing 29% to ₹2,145.4 crore. Net profit for the full year jumped significantly to ₹43.7 crore from ₹17.6 crore in the previous fiscal. The company returned to profitability in Q4 FY26 with a net profit of ₹14.2 crore compared to a loss in the same quarter last year. Additionally, the board recommended a 20% final dividend and announced key leadership elevations, including two new Deputy Managing Directors.

Annual Revenue from Operations increased 29.3% YoY to ₹2,145.44 crore in FY26.
Net Profit for the full year FY26 rose by 147.6% to ₹43.70 crore.
Q4 FY26 Net Profit stood at ₹14.20 crore versus a loss of ₹6.82 crore in Q4 FY25.
Recommended a final dividend of 20% (₹2 per share) for the financial year 2025-26.
Raunak Agarwal and Rohan Agarwal re-designated as Deputy Managing Directors effective May 12, 2026.

💡 Investors should view the strong turnaround in profitability and the dividend recommendation as positive indicators of operational efficiency. The stock remains a watch for further growth following the management's leadership transition.

View All NRAIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 9% to INR 1,766.1 Cr in FY2023, but declined 26.8% to INR 1,293.1 Cr in FY2024 due to falling realizations in the Writing and Printing Paper (WPP) segment and the closure of Unit III. For FY2025, revenue is projected to grow 20-25% driven by the commencement of the new 1,50,000 MTPA duplex board plant.

Geographic Revenue Split

Domestic sales are concentrated in Western India (Gujarat/Maharashtra). Exports contribute between 10% and 20% of total revenue (specifically 14% in FY2023 and 11% in FY2024), providing a partial natural hedge against import costs.

Profitability Margins

Operating margins (OPBDIT/OI) fluctuated from 10.5% in FY2023 to 14.6% in FY2024, before dropping sharply to 7.1% in H1 FY2025 and further to 3.7% in Q1 FY2026. Net Profit Margin (PAT/OI) fell from 9.7% in FY2024 to 1.5% in H1 FY2025 due to high interest costs and low sales realizations.

EBITDA Margin

EBITDA margin stood at 14.6% in FY2024 but compressed to 7.1% in H1 FY2025. This 51% YoY margin compression was caused by higher expenses during the stabilization phase of the new plant and pressure from cheap imports affecting net sales realizations.

Capital Expenditure

Completed a major debt-funded capex of INR 650 Cr between FY2022-FY2024 for a new duplex board unit. Planned additional capex of INR 150 Cr in FY2025 for infrastructure development, with further debt-funded capex planned for FY2026 and FY2027.

Credit Rating & Borrowing

Long-term rating reaffirmed at [ICRA]A (Stable) and short-term at [ICRA]A1. Borrowing costs are impacted by a sharp decline in interest coverage from 17.9x in FY2024 to 1.9x in H1 FY2025, following the end of the moratorium on the INR 425 Cr term loan.

⚙️ Operational Drivers

Raw Materials

Wastepaper (75-80% of total raw material costs) and Coal (used for power generation).

Import Sources

Imports account for 56% to 62% of raw material requirements, sourced primarily from North America, West Asia, and Europe.

Key Suppliers

Sourced through various international and domestic indenting agents; specific supplier company names are not disclosed in the documents.

Capacity Expansion

Current total installed capacity is 4,40,000 MTPA across units in Vapi and Sarigam, Gujarat. This includes a recent expansion of 1,50,000 MTPA in the duplex paper board segment completed in March 2024.

Raw Material Costs

Wastepaper costs represent 75-80% of total RM costs. Margins improved in FY2024 as wastepaper prices fell faster than finished paper realizations, but margins were squeezed in FY2025 as realizations dropped while input costs remained volatile.

Manufacturing Efficiency

Maintained healthy capacity utilization levels of ~100% in FY2024. Efficiency was temporarily impacted in Q1 FY2026 by a 20-day maintenance shutdown in Unit I.

Logistics & Distribution

Distribution is managed through an established network of agents and dealers focused on Western India, serving FMCG and pharmaceutical packaging needs.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Ramping up the new 1,50,000 MTPA duplex board facility to capture demand in e-commerce and pharma packaging; shifting product mix toward value-added premium products; and implementing price hikes (undertaken in July 2025) to recover margins.

Products & Services

Duplex paper boards (used for packaging boxes), Writing and Printing Paper (WPP), and premium value-added paper products.

Brand Portfolio

N R Agarwal Industries Limited (NRAIL).

New Products/Services

Focusing on premium duplex boards from the new Unit IV, expected to contribute to a 20-25% revenue jump in FY2025.

Market Expansion

Increasing market share in the duplex board segment by doubling capacity; targeting growth in export markets to utilize new capacity.

Market Share & Ranking

Strong presence in Western India; recent capacity expansion of 1,50,000 MTPA is intended to significantly increase domestic market share in the board segment.

🌍 External Factors

Industry Trends

The industry is shifting toward packaging (duplex boards) due to e-commerce growth, while the Writing and Printing Paper (WPP) segment faces disruption from increasing digitization.

Competitive Landscape

Faces competition from domestic players and cheap international imports, particularly in the WPP and board segments.

Competitive Moat

Moat is based on a 30-year track record, established distribution network in Western India, and economies of scale from a 4,40,000 MTPA capacity. Sustainability is challenged by the commodity nature of paper and lack of pricing power against imports.

Macro Economic Sensitivity

Highly sensitive to domestic GDP growth as paper demand is linked to FMCG and industrial activity. Low per-capita paper usage in India provides a long-term structural growth tailwind.

Consumer Behavior

Shift toward eco-friendly packaging and e-commerce is driving demand for duplex boards, while digital adoption is reducing demand for traditional printing paper.

Geopolitical Risks

Vulnerable to trade regulations affecting wastepaper availability and global coal prices due to high import reliance.

⚖️ Regulatory & Governance

Industry Regulations

Subject to wastepaper import regulations and environmental pollution norms for paper mills in Gujarat.

Environmental Compliance

Exposed to environmental risks inherent in paper manufacturing (water usage, chemical handling); company invests in training to manage hazardous chemicals.

Taxation Policy Impact

Effective tax rate not specified, but Profit Before Tax fell from INR 137.6 Cr (FY2024) to INR 15.9 Cr (FY2025).

Legal Contingencies

Not disclosed in available documents; however, internal financial controls were reported as operating effectively as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Volatility in wastepaper prices (80% of RM) and the ability to ramp up the new facility to service debt. A DSCR of less than 2.0x is a negative rating trigger.