A conversation with Raju Agarwal, CMD at N R Agarwal Industries
11 April 2026
The packaging board market in India is in a state of flux, with impacts of the West Asia crisis, MIP expiry, pending decisions on ADD and the recent CVD notification. Alongside heightened uncertainty, prices have been rising, input costs are high, and production cuts are likely.
N R Agarwal Industries is one of India’s leading recycled paper and paperboard mills based in Gujarat and is investing in a second paperboard manufacturing unit. It currently has 1,300 tpd capacity to produce boards. About 63% of its revenue of INR 1659 crores (US$191 million) in FY2025 was from the packaging board segment (coated duplex board, FBB, and SBS). It caters to demand from both domestic and international markets, with the latter comprising nearly 30% of its total sales. The company makes 300 tpd printing and writing paper.
Old Economy’s Seema Goenka sat down with R N Agarwal, affectionately known as Raju, Chairman & Managing Director at N R Agarwal Industries, to understand more about the current situation and near-term outlook. Key excerpts from the interview are below.