Executive Interview

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.

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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. Old Economy’s Raju Agarwal (CMD, N R Agarwal Industries) discusses the outlook for the Indian packaging board market and N R Agarwal’s upcoming expansion in Dahej. In this exclusive interview, Raju Agarwal explains how the global geopolitical situation is affecting supply chains for key inputs like chemicals and energy. We discuss the role of trade policy in protecting the domestic industry from competitive imports, and the potential impact of the Minimum Import Price (MIP) and Anti-Dumping Duty (ADD) investigations on the future of the packaging sector in India. N R Agarwal Industries is one of the leading players in the Indian paper and board market. Raju Agarwal shares insights into the company's strategic growth plans, including the state-of-the-art expansion in Dahej which will significantly increase their capacity for high-quality packaging board. We explore the technological advancements in their production processes and their commitment to environmental sustainability through social forestry and efficient water management. The transition from plastic to paper-based packaging is a major opportunity for the industry. Raju Agarwal discusses how N R Agarwal is positioning itself to capitalize on this trend, developing new grades of board with enhanced barrier properties for the food and beverage industry. We also touch upon the challenges of raw material procurement and the importance of a stable policy environment for long-term capital investment in the paper sector.
Old Economy is a premier provider of commodity market intelligence, offering specialized data and strategic advisory services for the global nuclear power, paper industry, and packaging sectors. Our mission is to empower global enterprises to navigate specialized commodity corridors with unmatched precision and elite advisory. We track printing and writing paper trends, pulp market dynamics, and recycled paper imports. Our exclusive interviews with industry leaders provide unique insights into the India packaging board market and the challenges of raw material availability. Our methodology combines high-quality data with robust assumptions to provide unparalleled foresight. Whether you are looking for uranium price forecasts, paper market intelligence, or metal and mining advisory, Old Economy delivers the insights needed for capital allocation and commercial success in the old economy sectors that underpin global infrastructure. Our expertise spans across critical industries that form the backbone of the global economy. In the nuclear energy sector, we provide deep-dive analysis into the uranium fuel cycle, reactor technology developments, and the emerging SMR (Small Modular Reactor) market. Our forest products division focuses on the rapidly evolving Indian market, covering everything from newsprint to specialty paper segments. In metals and mining, we offer strategic insights into base metals, critical minerals, and the transition to battery metals for the green energy revolution. We believe that high-quality data, robust methodology, and plausible assumptions are the key to unlocking market opportunities. By bridging the gap between raw data and actionable intelligence, Old Economy serves as a trusted partner for utilities, miners, traders, and financiers worldwide. Our commitment to excellence and analytical rigor ensures that our clients stay ahead of market trends and navigate complex regulatory landscapes with confidence. From Mumbai to Singapore, our international team of analysts and industry veterans brings a wealth of experience to every report and advisory project. We are dedicated to providing the most accurate, timely, and relevant intelligence to help our clients build a sustainable and prosperous future in the old economy sectors.