Bhageria Industries Ltd (BHAGERIA)
🎯 Key Takeaways
- Bhageria Industries Ltd is in a clear phase of strategic expansion and capacity scaling within its core chemical segments, transitioning from a mature base to a growth-oriented trajectory driven by targeted capacity additions and product diversification. Management is actively investing in infrastructure and new product lines to capture higher-margin opportunities, particularly in H-Acid and plasticizers, while maintaining strong governance and capital discipline.
- Revenue grew 5.9% QoQ to ₹286 in Q1FY27.
- ⚠️ Execution risk in scaling H-Acid capacity to 500 MT/month, as delays or cost overruns could impact anticipated revenue gains.
- Market Cap
- ₹1,648
- P/E Ratio
- 23.9
- P/B Ratio
- 2.78
- ROE
- 11.6%
- ROCE
- 14.0%
- Debt/Equity
- 0.17
- Div Yield
- 0.66%
- Promoter
- 71.8%
📖 The Story
Bhageria Industries Ltd is in a clear phase of strategic expansion and capacity scaling within its core chemical segments, transitioning from a mature base to a growth-oriented trajectory driven by targeted capacity additions and product diversification. Management is actively investing in infrastructure and new product lines to capture higher-margin opportunities, particularly in H-Acid and plasticizers, while maintaining strong governance and capital discipline.
📰 What's Happening
In Q1 FY2026, the board approved unaudited consolidated and standalone financial results showing revenue growth to ₹286 crore from ₹271 crore in Q4 FY2026, with operating profit rising to ₹32 crore. The company announced plans to scale H-Acid capacity to 500 MT/month, which is expected to contribute an additional ₹50-75 crore in annual revenue. Strategic initiatives also include launching plasticizers at Tarapur and expanding solar capacity to 21 MW. The 37th AGM scheduled for August 1, 2026, will focus on approving financial statements, dividend declaration, and re-appointing directors, underscoring ongoing governance rigor and shareholder engagement.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 204 | 242 | 271 | 286 |
| Operating Profit | 15 | 12 | 22 | 32 |
| OPM % | 7.4% | 4.8% | 8.1% | 11.3% |
| Net Profit | 11 | 11 | 11 | 34 |
| EPS | ₹2.70 | ₹2.56 | ₹2.71 | ₹7.83 |
Revenue has shown consistent sequential growth, rising from ₹204 crore in September 2025 to ₹286 crore in June 2026, reflecting successful execution of expansion plans. Operating profit margins improved to 11.3% in Q1 FY2026 from 4.8% in December 2025, indicating operating leverage from scale and cost absorption. Net profit increased to ₹34 crore in Q1 FY2026 from ₹11 crore in the prior quarter, supported by higher volumes and improved efficiency. This upward trajectory aligns with management's disclosed investments in capacity expansion and new product launches, which they expect to drive sustainable margin improvement and revenue accretion.
🔮 Management Outlook & What's Next
Management has explicitly outlined its growth strategy in the FY2025-26 annual report, emphasizing 'Capacity, Capability, Continuity' as core pillars. Key forward-looking statements include scaling H-Acid capacity to 500 MT/month to add ₹50-75 crore in annual revenue, launching plasticizers at Tarapur, and expanding solar capacity to 21 MW. While specific forward guidance on margins or revenue growth was not provided in the latest filing, the company reaffirmed its commitment to operational excellence and capital discipline, with no material risks or fraud concerns reported. The board continues to prioritize strategic investments that enhance long-term competitiveness.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 |
| Reserves | 536 | 509 | 572 | 553 |
| Borrowings | 45 | 26 | 101 | 74 |
| Total Liabilities | 733 | 665 | 860 | 784 |
| Fixed Assets | 350 | 347 | 383 | 355 |
| Investments | 23 | 28 | 25 | 30 |
| Total Assets | 733 | 665 | 860 | 784 |
The balance sheet reflects a conservative capital structure with low debt (Borrowings of ₹101 crore as of March 2026, up from ₹74 crore in March 2025) and steady equity base of ₹22 crore, indicating minimal dilution. Reserves have grown from ₹536 crore to ₹572 crore over the past year, suggesting retained earnings are being reinvested to support expansion. Total assets have increased from ₹733 crore to ₹860 crore, signaling active investment in infrastructure and capacity. This pattern indicates management is funding growth primarily through internal accruals and modest debt, maintaining financial stability while pursuing strategic capex.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +99 |
| Investing | -141 |
| Financing | +46 |
| Net Cash Flow | +3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 71.8% | 71.8% | 71.8% | 71.8% |
| FII | 0.1% | 0.9% | 0.4% | 0.1% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 15.3% | 14.3% | 14.5% | 14.9% |
| # Shareholders | 17,113 | 19,102 | 18,219 | 17,139 |
Promoter holding remains stable at 71.77% over the last four quarters, indicating confidence and alignment with long-term value creation. Institutional investor interest has shown a slight upward trend, with FII holdings increasing from 0.13% in Q2FY26 to 0.44% in Q4FY26, though still low overall. Public shareholding has gradually declined from 15.32% to 14.51%, while the number of shareholders has risen from 17,113 to 18,219, suggesting broader retail participation. No significant selling by promoters or institutions has been observed, and no pledging details were disclosed, supporting a stable ownership structure amid growth initiatives.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.50 L Cr | 56.5 | 33.4% | — | 0.01 |
| SRF | 72,171 | 33.4 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,799 | 96.6 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,503 | 79.3 | 9.6% | — | 0.34 |
| NAVINFLUOR | 42,232 | 53.4 | 22.2% | — | 0.31 |
| GODREJIND | 35,513 | 30.2 | 9.2% | — | 4.57 |
| HSCL | 33,663 | 41.8 | 20.7% | — | 0.16 |
| AETHER | 23,246 | 98.6 | 13.8% | — | 0.08 |
| DEEPAKNTR | 20,783 | 26.5 | 15.3% | — | 0.26 |
| CASTROLIND | 19,792 | 18.6 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risk in scaling H-Acid capacity to 500 MT/month, as delays or cost overruns could impact anticipated revenue gains. 2. Market demand volatility for specialty chemicals, particularly in export-oriented segments, which could affect pricing and volumes. 3. Regulatory and environmental compliance risks associated with chemical manufacturing, despite no current concerns reported. 4. Dependence on a limited number of key products and geographies, which could amplify exposure to sector-specific downturns.
📋 Recent Filings
- 🔴 Announcement2026-09-30Bhageria Industries announced that CARE Ratings revised its long-term and short-term bank facility rating to CARE A; Stable / CARE A1, reaffirming the…
- 🔴 Announcement2026-09-22Bhageria Industries clarified that recent trading volume spikes on BSE and NSE are market-driven with no pending disclosures affecting price behavior,…
- Announcement2026-09-19Bhageria Industries Ltd announced that its designated insiders and immediate relatives will be prohibited from trading the company's shares from Octob…
- Announcement2026-07-30Bhageria Industries Limited disclosed that the Securities Appellate Tribunal adjourned its SEBI appeal matter to October 21, 2026 for final disposal, …
- 🔴 Financial Results2026-07-23Bhageria Industries announced unaudited consolidated and standalone financial results for the quarter ended June 30, 2026, published in Business Stand…
- 🟡 Board Meeting2026-07-22Bhageria Industries Limited announced the outcome of its Board meeting held on July 22, 2026, where it approved un-audited standalone and consolidated…
- 🔴 Financial Results2026-07-16Bhageria Industries Limited announced a board meeting on July 22, 2026 to approve unaudited financial results for the quarter ended June 30, 2026, fol…
- 🔴 annual report2026-07-09Bhageria Industries Limited reported FY2025-26 revenue of **₹880.56 crore** (up 45.9%), net profit of **₹50.30 crore**, and proposed a dividend of **₹…
- Announcement2026-06-10Bhageria Industries announced that its shares will be transferred to the Investor Education and Protection Fund (IEPF) following publication of a noti…
- Announcement2026-06-09Bhageria Industries clarified that a recent spike in trading volume is purely market-driven with no undisclosed material events, reaffirming its commi…
🧠 Analyst's Read
Bhageria Industries is transitioning into a growth phase supported by strategic capacity expansions and new product launches, with improving operational performance evident in recent quarterly results. Investors should monitor progress on H-Acid scale-up, margin trends, and updates from the upcoming AGM for clarity on future capital allocation. The company maintains a stable ownership base and conservative leverage, but execution of its expansion plan will be critical to sustaining momentum.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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