Bharat Rasayan Limited (BHARATRAS)

Chemicals · Fertilizers & Agrochemicals · NSE · Updated 15 July 2026

₹1,350.8 ↓ 88.18% (1Y)

🎯 Key Takeaways

Bharat Rasayan Limited is in a transitional phase marked by financial recovery and leadership restructuring following a period of distress. After reporting severe underperformance in FY24 with low margins and near-zero profits, the company has shown signs of stabilization with sequential profit growth and improved operational metrics in FY26.
Revenue declined 21.8% QoQ to ₹256 in Q3FY25.
⚠️ Leadership transition risks persist due to recent director changes, including the resignation of Whole-Time Director Mahabir Prasad Gupta and appointm

Market Cap

₹2,294

P/E Ratio

12.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Bharat Rasayan Limited is in a transitional phase marked by financial recovery and leadership restructuring following a period of distress. After reporting severe underperformance in FY24 with low margins and near-zero profits, the company has shown signs of stabilization with sequential profit growth and improved operational metrics in FY26. Management is focused on operational efficiency and governance updates, signaling a potential turnaround after years of stagnation.

📰 What's Happening

In the latest filings, the company reported FY2026 net profit of ₹14,572 lakhs on revenue of ₹1,28,306 lakhs, up from ₹14,293 lakhs on ₹1,24,184 lakhs in the prior quarter, reflecting consistent profitability. The board accepted the resignation of Whole-Time Director Mahabir Prasad Gupta effective May 27, 2026, due to health reasons, and appointed Vikas Gupta as an Additional Director effective July 1, 2026, pending shareholder approval. Additionally, on July 4, 2026, the company appointed Shri Varun Dabriwal as an Additional Independent Non-Executive Director for a five-year term, pending AGM approval. A 1:1 bonus issue was executed, doubling the paid-up capital and increasing equity shares to 1.66 crore of ₹5 face value each. Shareholding by Vikas Gupta and relatives stands at 17.28%.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	306	239	263	233	310	282	328	256
Operating Profit	56	8	19	31	80	44	62	49
OPM %	17.9%	2.3%	5.5%	12.0%	22.4%	13.5%	16.7%	16.3%
Net Profit	30	7	6	15	67	43	32	41
EPS	₹72.80	₹17.06	₹14.44	₹36.85	₹161.51	₹103.77	₹77.35	₹97.54

The company's financial trajectory shows a clear inflection point after FY24, with revenue growing from ₹306 crores in Q4FY24 to ₹256 crores in Q3FY25 and further to ₹1,28,306 lakhs (₹1,283.06 crores) in FY2026, indicating strong top-line recovery. Net profit surged from ₹30 lakhs in Q4FY24 to ₹14,572 lakhs in FY2026, reversing years of losses. Operating margins improved to 16.7% in Q2FY25 from as low as 2.3% in Q1FY24, suggesting cost control and operational revival. EPS rose to ₹85.99 in FY2026 from ₹17.06 in Q1FY24, reflecting improved earnings per share. These trends align with management's focus on operational efficiency and capital restructuring, including the bonus issue to enhance liquidity and shareholder participation.

🔮 Management Outlook & What's Next

Management has expressed a cautiously optimistic outlook, emphasizing financial stability and governance enhancements. The board recommended a final dividend of ₹0.50 per share (10%) on a ₹5 face value, pending shareholder approval at the AGM, indicating confidence in cash flow generation. Management highlighted the unmodified audit opinion confirming a going concern basis, with operating cash flow of ₹19,057.14 lakhs and a strong current ratio of 7.78. Forward guidance includes the appointment of new directors to strengthen board oversight and ensure continuity in leadership, with no major expansion plans disclosed yet. Shareholder approval is required for key appointments, suggesting a focus on governance compliance and stakeholder confidence.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Fertilizers & Agrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Fertilizers and Chemicals Travancore Limited	57,117	-630.5	—	—	—
Coromandel International Limited	55,044	33.3	—	—	—
UPL Limited	53,373	-157.3	—	—	—
PI Industries Limited	47,259	27.8	—	—	—
Sumitomo Chemical India Limited	22,898	44.4	—	—	—
Bayer Cropscience Limited	21,796	—	—	—	—
Chambal Fertilizers & Chemicals Limited	18,025	11.1	—	—	—
Paradeep Phosphates Limited	12,506	30.3	—	—	—
Sharda Cropchem Limited	8,742	35.8	—	—	—
Rashtriya Chemicals and Fertilizers Limited	6,876	25.9	—	—	—

🔗 Peer Stock Analyses

FACT COROMANDEL UPL PIIND SUMICHEM

⚠️ Risk Factors

1. Leadership transition risks persist due to recent director changes, including the resignation of Whole-Time Director Mahabir Prasad Gupta and appointments pending shareholder approval, which could affect governance continuity. 2. The company's historical performance was severely distressed, and while FY26 shows improvement, the sustainability of profitability remains dependent on operational execution and market conditions in the fertilizers and agrochemicals sector. 3. The bonus issue, while structurally neutral, may increase share supply and dilute per-share metrics if not managed carefully, potentially impacting investor perception. 4. No major growth initiatives or revenue diversification strategies were disclosed, raising concerns about long-term growth visibility in a competitive and regulated industry.

📋 Recent Filings

🧠 Analyst's Read

Bharat Rasayan is undergoing a governance and operational reset after years of underperformance, with recent financials showing meaningful profit recovery and strong liquidity. Investors should monitor shareholder approval of key appointments and the company's ability to sustain margins amid sectoral pressures. The lack of forward-looking growth guidance suggests a focus on stabilization rather than expansion, making execution risk and management credibility critical factors ahead.

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 2026-07-15.

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