NSE: AGARIND · BSE: 531921
AGARWAL INDS CORP LTD.
Sells bitumen and allied petroleum products through an integrated import-storage-logistics platform serving road construction demand. The Ancillary Infra (Bitumen & Allied Products) segment accounted for 94.4% of FY26 segment revenue at Rs 1,277.98 crore. The company imports bitumen, stores it at port-based bulk terminals in Mangalore and Karwar, and dispatches via own vessels and a logistics fleet of vehicles. About 60% of FY25 bitumen volumes were moved on own vessels, with management targeting 65-70%. Logistics contributed Rs 55.89 crore (4.1%) and Wind Mill Rs 0.89 crore (0.1%). PSU supply agreements worth Rs 635 crore covering 151,000 MT were secured in FY25. Materials are the largest disclosed cost at 17.0% of revenue, with other operating expenses at 18.3% and depreciation at 3.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ancillary Infra (Bitumen & Allied Products) (94%), Logistics (4%), Wind Mill (0%), Other (Unallocable) (1%). Cyclical, commodity-linked bitumen distribution with integrated import, storage, shipping and road transport.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,598 | 2,015 | 2,125 | 2,399 | 1,652 |
| EBITDA (ex other income) | 106 | 136 | 173 | 202 | 117 |
| margin % | 6.6 | 6.7 | 8.1 | 8.4 | 7.1 |
| Owners' profit | 0 | 92 | 109 | 116 | 44 |
| EPS, as reported (₹) | 51.10 | 63.78 | 73.02 | 77.34 | 29.13 |
| ROE % · ROCE % | 21.6 · 25.6 | 22.9 · 24.8 | 21.4 · 21.3 | 18.4 · 20.2 | 6.3 · 10.1 |
| Debt / equity (x) | 0.50 | 0.34 | 0.68 | 0.68 | 0.49 |
| Cash from operations | 65 | 157 | 112 | 100 | 235 |
| Capex | (66) | (149) | (270) | (165) | (121) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 326 | 542 | 823 | 594 | 245 | 408 | 405 | 433 |
| Profit before tax | 20 | 34 | 37 | 17 | 14 | 5 | 20 | 14 |
| Net profit | 18 | 28 | 31 | 13 | 12 | 3 | 16 | 10 |
| EPS (₹) | 12.33 | 18.52 | 20.42 | 8.71 | 8.02 | 1.87 | 10.53 | 6.92 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Ancillary Infra (Bitumen & Allied products) | 784 | 46.4 |
| b) Petroleum vessels operation | 210 | 12.4 |
| c) Petroleum Products | 30 | 1.8 |
| d) Logistics | 47 | 2.8 |
| e) Wind Mill | 1 | 0.0 |
| f) Other (Unallocable) | 17 | 1.0 |
| Ancillary Infra (Bitumen & Allied products) | 496 | 29.4 |
| Petroleum vessels operating and chartering | 72 | 4.2 |
| Petroleum Products | 13 | 0.8 |
| Logistics | 16 | 1.0 |
| Wind Mill | 0 | 0.0 |
| Other (Unallocable) | 2 | 0.1 |
| Total, before eliminations | 1,689 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.2 | 13.4 | 5 of 12 | 64% |
| P/B | 0.7 | 1.0 | 2 of 11 | 90% |
| ROCE | 6.8 | 6.1 | 7 of 14 | 54% |
| ROE | 6.3 | 6.3 | 6 of 11 | 50% |
| Debt / Equity | 0.5 | 0.2 | 10 of 11 | 10% |
| EBITDA margin | 7.5 | 12.0 | 9 of 12 | 27% |
| Revenue growth | (27.0) | 14.6 | 11 of 12 | 9% |
| Profit growth | (20.6) | 42.9 | 9 of 13 | 33% |
| Market cap | 501 | 826 | 9 of 14 | 39% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper ad on SEBI special window for physical share dematerialisation | compliance | minimal | — | — |
| 6 Oct 2026 · Reg 74(5) dematerialisation certificate submitted for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · CIN updated after NIC code revision, core business reflected better | general | low | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Agarwal Industrial expands business scope via MOA amendment at AGM | general | medium | — | — |
| 24 Sept 2026 · AGM 2026 results: dividend Rs 3.30 declared, all 7 resolutions passed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 32nd AGM held; dividend of Rs 3.30 per share declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 and Half Year Results | compliance | minimal | — | — |
| 15 Sept 2026 · Record date set at 17-Sep-2026 for FY26 dividend | corporate actions | high | — | — |
| 1 Sept 2026 · Newspaper publication of 32nd AGM notice and remote e-voting details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.