BSE: 500051
BHAGAWATI GAS LIMITED
A small BSE-listed entity. In FY26, total revenue was ₹0.2484 crore. Segment disclosures for the nine months ended December 2025 list four segments, of which two are named: cleaning of water bodies (water treatment services) and trading of oxygen generator machines. EBIT was negative across each of the four reported segments in that period. The cost structure shows employee costs at 311.1% of revenue, other operating expenses at 288.5%, materials at 69.1% and depreciation at 31.8%. The shares were suspended from BSE trading and relisted in February 2026 after compliance issues were addressed. The statutory auditor, Jain Paras Bilala & Co., has issued qualified opinions citing unverified advances, missing documentation, and a Supreme Court case with Hindustan Copper Limited linked to a ₹400 lakh bank guarantee. Other equity was reported at negative ₹281.14 lakhs as of December 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cleaning of water bodies (Water Treatment), Trading of Oxygen Generator Machine. Small BSE-listed entity with persistent operating losses, qualified audit opinions and compliance issues
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 0 | 0 |
| EBITDA (ex other income) | (3) | (1) |
| margin % | (555.4) | (568.7) |
| Owners' profit | 0 | 1 |
| EPS, as reported (₹) | 0.10 | 0.61 |
| ROE % · ROCE % | 1.0 · 6.7 | 6.3 · 6.7 |
| Debt / equity (x) | 0.19 | 0.10 |
| Cash from operations | (3) | (1) |
| Capex | (0) | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (1) | (0) | (0) | (0) | 2 |
| Net profit | (1) | (0) | (0) | (0) | 2 |
| EPS (₹) | (0.80) | (0.17) | (0.14) | (0.15) | 1.06 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cleaning of water bodies (Water Treatment) | 0 | 52.1 |
| Trading of Oxygen Genrator Machine | 0 | 47.9 |
| Total, before eliminations | 0 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · 52nd AGM outcome: auditor change, objects expanded, new independent director | general | medium | — | — |
| 30 Sept 2026 · AGM results: director re-appointed, new auditor after resignation, MOA expanded | management changes | medium | — | — |
| 30 Sept 2026 · AGM outcome: new auditor appointed, object clause altered, director re-appointed | management changes | medium | — | — |
| 30 Sept 2026 · 52nd AGM: All 5 resolutions passed; MOA amended for green energy and AI | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bhagwati Gas 52nd AGM passes 5 resolutions; MOA expanded to green energy, AI, trading | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closed for Q2 FY2026 Results Period | compliance | minimal | — | — |
| 16 Sept 2026 · 52nd AGM Notice on Sep 30, 2026 - Annual Report 2025-26 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Corrigendum to FY25-26 Annual Report with minor balance sheet corrections | results | medium | — | — |
| 7 Sept 2026 · Newspaper notice published for 52nd AGM and e-voting information | compliance | minimal | — | — |
| 5 Sept 2026 · 52nd AGM notice and FY26 annual report submitted | results | high | — | — |
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.