NSE: BHAGERIA · BSE: 530803
BHAGERIA INDUSTRIES LTD
Manufactures and sells chemicals — primarily dyes and pigments — which generated 95.2 percent of FY26 segment revenue (Rs 829.555 crore) at an 8.3 percent segment EBIT margin. The chemicals plant ran at 95–97 percent utilization through FY26. A solar power segment contributed 3.1 percent of segment revenue (Rs 26.8575 crore) at a 43.1 percent EBIT margin, while a small pharma intermediates line (0.5 percent of revenue, Rs 4.1994 crore) ran at an EBIT loss, and residual "Others" made up 1.2 percent. FY26 total revenue was Rs 873.96 crore, up 47 percent year-on-year, against a net profit of Rs 44.49 crore. Materials are the dominant cost at 61.9 percent of revenue (Rs 540.58 crore), followed by other operating expenses at 13.4 percent and depreciation at 3.7 percent; the business also invested Rs 143.26 crore in capex during the year. Operations are classified under chemicals & petrochemicals, with the dyes and pigments basic industry as the core. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Chemical (95%), Solar Power (3%), Others (1%), Pharma (1%). Chemicals maker concentrated in dyes and pigments with a small solar power side business and a loss-making pharma line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 601 | 501 | 494 | 595 | 874 |
| EBITDA (ex other income) | 116 | 54 | 43 | 81 | 91 |
| margin % | 19.4 | 10.9 | 8.7 | 13.7 | 10.4 |
| Owners' profit | 71 | 15 | 19 | 40 | 46 |
| EPS, as reported (₹) | 16.17 | 3.38 | 4.37 | 9.26 | 10.56 |
| ROE % · ROCE % | 13.9 · 17.7 | 2.9 · 4.4 | 3.5 · 5.0 | 7.0 · 9.4 | 7.5 · 9.1 |
| Debt / equity (x) | 0.07 | 0.08 | 0.09 | 0.08 | 0.17 |
| Cash from operations | 76 | 28 | 23 | 52 | 99 |
| Capex | (58) | (14) | (27) | (27) | (143) |
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 | 129 | 170 | 183 | 157 | 204 | 242 | 271 | 286 |
| Profit before tax | 8 | 16 | 22 | 15 | 16 | 14 | 17 | 46 |
| Net profit | 6 | 11 | 15 | 11 | 11 | 11 | 11 | 34 |
| EPS (₹) | 1.50 | 2.78 | 3.61 | 2.58 | 2.70 | 2.56 | 2.71 | 7.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Segment -A (Chemical) | 256 | 29.3 |
| (b) Segment -B (Solar Power) | 8 | 0.9 |
| (c) Segment -C (Pharma) | 5 | 0.5 |
| (d) Others | 2 | 0.2 |
| Chemical | 574 | 65.7 |
| Solar Power | 19 | 2.2 |
| Pharma | 2 | 0.2 |
| Others | 9 | 1.0 |
| Total, before eliminations | 874 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L | 8,481 | 117.2 | 2.20 | 15.1 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,200 | 0.5 | 0.50 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,769 | 24.5 | 2.90 | 16.8 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD ◆ | 1,462 | 21.2 | 2.46 | 15.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,050 | 13.0 | 1.21 | 8.1 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 1,003 | 21.0 | 1.76 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 434 | 12.5 | 1.46 | 10.1 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 308 | 21.9 | 1.18 | — | (0.2) | (1.5) | — | 16.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.2 | 21.1 | 6 of 10 | 44% |
| P/B | 2.5 | 1.6 | 8 of 10 | 22% |
| ROCE | 8.6 | 7.8 | 5 of 10 | 56% |
| ROE | 7.5 | 6.7 | 5 of 10 | 56% |
| Debt / Equity | 0.2 | 0.2 | 5 of 10 | 56% |
| EBITDA margin | 20.1 | 14.3 | 2 of 10 | 89% |
| Revenue growth | 81.9 | 7.8 | 1 of 10 | 100% |
| Profit growth | 211.6 | 53.6 | 4 of 10 | 67% |
| Market cap | 1462 | 1026 | 4 of 10 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Quarterly revenue doubles and profit after tax rises nearly fivefold | results | high | — | — |
| 28 Oct 2026 · September quarter revenue and profit jump sharply | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Tribunal keeps SEBI order stayed until final hearing on January 5, 2027 | regulatory legal | high | — | — |
| 21 Oct 2026 · Board meeting on Oct 28 to consider Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · CARE reaffirms Bhageria rating, removes negative watch, assigns stable outlook | credit debt | medium | — | — |
| 7 Oct 2026 · RTA certificate on dematerialisation for Q2 FY26 filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · CARE reaffirms rating, removes negative watch, stable outlook assigned | credit debt | medium | — | — |
| 22 Sept 2026 · Clarification on volume movement, says no pending info | regulatory legal | medium | — | — |
| 21 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 19 Sept 2026 · Trading window closed from October 1, 2026 till Q2 results declaration | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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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.