NSE: BHAGCHEM · BSE: 531719
BHAGIRADHA CHEM & INDS L
Manufactures agrochemical products as its single business, with the 'Manufacturing of Agro Chemicals' segment accounting for 100% of segment revenue in the latest reported quarter. For FY26, consolidated revenue was Rs 535.9433 crore with an EBITDA margin of 11.1027%. The largest cost line is raw materials at 63.4% of revenue, followed by other operating expenses at 17.6% and employee costs at 9.2%, while capex ran at 29.9% of revenue. The wholly-owned subsidiary Bheema Fine Chemicals contributed Rs 81.34 crore in revenue but operated at only 35% capacity. Operations added 19 new customers in FY26 to reach 149 in total, launched 3 new molecules, and a Phase II expansion of about Rs 400 crore is targeted for Q2 FY28. The workforce comprises 224 permanent employees and 608 workers, supported by a 4MW solar plant and a Zero Liquid Discharge system. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing of Agro Chemicals (100%). Single-segment, materials-heavy agrochemical manufacturing with an under-utilised subsidiary and a large planned capacity expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 436 | 502 | 408 | 440 | 536 |
| EBITDA (ex other income) | 68 | 77 | 43 | 37 | 57 |
| margin % | 15.7 | 15.4 | 10.5 | 8.4 | 10.7 |
| Owners' profit | 36 | 45 | 18 | 14 | 18 |
| EPS, as reported (₹) | 43.02 | 44.35 | 1.75 | 1.14 | 1.40 |
| ROE % · ROCE % | 18.8 · 28.8 | 14.4 · 19.9 | 4.4 · 7.7 | 2.0 · 4.4 | 2.6 · 4.4 |
| Debt / equity (x) | 0.42 | 0.16 | 0.15 | 0.12 | 0.33 |
| Cash from operations | 6 | 14 | 34 | (53) | 12 |
| Capex | (17) | (60) | (79) | (252) | (160) |
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 | 104 | 103 | 123 | 124 | 140 | 114 | 158 | 195 |
| Profit before tax | 8 | 6 | 2 | 3 | 8 | 6 | 5 | 18 |
| Net profit | 5 | 4 | (1) | 4 | 6 | 5 | 4 | 13 |
| EPS (₹) | 0.43 | 0.28 | (0.08) | 0.31 | 0.42 | 0.36 | 0.31 | 1.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 45,250 | 22.2 | 1.10 | 6.1 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,315 | 26.8 | 2.79 | 14.8 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,716 | 28.9 | 4.93 | 20.8 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,737 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 6,172 | 9.9 | 1.97 | 5.0 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 4,008 | 13.7 | 2.86 | 8.9 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,557 | 22.2 | 2.10 | 12.0 | 9.7 | 12.5 | — | 0.9 |
| BHAGIRADHA CHEM & INDS L ◆ | 2,668 | 97.0 | 3.82 | 48.4 | 2.6 | 2.4 | 11.0 | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 97.0 | 19.0 | 23 of 24 | 4% |
| P/B | 3.8 | 2.2 | 24 of 28 | 15% |
| ROCE | 2.4 | 12.5 | 21 of 29 | 29% |
| ROE | 2.6 | 9.2 | 19 of 28 | 33% |
| Debt / Equity | 0.3 | 0.3 | 15 of 29 | 50% |
| EBITDA margin | 16.6 | 14.8 | 11 of 28 | 63% |
| Revenue growth | 57.6 | (0.8) | 3 of 28 | 93% |
| Profit growth | 235.0 | 18.1 | 2 of 28 | 96% |
| Market cap | 2668 | 1334 | 8 of 29 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 unaudited financial results | results | low | — | — |
| 5 Oct 2026 · Reg 74(5) DP Compliance Certificate for Sep 2026 Quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Bhagiradha Chemicals trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Analyst/Investor group meet at subsidiary plant on September 25 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Subsidiary BFCPL gets IND BBB+ Stable rating for INR600 crore bank loans | credit debt | medium | — | — |
| 10 Aug 2026 · Intimation of Analyst/Investor Meet - Equirus Conference | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Q1 FY27 results: revenue up 58% YoY to Rs 195 cr, EBITDA jumps 240% | investor communications | medium | — | — |
| 4 Aug 2026 · Newspaper publication of Q1 FY27 results; profit nearly doubles YoY | compliance | minimal | — | — |
| 4 Aug 2026 · Q1 FY27 results published: standalone PAT up 29%, consolidated up 235% | compliance | minimal | — | — |
| 3 Aug 2026 · Q1 FY27 PAT up 29% standalone, 235% consolidated on strong revenue growth | 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.