NSE: BHAGYANGR · BSE: 512296
BHAGYANAGAR INDIA LIMITED
Makes and sells copper and copper-alloy products — including rods, strips, bus bars, and value-added items such as tin-coated and silver-plated bus bars for AI data centres — to industrial customers. In the segment period ending 31 March 2024, the Copper Division contributed 99.1% of segment revenue, while a Renewable Energy-wind segment contributed 0.7% and Others 0.2%. For FY26, total revenue was ₹2,377.83 crore, with raw materials accounting for 92.1% of revenue, employee cost 0.7%, other operating expenses 3.6%, depreciation 0.3% and capex 0.6% — a thin-margin, raw-material-pass-through cost structure. Q1 FY27 sales volume was 5,200 tons, with value-added products at 63% of mix, exports at 18% of sales, EBITDA per kg at ₹72 and an EBITDA margin of 5.43%. Capacity was lifted from 30,000 MT to 35,000 MT in March 2026 at a new 60-acre Hyderabad facility, with a planned expansion to 45,000 MT by June 2027 backed by ₹40 crore of capex across FY27-FY28. Management targets ₹5,000 crore of revenue by FY30 within a 5-5.5% EBITDA margin band, and is restructuring into a pure-play copper entity via the Tieramet demerger (NCLT hearing 7 August). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Copper Division (99%), Renewable Energy-wind (1%), Others (0%). Cyclical, raw-material-pass-through copper manufacturer with thin margins and a growing value-added mix.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,574 | 1,847 | 1,431 | 1,626 | 2,378 |
| EBITDA (ex other income) | 30 | 35 | 32 | 37 | 106 |
| margin % | 1.9 | 1.9 | 2.2 | 2.3 | 4.5 |
| Owners' profit | 11 | 10 | 46 | 0 | 0 |
| EPS, as reported (₹) | 3.46 | 3.17 | 14.29 | 4.38 | 15.68 |
| ROE % · ROCE % | 8.1 · 13.7 | 6.9 · 14.4 | 23.6 · 27.3 | 6.8 · 11.8 | 19.5 · 33.8 |
| Debt / equity (x) | 1.30 | 1.49 | 0.52 | 1.33 | 1.01 |
| Cash from operations | (4) | (40) | 96 | (144) | 59 |
| Capex | 0 | 0 | 0 | (11) | (14) |
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 | 408 | 394 | 454 | 486 | 580 | 577 | 735 | 705 |
| Profit before tax | 5 | 5 | 6 | 10 | 15 | 18 | 24 | 27 |
| Net profit | 4 | 4 | 5 | 8 | 11 | 13 | 18 | 20 |
| EPS (₹) | 1.17 | 1.25 | 1.43 | 2.38 | 3.52 | 4.01 | 5.78 | 6.33 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Demerger update: Tieramet allots shares to Bhagyanagar India shareholders 1:1 | strategic transactions | high | — | — |
| 9 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Promoter director appointed, executive director exits; demerger cost split noted | management changes | high | — | — |
| 8 Oct 2026 · New Promoter Director appointed, Executive Director resigns, demerger cost split certified | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · CFO Surendra Bhutoria ceases to hold position from Oct 7, 2026 | management changes | high | — | — |
| 30 Sept 2026 · Bhagyanagar India 41st AGM proceedings held on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · ICRA assigns A- rating to subsidiary Bhagyanagar Copper on watch | credit debt | medium | — | — |
| 28 Sept 2026 · Trading window closure from October 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Record date fixed at Oct 8, 2026 for composite scheme of arrangement with Tieramet | strategic transactions | medium | — | — |
| 25 Sept 2026 · Record date Oct 8 fixed for Tieramet demerger scheme allotment | corporate actions | medium | — | — |
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.