NSE: BHARATRAS · BSE: 590021
BHARAT RASAYAN LTD
Manufactures agrochemicals and pesticides from a manufacturing base that includes a plant at Dahej, where an insurance claim is pending for damage at the Block-D section of the facility. FY26 revenue of ₹1,241.84 crore was supported by an EBITDA margin of 17.8%, with the cost structure dominated by raw materials at 64.4% of revenue, followed by other operating expenses at 11.8% and employee costs at 7.3%; depreciation ran at 2.1% of revenue and capex at 5.9%. Net profit for the year was ₹145.72 crore against total assets of ₹1,432.52 crore. The company reports consolidated financials that include a joint venture, and carries CARE credit ratings of AA- on long-term facilities and A1+ on short-term facilities. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,215 | 1,234 | 1,045 | 1,173 | 1,242 |
| EBITDA (ex other income) | 226 | 193 | 117 | 175 | 180 |
| margin % | 18.6 | 15.6 | 11.2 | 14.9 | 14.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 371.03 | 299.89 | 229.86 | 339.14 | 87.67 |
| ROE % · ROCE % | — · — | 13.9 · 20.6 | 9.7 · 11.2 | 12.5 · 15.2 | 11.4 · 15.1 |
| Debt / equity (x) | — | 0.03 | 0.08 | 0.08 | 0.00 |
| Cash from operations | — | 213 | 41 | 172 | 132 |
| Capex | — | (24) | (27) | (36) | (74) |
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 | 328 | 256 | 307 | 377 | 286 | 270 | 308 | 338 |
| Profit before tax | 54 | 41 | 38 | 58 | 35 | 46 | 52 | 48 |
| Net profit | 32 | 41 | 25 | 40 | 24 | 40 | 38 | 37 |
| EPS (₹) | 77.35 | 97.54 | 60.48 | 95.45 | 67.10 | 24.08 | 22.95 | 22.40 |
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) | 6.9 | 19.0 | 3 of 24 | 91% |
| P/B | 1.2 | 2.2 | 7 of 28 | 74% |
| ROCE | 14.7 | 12.5 | 11 of 29 | 64% |
| ROE | 11.4 | 9.2 | 11 of 28 | 63% |
| Debt / Equity | 0.0 | 0.3 | 4 of 29 | 89% |
| EBITDA margin | 16.7 | 14.8 | 10 of 28 | 67% |
| Revenue growth | (10.4) | (0.8) | 18 of 28 | 37% |
| Profit growth | (6.1) | 18.1 | 19 of 28 | 33% |
| Market cap | 1571 | 1334 | 11 of 29 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · AGM minutes filed: Rs 0.50 dividend, director changes, related party deals approved | board shareholder meetings | low | — | — |
| 6 Oct 2026 · 37th AGM: dividend, director changes and related party deals approved | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Compliance Certificate on Insider Trading Database for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · 37th AGM held; Rs 0.50 dividend declared; FY26 revenue Rs 1,283 cr | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM voting results: all 12 resolutions passed, Rs 0.50 dividend approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM results: All 12 resolutions passed, Rs 0.50 dividend approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM results: Rs 0.50 final dividend approved, all 12 resolutions passed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · AGM Results: All 12 Resolutions Passed, Re 0.50 Dividend Approved | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 37th AGM held; FY26 revenue Rs 1,283 cr, PAT Rs 143 cr, 10% dividend declared | board shareholder meetings | 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.