AGARIND

Agarwal Industrial Corporation financials

Market cap
₹646 Cr
Sector
Chemicals
Calls analysed
3
Latest concall · Q1 FY26 · call held 22 Aug 2025

Agarwal Indl. Q1 FY26

Revenue from Operations ₹594 cr −16%EBITDA ₹38 cr EBITDA Margin 6.4% Net Profit ₹13 cr

What went well

  • Strategic acquisition of Konkan Storage Systems Private Limited (post-Q1) to enhance logistics and infrastructure capabilities, including 24,000 MT KL storage capacity.
  • Management maintained its FY26 volume guidance of approximately 6 lakh tons and the long-term FY28 volume doubling target, expecting recovery in H2 FY26.
  • Company reported no liquidity problems, funding Mangalore and Karwar projects entirely through internal accruals.

What to watch

  • Revenue from operations decreased by 16.1% year-on-year to ₹594 crores in Q1 FY26.
  • Bitumen volumes were 124,600 MT, lower than anticipated, with sales volume down almost 20% YoY.
Read the full call →

What Agarwal Industrial Corporation Limited does

Agarwal Industrial Corporation Limited (AICL) manufactures, imports and trades bitumen and allied bituminous products — including paving grade (VG30/VG40), industrial/blown grade, crumb rubber modified (CRMB), polymer modified (PMB) and bitumen emulsions — supplying road-construction contractors both directly and through PSU oil marketing companies (BPCL, HPCL, IOCL). It imports bulk bitumen from Middle East refineries using its own shipping vessels, stores it at owned and leased port terminals, processes it at company-owned manufacturing facilities, and delivers it via a dedicated road-tanker fleet. Beyond bitumen, AICL charters its vessels to third parties, distributes LPG sourced from Indian refineries, operates a logistics/transport business, and runs windmills.

Segments

  • Bitumen & Allied Products (Ancillary Infra)
  • Petroleum Vessels Operating and Chartering
  • Petroleum Products (LPG)
  • Logistics
  • Windmill
Manufacturing facilities
7 (35,125 MTPA capacity) – Belgaum, Cochin, Guwahati, Hyderabad, Pachpadara, Taloja, Vadodara
Owned shipping vessels
11 vessels, 113,549 MT total capacity
Port-based bulk storage terminals
7 terminals, 30,500 MT capacity (owned: Dighi, Mumbai, Vadodara; leased: Haldia, Hazira, Karwar, Mangalore)
Logistics tanker fleet
650+ (350+ bitumen tankers, 300+ LPG tankers)
Bitumen imported from Middle East
486,546 MT (FY2025)
Countries served
5
Founded 1995Headquarters Chembur, Mumbai, MaharashtraEmployees 1,000 (FY25) Company website

Guidance record · Q1 FY26

what the last two calls moved 6 tracked 0 delivered 1 missed 5 open
  • FY26 Bitumen Volume revised down said Q3 FY25 Promised: 20% growth Q1 FY26: Revised down to 'around 6 lakh tons' (~10% growth) due to Q1 shortfall
  • Volume Doubling on track said Q3 FY25 Promised: Double volumes in the next 3 years (by FY28) Q1 FY26: Guidance for FY28 remains the same despite Q1 geopolitical issues
  • FY25 Bitumen Volume missed said Q3 FY25 Promised: 10-15% growth (approx 5.5-5.7 lakh tons), revised down from 20% Q4 FY25: Achieved 536,000 tons, missing the revised 5.5 lakh ton lower bound

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 27.1%, net profit down 23.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue326 542 823 594 245 −25%408 −25%405 −51%433 −27%
EBITDA35 53 54 36 28 −20%21 −60%32 −41%30 −17%
Net profit18 28 31 13 12 −33%3 −89%16 −48%10 −23%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −52.0% 1Y

₹0.4k₹0.6k₹0.8k₹1.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹899.6 on 10 Sept 2025 → ₹431.75. High ₹990.8 (24 Sept 2025), low ₹362.6 (30 Mar 2026).

Financials, as filed

Revenue fell 5.3% a year over 3 years, FY23 to FY26. Operating margin widened to 7.1%.

Year endingFY23FY24FY25FY26
Revenue₹1.9k Cr₹2.1k Cr₹2.4k Cr₹1.7k Cr
Operating profit₹115 Cr₹173 Cr₹202 Cr₹117 Cr
Operating margin5.9%8.1%8.4%7.1%
Interest₹11 Cr₹21 Cr₹30 Cr₹27 Cr
Depreciation₹20 Cr₹30 Cr₹47 Cr₹52 Cr
Net profit₹77 Cr₹110 Cr₹116 Cr₹44 Cr
Net margin4.0%5.2%4.8%2.7%
Cash from operations₹157 Cr₹112 Cr₹100 Cr₹235 Cr
Free cash flow₹9 Cr₹-158 Cr₹-65 Cr₹164 Cr
ROCE23.0%20.0%17.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹13 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr
Reserves₹186 Cr₹281 Cr₹389 Cr₹496 Cr₹642 Cr₹674 Cr
Borrowings₹150 Cr₹171 Cr₹158 Cr₹361 Cr₹417 Cr₹341 Cr
Other liabilities₹50 Cr₹78 Cr₹188 Cr₹248 Cr₹271 Cr₹172 Cr
Total liabilities₹395 Cr₹543 Cr₹750 Cr₹1.1k Cr₹1.3k Cr₹1.2k Cr
Fixed assets₹160 Cr₹219 Cr₹341 Cr₹589 Cr₹728 Cr₹718 Cr
Capital work in progress₹1 Cr₹3 Cr₹7 Cr₹0 Cr₹15 Cr₹31 Cr
Investments₹6 Cr₹12 Cr₹26 Cr₹36 Cr₹38 Cr₹38 Cr
Other assets₹229 Cr₹309 Cr₹376 Cr₹495 Cr₹564 Cr₹415 Cr
Total assets₹395 Cr₹543 Cr₹750 Cr₹1.1k Cr₹1.3k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −3.67 pp while the public added +3.62 pp.

Promoters
57.2%
FIIs
2.4%
DIIs
0.1%
Public
40.4%

Since Jun 2025

  • FIIs −3.67 pp
  • Public +3.62 pp
  • DIIs +0.05 pp

How it drifted, 12 quarters

Over this window the public went from 36.5% to 40.4% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.2%, FIIs 6.2%, DIIs 0.1%, Public 36.5%.Dec '23: Promoters 57.2%, FIIs 6.2%, DIIs 0.1%, Public 36.4%.Mar '24: Promoters 57.2%, FIIs 6.3%, DIIs 0.2%, Public 36.3%.Jun '24: Promoters 57.2%, FIIs 6.0%, DIIs 0.5%, Public 36.4%.Sep '24: Promoters 57.2%, FIIs 5.5%, DIIs 0.4%, Public 36.9%.Dec '24: Promoters 57.2%, FIIs 6.3%, DIIs 0.4%, Public 36.2%.Mar '25: Promoters 57.2%, FIIs 6.0%, DIIs 0.5%, Public 36.3%.Jun '25: Promoters 57.2%, FIIs 6.0%, DIIs 0.0%, Public 36.8%.Sep '25: Promoters 57.2%, FIIs 5.9%, DIIs 0.0%, Public 36.9%.Dec '25: Promoters 57.2%, FIIs 5.0%, DIIs 0.0%, Public 37.8%.Mar '26: Promoters 57.2%, FIIs 4.7%, DIIs 0.0%, Public 38.1%.Jun '26: Promoters 57.2%, FIIs 2.4%, DIIs 0.1%, Public 40.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Agarwal Industrial Corporation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jai Prakash Agarwal 5.85%unchanged
Mahendra Agarwal 5.53%unchanged
Kishan Agarwal . 4.94%unchanged
Ashish Kacholia 4.33%unchanged
Jugal Kishore Agarwal 3.84%unchanged
Ram Chandra Agarwal 3.76%unchanged
Usha Agarwal 3.57%unchanged
Lalit Agarwal 3.53%unchanged
Rekha Agarwal 2.68%unchanged
Padma Agarwal 2.63%unchanged
Shailesh Rameshchandra Agarwal 2.62%unchanged
Uma Agarwal 2.31%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹432, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹82 — downside of 81%.

Growth the price implies
12.5% a year
for 7 years, fading to 4%
It has actually compounded at
-17.1% a year
net profit, FY23–FY26 · EPS -18.0%
The gap
0.3 pp
-81% downside if it only repeats history
Price today ₹431.75 Value at the reference growth ₹81.69

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY26 call →

Learn to analyse Agarwal Industrial Corporation Limited

Guides on how to read this kind of business and the numbers that matter.