BHADORA
Bhadora Industries financials
- Market cap
- ₹232 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
BHADORA Q4 FY26
What went well
- Revenue from operations for FY26 reached INR124.93 crores, demonstrating strong performance.
- PAT for FY26 stood at INR9.96 crores, reflecting operational efficiency.
- The current manufacturing facility is fully booked through October '26, providing strong revenue visibility.
What to watch
- EBITDA margins for H2 FY26 were around 13.5%, a decline from approximately 15.5% in the previous year, primarily due to raw material price fluctuations.
- The timeline for the new facility's commercial production was slightly delayed from Q1 FY27 to October '26 due to machine supply and civil site delays.
What Bhadora Industries Ltd does
Bhadora Industries Limited (trading as Vidhut Cables) manufactures aluminium and copper electrical cables from its facility in Indore, Madhya Pradesh, primarily supplying low-tension (LT) power cables to EPC contractors and industrial customers. The company is building a new manufacturing facility to multiply its capacity and diversify into medium-voltage (MVCC), high-tension (HT, up to 33kV) and instrumentation/control cables. It holds over 40 regulatory approvals supporting its cable products and sells largely to large EPC contractors with whom it has long-standing relationships.
Segments
- Power Cables (Cable Manufacturing)
- Manufacturing facilities
- 2 (1 operational in Indore + 1 new facility under construction, ~80% complete)
- New facility construction progress
- 80% complete
- Current installed capacity - aluminium cables
- 200 tonnes/month
- Current installed capacity - copper cables
- 25 tonnes/month
- Planned capacity post-expansion - aluminium cables
- 600 tonnes/month
- Planned capacity post-expansion - copper cables
- 200 tonnes/month
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Total Revenue open said Q4 FY26 Promised: INR 200 crores to INR 225 crores for FY27 Q4 FY26: We have projected somewhere around INR200 crores to INR225 crores of revenue for this financial year.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 46 | 64 | 47 | 78 |
| EBITDA | 6 | 10 | 6 | 11 |
| Net profit | 3 | 7 | 3 | 6 |
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 +20.5% 1Y
1Y: ₹102.05 on 10 Sept 2025 → ₹123. High ₹124.95 (10 Sept 2026), low ₹50.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.1%
- 8 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹3 Cr | ₹4 Cr | ₹8 Cr | ₹57 Cr | ₹63 Cr |
| Borrowings | ₹11 Cr | ₹10 Cr | ₹9 Cr | ₹10 Cr | ₹18 Cr |
| Other liabilities | ₹1 Cr | ₹5 Cr | ₹6 Cr | ₹9 Cr | ₹16 Cr |
| Total liabilities | ₹17 Cr | ₹20 Cr | ₹26 Cr | ₹94 Cr | ₹115 Cr |
| Fixed assets | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹6 Cr | ₹5 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹21 Cr |
| Investments | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹15 Cr | ₹18 Cr | ₹24 Cr | ₹87 Cr | ₹89 Cr |
| Total assets | ₹17 Cr | ₹20 Cr | ₹26 Cr | ₹94 Cr | ₹115 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 Sep 2025, promoters added +2.84 pp while FIIs trimmed −1.66 pp. The shareholder count grew 11% to 763.
- Promoters
- 65.6%
- FIIs
- 1.5%
- DIIs
- 10.3%
- Public
- 22.7%
Since Sep 2025
- Promoters +2.84 pp
- FIIs −1.66 pp
- Public −1.01 pp
How it drifted, 4 quarters
Over this window promoters went from 62.8% to 65.6% — +2.8 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 62.8%, FIIs 3.1%, DIIs 10.4%, Public 23.7%.Dec '25: Promoters 62.8%, FIIs 2.0%, DIIs 10.5%, Public 24.7%.Mar '26: Promoters 65.6%, FIIs 2.0%, DIIs 10.6%, Public 21.8%.Jun '26: Promoters 65.6%, FIIs 1.5%, DIIs 10.3%, Public 22.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Venturex Fund I VC / PE newly disclosed 1.04% held
- Negen Undiscovered Value Fund AIF +0.09 pp 3.97% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bhadora Industries Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pradeep Bhadora | 31.54% | unchanged |
| Anil Bhadora | 18.14% | unchanged |
| Shashank Bhadora | 13.07% | unchanged |
| Negen Undiscovered Value Fund AIF | 3.97% | +0.09 pp |
| Amit R Agarwal | 3.57% | unchanged |
| Finavenue Capital Trust - Finavenue Growth Fund AIF | 2.47% | unchanged |
| Unistone Capital Private Limited | 1.75% | unchanged |
| Jalan Chemical Industries Private Limited Corporate | 1.05% | unchanged |
| NBFCs registered with RBI NBFC / DFI | 1.05% | unchanged |
| Mili Capital Investment Trust-Mili Emerging Equities Fund AIF | 1.05% | unchanged |
| Venturex Fund I VC / PE | 1.04% | newly disclosed |
| Eki Energy | 1.02% | 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 the price implies
- 4.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Bhadora Industries Ltd
Guides on how to read this kind of business and the numbers that matter.