BHAGERIA

Bhageria Industries financials

Market cap
₹1.4k Cr
Sector
Chemicals
Calls analysed
2
Latest concall · Q2 FY26 · call held 28 Oct 2025

Bhageria Indust. Q2 & H1 FY26

Q2 FY26 Total Income ₹206.02 cr +56%Q2 FY26 EBITDA ₹24.75 cr +47%Q2 FY26 Net Profit ₹11.47 cr +80%Q2 FY26 Net Margin 5.6%

What went well

  • Q2 FY26 Total Income increased 55.6% YoY to Rs. 206.02 crores (calculated from growth rate and prior year base, correcting transcript typo).
  • H1 FY26 Total Income grew 48% YoY to Rs. 369.99 crores, with Net Profit up 83% to Rs. 22.36 crores.
  • New Plasticizers product line to commence commercial production by December 2025, leveraging existing infrastructure for high asset turns (Rs. 240 crores annual revenue on Rs. 10 crores CAPEX).

What to watch

  • Q2 FY26 margins declined from 15-16% (two quarters back) to 10% due to higher raw material prices.
  • Management could not predict when historical 17-20% EBITDA margins would be achieved again, stating 'can't predict that as of now'.
Read the full call →

What Bhageria Industries Limited does

Bhageria Industries manufactures specialty dye intermediates such as H-Acid, Gamma Acid and Vinyl Sulphone used by the textile, leather, paper and pharmaceutical industries, and is backward integrated into its own sulphuric acid production to secure key raw materials. The company also owns and operates solar power plants that sell electricity under long-term power purchase agreements (PPAs), and has entered the Active Pharmaceutical Ingredients (API) space, with R&D focus on vitamins and steroids. It exports its chemical products to more than 10 countries.

Segments

  • Chemicals (dye intermediates)
  • Solar power
  • Pharma (API)
Dye intermediates capacity
~14,000 TPA
Sulphuric acid capacity (backward integration)
300 TPD
Capacity utilization
85%+
Solar power capacity
34 MW (30 MW Maharashtra + 4 MW rooftop)
Captive solar power at plant
1 MW
Export countries
10+
Founded 1989Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q2 FY26

what the last two calls moved 8 tracked 0 delivered 0 missed 8 open
  • Chemical Segment Revenue open said Q2 FY26 Promised: Rs. 725-775 crores Q2 FY26: Management provided full-year revenue guidance for the chemical segment: 'It would be between 725 and 775.'

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 79.7%, net profit up 200.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue129 172 184 158 205 +59%242 +41%267 +45%284 +80%
EBITDA14 28 31 18 24 +71%20 −29%31 +0%40 +122%
Net profit7 13 17 12 12 +71%12 −8%14 −18%36 +200%
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 +57.8% 1Y

₹150₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 28 Oct 2025

1Y: ₹200.94 on 10 Sept 2025 → ₹317.05. High ₹335.8 (8 Sept 2026), low ₹128.54 (30 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
−5.4%
28 Oct

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.

Financials, as filed

Revenue grew 20.2% a year over 3 years, FY23 to FY26. Operating margin held at 10.7%.

Year endingFY23FY24FY25FY26
Revenue₹502 Cr₹496 Cr₹598 Cr₹872 Cr
Operating profit₹54 Cr₹43 Cr₹85 Cr₹93 Cr
Operating margin10.8%8.7%14.2%10.7%
Interest₹5 Cr₹1 Cr₹1 Cr₹1 Cr
Depreciation₹34 Cr₹32 Cr₹31 Cr₹32 Cr
Net profit₹15 Cr₹19 Cr₹43 Cr₹50 Cr
Net margin3.0%3.8%7.2%5.7%
Cash from operations₹13 Cr₹34 Cr₹53 Cr₹102 Cr
Free cash flow₹-1 Cr₹8 Cr₹29 Cr₹68 Cr
ROCE4.0%5.0%9.0%11.0%
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₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr
Reserves₹430 Cr₹485 Cr₹483 Cr₹498 Cr₹553 Cr₹579 Cr
Borrowings₹27 Cr₹18 Cr₹37 Cr₹38 Cr₹74 Cr₹8 Cr
Other liabilities₹91 Cr₹111 Cr₹87 Cr₹116 Cr₹136 Cr₹141 Cr
Total liabilities₹570 Cr₹636 Cr₹628 Cr₹673 Cr₹784 Cr₹750 Cr
Fixed assets₹320 Cr₹394 Cr₹365 Cr₹348 Cr₹355 Cr₹345 Cr
Capital work in progress₹45 Cr₹0 Cr₹8 Cr₹17 Cr₹38 Cr₹17 Cr
Investments₹4 Cr₹8 Cr₹13 Cr₹24 Cr₹30 Cr₹25 Cr
Other assets₹201 Cr₹234 Cr₹241 Cr₹284 Cr₹362 Cr₹364 Cr
Total assets₹570 Cr₹636 Cr₹628 Cr₹673 Cr₹784 Cr₹750 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

The ownership split has held steady since Jun 2025. The shareholder count grew 3% to 17,139.

Promoters
71.8%
FIIs
0.1%
Public
28.2%

Since Jun 2025

  • Public −0.05 pp
  • FIIs +0.03 pp
  • Promoters +0.02 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.8%, Public 28.3%.Dec '23: Promoters 71.8%, Public 28.3%.Mar '24: Promoters 71.8%, FIIs 0.0%, Public 28.2%.Jun '24: Promoters 71.8%, Public 28.3%.Sep '24: Promoters 71.8%, FIIs 0.2%, Public 28.1%.Dec '24: Promoters 71.8%, Public 28.3%.Mar '25: Promoters 71.8%, FIIs 0.0%, Public 28.2%.Jun '25: Promoters 71.8%, FIIs 0.0%, Public 28.2%.Sep '25: Promoters 71.8%, FIIs 0.1%, Public 28.1%.Dec '25: Promoters 71.8%, FIIs 0.9%, Public 27.3%.Mar '26: Promoters 71.8%, FIIs 0.4%, Public 27.8%.Jun '26: Promoters 71.8%, FIIs 0.1%, Public 28.2%.

Who was buying across the market this quarter →

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.

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 Bhageria Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bhageria Trade Invest Pvt Ltd 15.16%unchanged
Akashdeep International Private Limited 12.14%unchanged
Bhageria Suresh Keshavdeo 9.31%unchanged
Deepak Vishwambharlal Bhageria 5.49%unchanged
Rakesh Niranjanlal Bhageria 4.91%unchanged
Prism Scan Express Pvt Ltd 4.46%newly disclosed
Futurage Corporate Care Private Limited 4.39%newly disclosed
Vikas Suresh Bhageria 3.74%unchanged
Rahul Niranjanlal Bhageria 2.78%unchanged
Suresh Bhageria 2.26%unchanged
Bhageria Chandraprabha Suresh 2.09%unchanged
Bhageria Asha Dinesh 2.03%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

Attractive

To justify its price of ₹317, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~51%. At that growth it is worth ₹1707 — upside of 439%.

Growth the price implies
15.7% a year
for 7 years, fading to 4%
It has actually compounded at
49.4% a year
net profit, FY23–FY26 · EPS 50.6%
The gap
-0.3 pp
439% downside if it only repeats history
Price today ₹317.05 Value at the reference growth ₹1,707.48

Change the assumptions yourself →

Learn to analyse Bhageria Industries Limited

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