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Bhageria Industries Limited (BHAGERIA) · mywealthgrid

About

Bhageria Industries manufactures dyes, pigments in India's chemicals sector. Market cap ₹868.73 Cr, recent quarterly revenue ₹284 Cr (Jun 2026)—small-scale player in capital-intensive industry. Conservative leverage (D/E 0.17), dividends since 2022.

Face value: ₹5

Market cap

₹1,666 Cr

P/E

24.2×

P/B

2.8×

Dividend yield

ROE

ROCE

9.9%

Debt / equity

0.17

OPM

10.4%

EPS (TTM)

₹15.8

Book value

₹136.9

52-week high

₹406.5

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: Operating margin swung 8.17% (Dec 2025) to 14.67% (Jun 2026) over nine months—verify underlying drivers and sustainability.

Small scale in capital-intensive sector: At ₹284 Cr quarterly revenue, verify capex needs, cost competitiveness, positioning vs larger integrated peers.

Institutional ownership withdrawal: FII fell 0.44% (Mar 2026) to 0.05% (Jun 2026), DII at 0%—verify liquidity and analyst coverage.

Cyclical sector exposure: Dyes, pigments demand tied to downstream end-markets—verify order visibility, demand trajectory, customer concentration.

Generated analysis · source review pending

Growth drivers

Revenue acceleration: ₹204.75 Cr (Sep 2025) to ₹284.02 Cr (Jun 2026) is 38.7% growth in nine months—verify demand-driven or market-share shifts.

Margin expansion: Operating margin rose 8.33% (Dec 2025) to 14.67% (Jun 2026)—verify if from volume gains, cost reduction, one-time factors.

EPS acceleration: ₹2.79 (Sep 2025) to ₹8.24 (Jun 2026) reflects revenue, margin gains—verify earnings quality and forward guidance.

Generated analysis · source review pending

₹382.1+115.6%1Y

Beta

0.96

Moves with the index

Volatility (1y)

52.1%

Annualised, daily returns

RSI (14)

67.9

Neither overbought nor oversold

Rel. strength (1y)

109.1%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Revenue CAGR of 16.8% over the last 5 years
+Comfortable interest coverage of 19.1×
+Dividend payout of 25.3% of profit
+High promoter holding of 71.8% with no pledge
+Outperformed the universe by 109.1% over 1 year

Cons

−Low return on equity of 6.4% (3-yr avg)
−Profit declined 5.9% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

77/100

Business quality: 48
Growth: 95

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sudarshan Chemical Industries LimitedSUDARSCHEMSUDARSCHEM	₹9,758 Cr	₹11,877 Cr	₹9,922 Cr	₹656 Cr	6%	₹72 Cr	0.4%	4.7%	0.6%	129
Kiri Industries LimitedKIRIINDUSKIRIINDUS	₹3,551 Cr	₹3,591 Cr	₹950 Cr	₹-189 Cr	-26.3%	₹5,847 Cr	663%	-1.7%	115%	-62
Bodal Chemicals LimitedBODALCHEMBODALCHEM	₹2,389 Cr	₹3,189 Cr	₹2,267 Cr	₹183 Cr	8%	₹69 Cr	2.4%	8.4%	4.2%	105
Bhageria Industries LimitedBHAGERIABHAGERIA	₹1,666 Cr	₹1,767 Cr	₹1,003 Cr	₹116 Cr	10.4%	₹69 Cr	5.1%	9.9%	8%	56
Shree Pushkar Chemicals & Fertilisers LimitedSHREEPUSHKSHREEPUSHK	₹1,588 Cr	₹1,715 Cr	₹1,002 Cr	₹102 Cr	10.2%	₹72 Cr	7.2%	14.2%	12.2%	53
Ultramarine & Pigments LimitedULTRAMARULTRAMAR	₹1,186 Cr	₹1,265 Cr	₹775 Cr	₹124 Cr	16%	₹81 Cr	10.4%	10.7%	8.8%	—
Sudarshan Colorants India LimitedSUDARCOLORSUDARCOLOR	₹850 Cr	₹850 Cr	₹791 Cr	₹72 Cr	9.1%	₹41 Cr	5.2%	12.2%	9.1%	—
Asahi Songwon Colors LimitedASAHISONGASAHISONG	₹438 Cr	₹579 Cr	₹575 Cr	₹71 Cr	9.3%	₹34 Cr	3.3%	10.4%	7.1%	85
Aksharchem India LimitedAKSHARCHEMAKSHARCHEM	₹303 Cr	₹412 Cr	₹416 Cr	₹33 Cr	4.6%	₹14 Cr	-0.1%	0.2%	-0.2%	92
Poddar Pigments LimitedPODDARMENTPODDARMENT	₹269 Cr	₹275 Cr	₹374 Cr	₹22 Cr	6.3%	₹15 Cr	3.9%	5.7%	4.1%	137
Hindprakash Industries LimitedHPILHPIL	₹130 Cr	₹161 Cr	₹100 Cr	₹4 Cr	2.6%	₹2 Cr	1.6%	8.2%	3.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	414	402	601	501	494	595	874
COGS	244	220	377	353	334	352	638
Gross profit	170	182	224	149	161	243	236
	72	79	108	94	118	161	145
	98	104	116	54	43	81	91
OPM %	23.6%	25.8%	19.4%	10.9%	8.7%	13.7%	10.4%
Depreciation	23	26	29	34	32	31	33
Interest	2	1	2	4	2	3	3
	6	4	9	4	17	7	7
Profit before tax	—	81	95	20	26	54	62
Tax	13	18	25	6	8	15	17
Tax %	—	22.7%	25.9%	27.8%	29.4%	28.6%	28.2%
	66	63	71	15	19	39	44
PAT margin %	15.9%	15.6%	11.7%	2.9%	3.8%	6.5%	5.1%
EPS (₹)	15.1	14.4	16.2	3.4	4.4	9.3	10.6
EPS adjusted (₹)	15.1	14.4	16.2	3.4	4.4	9.3	10.6
	19.9%	24.4%	24.7%	29.6%	22.9%	16.2%	23.7%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	22	22	22	22	22	22	22
Reserves	75	257	380	430	485	484	501	536	575
Minority interest	—	—	—	—	0	0	—	—	—
	13	144	21	31	35	38	47	45	101
	44	116	103	92	104	87	106	130	162
Total equity & liabilities	140	525	526	575	646	631	676	733	860
	22	267	329	318	392	363	345	349	383
CWIP	4	18	18	45	0	8	17	11	117
Investments	34	29	0	6	10	15	27	24	25
	80	211	179	206	244	245	287	350	335
Total assets	140	525	526	575	646	631	676	733	860

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Segment -A (Chemical)	829.56	69.26	533.66	91.79	441.87	15.67
Segment -B (Solar Power)	27.13	11.39

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41%	45.4%	37.3%	29.6%	32.5%	40.8%	27%
EBITDA margin %	23.6%	25.8%	19.4%	10.9%	8.7%	13.7%	10.4%
EBIT margin %	18%	19.3%	14.6%	4%	2.3%	8.4%	6.7%
PAT margin %	15.9%	15.6%	11.7%	2.9%	3.8%	6.5%	5.1%
Working capital
Receivable days	69	87	63	93	115	115	66
Inventory days	57	63	63	45	48	51	32
Payable days	77	62	50	41	66	71	43
NWC days	49	88	76	96	97	95	56
Leverage
Current ratio	2.15	2.43	2.51	2.83	2.74	2.68	2.19
Debt to EBITDA	0.21	0.3	0.3	0.7	1.1	0.55	1.11
Debt to equity	0.05	0.07	0.07	0.08	0.09	0.08	0.17
Interest coverage	47.8	77.5	52.8	6.8	15.2	20.4	19.1
Asset turnover	0.79	0.7	0.93	0.79	0.73	0.81	1.02
Return ratios
Return on assets %	12.5%	10.9%	10.9%	2.3%	2.7%	5.3%	5.2%
Return on capital employed %	18%	17.5%	18.7%	4.4%	5.1%	9.8%	9.9%
Return on equity %	16.4%	13.9%	13.9%	2.9%	3.5%	6.9%	7.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.77%	71.77%
	0%	0%	0.01%	0%	0.2%	0%	0.02%	0.02%	0.13%	0.94%	0.44%	0.05%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.25%	28.25%	28.24%	28.25%	28.05%	28.25%	28.23%	28.23%	28.12%	27.31%	27.79%	28.18%
No. of shareholders	—	—	—	—	—	—	—	—	17,113	19,102	18,219	17,139

Promoter holding up 0.02 percentage points since Sep 2023.

25 deals · 28 Sept 2021 – 24 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,45,405	₹235.78	₹10.50 Cr
24 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,45,405	₹235.42	₹10.49 Cr
24 Oct 2025	QE SECURITIES LLP	Bulk	NSE	Sell	3,74,309	₹236.52	₹8.85 Cr
24 Oct 2025	QE SECURITIES LLP	Bulk	NSE	Buy	3,70,145	₹235.19	₹8.71 Cr
24 Oct 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,43,421	₹235.57	₹8.09 Cr
24 Oct 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,43,421	₹235.59	₹8.09 Cr
24 Oct 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	2,69,545	₹235.60	₹6.35 Cr
24 Oct 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	2,69,545	₹235.38	₹6.34 Cr
23 Oct 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,67,293	₹221.12	₹8.12 Cr
23 Oct 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,67,293	₹220.95	₹8.12 Cr

1–10 of 25

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Mr. SURESH KESHAVDEO BHAGERIAExecutive Director-Chairperson related to Promoter
Mr. VIKAS BHAGERIAExecutive Director
Rakesh KachhadiyaChief Financial Officer
Mr. VINOD KESHAWDEO BHAGERIAExecutive Director-MD
Ms. AMEYA PRAKASH JADHAVNon-Executive - Independent Director
Mr. MUKUND MANOHAR CHITALENon-Executive - Independent Director
Mr. GANAPATI DADASAHEB YADAVNon-Executive - Independent Director
Mr. VIKAS BRIJMOHAN GOELNon-Executive - Independent Director
Ms. Deepa ToshniwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Bhageria Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Oct 2025Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

23

Final dividend24 Jul 2026 · ex-date₹2.5
Dividend dividend25 Jul 2025 · ex-date₹1.5
Final dividend23 Aug 2024 · ex-date₹1
Final dividend1 Sept 2023 · ex-date₹1
Dividend dividend21 Jul 2022 · ex-date₹4
Final dividend22 Jul 2021 · ex-date₹3.5
Final dividend20 Aug 2020 · ex-date₹3
Final dividend23 Aug 2019 · ex-date₹1.13
Interim dividend31 Jan 2019 · ex-date₹3.75
Dividend dividend13 Jul 2018 · ex-date₹5.5
Dividend dividend24 Nov 2017 · ex-date₹5
Dividend dividend5 Aug 2016 · ex-date₹5
Dividend dividend24 Jul 2015 · ex-date₹2.5
Special dividend24 Jul 2015 · ex-date₹2.5
Dividend dividend18 Jul 2014 · ex-date₹1
Special dividend18 Jul 2014 · ex-date₹2.5
Dividend dividend23 Aug 2013 · ex-date₹0.8
Dividend dividend23 Aug 2012 · ex-date₹0.5
Dividend dividend12 Aug 2011 · ex-date₹1.2
Dividend dividend6 Aug 2010 · ex-date₹1.2
Dividend dividend21 Aug 2009 · ex-date₹0.6
Dividend dividend14 Aug 2008 · ex-date₹1.5
Dividend dividend24 Aug 2007 · ex-date₹1.2

1

Board meeting to consider results22 Jul 2026

1

Face value ₹10 → ₹526 Oct 2016 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

9 Jul 2026, 1:05 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

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Date	Category	Subject	Filing
9 Jul 2026, 1:05 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
3 Jul 2026, 11:48 am	Corp. Action Date of payment of Dividend	Announcement under Regulation 30 (LODR)-Date of payment of Dividend	PDF
3 Jul 2026, 11:42 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Jul 2026, 11:23 am	AGM/EGM AGM	37Th Annual General Meeting Of The Company , Book Closure & Record Date	PDF
3 Jul 2026, 11:12 am	Corp. Action Record Date	Bhageria Industries Ltd - 530803 - Record Date For Final Dividend For FY 25-26	PDF
18 Jun 2026, 4:41 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
10 Jun 2026, 12:31 pm	Company Update General	Announcement Under Regulation 30 (LODR), 2015-Update	PDF
9 Jun 2026, 11:05 am	Company Update General	Announcement Under Regulation 330 (LODR) , 2015	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	59	58	76	28	23	52	99
	-45	-44	-58	-23	-33	-46	-141
	-10	-3	-14	-16	5	-9	46
Net cash flow	—	10	4	-11	-5	-3	3
Free cash flow	—	18	18	14	-4	25	-45
CFO / Operating profit %	60.2%	56%	65%	50.7%	53.4%	64%	108%

Bhageria Industries Limited

Bhageria Industries Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends23

Board meetings1

Stock splits1

Announcements

Dividends23

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Chemical · revenue

23

1

1

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1

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