Agarwal Industrial Corporation Limited (AGARIND) AI Stock Analysis

• Market Cap: ₹10.73B
• Dividend Yield: 0.45%
• Average Volume (3M): 2.97K
• Price to Earnings (P/E): 12.9
• Beta (1Y): 1.19
• Revenue Growth: -4.09%
• EPS Growth: -32.35%
• Country: IN
• Employees: 129
• Sector: Industrials
• Sector Strength: 72
• Industry: Chemicals - Specialty
• EPS (TTM): 8.02
• Shares Outstanding: 14,957,789
• 10 Day Avg. Volume: 997
• 30 Day Avg. Volume: 2,971
• PEG Ratio: 2.17
• Price to Book (P/B): 2.37
• Price to Sales (P/S): 0.62
• P/FCF Ratio: -22.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹868.00 ▲(21.41% Upside)

Agarwal Industrial Corporation shows strong financial performance with robust revenue and profit growth, but faces challenges with negative Free Cash Flow due to high capital expenditures. The technical analysis indicates bearish momentum, which is a significant risk factor. The valuation is reasonable, with a moderate P/E ratio, but the low dividend yield may not attract income investors. Overall, the stock presents a mixed outlook with strengths in financial performance but weaknesses in technical indicators.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and stability.

Margin Improvement

Improved margins reflect operational efficiency and pricing power, enhancing profitability and competitive positioning over time.

Leverage Management

Effective leverage management reduces financial risk and enhances the company's ability to invest in growth opportunities sustainably.

Negative Factors

Negative Free Cash Flow

Persistent negative Free Cash Flow can strain liquidity, limiting the company's ability to fund new projects or respond to market changes.

EBITDA Margin Decline

Declining EBITDA margin suggests rising depreciation costs, potentially impacting cash flow and investment capacity.

Moderate Return on Equity

Moderate ROE indicates potential inefficiencies in using equity capital, which could limit shareholder value creation and growth potential.

Agarwal Industrial Corporation Limited Business Overview & Revenue Model

Company Description

Agarwal Industrial Corporation Limited primarily manufactures and trades in petrochemicals in India. The company operates through Petrochemical Business, Transportation, and Sale of Power segments. Its products include paving grade bitumen, industrial-grade bitumen, viscosity grade bitumen, bitumen emulsions for road construction, crumb rubber modified bitumen, polymer modified bitumen, byproducts/waterproofing materials, bituminous felt, bituminous expansion jointing boards, bitumen coats and paints, bitumen insulation materials, bitubonds, bituplasts, bituminous blacks, bitukotes, bitupremier, and cable compounds. The company also transports bulk bitumen and bulk LPG; and generates power through windmills, as well as imports and stores bitumen. The company was formerly known as Bombay Baroda Roadways (India) Limited and changed its name to Agarwal Industrial Corporation Limited in March 2008. Agarwal Industrial Corporation Limited was incorporated in 1995 and is based in Mumbai, India.

How the Company Makes Money

Agarwal Industrial Corporation Limited generates revenue through multiple streams primarily focused on its core businesses. The company earns money from the manufacturing and sale of steel products, which includes a range of steel grades and forms used in construction and industrial applications. Additionally, AGARIND’s logistics division contributes significantly to its revenue by providing transportation and supply chain management services, optimizing the movement of goods for various industries. Real estate development projects also serve as a revenue source, where the company invests in and sells or leases commercial and residential properties. Strategic partnerships with suppliers and distributors further enhance AGARIND's market reach and operational efficiency, driving consistent earnings growth.

Agarwal Industrial Corporation Limited Financial Statement Overview

Summary

Agarwal Industrial Corporation has shown strong revenue and profit growth with improving margins and stable asset growth. However, high capital expenditures have resulted in negative Free Cash Flow, posing a potential risk. The company maintains a solid equity base and manages leverage well, but there is room for improvement in generating higher returns on equity.

Income Statement

Agarwal Industrial Corporation shows strong growth in revenue and profitability. The revenue has steadily increased from 2020 to 2025, driven by rising Gross and EBIT margins. The Gross Profit Margin increased significantly from 6.26% in 2020 to 22.15% in 2025, and the Net Profit Margin improved from 3.25% to 4.80% over the same period. However, EBITDA margin decreased in 2025 as compared to EBIT margin, indicating higher depreciation and amortization costs.

Balance Sheet

The company's balance sheet reflects a stable growth trajectory, with assets and equity increasing significantly over the years. The Debt-to-Equity ratio improved, indicating better leverage management, though it remains relatively high. The Equity Ratio improved from 52.50% in 2020 to 46.65% in 2025, demonstrating a solid equity base. However, the Return on Equity was moderate at 18.44% in 2025, showing room for improvement in generating returns from equity.

Cash Flow

Operating Cash Flow has been positive and generally stable, but Free Cash Flow has been negative in recent years due to significant capital expenditures. The Operating Cash Flow to Net Income Ratio was 0.86 in 2025, indicating efficient cash conversion from profits. Nonetheless, the Free Cash Flow to Net Income Ratio is negative, suggesting a need for better management of capital expenditures and cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.90B	24.09B	21.25B	20.15B	15.98B	9.04B
Gross Profit	5.01B	5.34B	2.12B	1.62B	1.39B	895.22M
EBITDA	1.87B	2.06B	1.78B	1.45B	1.08B	725.91M
Net Income	897.15M	1.16B	1.09B	922.58M	636.89M	405.33M
Balance Sheet
Total Assets	0.00	13.45B	11.20B	7.50B	5.43B	3.95B
Cash, Cash Equivalents and Short-Term Investments	868.33M	868.33M	980.13M	591.31M	624.66M	382.57M
Total Debt	0.00	4.35B	3.61B	1.58B	1.71B	1.50B
Total Liabilities	-6.27B	7.18B	6.09B	3.46B	2.49B	1.99B
Stockholders Equity	6.27B	6.27B	5.11B	4.04B	2.95B	1.96B
Cash Flow
Free Cash Flow	0.00	-650.12M	-1.58B	79.70M	-8.60M	28.70M
Operating Cash Flow	0.00	998.41M	1.12B	1.57B	646.82M	494.84M
Investing Cash Flow	0.00	-1.57B	-2.76B	-1.58B	-696.48M	-436.96M
Financing Cash Flow	0.00	395.01M	1.78B	-154.16M	190.07M	213.49M

Agarwal Industrial Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 714.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AGARIND, the sentiment is Neutral. The current price of 714.95 is above the 20-day moving average (MA) of 713.57, below the 50-day MA of 759.27, and below the 200-day MA of 898.75, indicating a neutral trend. The MACD of -10.97 indicates Negative momentum. The RSI at 45.97 is Neutral, neither overbought nor oversold. The STOCH value of 41.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:AGARIND.

Agarwal Industrial Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AGARIND	63 Neutral	₹10.73B	12.89	―	0.45%	-4.09%	-32.35%
SALZERELEC	61 Neutral	₹11.37B	20.41	―	0.36%	21.51%	-17.75%
WENDT	59 Neutral	₹14.81B	53.69	―	0.62%	―	―
INDNIPPON	58 Neutral	₹18.01B	20.15	―	1.57%	22.67%	24.50%
RIIL	52 Neutral	₹11.61B	95.98	―	0.42%	―	―

Agarwal Industrial Corporation Limited Corporate Events

Agarwal Industrial Files SEBI Dematerialisation Compliance Certificate for December Quarter

Agarwal Industrial Corporation Limited has submitted a compliance certificate to the stock exchanges for the quarter ended 31 December 2025, in line with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company’s registrar and share transfer agent, MUFG Intime India Private Limited, confirmed that all securities lodged for dematerialisation during the quarter were duly verified, accepted or rejected as appropriate, listed on the relevant stock exchanges, and that corresponding physical certificates were cancelled and the depositories recorded as the registered owners within prescribed timelines, underscoring the company’s adherence to regulatory and depository norms for its shareholders.