Bhageria Industries Ltd. (BHAGERIA) AI Stock Analysis

• Market Cap: ₹6.13B
• Dividend Yield: 0.81%
• Average Volume (3M): 12.94K
• Price to Earnings (P/E): 17.6
• Beta (1Y): 1.46
• Revenue Growth: 33.39%
• EPS Growth: 85.08%
• Country: IN
• Employees: 384
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 2.56
• Shares Outstanding: 43,644,180
• 10 Day Avg. Volume: 13,323
• 30 Day Avg. Volume: 12,939
• PEG Ratio: 0.15
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 1.13
• P/FCF Ratio: 27.11
• 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: ₹149.00 ▼(-16.78% Downside)
• Action: Downgraded Date: 11/21/25
• Date: Action: Downgraded 11/21/25

Bhageria Industries' strong financial performance, characterized by revenue growth and a solid balance sheet, is the primary driver of its stock score. However, technical indicators suggest a bearish trend, and the valuation indicates moderate pricing with a low dividend yield. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Revenue Growth

Sustained revenue growth of ~20.8% year-over-year reflects durable demand for the company’s chemical intermediates and improved market penetration. Over 2–6 months this supports higher capacity utilization, scale-led gross margin resilience, and greater internal funding for capex or specialty product development.

Balance Sheet Strength

Very low leverage and a high equity ratio give the company durable financial flexibility to fund working capital, invest in specialty-capacity or wind assets, and withstand industry cyclicality. Conservative capital structure reduces refinancing and solvency risk over the medium term.

Cash Generation

Conversion of earnings to cash (OCF/Net Income >1) and a return to positive free cash flow signal improving cash conversion. This supports sustainable reinvestment, debt discipline, and dividend or capex flexibility over coming quarters, strengthening long-term operational footing.

Negative Factors

Free Cash Flow Volatility

Historical swings in free cash flow point to sensitivity to working-capital cycles, raw-material timing, or receivables dynamics. Such volatility can constrain consistent reinvestment, increase reliance on external funding in weak periods, and complicate long-term planning.

Operational Efficiency Pressure

Noted pressures on EBITDA margin suggest rising per-unit costs or mix shifts toward lower-margin products. Persistent margin erosion reduces cash available for growth and makes profitability more vulnerable to raw-material and energy cost inflation in the specialty chemicals sector.

End-Market Concentration

Concentration in dye intermediates ties revenue and margins to textile/pigment cycles and industrial demand. Structural weakness or slower capex in downstream markets, plus commodity raw-material swings, can cause multi-quarter revenue and margin volatility despite company-level strengths.

Bhageria Industries Ltd. Business Overview & Revenue Model

Company Description

Bhageria Industries Limited manufactures and sells dyes, dye intermediates, and basic chemicals in India. The company is also engaged in the generation and distribution of solar power, and EPC contracts. It exports its products to South Korea, Japan, Taiwan, China, Germany, the United States, and other European and African countries. The company was formerly known as Bhageria Dye Chem Limited and changed its name to Bhageria Industries Limited in August 2015. Bhageria Industries Limited was incorporated in 1989 and is based in Mumbai, India.

How the Company Makes Money

Bhageria Industries primarily makes money by manufacturing and selling chemical products—especially dye intermediates and specialty chemical intermediates—supplying business customers that use these inputs to produce dyes, pigments, and other formulated products. Revenue is generated from (1) sales of manufactured chemical intermediates to domestic and export customers, typically under purchase orders/contracted supply based on volumes and prevailing market prices, and (2) sale of electricity generated from its wind power assets (where generation is sold to the grid or to eligible offtakers under applicable power sale arrangements). Profitability is mainly driven by product mix (higher-margin specialty intermediates vs. commoditized products), capacity utilization, raw-material and energy costs, and demand conditions in downstream dye/pigment and industrial end-markets. Specific customer names, contract terms, and partnership details are null.

Bhageria Industries Ltd. Financial Statement Overview

Summary

Bhageria Industries demonstrates strong revenue growth and improved profitability with a solid balance sheet characterized by low leverage. The company shows effective cash flow management, although historical fluctuations in free cash flow and a decline in EBITDA margin indicate some operational efficiency challenges.

Income Statement

Bhageria Industries demonstrated strong revenue growth of 20.8% from 2024 to 2025, alongside an impressive improvement in net profit margin to 6.8% in 2025 from 3.9% in 2024. The Gross Profit Margin also increased to 40.8% in 2025. However, the EBITDA margin declined from 12.1% in 2024 to 13.7% in 2025, indicating a decrease in operational efficiency.

Balance Sheet

The company's balance sheet is robust with a low Debt-to-Equity Ratio of 0.08 in 2025, reflecting conservative leverage. The Return on Equity improved to 7.2% from 3.6% the previous year, indicating better utilization of equity. The Equity Ratio remained strong at 76.2%, suggesting a solid capital structure with high equity financing.

Cash Flow

Bhageria Industries showed a significant improvement in free cash flow from a negative position in 2024 to a positive one in 2025. The Operating Cash Flow to Net Income Ratio is 1.29, indicating strong cash conversion. However, the company has experienced fluctuations in free cash flow historically, which poses potential risks.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.15B	5.95B	4.92B	5.01B	5.97B	4.01B
Gross Profit	2.42B	2.43B	1.51B	1.49B	1.62B	1.43B
EBITDA	1.03B	814.21M	597.37M	578.78M	1.26B	1.08B
Net Income	509.67M	404.04M	190.65M	147.45M	705.97M	626.62M
Balance Sheet
Total Assets	7.84B	7.33B	6.76B	6.31B	6.46B	5.75B
Cash, Cash Equivalents and Short-Term Investments	426.83M	947.29M	857.93M	431.12M	504.77M	496.75M
Total Debt	736.22M	463.06M	472.09M	380.69M	347.86M	314.31M
Total Liabilities	2.12B	1.77B	1.53B	1.25B	1.39B	1.23B
Stockholders Equity	5.75B	5.58B	5.22B	5.06B	5.07B	4.52B
Cash Flow
Free Cash Flow	-299.73M	248.05M	-36.93M	139.10M	174.93M	183.37M
Operating Cash Flow	282.06M	521.28M	229.24M	276.13M	756.16M	579.75M
Investing Cash Flow	-428.36M	-463.56M	-330.95M	-231.04M	-580.38M	-442.60M
Financing Cash Flow	204.60M	-89.67M	48.28M	-155.94M	-137.97M	-34.73M

Bhageria Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 179.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BHAGERIA, the sentiment is Negative. The current price of 179.05 is above the 20-day moving average (MA) of 153.99, above the 50-day MA of 162.56, and below the 200-day MA of 182.89, indicating a bearish trend. The MACD of -4.63 indicates Positive momentum. The RSI at 28.75 is Positive, neither overbought nor oversold. The STOCH value of 60.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BHAGERIA.

Bhageria Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHREEPUSHK	68 Neutral	₹9.84B	17.66	―	0.52%	28.67%	50.12%
TNPETRO	66 Neutral	₹7.29B	11.95	―	1.14%	8.27%	195.27%
AVTNPL	65 Neutral	₹9.05B	14.51	―	1.05%	23.11%	34.46%
BHAGERIA	63 Neutral	₹6.13B	17.61	―	0.81%	33.39%	85.08%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BODALCHEM	60 Neutral	₹5.49B	697.51	―	―	15.56%	2114.71%
CHEMCON	58 Neutral	₹5.40B	36.57	―	―	2.76%	30.68%

Bhageria Industries Ltd. Corporate Events

Bhageria Industries Temporarily Shuts Sulphonation Unit After Oleum Leak Incident

Bhageria Industries Ltd. has reported a temporary disruption at its H Acid manufacturing unit in Tarapur, Maharashtra, after the state pollution regulator ordered a voluntary closure of the plant’s sulphonation section. The directive followed an incident in which a measuring tank containing Oleum fell, causing a leakage and Oleum fumes that created a temporary fog-like situation in the surrounding area.

The company stated that no injuries or casualties were reported and described the shutdown as a precautionary and safety measure mandated by the Maharashtra Pollution Control Board. Bhageria maintains that it operates in compliance with environmental laws and expects no material financial impact, and it plans to conduct a safety audit and secure approvals from the pollution board and the Directorate of Industrial Safety and Health before resuming normal operations.

Bhageria Industries Clears Q3 FY26 Results, Plans Mineral-Focused Subsidiary and Office Shift

Bhageria Industries Ltd. has approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, along with segment-wise revenue details and the statutory auditors’ limited review reports, with the documents to be made available on stock exchange and company websites and summarized in newspaper notices. The board also granted in-principle approval to set up a wholly owned subsidiary to invest in the mineral business and other opportunities, and agreed to shift the company’s registered office within Mumbai from Goregaon (West) to Malad (West) effective April 1, 2026, signaling both geographic repositioning and strategic diversification that may influence its future growth trajectory and stakeholder outlook.

Bhageria Industries Publishes IEPF Share Transfer Notice in Compliance With Investor Protection Rules

Bhageria Industries Limited has notified the stock exchanges that it has published a newspaper notice regarding the transfer of certain equity shares to the Investor Education and Protection Fund (IEPF), in line with regulatory requirements. The notice, carried in national English daily Business Standard and Marathi daily Mumbai Tarun Bharat on January 3, 2026, reflects the company’s compliance with SEBI’s disclosure norms and the IEPF rules governing unclaimed or unpaid investor holdings, underscoring its adherence to statutory investor protection and corporate governance obligations.

Bhageria Industries Updates Contact Details of Registrar and Transfer Agent

Bhageria Industries Limited has notified the stock exchanges that its Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, has updated its official contact details for shareholders. The changes cover a new investor helpdesk email address and revised website links for lodging shareholder queries and service requests electronically, which stakeholders are requested to note and update in their records.