Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Bhagiradha Chemicals & Industries Ltd

BHAGCHEM
Pesticides/Agrochemicals

Bhagiradha Chemicals & Industries Ltd's earnings have outrun its stock. EPS grew +30.8% in a year against a −10.5% price move.

The sharpest disagreement: profits are rising, but only −14% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (6 weeks in) while the P/E sits at the 79th percentile of its own 6-year range. Underneath, the last four quarters read improving, and −14% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Improving
fundamental trajectory, 12 quarters
Price
₹270
−10.5% 1Y
P/E
188.0×
79th pctile
of its own 6-year range
Revenue (Mar 26)
₹158 Cr
+28.9% YoY
Profit (Mar 26)
₹4.1 Cr
Operating margin
12.3%
+7.3 pp YoY
ROCE
5%
FY26
ROIC
3.5%
vs WACC 12.0% → −8.5 pp
Cash conversion
−14%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bhagiradha Chemicals & Industries Ltd trades at ₹270, in a confirmed uptrend and 6 weeks into that stage. That is +8.1% against its own 200-day average. It sits at 78% of a 52-week range of ₹180 to ₹296. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 18 straight weeks.

Today the stock is in a confirmed uptrend — week 6 of stage 2, confirmed. At ₹270 it trades +8.1% versus its 200-day average and sits at 78% of its 52-week range (₹180–₹296).

Jul 26: ₹270 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+8.1% versus the 200-day line, week 6 of stage 2
Price50-day avg200-day avg
S2S4₹438₹352₹267₹181₹94.9₹270₹250Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4₹438₹352₹267₹181₹94.9₹270₹250Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (548 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +3,394% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 18 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 79th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bhagiradha Chemicals & Industries Ltd trades at 188.0× P/E, at the pricey end of its own range (79th percentile). Its long-run median P/E is 74.3×, measured across 5.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 188.0× is at the pricey end of its own range (79th percentile), against a long-run median of 74.3× measured over 5.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 188.0× vs a 74.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 5.7-year window; loss-period spikes above 223× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (79th percentile)
P/EMedianEPS (TTM) (quarterly)
239.2×₹4.9180.2×₹3.6121.3×₹2.462.3×₹1.23.3×₹0.0×186.50×₹1Nov 20Apr 22Oct 23Mar 25Jul 26
239.2×₹4.9180.2×₹3.6121.3×₹2.462.3×₹1.23.3×₹0.0×186.50×₹1Nov 20Oct 23Jul 26
P/E
188.0×
79th percentile of 6y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +30.8% against a −10.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +34.0%/yr price move, ~−8.7%/yr came from earnings growth and ~+42.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Improving

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bhagiradha Chemicals & Industries Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 8 quarters ago at −56.3% and has held its recovery at +31.1%, ROCE holding at 4.8%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
25%38%13%12%1.5%−15%−10%−41%−22%−68%%%21.7%31.1%25%Jun 23Sep 24Mar 26
25%38%13%12%1.5%−15%−10%−41%−22%−68%%%21.7%31.1%25%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
21%16%12%7.2%2.7%%4.8%Jun 23Sep 24Mar 26
21%16%12%7.2%2.7%%4.8%Jun 23Sep 24Mar 26
Revenue growth
Rising
latest +21.7% · span −19.1% to +22.1%
Profit growth
Flat
latest +31.1% · span −59.5% to +31.1%
EPS growth
Flat
latest +25.0% · span −60.6% to +25.0%
ROCE
Stuck low
latest 4.8% · span 3.9%–19.5%

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

Growth, year by year: revenue +21.8% in FY26, profit +28.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
42%286%25%193%9.2%100%−7.0%7.3%−23%−86%%%21.8%28.6%FY20FY23FY26
42%286%25%193%9.2%100%−7.0%7.3%−23%−86%%%21.8%28.6%FY20FY23FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+21.7%) with the last 8 annualized (+14.7%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
25%38%13%12%1.5%−15%−10%−41%−22%−68%%%21.7%31.1%Jun 23Sep 24Mar 26
25%38%13%12%1.5%−15%−10%−41%−22%−68%%%21.7%31.1%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+21.8%+2.2%+11.0%
Profit+28.6%−26.3%−4.8%
EPS+30.8%−31.4%−9.2%
Share price−10.5%+24.4%+34.0%+38.1%
Revenue YoY (Mar 26)
+28.9%
latest quarter vs a year ago
Revenue 10y
13.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

52.5/100 — rank 10 of 24 in Pesticides/Agrochemicals · 88% evidence confidence

Bhagiradha Chemicals & Industries Ltd scores 52.5 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.6 + 7.9 + 1.7 + 19.3 = 52.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bhagiradha Chemicals & Industries Ltd reported ₹158 Cr of revenue in the Mar 26 quarter, +28.9% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 13.9% a year. The last full year, FY26, came in at ₹536 Cr. The last four reported quarters add to ₹536 Cr.

Bhagiradha Chemicals & Industries Ltd reported ₹158 Cr of revenue in the Mar 26 quarter, +28.9% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 13.9% a year. The last full year, FY26, came in at ₹536 Cr. The last four reported quarters add to ₹536 Cr.

FY26 revenue came in at ₹536 Cr (+21.8% on the year), capping 6 years at 13.9% compound. The latest quarter (Mar 26) printed ₹158 Cr, +28.9% year on year — the 6th consecutive quarter of year-over-year growth.

FY26 revenue ₹536 Cr (+21.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
13.9% a year over 6 years
RevenueYoY growth
57942%43425%2899.2%145−7.0%0−23%₹ Cr%₹53621.8%FY20FY23FY26
57942%43425%2899.2%145−7.0%0−23%₹ Cr%₹53621.8%FY20FY23FY26
Mar 26: ₹158 Cr (+28.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Revenue (quarterly)YoY growth
17144%12821%85−1.5%43−24%0−47%₹ Cr%₹15828.9%Jun 23Sep 24Mar 26
17144%12821%85−1.5%43−24%0−47%₹ Cr%₹15828.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +21.5% growth against the decade's 13.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +21.7% over the last 4 quarters against +14.7%/yr over the last 8 — accelerating; TTM profit +31.1% vs −0.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 12.3% this quarter (+7.3 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bhagiradha Chemicals & Industries Ltd's operating margin is 12.3% in the Mar 26 quarter, +7.3 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0% to 16.0%. The current quarter sits inside that band.

Bhagiradha Chemicals & Industries Ltd's operating margin is 12.3% in the Mar 26 quarter, +7.3 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.3%, +7.3 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0%–16.0%.

Why the margin moved: operating margin went +7.3 pp year on year while gross margin went +7.2 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 11.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 7.0–16.0% band over 7 years
operating marginYoY change (pp)
17%9.0%14%5.5%12%2.0%8.9%−1.5%6.3%−5.0%%%11%3%FY20FY23FY26
17%9.0%14%5.5%12%2.0%8.9%−1.5%6.3%−5.0%%%11%3%FY20FY23FY26
Mar 26: 12.3% operating margin (+7.3 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
13%8.5%11%4.2%8.8%−0.2%6.6%−4.5%4.3%−8.9%%%12.3%7.3%Jun 23Sep 24Mar 26
13%8.5%11%4.2%8.8%−0.2%6.6%−4.5%4.3%−8.9%%%12.3%7.3%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bhagiradha Chemicals & Industries Ltd earned ₹4.1 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹18.0 Cr. The 6-year compound rate is 17.0%. That is 2.6% of the quarter's revenue. The same quarter a year earlier lost ₹0.9 Cr. 1 of the last 12 reported quarters were loss-making.

Bhagiradha Chemicals & Industries Ltd earned ₹4.1 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹18.0 Cr. The 6-year compound rate is 17.0%. That is 2.6% of the quarter's revenue. The same quarter a year earlier lost ₹0.9 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹4.1 Cr, null year on year. On the full year, FY26 printed ₹18.0 Cr (+28.6%), and the 6-year compound rate is 17.0%.

FY26 profit ₹18.0 Cr (+28.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
17.0% a year over 6 years
Net profitYoY growth
49252%36168%2484%120.0%0−83%₹ Cr%₹1828.6%FY20FY23FY26
49252%36168%2484%120.0%0−83%₹ Cr%₹1828.6%FY20FY23FY26
Mar 26: ₹4.1 Cr (null YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
8214%6126%339%1−49%−2−136%₹ Cr%₹428.7%Jun 23Sep 24Mar 26
8214%6126%339%1−49%−2−136%₹ Cr%₹428.7%Jun 23Sep 24Mar 26

Pace comparison, last four quarters: profit −0.2% vs revenue +21.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −14% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −14% of Bhagiradha Chemicals & Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹12.0 Cr of operating cash against ₹18.0 Cr of profit. After ₹163 Cr of capital spending, ₹−151 Cr was left as free cash.

FY26: operating cash of ₹12.0 Cr against reported profit of ₹18.0 Cr, leaving free cash of ₹−151 Cr after ₹163 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −14% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹12.0 Cr vs profit ₹18.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution. FY25/FY26 reflects an acquisition year — point shown clipped.
−14% of 3-year profit arrived as cash
Operating cashNet profitFree cash
5626−5−36−66₹ Cr₹12₹18₹−58FY20FY23FY26
5626−5−36−66₹ Cr₹12₹18₹−58FY20FY23FY26
FY26: CFO = 67% of profit (three-year rate −14%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
354%157%−40%−236%−433%%67%FY20FY23FY26
354%157%−40%−236%−433%%67%FY20FY23FY26

🚨 Why conversion sits at −14%: the cash cycle stretched 72 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 72 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 148-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bhagiradha Chemicals & Industries Ltd's cash conversion cycle runs 148 days in FY26, up from 76 days in FY21. Capital spending ran ₹521 Cr over the last 3 years. At FY26 sales of ₹536 Cr each day of that cycle holds about ₹1.5 Cr, so roughly ₹217 Cr sits inside the business at any moment.

FY26: debtors at 139 days, inventory at 161 days — roughly 5.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 148 days, looser than FY21's 76.

The full loop: cash goes out to suppliers and production on day 0; stock waits 161 days to sell; customers pay about 139 days after that; and suppliers themselves are paid at 152 days — netting out to the 148-day cycle.

In money terms: at FY26 sales of ₹536 Cr, each day of the cycle holds about ₹1.5 Cr — so the 148-day loop keeps roughly ₹217 Cr sitting inside the business at any moment.

FY26: a 148-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
+72 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
207156105543days148d161d139d152dFY20FY21FY23FY24FY26
207156105543days148d161d139d152dFY20FY23FY26

On the investment side: capital spending of ₹521 Cr over the last 3 fiscal years against ₹46.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹96.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹163 Cr, work-in-progress ₹96.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
312234156780₹ Cr₹163₹96FY21FY22FY23FY24FY26
312234156780₹ Cr₹163₹96FY21FY23FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5% and the ROIC − WACC spread is −8.5 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bhagiradha Chemicals & Industries Ltd earns a ROCE of 5% in FY26. That is up from a trough of 5% in FY25. Return on invested capital clears the cost of that capital by −8.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.4% net margin on 0.48× asset turns.

FY26 ROCE is 5%, recovered from a FY25 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 3.4% net margin × 0.48× asset turns × 1.60× balance-sheet leverage ≈ 2.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 3.5% − 12.0% = a −8.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 5% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY25's 5%
ROCEROIC (annual)WACC
27%20%14%7.0%0.4%%5%3.8%FY21FY23FY26
27%20%14%7.0%0.4%%5%3.8%FY21FY23FY26
Q4 FY26: ROCE 4.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
14%11%7.8%4.5%1.2%%4.1%2.2%Q1 FY24Q2 FY25Q4 FY26
14%11%7.8%4.5%1.2%%4.1%2.2%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.34.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Bhagiradha Chemicals & Industries Ltd carries total debt of ₹234 Cr against shareholder equity of ₹698 Cr as of Mar 26, a debt-to-equity of 0.34. On the annual view that ratio went from 0.43 in FY22 to 0.34 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹234 Cr against shareholder equity of ₹698 Cr — a debt-to-equity of 0.34. On the annual view, debt-to-equity went from 0.43 (FY22) to 0.34 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹234 Cr at 0.34× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
2530.5×1900.4×1260.3×630.2×00.1×₹ Cr×₹2340.34×FY22FY24FY26
2530.5×1900.4×1260.3×630.2×00.1×₹ Cr×₹2340.34×FY22FY24FY26
Mar 26: debt ₹234 Cr, debt-to-equity 0.34 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
2530.36×1900.30×1260.23×630.17×00.11×₹ Cr×₹2340.34×Jun 23Sep 24Mar 26
2530.36×1900.30×1260.23×630.17×00.11×₹ Cr×₹2340.34×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Bhagiradha Chemicals & Industries Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved −0.1 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −0.7 points over 8 quarters to 19.6%; Foreign institutions: −0.1 points over 8 quarters to 0.1%; Domestic institutions: −0.1 points over 8 quarters to 3.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

Fiscal-year ends: promoters −3.9 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
84%61%39%16%−6.2%%19.6%0.1%3.0%77.2%Mar 24Mar 25Mar 26
84%61%39%16%−6.2%%19.6%0.1%3.0%77.2%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
84%61%39%16%−6.2%%19.6%0.1%3%77.3%Jun 23Dec 24Jun 26
84%61%39%16%−6.2%%19.6%0.1%3%77.3%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bhagiradha Chemicals & Industries Ltd: the Z-score reads 5.80. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 5.80 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 5.80.

Related companies · same sector · Pesticides/Agrochemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Bhagiradha Chemicals & Industries Ltd this page188.0×₹3,416 CrImproving
UPL Ltd28.2×₹50,841 CrNo read
P I Industries Ltd34.5×₹41,437 CrDeteriorating
Sumitomo Chemical India Ltd50.9×₹25,978 CrMixed
Bayer CropScience Ltd385.0×₹18,954 Cr
Jubilant Ingrevia Ltd36.3×₹11,557 CrMixed
Sharda Cropchem Ltd12.1×₹7,876 CrMixed
Epigral Ltd15.2×₹5,016 CrMixed
NACL Industries Ltd178.0×₹4,610 CrNo read
Dhanuka Agritech Ltd15.5×₹4,517 CrTopping out
Rallis India Ltd26.9×₹4,253 CrMixed
GSP Crop Science Ltd24.4×₹2,468 Cr
Bharat Rasayan Ltd13.1×₹2,096 CrMixed
Insecticides India Ltd12.9×₹1,793 CrMixed
India Pesticides Ltd14.4×₹1,727 CrMixed
Titan Biotech Ltd57.5×₹1,719 CrTurning around
Astec Lifesciences Ltd₹1,469 CrNo read
Meghmani Organics Ltd48.2×₹1,385 CrNo read
Punjab Chemicals & Crop Protection Ltd21.0×₹1,375 CrMixed
Excel Industries Ltd15.5×₹1,172 CrMixed
Titan Biotech Ltd42.0×₹1,141 CrTurning around
Dharmaj Crop Guard Ltd16.1×₹882 CrNo read
Advance Agrolife Ltd20.0×₹706 CrNo read
Heranba Industries Ltd₹700 CrNo read
Best Agrolife Ltd60.6×₹538 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Bhagiradha Chemicals & Industries Ltd's share price today?

Bhagiradha Chemicals & Industries Ltd trades at ₹270, −10.5% over the past year. The company is valued at ₹3,416 Cr. The stock sits at 78% of its 52-week range of ₹180–₹296, +8.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 6 weeks in. — as of 24 July 2026.

What were Bhagiradha Chemicals & Industries Ltd's latest quarterly results?

Bhagiradha Chemicals & Industries Ltd reported revenue of ₹158 Cr and net profit of ₹4.1 Cr for the Mar 26 quarter. Earnings per share were ₹0.31. The operating margin was 12.3%, 7.3 pp higher than a year earlier. — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's revenue?

Bhagiradha Chemicals & Industries Ltd reported revenue of ₹158 Cr in the Mar 26 quarter, +28.9% year on year. For the full FY26 fiscal year, revenue was ₹536 Cr (+21.8%). Over the last 6 years revenue compounded at 13.9% a year. — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's profit?

Bhagiradha Chemicals & Industries Ltd earned ₹4.1 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹18.0 Cr. The operating margin ran 12.3% in the latest quarter. — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's market cap?

Bhagiradha Chemicals & Industries Ltd's market capitalisation is ₹3,416 Cr at a share price of ₹270. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's P/E ratio?

Bhagiradha Chemicals & Industries Ltd trades at a P/E of 188.0×, at the 79th percentile of its own 6-year range, against a long-run median of 74.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Bhagiradha Chemicals & Industries Ltd pay a dividend?

Yes — Bhagiradha Chemicals & Industries Ltd's dividend payout was 11% of profit in FY26, and it recorded a payout in 5 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Bhagiradha Chemicals & Industries Ltd overvalued?

On its own history, Bhagiradha Chemicals & Industries Ltd looks expensive against its own history: its P/E of 188.0× sits at the 79th percentile of its 6-year range (long-run median 74.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

How is Bhagiradha Chemicals & Industries Ltd performing?

Bhagiradha Chemicals & Industries Ltd is in a confirmed uptrend, 6 weeks in. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 18 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Bhagiradha Chemicals & Industries Ltd in?

Improving — profit growth bottomed 8 quarters ago at −56.3% and has held its recovery at +31.1%, ROCE holding at 4.8%. The read comes from the last 12 quarters of growth (revenue growth +21.7% latest, profit growth +31.1% latest, eps growth +25.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Bhagiradha Chemicals & Industries Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 6 of stage 2), trading +8.1% versus its 200-day average and at 78% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Bhagiradha Chemicals & Industries Ltd beating the market?

On recent form, yes — Bhagiradha Chemicals & Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 18 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +3,394% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.

Will Bhagiradha Chemicals & Industries Ltd's share price go up?

This page publishes no price forecast for Bhagiradha Chemicals & Industries Ltd. What it measures instead: the share price is ₹270, the price is in a confirmed uptrend 6 weeks in. Its P/E of 188.0× sits at the 79th percentile of its own 6-year range. — as of 24 July 2026.

Who owns Bhagiradha Chemicals & Industries Ltd?

Promoters hold 19.6% of Bhagiradha Chemicals & Industries Ltd, foreign institutions 0.1%, domestic institutions 3.0% and the public 77.3% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Bhagiradha Chemicals & Industries Ltd have too much debt?

It is moderate — Bhagiradha Chemicals & Industries Ltd's debt-to-equity is 0.34, and operating profit covers the interest bill 3×. FY26 borrowings were ₹235 Cr against equity of ₹698 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's capex?

Bhagiradha Chemicals & Industries Ltd spent ₹521 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹163 Cr, with ₹96.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Bhagiradha Chemicals & Industries Ltd's cash flow?

Bhagiradha Chemicals & Industries Ltd generated ₹12.0 Cr of operating cash flow in FY26 and ₹−151 Cr of free cash flow after ₹163 Cr of capital spending. Reported profit that year was ₹18.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Bhagiradha Chemicals & Industries Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −14% of Bhagiradha Chemicals & Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹12.0 Cr against reported profit of ₹18.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

How financially safe is Bhagiradha Chemicals & Industries Ltd?

On the balance sheet, the Z-score reads 5.80 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.

Where is Bhagiradha Chemicals & Industries Ltd in its business cycle?

Bhagiradha Chemicals & Industries Ltd's FY26 operating margin was 11.0%, against a 7-year band of 7.0%–16.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 12.3%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Bhagiradha Chemicals & Industries Ltd story?

The sharpest disagreement: profits are rising, but only −14% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Bhagiradha Chemicals & Industries Ltd a stock worth studying right now?

This is not investment advice. The machine read: Bhagiradha Chemicals & Industries Ltd's earnings have outrun its stock. EPS grew +30.8% in a year against a −10.5% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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