In , Bhagiradha Chemicals & Industries Ltd (Pesticides/Agrochemicals) is outperforming Nifty 500 with +46.8% relative strength. Fundamentals: Average.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: EBITDA growth: 49% YoY
Impact: 311 bps margin expansion
“Several critical processes were upgraded, resulting in enhanced operational efficiency... resulted in a strong EBITDA growth of 49% YoY.”
What: Gross Margin: 43.0%
“Revenue growth was supported by improved realizations, driven by a better product mix.”
What: Export sales: >80% in regulated markets
“We are witnessing a recovery in volumes since H2FY25, driven by improved product mix and expanding market reach.”
What: Product count: 30+ Active Ingredients
“During the 9MFY26 we launched a new product - in herbicide segment.”
What: Debt to Equity: 0.1
“Debt to Equity Ratio... 0.1 in FY25.”
What: EBITDA growth of 49% YoY
“Several critical processes were upgraded, resulting in enhanced operational efficiency... resulted in a strong EBITDA growth of 49% YoY.”
Earnings deceleration risks from management commentary
Trigger: Clearance of low-margin inventory and previous pricing pressures.
Management view: Focusing on backward integration to N-9 level to reduce dependency on imports.
Monitor: commodity
Trigger: High export contribution makes the company sensitive to currency fluctuations.
Management view: Not explicitly detailed on call.
Monitor: fx
Trigger: Ongoing requirement for environmental clearances and monitoring.
Management view: Installed Online Continuous Monitoring Systems (OCMS) as per guidelines.
Monitor: regulatory
Key quotes from recent conference calls
“Phase I at a cost of ₹429 crore including GST till 30th September 2025 has been implemented; structured ramp-up of production is planned in the coming six months. [Previous Production Ramp-up guidance]”
“Backward integration to increase to N-9 level with 16 process stages by FY 26, thus increasing margin. [Initiative: Backward Integration to N-9 level]”
“Phase 2 civil works are under progress; expected to commence operations by H1FY28, with an estimated capital investment of ~Rs. 350 crore. [Initiative: Phase 2 Expansion]”
“Gross margins were impacted due to the clearance of low-margin inventory... prices have largely bottomed out. [Risk (commodity): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹114.0 Cr
Why: Revenue growth was supported by improved realizations and a better product mix, which more than offset a marginal decline in volumes due to seasonality.
Q3 is typically a softer quarter due to seasonality, yet realizations improved in line with revenue growth.
EBITDA
₹13.7 Cr
Why: Operational efficiencies and process improvements resulted in strong EBITDA growth despite the sequential volume dip.
EBITDA margins expanded significantly to 12% from 8.9% in the previous year's quarter.
PAT
₹4.6 Cr
Why: Profit growth was relatively lower than EBITDA growth due to higher depreciation and interest costs during the period.
PAT was impacted by elevated finance costs arising from higher working capital utilization and depreciation.
Other Highlights
• Gross margins expanded by 311 basis points YoY to 43.0%.
• A new herbicide product was launched during 9MFY26.
• 4MW solar plant commissioned in factory premises to lower power costs.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Capacity Utilization (Existing Plant)
80%
Why: Utilization was 87% in FY25; current plant utilization is approximately 80%.
Export Revenue %
3%
Why: Continued unfavorable market conditions resulted in lower exports in FY2025.
Domestic Revenue %
97%
Why: Shift in focus to domestic demand recovery.
Total Installed Capacity
12,252 MT
Why: Includes 3,250 MT existing and 9,002 MT upcoming capacity.
Raw Material Cost % of Sales
63%
Why: Impacted by clearance of low-margin inventory and raw material cost in select products.
Working Capital Cycle
192 days
Why: Increased working capital utilization led to higher finance costs.
Inventory Days
170 days
Why: Inventory levels remained high during the transition and expansion phase.
Debtor Days
144 days
Why: Reflects the credit terms in the current market environment.
Forward-looking targets from management for FY27 and beyond
Capex Plan
₹350 Cr
~5x revenue target in next 6 to 7 years
Expect margin improvement in the coming quarters
₹350 crore
Phase 2 expansion of subsidiary
Expect a meaningful ramp-up
Guidance Changes
Phase 2 Commencement: H2FY27 → H1FY28
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +29% | +2% | Stable |
| PAT (Net Profit) | +563% | -26% | Inflection Up |
| OPM | 12.3% | +734 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Bhagiradha Chemicals & Industries Ltd's latest quarterly results (Mar 2026) show
Bhagiradha Chemicals & Industries Ltd's profit is growing with an turning around (inflection up) trend.
Bhagiradha Chemicals & Industries Ltd's revenue growth trend is stable.
Bhagiradha Chemicals & Industries Ltd's operating margin is volatile.
Bhagiradha Chemicals & Industries Ltd's long-term compounding rates
Bhagiradha Chemicals & Industries Ltd's earnings growth is turning around (inflection up) with mixed signals on a sequential basis.
Bhagiradha Chemicals & Industries Ltd's trailing twelve month (TTM) performance
Bhagiradha Chemicals & Industries Ltd appears significantly overvalued based on our fair value analysis.
Bhagiradha Chemicals & Industries Ltd's current PE ratio is 201.0x.
Bhagiradha Chemicals & Industries Ltd's current PE is 201.0x.
Bhagiradha Chemicals & Industries Ltd's price-to-book ratio is 5.2x.
Bhagiradha Chemicals & Industries Ltd is rated Average with a fundamental score of 42/100. This score is calculated from objective financial metrics
Bhagiradha Chemicals & Industries Ltd has a debt-to-equity ratio of N/A.
Bhagiradha Chemicals & Industries Ltd's return ratios over recent years
Bhagiradha Chemicals & Industries Ltd's operating cash flow is positive (FY2026).
Bhagiradha Chemicals & Industries Ltd's current dividend yield is 0.05%.
Bhagiradha Chemicals & Industries Ltd's shareholding pattern (Mar 2026)
Bhagiradha Chemicals & Industries Ltd's promoter holding has remained stable recently.
Bhagiradha Chemicals & Industries Ltd has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
Bhagiradha Chemicals & Industries Ltd is an established outperformer with 2 weeks of consecutive Nifty 500 outperformance.
Bhagiradha Chemicals & Industries Ltd has 6 key growth catalysts identified from recent earnings analysis
Bhagiradha Chemicals & Industries Ltd has 3 key risks worth monitoring
In Q3 FY26, Bhagiradha Chemicals & Industries Ltd's management highlighted
Bhagiradha Chemicals & Industries Ltd's management has provided the following forward guidance for FY27 and beyond
Bhagiradha Chemicals & Industries Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Bhagiradha Chemicals & Industries Ltd may be worth studying
Bhagiradha Chemicals & Industries Ltd investment thesis summary:
Bhagiradha Chemicals & Industries Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
