Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

Agarwal Industrial Corporation Ltd

AGARIND
Petrochem - Others

Agarwal Industrial Corporation Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

Biggest watch item: the P/E sits at the 69th percentile of its own range — the multiple has already done part of the work.

The price is in a downtrend (80 weeks in) while the P/E sits at the 69th percentile of its own 11-year range. Underneath, the last four quarters read deteriorating — profit −23.1% year on year, and 166% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Deteriorating
partial read
Price
₹432
−54.5% 1Y
P/E
15.8×
69th pctile
of its own 11-year range
Revenue (Jun 26)
₹433 Cr
−27.1% YoY
Profit (Jun 26)
₹10.0 Cr
−23.1% YoY
Operating margin
7.0%
+1.0 pp YoY
ROCE
8%
FY26
ROIC
5.4%
vs WACC 12.0% → −6.6 pp
Cash conversion
166%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
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.

Agarwal Industrial Corporation Ltd trades at ₹432, in a downtrend and 80 weeks into that stage. That is −23.8% against its own 200-day average. It sits at 10% of a 52-week range of ₹378 to ₹898. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 80 of stage 4, confirmed. At ₹432 it trades −23.8% versus its 200-day average and sits at 10% of its 52-week range (₹378–₹898).

Sep 26: ₹432 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.
−23.8% versus the 200-day line, week 80 of stage 4
Price50-day avg200-day avg
S2S2S4₹1,412₹1,135₹857₹579₹301₹432₹566Sep 23Jun 24Mar 25Dec 25Sep 26
S2S2S4₹1,412₹1,135₹857₹579₹301₹432₹566Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (552 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
Mar 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +182% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-08-14) — 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.

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.

Agarwal Industrial Corporation Ltd trades at 15.8× P/E, mid-range by its own standards (69th percentile). Its long-run median P/E is 12.7×, measured across 10.5 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 15.8× is mid-range by its own standards (69th percentile), against a long-run median of 12.7× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 15.8× vs a 12.7× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.5-year window; loss-period spikes above 38× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (69th percentile)
P/EMedianEPS (TTM) (quarterly)
40.9×₹89.030.7×₹66.820.5×₹44.510.2×₹22.30.0×₹0.0×15.80×₹27Mar 16Nov 18Jun 21Feb 24Sep 26
40.9×₹89.030.7×₹66.820.5×₹44.510.2×₹22.30.0×₹0.0×15.80×₹27Mar 16Jun 21Sep 26
P/E
15.8×
69th percentile of 11y

Why the multiple sits where it does: over the past year annual EPS moved −62.3% against a −54.5% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +6.5%/yr price move, ~−10.8%/yr came from earnings growth and ~+17.3 pp from the multiple (expanding); over 10y, of the +9.1%/yr price move, ~+9.7%/yr came from earnings growth and ~−0.6 pp from the multiple (roughly flat). 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.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Agarwal Industrial Corporation Ltd was paying for profit growth of about 10.0% a year. Profit itself has compounded 20.2% a year over the past 10 years. Today the market pays 15.8× P/E, the 69th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

04 · Stage: Deteriorating

Stage: Deteriorating 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).

Agarwal Industrial Corporation Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −34.7% latest against +17.1% at its 12-quarter best), ROCE slipping at 8.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue −31.1% in FY26, profit −62.1% 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
85%113%54%66%23%19%−8.4%−28%−40%−75%%%−31.1%−62.1%FY16FY21FY26
85%113%54%66%23%19%−8.4%−28%−40%−75%%%−31.1%−62.1%FY16FY21FY26
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 · revenue rolling over, profit rolling over
RevenueProfitEPS
21%34%6.2%8.1%−8.8%−18%−24%−44%−39%−69%%%−34.7%−54.4%−54.4%Sep 23Dec 24Jun 26
21%34%6.2%8.1%−8.8%−18%−24%−44%−39%−69%%%−34.7%−54.4%−54.4%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
24%20%16%11%6.8%%8%FY23FY24FY26
24%20%16%11%6.8%%8%FY23FY24FY26
Revenue growth
Falling
latest −34.7% · span −34.7% to +17.1%
Profit growth
Falling
latest −54.4% · span −62.1% to +26.5%
EPS growth
Falling
latest −54.4% · span −62.3% to +26.8%
ROCE
Falling
latest 8.0% · span 8.0%–23.0%

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

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−31.1%−6.4%+12.8%+19.4%
Profit−62.1%−21.8%+1.4%+20.2%
EPS−62.3%−22.1%−5.9%+8.9%
Share price−54.5%−25.4%+6.5%+9.1%
Revenue YoY (Jun 26)
−27.1%
latest quarter vs a year ago
Profit YoY (Jun 26)
−23.1%
latest quarter vs a year ago
Revenue 10y
19.4%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

26.6/100 — rank 4 of 4 in Petrochem - Others · 78% evidence confidence

Agarwal Industrial Corporation Ltd scores 26.6 out of 100 against the 4 companies it is compared with in Petrochem - Others, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 7.7 + 7.8 + 8.1 + 3 = 26.6. 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.

06 · Revenue

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

Agarwal Industrial Corporation Ltd reported ₹433 Cr of revenue in the Jun 26 quarter, −27.1% year on year. Over 10 years it has compounded at 19.4% a year. The last full year, FY26, came in at ₹1,652 Cr. The last four reported quarters add to ₹1,491 Cr.

FY26 revenue came in at ₹1,652 Cr (−31.1% on the year), capping 10 years at 19.4% compound. The latest quarter (Jun 26) printed ₹433 Cr, −27.1% year on year.

FY26 revenue ₹1,652 Cr (−31.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
19.4% a year over 10 years
RevenueYoY growth
2.6k85%1.9k54%1.3k23%648−8.4%0−40%₹ Cr%₹1,652−31.1%FY16FY21FY26
2.6k85%1.9k54%1.3k23%648−8.4%0−40%₹ Cr%₹1,652−31.1%FY16FY21FY26
Jun 26: ₹433 Cr (−27.1% 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.
Revenue (quarterly)YoY growth
88948%66721%444−5.1%222−32%0−58%₹ Cr%₹433−27.1%Sep 23Dec 24Jun 26
88948%66721%444−5.1%222−32%0−58%₹ Cr%₹433−27.1%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged −31.9% growth against the decade's 19.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −34.7% over the last 4 quarters against −17.8%/yr over the last 8 — rolling over; TTM profit −54.4% vs −41.8%/yr — rolling over.

07 · 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.

Agarwal Industrial Corporation Ltd's operating margin is 7.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 9.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–9.0%.

Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +7.0 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 7.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 6.0–9.0% band over 13 years
operating marginYoY change (pp)
9.2%2.3%8.4%1.2%7.5%0.0%6.6%−1.2%5.8%−2.3%%%7%−1%FY14FY20FY26
9.2%2.3%8.4%1.2%7.5%0.0%6.6%−1.2%5.8%−2.3%%%7%−1%FY14FY20FY26
Jun 26: 7.0% operating margin (+1.0 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%2.7%11%0.6%8.5%−1.5%6.5%−3.5%4.4%−5.6%%%7%1%Sep 23Dec 24Jun 26
13%2.7%11%0.6%8.5%−1.5%6.5%−3.5%4.4%−5.6%%%7%1%Sep 23Dec 24Jun 26
08 · Net profit

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

Agarwal Industrial Corporation Ltd earned ₹10.0 Cr of net profit in the Jun 26 quarter, −23.1% year on year. Full-year FY26 profit was ₹44.0 Cr. The 10-year compound rate is 20.2%. That is 2.3% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.

Jun 26 profit was ₹10.0 Cr, −23.1% year on year. On the full year, FY26 printed ₹44.0 Cr (−62.1%), and the 10-year compound rate is 20.2%.

FY26 profit ₹44.0 Cr (−62.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
20.2% a year over 10 years
Net profitYoY growth
125113%9466%6319%31−28%0−75%₹ Cr%₹44−62.1%FY16FY21FY26
125113%9466%6319%31−28%0−75%₹ Cr%₹44−62.1%FY16FY21FY26
Jun 26: ₹10.0 Cr (−23.1% 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
4250%3212%21−25%11−62%0−100%₹ Cr%₹10−23.1%Sep 23Dec 24Jun 26
4250%3212%21−25%11−62%0−100%₹ Cr%₹10−23.1%Sep 23Dec 24Jun 26

🚨 Why profit moved: revenue contributed −27.1% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −48.5% vs revenue −31.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

09 · 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 166% of Agarwal Industrial Corporation Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹235 Cr of operating cash against ₹44.0 Cr of profit. After ₹94.0 Cr of capital spending, ₹141 Cr was left as free cash.

FY26: operating cash of ₹235 Cr against reported profit of ₹44.0 Cr, leaving free cash of ₹141 Cr after ₹94.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 166% of profit.

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

FY26: CFO ₹235 Cr vs profit ₹44.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
166% of 3-year profit arrived as cash
Operating cashNet profitFree cash
26715238−76−191₹ Cr₹235₹44₹141FY16FY21FY26
26715238−76−191₹ Cr₹235₹44₹141FY16FY21FY26
FY26: CFO = 534% of profit (three-year rate 166%) 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%
335%209%84%−42%−168%%300%FY16FY21FY26
335%209%84%−42%−168%%300%FY16FY21FY26

Why conversion sits at 166%: the cash cycle tightened 38 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 4.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

10 · 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).

Agarwal Industrial Corporation Ltd's cash conversion cycle runs 24 days in FY26, down from 62 days in FY21. Capital spending ran ₹531 Cr over the last 3 years. At FY26 sales of ₹1,652 Cr each day of that cycle holds about ₹4.5 Cr, so roughly ₹109 Cr sits inside the business at any moment.

FY26: debtors at 34 days, inventory at 35 days — roughly 1.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 24 days, tighter than FY21's 62.

The full loop: cash goes out to suppliers and production on day 0; stock waits 35 days to sell; customers pay about 34 days after that; and suppliers themselves are paid at 44 days — netting out to the 24-day cycle.

In money terms: at FY26 sales of ₹1,652 Cr, each day of the cycle holds about ₹4.5 Cr — so the 24-day loop keeps roughly ₹109 Cr sitting inside the business at any moment.

FY26: a 24-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−38 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1661227935−9days24d35d34d44dFY14FY17FY20FY23FY26
1661227935−9days24d35d34d44dFY14FY20FY26

On the investment side: capital spending of ₹531 Cr over the last 3 fiscal years against ₹130 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹31.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹94.0 Cr, work-in-progress ₹31.0 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
293220146730₹ Cr₹94₹31FY16FY18FY21FY23FY26
293220146730₹ Cr₹94₹31FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

11 · 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.⚠ unverified

Agarwal Industrial Corporation Ltd earns a ROCE of 8% in FY26. Return on invested capital clears the cost of that capital by −6.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.7% net margin on 1.37× asset turns.

FY26 ROCE is 8%.

🚨 Why the return is what it is — the wiring (FY26): 2.7% net margin × 1.37× asset turns × 1.74× balance-sheet leverage ≈ 6.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 5.4% − 12.0% = a −6.6 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 8% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEROIC (annual)WACC
24%19%14%9.1%4.0%%8%5.4%FY14FY20FY26
24%19%14%9.1%4.0%%8%5.4%FY14FY20FY26
Q4 FY26: ROCE 8.0% (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
24%20%15%11%6.5%%8%7.7%Q1 FY24Q2 FY25Q4 FY26
24%20%15%11%6.5%%8%7.7%Q1 FY24Q2 FY25Q4 FY26
12 · 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.⚠ unverified

Agarwal Industrial Corporation Ltd carries total debt of ₹341 Cr against shareholder equity of ₹689 Cr as of Mar 26, a debt-to-equity of 0.49. On the annual view that ratio went from 0.58 in FY22 to 0.49 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹341 Cr against shareholder equity of ₹689 Cr — a debt-to-equity of 0.49. On the annual view, debt-to-equity went from 0.58 (FY22) to 0.49 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹341 Cr at 0.49× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
4700.74×3520.64×2350.55×1170.46×00.36×₹ Cr×₹3410.49×FY22FY24FY26
4700.74×3520.64×2350.55×1170.46×00.36×₹ Cr×₹3410.49×FY22FY24FY26
Mar 26: debt ₹341 Cr, debt-to-equity 0.49 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
4700.74×3520.64×2350.55×1170.46×00.36×₹ Cr×₹3410.49×Jun 23Sep 24Mar 26
4700.74×3520.64×2350.55×1170.46×00.36×₹ Cr×₹3410.49×Jun 23Sep 24Mar 26
13 · 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.

Foreign institutions cut 3.6 points of Agarwal Industrial Corporation Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 2.4% of the company. Domestic institutions moved −0.4 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 — Foreign institutions: −3.6 points over 8 quarters to 2.4%; Domestic institutions: −0.4 points over 8 quarters to 0.1%; Promoters: +0.0 points over 8 quarters to 57.2%.

🚨 Why the register moved: foreign institutions drove it (−3.6 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 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
62%45%29%12%−4.6%%57.2%4.7%0.0%38.1%Mar 24Mar 25Mar 26
62%45%29%12%−4.6%%57.2%4.7%0.0%38.1%Mar 24Mar 25Mar 26
Foreign institutions cut 3.6 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
62%45%29%12%−4.6%%57.2%2.4%0.1%40.4%Jun 23Dec 24Jun 26
62%45%29%12%−4.6%%57.2%2.4%0.1%40.4%Jun 23Dec 24Jun 26
14 · 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.

Agarwal Industrial Corporation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Petrochem - Others
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Savita Oil Technologies LtdSOTL 73.8/100Favorable setup97% evidence LEADER 32.3/35 Revenue 26.2% · PAT 100% · OPM change 19 pp 100% evidence 12.6/25 ROCE 13.4% · OPM 25% 100% evidence 14.9/20 P/E 11.9× · PEG 0.77 85% evidence 14.0/20 RS sector 41.9% · RS bench 61.5% · 1Y 76.6%12 of 12 weeks ahead 100% evidence
Exact sum: 32.3 + 12.6 + 14.9 + 14 = 73.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Tamil Nadu Petro Products LtdTNPETRO 62.6/100Mixed-positive evidence78% evidence BREAKING OUT 27.5/35 Revenue -2.5% · PAT 79.8% · OPM change 5 pp 95% evidence 9.3/25 ROCE 10.9% · OPM 15% 95% evidence 8.8/20 P/E 8.5× · PEG — 35% evidence 17.0/20 RS sector 24.3% · RS bench 31.6% · 1Y 25.1%8 of 10 weeks ahead 70% evidence
Exact sum: 27.5 + 9.3 + 8.8 + 17 = 62.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3DCW LtdDCW 40.4/100Mixed-negative evidence77% evidence TURNING 21.3/35 Revenue 11.8% · PAT 100% · OPM change -4 pp 95% evidence 8.3/25 ROCE 9.9% · OPM 7% 95% evidence 10.0/20 P/E 19.3× · PEG — 0% evidence 0.8/20 RS sector -20.2% · RS bench -9.1% · 1Y -37.7%3 of 12 weeks ahead 100% evidence
Exact sum: 21.3 + 8.3 + 10 + 0.8 = 40.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Agarwal Industrial Corporation Ltdthis pageAGARIND 26.6/100Adverse evidence78% evidence ASLEEP 7.7/35 Revenue -34.8% · PAT -54.4% · OPM change 1 pp 95% evidence 7.8/25 ROCE 7.7% · OPM 7% 95% evidence 8.1/20 P/E 15.8× · PEG — 35% evidence 3.0/20 RS sector -30.9% · RS bench -27.7% · 1Y -48.1%7 of 10 weeks ahead 70% evidence
Exact sum: 7.7 + 7.8 + 8.1 + 3 = 26.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is Agarwal Industrial Corporation Ltd's share price today?

Agarwal Industrial Corporation Ltd trades at ₹432, −54.5% over the past year. The company is valued at ₹646 Cr. The stock sits at 10% of its 52-week range of ₹378–₹898, −23.8% versus its 200-day average. On the tape, the price is in a downtrend, 80 weeks in. — as of 11 September 2026.

What were Agarwal Industrial Corporation Ltd's latest quarterly results?

Agarwal Industrial Corporation Ltd reported revenue of ₹433 Cr and net profit of ₹10.0 Cr for the Jun 26 quarter. Revenue fell 27.1% and profit fell 23.1% year on year. Earnings per share were ₹6.92. The operating margin was 7.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's revenue?

Agarwal Industrial Corporation Ltd reported revenue of ₹433 Cr in the Jun 26 quarter, −27.1% year on year. For the full FY26 fiscal year, revenue was ₹1,652 Cr (−31.1%). Over the last 10 years revenue compounded at 19.4% a year. — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's profit?

Agarwal Industrial Corporation Ltd earned ₹10.0 Cr of net profit in the Jun 26 quarter, −23.1% year on year. Full-year FY26 profit was ₹44.0 Cr. The operating margin ran 7.0% in the latest quarter. — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's market cap?

Agarwal Industrial Corporation Ltd's market capitalisation is ₹646 Cr at a share price of ₹432. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's P/E ratio?

Agarwal Industrial Corporation Ltd trades at a P/E of 15.8×, at the 69th percentile of its own 11-year range, against a long-run median of 12.7×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does Agarwal Industrial Corporation Ltd pay a dividend?

Yes — Agarwal Industrial Corporation Ltd's dividend payout was 11% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is Agarwal Industrial Corporation Ltd overvalued?

On its own history, Agarwal Industrial Corporation Ltd looks expensive: its P/E of 15.8× sits at the 69th percentile of its 11-year range (long-run median 12.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.

Is Agarwal Industrial Corporation Ltd growing?

Not right now — Agarwal Industrial Corporation Ltd's latest numbers are shrinking: latest-quarter revenue −27.1% year on year, profit −23.1%, and the margin +1.0 pp at 7.0%. The 10-year compound rates are 19.4% (revenue) and 20.2% (profit). The earnings engine currently reads: deteriorating — as of 11 September 2026.

How is Agarwal Industrial Corporation Ltd performing?

Agarwal Industrial Corporation Ltd is in a downtrend, 80 weeks in. Its latest quarter's revenue fell 27.1% and profit fell 23.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is Agarwal Industrial Corporation Ltd in?

Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −34.7% latest against +17.1% at its 12-quarter best), ROCE slipping at 8.0%. The read comes from the last 12 quarters of growth (revenue growth −34.7% latest, profit growth −54.4% latest, eps growth −54.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is Agarwal Industrial Corporation Ltd in an uptrend?

No — the price is in a downtrend (week 80 of stage 4), trading −23.8% versus its 200-day average and at 10% 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 11 September 2026.

Is Agarwal Industrial Corporation Ltd beating the market?

Not lately — on a trailing-13-week view Agarwal Industrial Corporation Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-08-14), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +182% against the NIFTY 500's +267% — behind the index over the full window. — as of 11 September 2026.

Will Agarwal Industrial Corporation Ltd's share price go up?

This page publishes no price forecast for Agarwal Industrial Corporation Ltd. What it measures instead: the share price is ₹432, the price is in a downtrend 80 weeks in. Its P/E of 15.8× sits at the 69th percentile of its own 11-year range. — as of 11 September 2026.

Who owns Agarwal Industrial Corporation Ltd?

Promoters hold 57.2% of Agarwal Industrial Corporation Ltd, foreign institutions 2.4%, domestic institutions 0.1% and the public 40.4% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.6 points over 8 quarters. — as of 11 September 2026.

Does Agarwal Industrial Corporation Ltd have too much debt?

It is moderate — Agarwal Industrial Corporation Ltd's debt-to-equity is 0.49, and operating profit covers the interest bill 4×. FY26 borrowings were ₹341 Cr against equity of ₹689 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's capex?

Agarwal Industrial Corporation Ltd spent ₹531 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 ₹94.0 Cr, with ₹31.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is Agarwal Industrial Corporation Ltd's cash flow?

Agarwal Industrial Corporation Ltd generated ₹235 Cr of operating cash flow in FY26 and ₹141 Cr of free cash flow after ₹94.0 Cr of capital spending. Reported profit that year was ₹44.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is Agarwal Industrial Corporation Ltd's profit real cash?

Yes — over the last 3 fiscal years, 166% of Agarwal Industrial Corporation Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹235 Cr against reported profit of ₹44.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.

Where is Agarwal Industrial Corporation Ltd in its business cycle?

Agarwal Industrial Corporation Ltd's FY26 operating margin was 7.0%, against a 13-year band of 6.0%–9.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 7.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does Agarwal Industrial Corporation Ltd's price assume?

At its price on 13 June 2026, Agarwal Industrial Corporation Ltd was priced for profit growth of about 10.0% a year. Profit itself has compounded 20.2% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the Agarwal Industrial Corporation Ltd story?

Biggest watch item: the P/E sits at the 69th percentile of its own range — the multiple has already done part of the work. 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 11 September 2026.

Is Agarwal Industrial Corporation Ltd a stock worth studying right now?

This is not investment advice. The machine read: Agarwal Industrial Corporation Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

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