Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Bhagyanagar India Ltd

BHAGYANGR
Recycling

Bhagyanagar India 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 disagreement: profits are rising, but only 10% 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 (54 weeks in) while the P/E sits at the 46th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +150.0% year on year, and 10% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Improving
partial read
Price
₹364
+302.0% 1Y
P/E
18.6×
46th pctile
of its own 11-year range
Revenue (Jun 26)
₹705 Cr
+45.1% YoY
Profit (Jun 26)
₹20.0 Cr
+150.0% YoY
Operating margin
5.0%
+1.7 pp YoY
ROCE
21%
FY26
ROIC
13.3%
vs WACC 12.0% → +1.3 pp
Cash conversion
10%
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.

Bhagyanagar India Ltd trades at ₹364, in a confirmed uptrend and 54 weeks into that stage. That is +42.5% against its own 200-day average. It sits at 85% of a 52-week range of ₹96 to ₹410. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 48 straight weeks.

Today the stock is in a confirmed uptrend — week 54 of stage 2, confirmed. At ₹364 it trades +42.5% versus its 200-day average and sits at 85% of its 52-week range (₹96–₹410).

Aug 26: ₹364 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.
+42.5% versus the 200-day line, week 54 of stage 2
Price50-day avg200-day avg
S2S4S2₹439₹335₹231₹127₹23.1₹364₹256Aug 23May 24Feb 25Dec 25Aug 26
S2S4S2₹439₹335₹231₹127₹23.1₹364₹256Aug 23Feb 25Aug 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (544 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 16Aug 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +2,019% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 48 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.

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.

Bhagyanagar India Ltd trades at 18.6× P/E, mid-range by its own standards (46th percentile). Its long-run median P/E is 19.4×, 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 18.6× is mid-range by its own standards (46th percentile), against a long-run median of 19.4× 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 18.6× vs a 19.4× 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 58× 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 (46th percentile)
P/EMedianEPS (TTM) (quarterly)
62.6×₹21.347.0×₹15.931.3×₹10.615.7×₹5.30.0×₹0.0×18.50×₹20Feb 16Nov 18Aug 21Mar 24Aug 26
62.6×₹21.347.0×₹15.931.3×₹10.615.7×₹5.30.0×₹0.0×18.50×₹20Feb 16Aug 21Aug 26
P/E
18.6×
46th percentile of 11y

🚨 Why the multiple sits where it does: over the past year annual EPS moved +258.0% against a +302.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +45.1%/yr price move, ~+61.4%/yr came from earnings growth and ~−16.3 pp from the multiple (compressing); over 10y, of the +33.5%/yr price move, ~+43.3%/yr came from earnings growth and ~−9.8 pp from the multiple (compressing). 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 unremarkable 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 · 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).

Bhagyanagar India Ltd reads as improving on its fundamental arc. Improving — EPS growth bottomed 7 quarters ago at −78.4% and has held its recovery at +215.8%, ROCE lifting at 21.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue +46.2% in FY26, profit +257.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
110%331%74%220%39%108%3.1%0.0%−32%−114%%%46.2%257.1%FY16FY21FY26
110%331%74%220%39%108%3.1%0.0%−32%−114%%%46.2%257.1%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 accelerating, profit accelerating
RevenueProfitEPS
54%284%36%187%17%89%−1.1%−7.9%−20%−105%%%49.1%195.2%215.8%Sep 23Dec 24Jun 26
54%284%36%187%17%89%−1.1%−7.9%−20%−105%%%49.1%195.2%215.8%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
22%18%15%11%7.0%%21%FY23FY24FY26
22%18%15%11%7.0%%21%FY23FY24FY26
Revenue growth
Rising
latest +49.1% · span −14.5% to +49.1%
Profit growth
Rising
latest +195.2% · span −78.0% to +233.3%
EPS growth
Rising
latest +215.8% · span −78.4% to +257.2%
ROCE
Rising
latest 21.0% · span 8.0%–21.0%

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.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

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+46.2%+8.8%+24.8%+23.0%
Profit+257.1%+71.0%+75.5%+32.5%
EPS+258.0%+70.4%+70.4%+44.7%
Share price+302.0%+75.4%+45.1%+33.5%
Revenue YoY (Jun 26)
+45.1%
latest quarter vs a year ago
Profit YoY (Jun 26)
+150.0%
latest quarter vs a year ago
Revenue 10y
23.0%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

70.5/100 — rank 1 of 9 in Recycling · 80% evidence confidence

Bhagyanagar India Ltd scores 70.5 out of 100 against the 9 companies it is compared with in Recycling, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 30.7 + 14.7 + 11.1 + 14 = 70.5. 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.

Bhagyanagar India Ltd reported ₹705 Cr of revenue in the Jun 26 quarter, +45.1% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 23.0% a year. The last full year, FY26, came in at ₹2,378 Cr. The last four reported quarters add to ₹2,597 Cr.

FY26 revenue came in at ₹2,378 Cr (+46.2% on the year), capping 10 years at 23.0% compound. The latest quarter (Jun 26) printed ₹705 Cr, +45.1% year on year — the 9th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,378 Cr (+46.2% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
23.0% a year over 10 years
RevenueYoY growth
2.6k110%1.9k74%1.3k39%6423.1%0−32%₹ Cr%₹2,37846.2%FY16FY21FY26
2.6k110%1.9k74%1.3k39%6423.1%0−32%₹ Cr%₹2,37846.2%FY16FY21FY26
Jun 26: ₹705 Cr (+45.1% 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.
9th straight quarter of growth
Revenue (quarterly)YoY growth
79470%59541%39712%198−17%0−46%₹ Cr%₹70545.1%Sep 23Dec 24Jun 26
79470%59541%39712%198−17%0−46%₹ Cr%₹70545.1%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +48.9% growth against the decade's 23.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +49.1% over the last 4 quarters against +33.7%/yr over the last 8 — accelerating; TTM profit +195.2% vs +149.0%/yr — accelerating.

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.

Bhagyanagar India Ltd's operating margin is 5.0% in the Jun 26 quarter, +1.7 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.9% to 5.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 5.0%, +1.7 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.9%–5.0%.

Why the margin moved: operating margin went +2.1 pp year on year while gross margin went +0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 4.5% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 1.9–5.0% band over 13 years
operating marginYoY change (pp)
5.2%2.6%4.3%1.3%3.5%0.0%2.6%−1.3%1.7%−2.6%%%4.5%2.2%FY14FY20FY26
5.2%2.6%4.3%1.3%3.5%0.0%2.6%−1.3%1.7%−2.6%%%4.5%2.2%FY14FY20FY26
Jun 26: 5.0% operating margin (+1.7 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)
5.3%2.6%4.3%1.8%3.4%1.0%2.5%0.3%1.5%−0.5%%%5%1.7%Sep 23Dec 24Jun 26
5.3%2.6%4.3%1.8%3.4%1.0%2.5%0.3%1.5%−0.5%%%5%1.7%Sep 23Dec 24Jun 26
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.

Bhagyanagar India Ltd earned ₹20.0 Cr of net profit in the Jun 26 quarter, +150.0% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹50.0 Cr. The 10-year compound rate is 32.5%. That is 2.8% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr.

Jun 26 profit was ₹20.0 Cr, +150.0% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹50.0 Cr (+257.1%), and the 10-year compound rate is 32.5%.

FY26 profit ₹50.0 Cr (+257.1% 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.
32.5% a year over 10 years
Net profitYoY growth
54395%41267%27138%149.8%0−119%₹ Cr%₹50257.1%FY16FY21FY26
54395%41267%27138%149.8%0−119%₹ Cr%₹50257.1%FY16FY21FY26
Jun 26: ₹20.0 Cr (+150.0% 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.
8th straight quarter of growth
Net profit (quarterly)YoY growth
22332%16217%11103%5−12%0−126%₹ Cr%₹20150%Sep 23Dec 24Jun 26
22332%16217%11103%5−12%0−126%₹ Cr%₹20150%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +45.1% and the margin +1.7 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +202.5% vs revenue +48.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

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 10% of Bhagyanagar India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹59.0 Cr of operating cash against ₹50.0 Cr of profit. After ₹11.0 Cr of capital spending, ₹48.0 Cr was left as free cash.

FY26: operating cash of ₹59.0 Cr against reported profit of ₹50.0 Cr, leaving free cash of ₹48.0 Cr after ₹11.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 10% of profit.

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

FY26: CFO ₹59.0 Cr vs profit ₹50.0 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. FY17 reflects an acquisition year — point shown clipped.
10% of 3-year profit arrived as cash
Operating cashNet profitFree cash
11644−29−102−174₹ Cr₹59₹50₹48FY16FY21FY26
11644−29−102−174₹ Cr₹59₹50₹48FY16FY21FY26
FY26: CFO = 118% of profit (three-year rate 10%) 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%
527%−295%−1,117%−1,938%−2,760%%118%FY16FY21FY26
527%−295%−1,117%−1,938%−2,760%%118%FY16FY21FY26

🚨 Why conversion sits at 10%: the cash cycle tightened 11 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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).

Bhagyanagar India Ltd's cash conversion cycle runs 65 days in FY26, down from 76 days in FY21. Capital spending ran ₹25.0 Cr over the last 3 years. At FY26 sales of ₹2,378 Cr each day of that cycle holds about ₹6.5 Cr, so roughly ₹423 Cr sits inside the business at any moment.

FY26: debtors at 31 days, inventory at 39 days — roughly 1.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 65 days, tighter than FY21's 76.

The full loop: cash goes out to suppliers and production on day 0; stock waits 39 days to sell; customers pay about 31 days after that; and suppliers themselves are paid at 5 days — netting out to the 65-day cycle.

In money terms: at FY26 sales of ₹2,378 Cr, each day of the cycle holds about ₹6.5 Cr — so the 65-day loop keeps roughly ₹423 Cr sitting inside the business at any moment.

FY26: a 65-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−11 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
122895724−9days65d39d31d5dFY14FY17FY20FY23FY26
122895724−9days65d39d31d5dFY14FY20FY26

On the investment side: capital spending of ₹25.0 Cr over the last 3 fiscal years against ₹21.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹11.0 Cr, work-in-progress ₹0.0 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.
steady investment
CapexWork-in-progress
30−13−56−99−142₹ Cr₹11₹0FY16FY18FY21FY23FY26
30−13−56−99−142₹ Cr₹11₹0FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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.⚠ unverified

Bhagyanagar India Ltd earns a ROCE of 21% in FY26. That is up from a trough of 3% in FY14. Return on invested capital clears the cost of that capital by +1.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 2.1% net margin on 3.74× asset turns.

FY26 ROCE is 21%, recovered from a FY14 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 2.1% net margin × 3.74× asset turns × 2.47× balance-sheet leverage ≈ 19.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.3% − 12.0% = a +1.3 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. Positive but thin — value creation with little room for error.

FY26: ROCE 21% 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 climb back from FY14's 3%
ROCEROIC (annual)WACC
22%17%12%6.8%1.6%%21%14.8%FY14FY20FY26
22%17%12%6.8%1.6%%21%14.8%FY14FY20FY26
Q4 FY26: ROCE 32.2% (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
34%27%19%11%2.9%%32.2%10.6%Q1 FY24Q2 FY25Q4 FY26
34%27%19%11%2.9%%32.2%10.6%Q1 FY24Q2 FY25Q4 FY26
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.⚠ unverified

Bhagyanagar India Ltd carries total debt of ₹259 Cr against shareholder equity of ₹258 Cr as of Mar 26, a debt-to-equity of 1.00. On the annual view that ratio went from 1.30 in FY22 to 1.00 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹259 Cr against shareholder equity of ₹258 Cr — a debt-to-equity of 1.00. On the annual view, debt-to-equity went from 1.30 (FY22) to 1.00 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹259 Cr at 1.00× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
2971.6×2231.3×1491.0×740.7×00.4×₹ Cr×₹2591.00×FY22FY24FY26
2971.6×2231.3×1491.0×740.7×00.4×₹ Cr×₹2591.00×FY22FY24FY26
Mar 26: debt ₹259 Cr, debt-to-equity 1.00 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
3991.7×2991.4×1991.1×1000.8×00.4×₹ Cr×₹2591.00×Jun 23Sep 24Mar 26
3991.7×2991.4×1991.1×1000.8×00.4×₹ Cr×₹2591.00×Jun 23Sep 24Mar 26
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.

Promoters cut 6.7 points of Bhagyanagar India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 64.9% of the company. Foreign institutions moved +0.7 points over the same window, to 0.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −6.7 points over 8 quarters to 64.9%; Foreign institutions: +0.7 points over 8 quarters to 0.9%; Domestic institutions: +0.2 points over 8 quarters to 0.2%.

🚨 Why the register moved: promoters drove it (−6.7 points), absorbed on the other side by foreign institutions (+0.7 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −7.5 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
78%57%36%15%−5.8%%64.8%0.4%0%34.7%Mar 24Mar 25Mar 26
78%57%36%15%−5.8%%64.8%0.4%0%34.7%Mar 24Mar 25Mar 26
Promoters cut 6.7 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%37%16%−6.0%%64.9%0.9%0.2%34.0%Jun 23Dec 24Jun 26
81%59%37%16%−6.0%%64.9%0.9%0.2%34.0%Jun 23Dec 24Jun 26
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.

Bhagyanagar India 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.

14 · Related companies · Recycling
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Bhagyanagar India Ltdthis pageBHAGYANGR 70.5/100Favorable setup80% evidence LEADER 30.7/35 Revenue 49.1% · PAT 100% · OPM change 1.7 pp 95% evidence 14.7/25 ROCE 20.7% · OPM 5% 95% evidence 11.1/20 P/E 18.6× · PEG — 15% evidence 14.0/20 RS sector 66.7% · RS bench 75.3% · 1Y 309.2%12 of 12 weeks ahead 100% evidence
Exact sum: 30.7 + 14.7 + 11.1 + 14 = 70.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Namo eWaste Management LtdNAMOEWASTE 63.2/100Thin evidence · provisional56% evidence LEADER 20.1/35 Revenue — · PAT — · OPM change 3 pp 26% evidence 15.5/25 ROCE 21.3% · OPM 11% 95% evidence 8.9/20 P/E 43.7× · PEG — 15% evidence 18.7/20 RS sector 23.1% · RS bench 33.2% · 1Y 57.8%12 of 12 weeks ahead 100% evidence
Exact sum: 20.1 + 15.5 + 8.9 + 18.7 = 63.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3NILE LtdNILE 56.5/100Mixed-positive evidence81% evidence 18.1/35 Revenue 17% · PAT 12.1% · OPM change -5.3 pp 95% evidence 16.3/25 ROCE 25.3% · OPM 3.8% 95% evidence 11.9/20 P/E 9.6× · PEG — 50% evidence 10.2/20 RS sector 3.2% · RS bench -12.1% · 1Y -25.8%4 of 7 weeks ahead 70% evidence
Exact sum: 18.1 + 16.3 + 11.9 + 10.2 = 56.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Gravita India LtdGRAVITA 52.5/100Mixed-positive evidence100% evidence FADING 18.2/35 Revenue 17.5% · PAT 15.7% · OPM change -3 pp 100% evidence 10.3/25 ROCE 17% · OPM 7% 100% evidence 12.0/20 P/E 33.8× · PEG 1 100% evidence 12.0/20 RS sector -3.4% · RS bench 6.1% · 1Y 0.9%6 of 12 weeks ahead 100% evidence
Exact sum: 18.2 + 10.3 + 12 + 12 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Eco Recycling Ltd530643 50.3/100Mixed-positive evidence82% evidence FADING 10.1/35 Revenue 9.6% · PAT -1.7% · OPM change 1.5 pp 95% evidence 19.4/25 ROCE 30% · OPM 56.3% 76% evidence 10.7/20 P/E 39.5× · PEG — 50% evidence 10.1/20 RS sector -7.5% · RS bench 1.8% · 1Y -18.5%10 of 12 weeks ahead 100% evidence
Exact sum: 10.1 + 19.4 + 10.7 + 10.1 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Pondy Oxides & Chemicals LtdPOCL 49.1/100Mixed-negative evidence100% evidence FADING 27.6/35 Revenue 48.5% · PAT 100% · OPM change -1 pp 100% evidence 13.6/25 ROCE 23.2% · OPM 6% 100% evidence 4.3/20 P/E 26.2× · PEG 2.37 100% evidence 3.6/20 RS sector -14.2% · RS bench -6% · 1Y 14.8%9 of 12 weeks ahead 100% evidence
Exact sum: 27.6 + 13.6 + 4.3 + 3.6 = 49.1 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.2% and the one-year return is 14.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7Jain Resource Recycling LtdJAINREC 47.7/100Mixed-negative evidence73% evidence ASLEEP 18.3/35 Revenue 65.3% · PAT 62.2% · OPM change -2 pp 100% evidence 14.4/25 ROCE 25.7% · OPM 4% 100% evidence 5.0/20 P/E 27.8× · PEG 3.48 65% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 12 weeks ahead 0% evidence
Exact sum: 18.3 + 14.4 + 5 + 10 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Antony Waste Handling Cell LtdAWHCL 39.1/100Mixed-negative evidence81% evidence ASLEEP 9.4/35 Revenue 11.8% · PAT -32% · OPM change -8 pp 95% evidence 12.5/25 ROCE 11.2% · OPM 14.3% 95% evidence 13.4/20 P/E 19× · PEG — 50% evidence 3.8/20 RS sector -17.8% · RS bench -22.5% · 1Y -35.6%1 of 10 weeks ahead 70% evidence
Exact sum: 9.4 + 12.5 + 13.4 + 3.8 = 39.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9Ganesha Ecosphere LtdGANECOS 33.2/100Adverse evidence94% evidence FADING 10.2/35 Revenue 7% · PAT -38% · OPM change 3 pp 100% evidence 5.5/25 ROCE 5.4% · OPM 14% 100% evidence 11.1/20 P/E 50.3× · PEG 0.43 100% evidence 6.4/20 RS sector -27% · RS bench 4.1% · 1Y -24.9%7 of 10 weeks ahead 70% evidence
Exact sum: 10.2 + 5.5 + 11.1 + 6.4 = 33.2 · 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.

15 · Frequently asked questions

Frequently asked questions

What is Bhagyanagar India Ltd's share price today?

Bhagyanagar India Ltd trades at ₹364, +302.0% over the past year. The company is valued at ₹1,166 Cr. The stock sits at 85% of its 52-week range of ₹96–₹410, +42.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 54 weeks in. — as of 14 August 2026.

What were Bhagyanagar India Ltd's latest quarterly results?

Bhagyanagar India Ltd reported revenue of ₹705 Cr and net profit of ₹20.0 Cr for the Jun 26 quarter. Revenue rose 45.1% and profit rose 150.0% year on year. Earnings per share were ₹6.33. The operating margin was 5.0%, 1.7 pp higher than a year earlier. — as of 14 August 2026.

What is Bhagyanagar India Ltd's revenue?

Bhagyanagar India Ltd reported revenue of ₹705 Cr in the Jun 26 quarter, +45.1% year on year. For the full FY26 fiscal year, revenue was ₹2,378 Cr (+46.2%). Over the last 10 years revenue compounded at 23.0% a year. — as of 14 August 2026.

What is Bhagyanagar India Ltd's profit?

Bhagyanagar India Ltd earned ₹20.0 Cr of net profit in the Jun 26 quarter, +150.0% year on year — the 8th straight quarter of growth. Full-year FY26 profit was ₹50.0 Cr. The operating margin ran 5.0% in the latest quarter. — as of 14 August 2026.

What is Bhagyanagar India Ltd's market cap?

Bhagyanagar India Ltd's market capitalisation is ₹1,166 Cr at a share price of ₹364. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

What is Bhagyanagar India Ltd's P/E ratio?

Bhagyanagar India Ltd trades at a P/E of 18.6×, at the 46th percentile of its own 11-year range, against a long-run median of 19.4×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.

Does Bhagyanagar India Ltd pay a dividend?

Not in its latest year — Bhagyanagar India Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 2 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.

Is Bhagyanagar India Ltd overvalued?

On its own history, Bhagyanagar India Ltd looks mid-range: its P/E of 18.6× sits at the 46th percentile of its 11-year range (long-run median 19.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Bhagyanagar India Ltd growing?

Yes — Bhagyanagar India Ltd is growing: latest-quarter revenue +45.1% year on year, profit +150.0%, and the margin +1.7 pp at 5.0%. The 10-year compound rates are 23.0% (revenue) and 32.5% (profit). The earnings engine currently reads: improving — as of 14 August 2026.

How is Bhagyanagar India Ltd performing?

Bhagyanagar India Ltd is in a confirmed uptrend, 54 weeks in. Its latest quarter's revenue rose 45.1% and profit rose 150.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 48 weeks. This describes what the data did, not a rating. — as of 14 August 2026.

What stage is Bhagyanagar India Ltd in?

Improving — EPS growth bottomed 7 quarters ago at −78.4% and has held its recovery at +215.8%, ROCE lifting at 21.0%. The read comes from the last 12 quarters of growth (revenue growth +49.1% latest, profit growth +195.2% latest, eps growth +215.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.

Is Bhagyanagar India Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 54 of stage 2), trading +42.5% versus its 200-day average and at 85% 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 14 August 2026.

Is Bhagyanagar India Ltd beating the market?

On recent form, yes — Bhagyanagar India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 48 straight weeks, 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 +2,019% against the NIFTY 500's +284% — ahead of the index over the full window. — as of 14 August 2026.

Will Bhagyanagar India Ltd's share price go up?

This page publishes no price forecast for Bhagyanagar India Ltd. What it measures instead: the share price is ₹364, the price is in a confirmed uptrend 54 weeks in. Its P/E of 18.6× sits at the 46th percentile of its own 11-year range. — as of 14 August 2026.

Who owns Bhagyanagar India Ltd?

Promoters hold 64.9% of Bhagyanagar India Ltd, foreign institutions 0.9%, domestic institutions 0.2% and the public 34.0% (latest quarter). The biggest move on the register over the last two years: Promoters cut 6.7 points over 8 quarters. — as of 14 August 2026.

Does Bhagyanagar India Ltd have too much debt?

It carries real leverage — Bhagyanagar India Ltd's debt-to-equity is 1.01, and operating profit covers the interest bill 3×. FY26 borrowings were ₹259 Cr against equity of ₹257 Cr. Read the returns on this page with that leverage in mind — as of 14 August 2026.

What is Bhagyanagar India Ltd's capex?

Bhagyanagar India Ltd spent ₹25.0 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 ₹11.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.

What is Bhagyanagar India Ltd's cash flow?

Bhagyanagar India Ltd generated ₹59.0 Cr of operating cash flow in FY26 and ₹48.0 Cr of free cash flow after ₹11.0 Cr of capital spending. Reported profit that year was ₹50.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 14 August 2026.

Is Bhagyanagar India Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 10% of Bhagyanagar India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹59.0 Cr against reported profit of ₹50.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 14 August 2026.

Where is Bhagyanagar India Ltd in its business cycle?

Bhagyanagar India Ltd's FY26 operating margin was 4.5%, against a 13-year band of 1.9%–5.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 5.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.

What could break the Bhagyanagar India Ltd story?

The sharpest disagreement: profits are rising, but only 10% 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 14 August 2026.

Is Bhagyanagar India Ltd a stock worth studying right now?

This is not investment advice. The machine read: Bhagyanagar India 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: 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 14 August 2026.

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