Bhagyanagar India Ltd (BHAGYANGR) — share price & stock analysis

Market cap

₹1,313 Cr

P/E

26.2×

ROE

21.6%

vs own 10-yr valuation

77th pctile

Book value / share

₹80.5

EPS (TTM)

₹11.3

10-yr median P/E

18.2×

Revenue (FY26)

₹2,378 Cr

Profit after tax (FY26)

₹50 Cr

Weinstein stage

Stage 2 (48 weeks)

Data as of

1 July 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 21% — a high-quality engine; real debt (1.01× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The market has pre-paid for growth that hasn’t arrived yet

Since Sept 2017, the stock is up 1,333% while earnings per share grew 382%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 26.2× means the market is paying up — this is the expensive end of its own 10-year history (77th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (18.2×).

An uptrend that has held for 48 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 48 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹207 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 49 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 12 years, sales went from ₹234 Cr to ₹2,378 Cr (about 21% a year), and profit from ₹3.0 Cr to ₹50.0 Cr.revenuenet_profit

Margins took a round trip — down to 1.9% in FY22, back to 4.5% now. The profit growth survived the squeeze.operating_profit

Sales exploded 62% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹735 Cr, up 62% on the same quarter last year.revenue

That makes 8 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — 3% → 5% in a year

Of every ₹100 of sales, the company keeps ₹4.9 as operating profit (a year ago it kept ₹2.5).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 1.9% in FY22 and has been rebuilt to 4.5% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (8% → 9%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 260% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹18.0 Cr, up 260% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹131 Cr of profit and collected ₹−33.0 Cr of operating cash — about -25% conversion.operating_cash_flownet_profit

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 65 days to go out the door as materials and come back as collected cash — up from 33 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (0 → 39 days).inventory_days

No big build-out underway — growth must come from what already exists

The productive asset base has gone from ₹206 Cr (FY14) to ₹84.0 Cr.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹−24.0 Cr) fits inside the operating cash the business generated (₹11.0 Cr).investing_cash_flowoperating_cash_flow

Debt is building — watch this

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹101 — total borrowings have grown from ₹110 Cr to ₹259 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹21 — and the number is rising

Return on capital employed is 21.0% (a year ago: 8.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Promoter holding dropped in one step — an event, not a slow exit

Promoters hold 64.8% (down 6.8 points over 8 quarters). Foreign funds own 0.4%, domestic funds 0.0%.promoters_pctfiis_pctdiis_pct

The promoter move came in a single step (Dec 25) — promoters rarely buy on-market, so a jump like this is almost always an allotment, infusion or restructuring: a capital event, not a slow accumulation of conviction. Worth knowing which, before reading it as a signal.promoters_pct

The numbers earn a deeper study — and watch the one thing that matters

The numbers lean positive, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹5.0 Cr → ₹18.0 Cr).net_profit

Biggest worry: promoter holding falling (70.5% → 64.8%).promoters_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data