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Bhagwati Autocast Ltd (504646)

📊 NSE: 504646 🏢 Auto Components & Equipments 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Bhagwati Autocast Appoints TRS & Associates as Statutory Auditors for a 5-Year Term

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 04:52 PM

Shareholders of Bhagwati Autocast Ltd have approved the appointment of M/s. TRS & Associates, Chartered Accountants, as the company's Statutory Auditors at the Annual General Meeting held on August 14, 2026. The appointment is for a tenure of 5 years, effective from the conclusion of the 44th AGM until the conclusion of the 49th AGM. TRS & Associates is an Ahmedabad-based peer-reviewed audit firm (FRN: 141126W). This is a standard corporate governance compliance procedure with no direct impact on commercial operations or earnings.

Shareholders approved the appointment of M/s. TRS & Associates as Statutory Auditors on August 14, 2026.
Tenure spans 5 consecutive years from the conclusion of the 44th AGM to the 49th AGM.
Firm holds Firm Registration No. 141126W and Peer Review Certificate No. 018337.

💡 Track subsequent quarterly financial statements (Q2 FY27) and annual filings for any audit observations or accounting policy adjustments under the new statutory auditors.

Bhagwati Autocast Resumes Operations at Bavla Plant Following Flood-Induced Suspension

🟢 POSITIVE ⭐ 5/10

ROUTINE 📅 08 Aug 2026, 05:57 PM

Bhagwati Autocast has resumed manufacturing operations at its Bavla plant in Gujarat as of August 8, 2026, following a temporary suspension due to heavy rainfall and flooding. The company is currently assessing the impact on plant, machinery, and inventory, though it noted that all assets are adequately insured. This resumption is vital for maintaining its 18,000 TPA capacity utilization, which stood at approximately 80.5% in FY2025. Given the company's high client concentration with Swaraj Engines and Escorts Kubota, the restart minimizes potential supply chain disruptions.

Manufacturing operations resumed at the Bavla plant on August 8, 2026.
Company is assessing damage to assets at the site which has an 18,000 TPA installed capacity.
All company assets are confirmed to be adequately insured against the flooding event.
The plant achieved sales volumes of 14,500 MT in FY2025 prior to this disruption.
Restoration and remedial activities were completed following the receding of water levels.

💡 Investors should monitor the upcoming quarterly financial results for any one-off expenses related to flood restoration or inventory write-downs that may not be fully covered by insurance.

Bhagwati Autocast Suspends Operations at 18,000 TPA Bavla Plant Due to Flooding

🔴 NEGATIVE ⭐ 4/10

ROUTINE 📅 25 Jul 2026, 03:24 PM

Bhagwati Autocast has temporarily suspended manufacturing at its primary plant in Bavla, Gujarat, due to heavy rainfall and flooding over the last two days. While water levels are receding and restoration has begun, the company expects a few days of downtime before normal operations resume. The company is currently assessing potential damage to machinery and inventory, though it notes all assets are adequately insured. Given the company's high client concentration with major tractor OEMs, any extended disruption could impact quarterly delivery schedules.

Manufacturing operations suspended at the Bavla plant due to 2 days of heavy rainfall and flooding
Company expects normal operations will take a few days to resume as restoration begins
Assessment of damage to plant, machinery, and inventory is currently underway
All company assets are confirmed to be adequately insured against such events
The Bavla plant represents the company's total installed capacity of 18,000 TPA

💡 Watch for a follow-up filing confirming the resumption of normal operations and any specific disclosure regarding the financial impact of damaged inventory or machinery.

₹3.50 Final Dividend: Bhagwati Autocast Sets August 7, 2026, as Record Date

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 23 Jul 2026, 03:18 PM

Bhagwati Autocast has declared a final dividend of ₹3.50 per equity share for the financial year 2025-26, representing a 35% payout on the face value of ₹10. The company has fixed August 7, 2026, as the record date to determine shareholder eligibility. The dividend is subject to approval at the 44th Annual General Meeting (AGM) scheduled for August 14, 2026. Once approved, the dividend will be paid electronically within 30 days.

Final dividend of ₹3.50 per equity share announced for FY 2025-26
Record date for dividend entitlement fixed as August 7, 2026
44th Annual General Meeting (AGM) to be held on August 14, 2026
Dividend payout represents 35% of the ₹10 face value per share
Book closure period set from August 8, 2026, to August 14, 2026

💡 Investors interested in the dividend must hold the shares in their demat account by the record date of August 7, 2026; watch for the AGM results on August 14 for formal approval.

₹3.50 Final Dividend: Bhagwati Autocast Announces Book Closure for 44th AGM

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 23 Jul 2026, 03:07 PM

Bhagwati Autocast has declared a final dividend of ₹3.50 per equity share (35% of face value) for the financial year 2025-26. The company has scheduled its 44th Annual General Meeting (AGM) for August 14, 2026. To determine dividend eligibility, the register of members will be closed from August 8, 2026, to August 14, 2026. This payout follows a period where the company maintained a strong ROCE of 32% and focused on its 18,000 TPA casting capacity.

Final dividend of ₹3.50 per equity share of face value ₹10 announced for FY 2025-26
Book closure period set from August 8, 2026, to August 14, 2026
44th Annual General Meeting (AGM) to be held on August 14, 2026, via Video Conferencing
Dividend payout rate is 35% of the face value
Company currently operates with an installed capacity of 18,000 tonnes per annum (TPA)

💡 Investors interested in the dividend should monitor the ex-dividend date, which typically precedes the book closure start date of August 8, 2026. Watch for the AGM results for updates on tractor industry demand and capacity utilization targets.

Bhagwati Autocast FY26 PAT Jumps 110% to ₹12.99 Cr; Dividend Hiked to 35%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 02:47 PM

Bhagwati Autocast delivered a robust performance in FY2025-26, with revenue growing 23.6% YoY to ₹173.99 cr. Profit After Tax (PAT) more than doubled to ₹12.99 cr from ₹6.16 cr in the previous year, driven by a 23.2% increase in production volume to 18,430 MT. The company significantly improved its leverage, reducing its debt-equity ratio to 0.061:1. Consequently, the board has proposed a higher dividend of 35% (₹3.50 per share) compared to 20% in FY25.

Production volume reached 18,430 MT in FY26, exceeding the stated 18,000 TPA capacity and growing 23.2% YoY.
Profit After Tax (PAT) surged 110.8% to ₹12.99 cr from ₹6.16 cr in FY25.
Proposed dividend increased to 35% (₹3.50 per share) from 20% in the previous two fiscal years.
Debt-Equity ratio improved significantly to 0.061:1 from 0.129:1 as borrowings reduced to ₹9.08 cr.
Earnings Per Share (EPS) rose to ₹45.16 in FY26 from ₹21.38 in FY25.

💡 Investors should monitor the upcoming AGM on August 14, 2026, and watch for any announcements regarding capacity expansion, as current production (18,430 MT) has already surpassed the rated capacity of 18,000 TPA.

Bhagwati Autocast Schedules 44th AGM for Aug 14; Dividend and Auditor Appointment on Agenda

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jul 2026, 09:46 PM

Bhagwati Autocast Limited has scheduled its 44th Annual General Meeting (AGM) for August 14, 2026. The meeting will address the declaration of a dividend for the financial year ended March 31, 2026, and the appointment of M/s. TRS & Associates as Statutory Auditors for a five-year term until 2031. Other key items include the re-appointment of Ms. Reena Bhagwati and the regularization of Mr. Prakash Dalal as a Director. The company also seeks to ratify a cost auditor remuneration of 82,500 for FY2027.

44th Annual General Meeting scheduled for August 14, 2026, via Video Conferencing.
Proposed appointment of M/s. TRS & Associates as Statutory Auditors for a 5-year term ending in 2031.
Ratification of Cost Auditor remuneration fixed at 82,500 for the financial year ending March 31, 2027.
Re-appointment of Mr. Shantanu Chitranjan Mehta as Independent Director for a second 5-year term starting September 23, 2026.
Dividend for FY2026 to be considered and declared during the meeting.

💡 Investors should look for the specific dividend amount and management's commentary on the 11-12% growth target and tractor industry demand during the AGM proceedings.

Bhagwati Autocast Re-appoints Independent Director for 5-Year Term Starting Sept 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Jul 2026, 06:51 PM

Bhagwati Autocast Ltd has approved the re-appointment of Mr. Shantanu Chitranjan Mehta as a Non-Executive Independent Director for a second five-year term. The new term is scheduled to run from September 23, 2026, to September 22, 2031, subject to shareholder approval at the upcoming 44th AGM. Mr. Mehta possesses 22 years of industry experience and 18 years of academic experience in finance and management. This move ensures board continuity for the company, which currently holds a market capitalization of Rs 152 Cr.

Re-appointment for a 2nd term of 5 consecutive years starting September 23, 2026
Director brings 22 years of industry experience and 18 years of academic experience in finance
Term concludes on September 22, 2031, pending shareholder approval at the 44th AGM
Board meeting conducted on July 22, 2026, from 4:30 PM to 5:50 PM

💡 Investors should look for the voting results of the 44th Annual General Meeting to confirm shareholder approval of the re-appointment.

Bhagwati Autocast Approves Q1 FY27 Results and Re-appoints Independent Director

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 22 Jul 2026, 06:39 PM

Bhagwati Autocast approved its unaudited financial results for the quarter ended June 30, 2026, in a board meeting held on July 22, 2026. The company also confirmed the re-appointment of Mr. Shantanu Chitranjan Mehta as an Independent Director for a second five-year term starting September 23, 2026. While specific P&L figures were not detailed in the cover letter, the company is operating with an 18,000 TPA capacity and targeting 11-12% growth for the fiscal year. Investors should focus on capacity utilization levels, which stood at approximately 80.5% in the previous fiscal year.

Board approved un-audited financial results for the quarter ended June 30, 2026
Re-appointment of Independent Director for a 5-year term from September 23, 2026, to September 22, 2031
Current installed manufacturing capacity maintained at 18,000 TPA at the Bavla plant
Company targeting 11-12% growth driven by tractor industry demand from key clients like Swaraj Engines
Sales volume reached 14,500 MT in FY2025, up from 13,944 MT in FY2024

💡 Monitor the detailed financial tables for revenue growth and EBITDA margins to see if the company is meeting its 11-12% growth guidance amid tractor industry cyclicality.

Bhagwati Autocast Approves Q1 FY27 Results and Re-appoints Independent Director

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 22 Jul 2026, 06:34 PM

Bhagwati Autocast held its board meeting on July 22, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board also approved the re-appointment of Mr. Shantanu Chitranjan Mehta as an Independent Director for a second five-year term effective September 2026. With a TTM revenue of ₹171 Cr and a market cap of ₹152 Cr, the company continues to focus on its 18,000 TPA casting capacity. The meeting concluded within 80 minutes, covering routine financial approvals and AGM preparations.

Approved unaudited financial results for the quarter ended June 30, 2026
Re-appointed Independent Director for a 5-year term from September 23, 2026, to September 22, 2031
Board meeting duration was 80 minutes, starting at 4:30 P.M. and concluding at 5:50 P.M.
Company maintains a TTM revenue of ₹171 Cr and a low Debt/Equity ratio of 0.15

💡 Review the detailed Q1 FY27 financial tables once published to assess if the company is maintaining its 13.5% OPM and progressing toward its 11-12% annual growth target.

Bhagwati Autocast to consider Q1 FY27 results on July 22, 2026

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 14 Jul 2026, 06:13 PM

Bhagwati Autocast Ltd has scheduled a board meeting for July 22, 2026, to approve the un-audited standalone financial results for the quarter ended June 30, 2026. This is a routine regulatory filing in compliance with SEBI (LODR) Regulations. The company also confirmed that the trading window for insiders has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared.

Board meeting scheduled for July 22, 2026, to approve Q1 results
Financial results pertain to the quarter ended June 30, 2026
Trading window for insiders closed effective July 1, 2026
Trading window to reopen 48 hours after the results become generally available

💡 Monitor the company's financial performance on July 22, 2026, to evaluate revenue and margin trends for the start of the new fiscal year.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations increased by 4.2% to INR 140 Cr in FY2025 from INR 134 Cr in FY2024. This followed a 13% decline in FY2024 from INR 154 Cr in FY2023 due to weak monsoon impacts on tractor demand. Q1 FY2026 revenue reached INR 40 Cr, representing a 17% YoY growth.

Geographic Revenue Split

The company operates primarily from its manufacturing unit in Bavla, Ahmedabad district, Gujarat. Specific domestic vs. international revenue splits are not disclosed, though the client base consists of major Indian tractor OEMs.

Profitability Margins

Net Profit Margin stood at 4.59% in FY2025, a decline from 5.30% in FY2024. Gross margins improved to 37.8% in FY2025 from 37.2% in FY2024, but higher operating expenses (28.8% of sales) pressured the bottom line.

EBITDA Margin

EBITDA margin was 8.9% in FY2025, down from 9.6% in FY2024. The decline was driven by reduced operating leverage and increased costs for power, fuel, and employees. However, Q1 FY2026 margins improved significantly to 12.5% compared to 10% in Q1 FY2025.

Capital Expenditure

The company implemented a debt-funded capital expenditure of INR 14-15 Cr for a solar power plant. This investment is expected to generate savings of INR 7 Cr in FY2026, up from INR 5 Cr in FY2025, directly improving operating margins.

Credit Rating & Borrowing

CRISIL reaffirmed the long-term rating at 'CRISIL BBB/Stable' and the short-term rating at 'CRISIL A3+'. Bank loan facilities total INR 26.5 Cr. Interest coverage stood at 11.1 times in FY2025, down from 12.9 times in FY2024.

⚙️ Operational Drivers

Raw Materials

Key raw materials include scrap and pig iron. While specific percentage of total cost for each is not disclosed, gross margins of 37.8% suggest raw material costs represent approximately 62.2% of revenue.

Import Sources

Not disclosed in available documents; however, the company operates in the Ahmedabad industrial cluster, sourcing materials for its 18,000 TPA casting capacity.

Capacity Expansion

Current installed capacity is 18,000 tonnes per annum (TPA) at the Bavla plant. Sales volume reached 14,500 MT in FY2025 (up from 13,944 MT in FY2024). Expansion is supported by a new solar plant to optimize power costs.

Raw Material Costs

Raw material costs are volatile but the company employs a pass-through mechanism with a 30-60 day lag to mitigate price fluctuations in scrap and pig iron.

Manufacturing Efficiency

Capacity utilization was approximately 80.5% in FY2025 based on 14,500 MT sales against 18,000 TPA capacity. Efficiency is expected to improve with higher volumes in FY2026 (targeted 11-12% growth).

📈 Strategic Growth

Expected Growth Rate

11-12%

Growth Strategy

Growth will be driven by a pick-up in demand from the tractor industry and steady offtake from key customers like Swaraj Engines and Escorts Kubota. The company expects 5-7% growth in the medium term, supported by capacity utilization and cost benefits from the new solar power plant.

Products & Services

Casting components for tractors, specifically gearbox housings, axle housings, and exhaust castings.

Brand Portfolio

Bhagwati Autocast Limited (BAL).

Market Expansion

The company is focusing on increasing order inflows from existing Tier-1 tractor OEM customers to fill its 18,000 TPA capacity.

Strategic Alliances

Key relationships include Swaraj Engines Ltd (Mahindra group), Escorts Kubota Limited, Mahindra & Mahindra Ltd, and Mita India Pvt Ltd.

🌍 External Factors

Industry Trends

The tractor industry is currently seeing a pick-up in demand. The industry is evolving toward higher efficiency and cost optimization, which the company is addressing through its solar energy investments.

Competitive Landscape

Operates in a competitive metal castings industry with intense competition from other foundries serving the automotive and agricultural sectors.

Competitive Moat

The moat is built on a four-decade track record (since 1984) and established long-term relationships with major tractor OEMs, which are difficult for new entrants to replicate due to stringent quality requirements for large castings.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP and monsoon performance, as these factors dictate the demand for tractors and related casting components.

Consumer Behavior

Farmer sentiment and purchasing power, driven by crop yields and government agricultural policies, are the primary drivers of end-user demand.

Geopolitical Risks

Indirect risks through global commodity price volatility affecting scrap and pig iron costs.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company adheres to quality standards required for automotive casting manufacturing.

Environmental Compliance

The company has invested INR 14-15 Cr in a solar power plant, aligning with green energy initiatives and reducing carbon footprint.

Legal Contingencies

The company reported no fraudulent transactions or violations of the Code of Conduct. There are no reported material pending litigations in the provided snippets.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of the Indian monsoon, which can cause double-digit fluctuations in annual revenue (as seen in the 13% drop in FY2024).