Agarwal Industrial Corporation Limited (AGARIND)
₹370.25 +1.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Agarwal Industrial's revenue was ₹433 Cr (-27.0% year on year, +7.0% on the previous quarter), and net profit ₹10.3 Cr (-20.6% year on year); the operating margin was 6.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹433 | -27.0% | +7.0% |
| Operating profit | ₹29.9 | -17.4% | -6.7% |
| Net profit | ₹10.3 | -20.6% | -35.3% |
| EPS (₹) | 6.92 | -20.6% | -34.3% |
| Operating margin | 6.9% | — | — |
AGARIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.92% of the AGARIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.88%. Delivery was unusually high while the price barely moved (+1.00%).
Delivery in the last 5 sessions: 56.2% · 52.2% · 59.6% · 57.1% · 64.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Agarwal Industrial Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. confirms that securities received for dematerialisation were processed and confirmed or rejected appropriately. It also confirms that mutilated share certificates have been cancelled and records updated with the depositories. This is a routine regulatory compliance filing with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Reported to stock exchanges on October 06, 2026
Agarwal Industrial Corporation Limited has amended the Main Objects Clause of its Memorandum of Association (MOA) following shareholder approval at its 32nd AGM on September 24, 2026. The amendments enable the company to expand beyond bitumen manufacturing and trading into direct road EPC construction (BOT, HAM, DBFOT models), toll plaza operations, and broader chemical trading. With TTM revenue at ₹1,492 Cr and market cap at ₹599 Cr, entering road infrastructure and toll management marks a strategic push for vertical integration downstream from its core bitumen supply business.
- Shareholders approved the amendment via Special Resolution at the 32nd AGM on September 24, 2026
- Added Main Objects covering EPC execution of roads, highways, and bridges under BOT, HAM, and DBFOT models
- Expanded scope to include electronic toll collection, FASTag networks, and highway corridor maintenance
- Added authority to deal in broad chemical and petrochemical product lines
Agarwal Industrial Corporation Limited has fixed September 17, 2026, as the record date for determining shareholder eligibility for its FY26 dividend. This follows the recommendation made during the Board meeting on August 13, 2026. The announcement is procedural, establishing the timeline for payout entitlement following the company's FY26 net profit of Rs 43.82 crore. Specific dividend payout amounts per share were not reiterated in this notice.
- Record date fixed as September 17, 2026
- Dividend pertains to the Financial Year 2025-26
- Follow-up to the Board meeting held on August 13, 2026
Agarwal Industrial Corporation Limited has scheduled its 32nd Annual General Meeting (AGM) for Thursday, September 24, 2026, at 12:00 Noon IST via Video Conferencing. In compliance with SEBI Listing Regulations, the company dispatched communications containing web links to the FY 2025-26 Annual Report to shareholders without registered email addresses as of the cut-off date of August 21, 2026. The notification also reminds physical security holders to complete mandatory KYC updations per SEBI regulations.
- 32nd AGM scheduled to take place on Thursday, September 24, 2026 at 12:00 Noon IST via VC/OAVM
- Communication sent to shareholders with unregistered emails based on the cut-off date of Friday, August 21, 2026
- Reminder issued for KYC updation and dematerialisation of physical shares as per SEBI Master Circular dated May 07, 2024
Agarwal Industrial Corporation has issued the notice for its 32nd Annual General Meeting scheduled for September 24, 2026. The company has recommended a dividend of ₹3.30 per equity share of face value ₹10 for FY 2025-26. Key special business items include expanding the Memorandum of Association (MoA) object clauses to venture into EPC road infrastructure, toll management, and broad chemical trading. Shareholders will also vote on omnibus related-party transaction approvals and advisory remuneration for Non-Executive Director Mr. Mahendra Agarwal starting April 2027.
- 32nd AGM scheduled to be conducted via Video Conferencing on September 24, 2026.
- Proposed final dividend of ₹3.30 per fully paid-up equity share of ₹10 each for FY26.
- Special resolution to alter MoA object clauses to enter EPC, highway development (BOT/HAM/PPP), and toll management systems.
- Omnibus approval sought for related-party transactions for FY 2026-27.
- Re-appointment of Director Mr. Jaiprakash Agarwal (holding 8,75,453 shares) retiring by rotation.
Agarwal Industrial Corporation has announced a dividend of ₹3.30 per share for FY 2025-26, with a record date set for September 17, 2026. The board has also approved a major strategic shift by amending its Memorandum of Association to include Engineering, Procurement, and Construction (EPC), road development (BOT/HAM models), and toll collection systems. This move signals a vertical integration from its core bitumen business into downstream infrastructure projects. Additionally, the company reported its Q1 FY26 results and is seeking shareholder approval for these changes at the upcoming AGM on September 24, 2026.
- Dividend of ₹3.30 per equity share (33% of face value) announced for FY 2025-26.
- Record date for dividend eligibility and AGM e-voting is September 17, 2026.
- Proposed diversification into EPC and road construction under BOT, HAM, and DBFOT models.
- New business objects include operating Electronic Toll Collection (ETC) and Fastag management systems.
- Board approved the manufacturing and trading of construction materials like cement, concrete, and steel products.
Agarwal Industrial Corporation (AGARIND) has announced a major strategic shift by amending its Memorandum of Association (MOA) to include Engineering, Procurement, and Construction (EPC) and road development (BOT, HAM, PPP models). The company is also expanding into toll collection systems and the manufacturing of construction materials like cement and steel. Alongside this diversification, the board declared a dividend of Rs 3.30 per share for FY26. This move signals an intent to move up the value chain from bitumen supply to full-scale infrastructure project execution.
- Proposed dividend of Rs 3.30 per equity share on a face value of Rs 10
- Amendment of MOA to include EPC, BOT, HAM, and DBFOT road project models
- New business objects include manufacturing and trading of cement, steel, and geotextiles
- Entry into Electronic Toll Collection (ETC) and Fastag management systems
- Book closure for dividend and AGM set from September 18 to September 24, 2026
Agarwal Industrial Corporation (AGARIND) has approved a dividend of Rs 3.30 per share (33% of face value) for FY26, with a record date of September 17, 2026. The board has proposed a major strategic diversification into Engineering, Procurement, and Construction (EPC), road development (BOT/HAM models), and Electronic Toll Collection (ETC) management. This move aims to transition the company from a bitumen supplier to an integrated infrastructure player. Management noted that Middle East geopolitical tensions are currently impacting input costs and supply chain stability.
- Approved a dividend of Rs 3.30 per equity share on a face value of Rs 10.
- Proposed diversification into EPC and road projects under BOT, HAM, and PPP models.
- Set the 32nd Annual General Meeting (AGM) for September 24, 2026.
- Established a book closure period from September 18 to September 24, 2026.
- Identified geopolitical volatility in the Middle East as a factor affecting current margins.
Agarwal Industrial Corporation Limited has filed its quarterly Reconciliation of Share Capital Audit Report for the period ending June 30, 2026. The report confirms that the total issued and listed capital remains unchanged at 1,49,57,789 shares. A significant 99.99% of the share capital is held in dematerialized form, with 70.97% in CDSL and 29.02% in NSDL. Only 1,400 shares remain in physical form, and no pending dematerialization requests were reported beyond the 21-day limit.
- Total issued and listed capital stands at 1,49,57,789 shares as of June 30, 2026
- 99.99% of the total paid-up capital is dematerialized, leaving only 1,400 shares in physical form
- CDSL holds 1,06,15,545 shares representing 70.97% of the total capital
- NSDL holds 43,40,844 shares representing 29.02% of the total capital
- Zero requests for dematerialization were pending for more than 21 days during the quarter
Agarwal Industrial Corporation Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and listed on stock exchanges. It also verifies that physical certificates were mutilated and cancelled as per regulatory requirements. This is a standard administrative filing with no impact on the company's financial performance or business strategy.
- Compliance certificate issued for the quarter ended June 30, 2026.
- Confirmation provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited.
- Verification that dematerialized securities are listed on the BSE and NSE.
- Physical certificates were mutilated and cancelled after due verification by depository participants.
Agarwal Industrial Corporation Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the company's un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons, promoters, and directors of the company. The window will reopen 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
- Applies to all Designated Persons, Promoters, Directors, and Connected Persons.
- Window to remain closed until 48 hours after the results announcement.
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Lalit Agarwal, representing the promoter group of Agarwal Industrial Corporation Limited, has filed a formal declaration under SEBI (SAST) Regulations. The disclosure confirms that the promoters and Persons Acting in Concert (PAC) did not create any encumbrance or pledge on their shareholding during the financial year 2025-26. This annual compliance filing covers 29 distinct promoter entities, including individual members and Hindu Undivided Families (HUFs).
- Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Confirms zero encumbrances (pledges) made by promoters, directly or indirectly, during FY 2025-26.
- The disclosure encompasses 29 promoter group entities and Persons Acting in Concert (PAC).
- The filing serves as an annual transparency measure for the period ending March 31, 2026.
Agarwal Industrial Corporation Limited (AGARIND) has bagged a significant tender from Hindustan Petroleum Corporation Limited (HPCL) for the supply of 1,30,000 MTs of Bulk Bitumen. The contract, valued at approximately ₹477.50 crores, involves the supply of VG-30 and VG-40 grades at Mumbai and Mangalore locations. The execution period is set for one year, spanning from May 25, 2026, to May 24, 2027. This order reinforces the company's market position and provides strong revenue visibility for the next fiscal year.
- Awarded a ₹477.50 crore contract by HPCL for Bulk Bitumen supply.
- Total quantity involves 1,30,000 MTs of VG-30 and VG-40 grades.
- Execution timeline is one year, from May 25, 2026, to May 24, 2027.
- The contract covers supply to strategic locations in Mumbai and Mangalore.
- Strengthens the company's long-standing relationship with a major Public Sector Undertaking (PSU).
Agarwal Industrial Corporation Limited (AGARIND) has recommended a final dividend of Rs. 3.30 per equity share for the financial year ended March 31, 2026. The announcement followed a Board meeting on May 29, 2026, where the company also approved its audited standalone and consolidated financial results. The dividend is based on a face value of Rs. 10 per share and is subject to shareholder approval. Additionally, the company reported an unmodified audit opinion for the fiscal year, indicating healthy financial reporting standards.
- Recommended a final dividend of Rs. 3.30 per equity share of face value Rs. 10 each.
- Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
- Statutory Auditors issued an unmodified opinion on the financial results for the period.
- The Board approved the reconstitution of the Audit Committee of the Board.
- Dividend payout is subject to the approval of shareholders at the upcoming Annual General Meeting.
Agarwal Industrial Corporation Limited reported a significant decline in its financial performance for the fiscal year ended March 31, 2026. Standalone annual revenue from operations fell by approximately 33.6% to ₹1,330.81 crore compared to ₹2,003.35 crore in the previous year. Net profit followed a similar trend, decreasing from ₹53.63 crore in FY25 to ₹34.44 crore in FY26. Despite the lower earnings, the Board has recommended a dividend of ₹3.30 per equity share.
- Standalone annual revenue from operations decreased significantly to ₹1,330.81 crore from ₹2,003.35 crore in FY25.
- Standalone Net Profit for FY26 stood at ₹34.44 crore, a 35.8% decline from the previous year's ₹53.63 crore.
- The Board recommended a dividend of ₹3.30 per equity share (33% of face value) for the financial year 2025-26.
- Annual Earnings Per Share (EPS) dropped to ₹23.02 from ₹35.85 in the previous fiscal year.
- The Board approved the reconstitution of the Audit Committee during the meeting.
Financial Performance
Revenue Growth by Segment
Bitumen and Allied Products revenue was Rs. 496 Cr in Q1 FY26, a 14.2% YoY decrease. Logistics segment revenue was Rs. 62.47 Lakhs and Wind Mill revenue was Rs. 13.40 Lakhs for the same period.
Geographic Revenue Split
The UAE-based subsidiary AICL Overseas FZ LLC contributed Rs. 341.71 Cr to turnover in FY25, while Indian standalone operations contributed Rs. 2,003.35 Cr, indicating a significant international sourcing and trading presence.
Profitability Margins
Net profit margin (PAT margin) declined to 2.2% in Q1 FY26 from 5.5% in Q1 FY25. Operating (EBITDA) margin fell to 6.4% from 8.7% YoY, driven by external challenges and lower volumes.
EBITDA Margin
EBITDA margin was 6.4% in Q1 FY26, representing a 235 bps (2.35%) decrease from 8.7% in Q1 FY25.
Capital Expenditure
The company is undertaking debt-funded capital expenditure for the procurement of additional shipping vessels; net cash accruals to total debt (NCATD) was 0.39x in FY24 to support this expansion.
Credit Rating & Borrowing
Rated by CRISIL with healthy debt protection metrics, including an interest coverage ratio of 8.33x and a gearing ratio of 0.68x as of March 31, 2024; specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Bitumen is the primary raw material, with the cost of materials consumed (Rs. 130 Cr) and purchases of stock-in-trade (Rs. 286 Cr) together representing approximately 70% of total revenue in Q1 FY26.
Import Sources
Middle East (specifically UAE via AICL Overseas FZ LLC).
Key Suppliers
Not specifically named in documents, though the company is noted to have a high supplier concentration risk.
Capacity Expansion
Bitumen volume handled was 1,24,614 MT in Q1 FY26; planned expansion includes debt-funded procurement of additional shipping vessels to enhance the integrated logistics fleet.
Raw Material Costs
Total raw material and stock-in-trade costs were Rs. 416 Cr in Q1 FY26 (~70% of revenue). Cost of materials consumed increased 23.2% YoY to Rs. 130 Cr, while stock-in-trade purchases decreased 33.9% YoY to Rs. 286 Cr.
Manufacturing Efficiency
Manufacturing efficiency is tracked via EBITDA per ton for bitumen, which improved 16.8% YoY to Rs. 1,466 in Q1 FY26 despite a 26.9% decline in total volume to 1,24,614 MT.
Logistics & Distribution
Logistics segment revenue was Rs. 62.47 Lakhs in Q1 FY26; the company uses its own fleet of specialized tankers to minimize third-party distribution costs.
Strategic Growth
Expected Growth Rate
6-8%
Growth Strategy
Growth will be achieved by leveraging the import-led sourcing model through the UAE subsidiary, expanding the shipping fleet to reduce logistics costs, and capturing increased bitumen demand from Rs. 3.5 lakh Cr of newly awarded road construction projects.
Products & Services
Bitumen, bituminous products, LPG transportation services via specialized tankers, and wind power generation.
Brand Portfolio
AGARIND, Agarwal Industrial Corporation Limited, Bituminex Cochin.
New Products/Services
The company plans to enter the financial services sector through its subsidiary AICL Finance Private Limited (NBFC), which is currently awaiting regulatory licenses; revenue contribution is yet to commence.
Market Expansion
Expansion includes operationalizing facilities at Karwar and Konkan to save on rental costs and improve distribution efficiency in the southern and western regions of India.
Market Share & Ranking
The company holds an established market position in the Indian bitumen products business, though specific market share percentages were not disclosed.
External Factors
Industry Trends
The bitumen industry is growing at a steady rate driven by a Rs. 3.5 lakh Cr government push for road infrastructure; the company is positioning itself as an integrated player by combining shipping, storage, and last-mile logistics.
Competitive Landscape
The market is characterized by cyclicality and raw material price volatility; the company competes with other bitumen traders and manufacturers by leveraging its established market position and integrated fleet.
Competitive Moat
The moat is built on an integrated logistics chain (owning vessels and specialized tankers) and an import-led sourcing model, which provides cost leadership and supply security over non-integrated competitors.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, with demand directly linked to the execution of Rs. 3.5 lakh Cr of road projects; revenue fell 16.1% YoY due to macro/external challenges in Q1 FY26.
Consumer Behavior
Shift towards large-scale, project-based demand for bitumen and specialized logistics for LPG, requiring providers to have significant infrastructure and storage capacity.
Geopolitical Risks
Vulnerable to geopolitical instability in the Middle East, which could impact the sourcing of bitumen through the UAE-based AICL Overseas FZ LLC.
Regulatory & Governance
Industry Regulations
Pending regulatory permissions and licenses from the RBI for the commencement of the NBFC business under AICL Finance Private Limited.
Environmental Compliance
The company operates a Wind Mill segment (revenue Rs. 13.40 Lakhs in Q1 FY26) as part of its commitment to renewable energy; specific ESG compliance costs in INR were not disclosed.
Taxation Policy Impact
The effective tax rate is approximately 27%, based on a provision of Rs. 13.58 Lakhs on a profit before tax of Rs. 49.78 Lakhs for the Agarwal Translink subsidiary.
Legal Contingencies
No pending court cases or legal contingencies with specific case values were disclosed in the provided documents, excluding SEBI-related administrative matters.
Risk Analysis
Key Uncertainties
Key risks include crude oil price volatility (impacting bitumen costs) and forex fluctuations; Q1 FY26 revenue was impacted by 16.1% due to external and seasonal challenges.
Geographic Concentration Risk
Significant concentration in the UAE for sourcing (AICL Overseas FZ LLC turnover Rs. 341.71 Cr) and Western/Southern India for distribution and storage (Vadodara, Dighi, Karwar).
Third Party Dependencies
The company faces supplier concentration risk in its bitumen procurement business, though specific percentages for top suppliers were not disclosed.
Credit & Counterparty Risk
Maintains a strong financial risk profile with an interest coverage of 8.33x and NCATD of 0.39x, indicating adequate debt protection and credit quality.
