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BHAGCHEM - Bhagiradha Chem.

📊 NSE: BHAGCHEM 🏢 Pesticides / Agrochemicals - Indian 📅 Last Updated: 12/13/2025 19:24

📢 Recent Corporate Announcements

Bhagiradha Chemicals Credit Rating Affirmed at IND BBB+; Outlook Revised to Stable

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 10 Mar 2026, 07:09 PM

India Ratings and Research (Ind-Ra) has affirmed the credit ratings for Bhagiradha Chemicals & Industries Limited's bank loan facilities totaling INR 1,730 million. While the long-term rating remains at 'IND BBB+' and the short-term rating at 'IND A2+', the outlook has been revised from 'Positive' to 'Stable'. This revision suggests a moderation in the expectations for immediate credit profile improvement compared to the previous assessment. The rated facilities include working capital limits and term loans from major lenders including SBI, Axis Bank, RBL, and ICICI Bank.

India Ratings affirmed the long-term rating at 'IND BBB+' and short-term rating at 'IND A2+'
The outlook for the company's bank facilities was revised from 'Positive' to 'Stable'
Total bank loan facilities rated amount to INR 1,730 million (INR 173 Crores)
The facilities include a specific term loan of INR 328.40 million from Axis Bank
Lenders involved include State Bank of India, Axis Bank, RBL Bank, and ICICI Bank

💡 Investors should note the revision in outlook to 'Stable', which indicates a steady credit profile but slower improvement than previously anticipated. Monitor the company's debt-to-equity and interest coverage ratios in upcoming quarterly results.

Bhagiradha Chemicals to Hold Non-Deal Roadshow with Investors on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 09:56 PM

Bhagiradha Chemicals & Industries Limited (BHAGCHEM) has scheduled a Non-Deal Roadshow (NDR) to meet with institutional investors on March 11, 2026. The event is organized by Equirus Securities and will take place in Mumbai starting at 9:30 AM. The meetings are structured as 1x1 interactions to discuss the company's performance based on publicly available information. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Non-Deal Roadshow (NDR) scheduled for March 11, 2026, in Mumbai.
Meetings organized by Equirus Securities in a 1x1 format.
Interaction starts from 9:30 AM onwards with various institutional investors.
Discussions will be limited to publicly available information to ensure SEBI compliance.

💡 No immediate action is required as this is a routine investor relations activity; however, investors should monitor for any subsequent investor presentations that may be released.

Bhagiradha Chemicals to Participate in Dolat Capital Investor Conference on Feb 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 04:27 PM

Bhagiradha Chemicals & Industries Limited (BHAGCHEM) has scheduled an interaction with institutional investors on February 18, 2026. The event is organized by Dolat Capital in Mumbai and will feature both 1x1 and group meeting formats starting from 9:30 AM. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during these sessions. This is a routine regulatory disclosure under SEBI Listing Obligations and Disclosure Requirements.

Investor meeting scheduled for February 18, 2026, in Mumbai.
Organized by Dolat Capital involving 1x1 and group meeting formats.
Sessions are scheduled to commence from 9:30 AM onwards.
Discussions will be strictly based on publicly available information.

💡 Investors should monitor the company's website or exchange filings for any post-event presentations or transcripts that may offer qualitative insights. No immediate action is required as this is a standard corporate outreach event.

Bhagiradha Chemicals to Participate in Dolat Capital Investor Conference on Feb 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 04:16 PM

Bhagiradha Chemicals & Industries Limited (BHAGCHEM) has scheduled an interaction with institutional investors on February 18, 2026. The event is organized by Dolat Capital in Mumbai and will feature both 1x1 and group meeting formats starting from 9:30 am. The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information (UPSI) is disclosed. This move reflects the company's ongoing commitment to institutional transparency and investor relations.

Investor conference scheduled for February 18, 2026, in Mumbai.
Organized by Dolat Capital with 1x1 and group meeting formats.
Meetings will commence from 9:30 am onwards.
Company confirms no unpublished price sensitive information (UPSI) will be shared.

💡 Investors should monitor the company's website or exchange filings for any investor presentations or transcripts released following the meeting. No immediate action is required as this is a routine regulatory disclosure.

Bhagiradha Chemicals Q3FY26 EBITDA Jumps 49% YoY; Gross Margins Expand to 43%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 03:38 PM

Bhagiradha Chemicals reported a steady Q3FY26 with revenue growing 11% YoY to ₹114 Cr, driven by improved price realizations despite a seasonal volume dip. EBITDA saw a significant 49% YoY increase to ₹13.7 Cr as gross margins expanded by 311 bps to 43% due to a favorable product mix and process improvements. However, 9MFY26 PAT declined slightly by 4% YoY to ₹14.1 Cr, primarily due to higher finance costs from working capital utilization and increased depreciation. The company is aggressively pursuing an ₹800 Cr expansion plan, with Phase 1 of the Bheema facility now ready for a production ramp-up.

Q3FY26 EBITDA grew 49% YoY to ₹13.7 Cr with margins expanding to 12.0% from 8.9% YoY.
Gross margins reached 43.0% in Q3FY26, a 311 bps YoY improvement led by process upgrades and better product mix.
9MFY26 revenue rose 19% YoY to ₹377.8 Cr, supported by double-digit growth in average price realizations.
Total capex plan of ₹800 Cr is underway, including a ₹70 Cr solar project and ₹350 Cr allocated for Phase 2.
Phase 1 of the Bheema facility is geared for a structured ramp-up of 5 to 8 molecules over the next 3 months.

💡 Investors should focus on the successful ramp-up of the Bheema facility which is key to achieving the company's long-term revenue targets. While high interest costs are currently weighing on PAT, the significant expansion in gross margins indicates strong operational efficiency and pricing power.

Bhagiradha Chemicals Appoints Ranjit Kumar Kilaru as New CFO Effective March 1, 2026

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 10 Feb 2026, 04:28 PM

Bhagiradha Chemicals & Industries has announced a leadership transition in its finance department. Mr. B. Krishna Mohan Rao will retire as the Chief Financial Officer on February 28, 2026. He will be succeeded by Mr. Ranjit Kumar Kilaru, who takes over the role on March 1, 2026. Mr. Kilaru is a Chartered Accountant with over 23 years of experience in banking and manufacturing, including a 13-year tenure at Axis Bank.

Retirement of Mr. B. Krishna Mohan Rao as CFO effective February 28, 2026.
Appointment of Mr. Ranjit Kumar Kilaru as the new CFO starting March 1, 2026.
Incoming CFO brings 23+ years of experience across banking, manufacturing, and financial advisory.
Mr. Kilaru previously served as Deputy Vice President and Centre Head – SME at Axis Bank for 13 years.
The transition includes updating the list of Key Managerial Personnel authorized for materiality determinations.

💡 Investors should view this as a routine management transition; however, the new CFO's extensive banking and debt syndication background may benefit the company's future capital structuring. No immediate action is required other than monitoring for any shifts in financial reporting or strategy.

Bhagiradha Chemicals Appoints Ranjit Kumar Kilaru as CFO; B. Krishna Mohan Rao to Retire

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 10 Feb 2026, 04:08 PM

Bhagiradha Chemicals & Industries Limited has announced a leadership transition in its finance department. Mr. B. Krishna Mohan Rao will retire from his position as Chief Financial Officer and Key Managerial Personnel effective February 28, 2026. He will be succeeded by Mr. Ranjit Kumar Kilaru, a Chartered Accountant with over 23 years of experience, starting March 1, 2026. Mr. Kilaru's extensive background includes 17 years in banking, notably serving as Deputy Vice President at Axis Bank.

Mr. B. Krishna Mohan Rao to retire as CFO and KMP effective February 28, 2026.
Mr. Ranjit Kumar Kilaru appointed as the new CFO and KMP effective March 1, 2026.
Incoming CFO Ranjit Kumar Kilaru brings over 23 years of post-qualification experience in banking and manufacturing.
Mr. Kilaru previously spent 13 years at Axis Bank, leading SME credit and relationship management teams.

💡 Investors should monitor the transition for any changes in financial strategy, though the planned nature of the retirement suggests operational continuity. No immediate action is required as the new CFO brings significant institutional banking experience.

BHAGCHEM Q3 Net Profit Drops 32.3% YoY to ₹4.83 Cr; Appoints New CFO

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 03:58 PM

Bhagiradha Chemicals reported a 10.9% YoY increase in revenue to ₹113.92 crore for Q3 FY26, yet net profit declined significantly by 32.3% to ₹4.83 crore. On a sequential basis, performance was weaker with revenue and profit falling 15.2% and 18.4% respectively compared to Q2 FY26. The company is undergoing a leadership transition as CFO Mr. B. Krishna Mohan Rao retires, to be succeeded by Mr. Ranjit Kumar Kilaru, a CA with 23 years of experience, effective March 1, 2026. Despite 18.6% revenue growth in the nine-month period, overall profitability remains under pressure compared to the previous year.

Revenue from operations grew 10.9% YoY to ₹113.92 crore in Q3 FY26.
Net profit for the quarter fell 32.3% YoY to ₹4.83 crore from ₹7.13 crore in the previous year.
Nine-month (9M FY26) revenue increased to ₹372.06 crore, up from ₹313.72 crore in 9M FY25.
Finance costs for the nine-month period rose sharply to ₹8.39 crore from ₹5.28 crore YoY.
Appointment of Mr. Ranjit Kumar Kilaru as CFO effective March 01, 2026, following the retirement of the incumbent.

💡 Investors should be cautious as the company is facing margin compression despite revenue growth, likely due to rising operational and finance costs. Monitor how the new CFO manages the debt syndication and financial structuring to improve the bottom line.

Bhagiradha Chemicals Q3 PAT Drops 32% YoY to ₹4.83 Cr; Appoints New CFO

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 03:56 PM

Bhagiradha Chemicals reported a 32.3% year-on-year decline in net profit to ₹4.83 crore for Q3 FY26, down from ₹7.13 crore in the previous year. While revenue from operations grew 10.9% YoY to ₹113.92 crore, it saw a sequential decline of 15.2% from the September quarter. The profitability was impacted by a sharp drop in 'Other Income' and rising finance costs, which surged to ₹8.39 crore for the nine-month period. Additionally, the company announced a leadership transition with Mr. Ranjit Kumar Kilaru taking over as CFO from March 1, 2026.

Net Profit for Q3 FY26 fell to ₹4.83 crore vs ₹7.13 crore in Q3 FY25, a 32.3% decrease.
Revenue from operations stood at ₹113.92 crore, up 10.9% YoY but down 15.2% QoQ.
Finance costs for the nine-month period increased significantly to ₹8.39 crore from ₹5.28 crore YoY.
Other Income for the quarter plummeted to ₹0.74 crore compared to ₹5.50 crore in the year-ago period.
Appointment of Mr. Ranjit Kumar Kilaru as CFO effective March 01, 2026, following the retirement of Mr. B. Krishna Mohan Rao.

💡 Investors should remain cautious as the company is experiencing margin compression and rising interest burdens despite top-line growth. The management transition at the CFO level should be monitored for any shifts in financial strategy or debt management.

Bhagiradha Chemicals Reports Nil Physical Share Transfer Requests for January 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Feb 2026, 02:58 PM

Bhagiradha Chemicals & Industries Limited has filed its monthly report regarding the re-lodgement of transfer requests for physical shares as per SEBI guidelines. For the reporting period ending January 6, 2026, the company's Registrar and Share Transfer Agent reported that zero requests were received from shareholders. Consequently, no requests were processed, approved, or rejected during this timeframe. This is a standard regulatory compliance filing with no operational or financial impact on the company.

Total requests received for re-lodgement of physical share transfers: NIL
Total requests processed, approved, or rejected during January 2026: NIL
Compliance report submitted as per SEBI Circular dated July 02, 2025
Report issued by Registrar and Share Transfer Agent, XL Softech Systems Limited

💡 No action is required from investors as this is a routine administrative filing showing zero activity in physical share transfers.

Bhagiradha Chemicals Reports Nil Physical Share Transfer Requests for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 01:21 PM

Bhagiradha Chemicals & Industries Limited has filed a compliance report regarding the special window for re-lodgement of physical share transfer requests as per SEBI guidelines. For the month ending December 31, 2025, the company reported that zero requests were received from shareholders. Consequently, no requests were processed, approved, or rejected during this period. This is a standard regulatory disclosure with no impact on the company's business operations or financial health.

Reported zero (NIL) requests for re-lodgement of physical share transfers in December 2025.
Compliance filing pursuant to SEBI Circular dated July 02, 2025.
The report was verified and issued by the Registrar and Share Transfer Agent, XL Softech Systems Limited.
Average time taken for processing requests was Not Applicable (N.A.) due to zero volume.

💡 No action is required from investors as this is a routine regulatory filing. Shareholders still holding physical shares should consider dematerializing them for ease of trading.

Bhagiradha Chemicals Complies with SEBI Regulation 74(5) for Quarter Ended Dec 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:11 PM

Bhagiradha Chemicals & Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent XL Softech Systems Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates received were mutilated and cancelled after due verification. The RTA also confirmed that the name of the depositories has been substituted in the register of members within the stipulated 15-day period.

Quarterly compliance certificate submitted for the period ending December 31, 2025
Registrar XL Softech Systems Limited confirmed processing of dematerialization requests
Security certificates were mutilated and cancelled after due verification by the depository participant
Register of members updated within 15 days to reflect depository ownership

💡 This is a standard procedural announcement with no impact on stock valuation; investors should continue to monitor the company's financial performance instead.

Bhagiradha Chemicals to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Dec 2025, 04:14 PM

Bhagiradha Chemicals & Industries Limited has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's un-audited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are officially announced to the exchanges.

Trading window closure effective from January 01, 2026
Closure pertains to the Un-Audited Financial Results for the period ending December 31, 2025
Restriction applies to all designated persons and their immediate relatives as per SEBI norms
Window to reopen 48 hours after the results are declared
Board meeting date for result approval to be announced in due course

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q3 FY26 financial performance.

Bhagiradha Chemicals Clarifies on Volume Spurt; No Undisclosed Material Information

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Dec 2025, 07:43 PM

Bhagiradha Chemicals & Industries Limited has responded to a clarification request from the National Stock Exchange regarding a significant increase in trading volume. The company stated that it has consistently disclosed all material events and price-sensitive information as per SEBI Regulation 30. According to the management, there is no pending information or announcement that could impact the stock price or volume. The company attributed the recent spurt in trading volume to market-driven factors rather than any specific internal developments.

NSE sought clarification on December 18, 2025, regarding a significant increase in trading volume.
Company confirms compliance with SEBI (LODR) Regulations, 2015, specifically Regulation 30.
Management explicitly states no material event or information is pending disclosure.
The volume spurt is described as purely market driven by the company.

💡 Investors should note that the volume increase is not backed by any new official company news. Monitor the stock for price volatility but avoid speculative trading based solely on volume spikes without fundamental changes.

BHAGCHEM: Report on Re-lodgement of Physical Shares as of Nov 30, 2025

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Dec 2025, 01:33 PM

Bhagiradha Chemicals & Industries Limited submitted a report on the re-lodgement of transfer requests for physical shares as per SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025. The report, dated December 02, 2025, was issued by XL Softech Systems Limited, the Registrar and Share Transfer Agent. As of November 30, 2025, there were NIL requests received, processed, approved, or rejected during the month. The average time taken for processing requests is N.A.

Report date: December 02, 2025
SEBI Circular No: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
As of November 30, 2025, No. of requests received: NIL
As of November 30, 2025, No. of requests processed: NIL

💡 This is a routine update regarding the re-lodgement of physical shares. Investors should ensure their physical shares are dematerialized to avoid any issues.

View All BHAGCHEM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 37% in FY22 (INR 435.67 Cr) and 15% in FY23 (INR 502.67 Cr). H1FY26 revenue grew 11% YoY compared to H1FY25, driven by increased sales of high-value products.

Geographic Revenue Split

Domestic revenue is projected to grow by 8-9% in FY25, supported by favorable monsoons. Raw material imports from China contribute 20-25% of total purchases, indicating significant global supply chain exposure.

Profitability Margins

FY23 Operating Margin was 15.67% (up from 14.79% in FY22). PAT margin improved 88 bps to 8.21% in FY23. H1FY26 PAT margin was 3.6% (down from 5.2% in H1FY25) due to elevated finance costs.

EBITDA Margin

H1FY26 EBITDA margin was 9.1% (down from 10.1% in H1FY25). While EBITDA grew 11% YoY in absolute terms, margins were squeezed by increased raw material costs in two specific products and the clearance of low-margin inventory.

Capital Expenditure

The company is executing a massive expansion program with total investments exceeding INR 800 Cr through its subsidiary, Bheema Fine Chemicals Private Limited.

Credit Rating & Borrowing

CARE reaffirmed ratings at CARE BBB+; Stable (Long Term) and CARE A2 (Short Term) before they were withdrawn in November 2023 at the company's request. Interest coverage was healthy at 7.51x in FY22.

⚙️ Operational Drivers

Raw Materials

Key raw materials include chemical intermediates for technical products such as Chlorpyriphos, Azoxystrobin, Fluroxypyr, Triclopyr, and Imidacloprid.

Import Sources

Approximately 20-25% of raw materials are imported from China, while 70-75% are sourced from the indigenous Indian market.

Capacity Expansion

The Bheema Fine Chemicals facility in Karnataka has an installed capacity of 9,002 MT with 2 processing blocks and commenced commercial production on March 27, 2024.

Raw Material Costs

Raw material costs for two specific products increased in H1FY26, impacting gross margins. The company uses budgetary controls and management systems to mitigate cost volatility.

Manufacturing Efficiency

The new Bheema facility utilizes automated operations through Distributed Control Systems (DCS) and Zero Liquid Discharge (ZLD) ETP to improve efficiency and compliance.

📈 Strategic Growth

Expected Growth Rate

8-9%

Growth Strategy

Growth will be achieved through the INR 800+ Cr expansion at Bheema Fine Chemicals, which adds 9,002 MT of capacity and provides higher backward integration. The company is also developing 10 new products to diversify its portfolio and reduce reliance on Chlorpyriphos.

Products & Services

Technical-grade agrochemicals including Chlorpyriphos-Technical, Fluroxypyr-Technical, Triclopyr-Technical, Imidacloprid-Technical, Azoxystrobin-Technical, and Fipronil.

New Products/Services

The company has 10 new products under development to expand its existing portfolio of over 13 products.

Market Expansion

Expansion is focused on the Kadechur Industrial Area in Karnataka through the Bheema subsidiary, targeting both domestic and alternative global markets.

Strategic Alliances

The company signed an MOU with the Government of Karnataka for setting up the manufacturing unit in the Kadechur industrial area.

🌍 External Factors

Industry Trends

The agrochemical industry is seeing a shift toward backward integration and automation to combat pricing pressure. Domestic demand remains healthy at 8-9% growth despite global headwinds.

Competitive Landscape

Fierce competition exists from both domestic players and Chinese exporters who are currently offloading surplus inventory in global markets.

Competitive Moat

Moats include established R&D capabilities and backward integration at the new Bheema facility, which are sustainable as they lower production costs and allow for rapid product launches.

Macro Economic Sensitivity

Domestic growth is 8-9% sensitive to monsoon performance and reservoir levels which drive agricultural activity.

Geopolitical Risks

Trade dynamics with China are a major risk, as Chinese oversupply heightens competition in global markets and keeps technical prices subdued.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to strict pollution norms and product-specific regulations, such as the potential ban on Chlorpyriphos by the Ministry of Agriculture.

Environmental Compliance

The company has invested in Zero Liquid Discharge (ZLD) systems and follows Miyawaki Plantation methodology, with 60% of plant area covered by a green belt.

Taxation Policy Impact

The company benefits from a lower tax rate of 17.16% for its newly established manufacturing unit under Bheema Fine Chemicals.

Legal Contingencies

A delay in receiving Environment Clearance (EC) for the Bheema project resulted in a one-year time overrun and an INR 30 Cr cost overrun.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the potential ban on Chlorpyriphos, which contributed INR 95.8 Cr (22%) to revenue in FY22. Pricing pressure from China also remains a key risk.