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BHAGERIA - Bhageria Indust.

📊 NSE: BHAGERIA 🏢 Dyes And Pigments 📅 Last Updated: 12/13/2025 19:24

📢 Recent Corporate Announcements

Bhageria Industries: SAT Adjourns SEBI Order Appeal to May 2026; Stay Continues

🔵 WATCH ⭐ 6/10

LEGAL 📅 12 Mar 2026, 05:11 PM

Bhageria Industries has informed that the Securities Appellate Tribunal (SAT) has adjourned the hearing regarding an appeal against a SEBI adjudication order dated March 31, 2023. The matter, which involves the company's promoters and directors, was originally scheduled for March 12, 2026, but is now rescheduled for final disposal between May 5 and May 7, 2026. Crucially, the SAT has extended the stay on the original SEBI order until the next hearing dates. This delay maintains the status quo for the management and promoters involved in the litigation without immediate regulatory penalties.

SAT adjourned the hearing from March 12, 2026, to the new dates of May 5-7, 2026.
The appeal challenges a SEBI adjudication order originally passed on March 31, 2023.
The stay on the SEBI order remains in effect until the final disposal in May 2026.
The litigation involves the company's Promoters, Promoter Group, and Directors.
Final disposal of the matter is expected during the May 2026 hearing window.

💡 Investors should monitor the final verdict in May 2026 as it involves promoter-level regulatory issues. While the stay is a temporary relief, the nature of the SEBI adjudication could impact corporate governance perception.

Bhageria Industries' ₹91 Cr Bank Facilities Placed on Rating Watch with Negative Implications

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 12 Mar 2026, 02:42 PM

CARE Ratings has placed Bhageria Industries' bank facilities totaling ₹91.00 crore on 'Rating Watch with Negative Implications' (RWN). This action is primarily driven by a voluntary closure notice from the Maharashtra Pollution Control Board (MPCB) for the company's sulphonication plant in Palghar. The rating agency is also assessing the impact of the company's 9M FY26 financial performance on its credit profile. This status indicates a potential downgrade if regulatory issues persist or financial metrics deteriorate further.

CARE Ratings placed ₹91.00 crore of long-term and short-term bank facilities on Rating Watch with Negative Implications.
The rating action follows a voluntary closure notice issued by the MPCB for the Palghar sulphonication plant.
The review also considers the company's operational and financial performance for the 9M FY26 period.
Previous ratings were CARE A (Stable) for long-term and CARE A1 for short-term facilities.
The rating agency will finalize its view once the exact implications of the plant closure on the credit profile are clear.

💡 Investors should monitor the duration of the plant closure and its impact on the company's production and revenue. The 'Negative Watch' suggests a heightened risk of a credit downgrade, which could increase future borrowing costs.

Bhageria Industries Faces Temporary Closure of Tarapur Unit Section After Oleum Leakage

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 03 Mar 2026, 04:52 PM

Bhageria Industries has received a voluntary closure direction from the Maharashtra Pollution Control Board (MPCB) for the Sulphonation section of its H Acid unit in Tarapur. The order follows an incident where an Oleum measuring tank fell, causing a localized fume leakage, though no casualties were reported. While the company states there is no material financial impact, operations at this specific section are temporarily halted pending a safety audit. Investors should monitor the timeline for the resumption of operations and any potential impact on production volumes.

MPCB issued closure directions for the Sulphonation section of the H Acid unit at Plot No. D-17, Tarapur.
The incident involved the fall of an Oleum measuring tank leading to fume leakage; no injuries were reported.
Company must conduct a safety audit and obtain approvals from MPCB and DISH before restarting operations.
Management stated there is no material financial impact expected from this temporary disruption.

💡 Investors should watch for updates regarding the safety audit and the timeline for restarting the affected section. Any prolonged delay in resuming H Acid production could impact the chemicals segment's revenue.

Bhageria Industries Reports Operational Disruption at Tarapur Plant Due to Oleum Leakage

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 03 Mar 2026, 02:04 PM

Bhageria Industries Limited reported an operational incident on March 2, 2026, at its manufacturing facility in MIDC Tarapur, Maharashtra. The incident involved the fall of a measuring tank containing Oleum, which led to a leakage of fumes and a temporary fog-like situation in the area. While the company confirmed there were no casualties or injuries, operations at the site have been temporarily disrupted. Management is currently assessing the extent of the impact on production and assets.

Incident occurred on March 2, 2026, at the Plot No. D-17, MIDC Tarapur manufacturing plant.
A measuring tank containing Oleum fell, causing a leakage of fumes and temporary environmental disruption.
Zero casualties or injuries were reported as all personnel were safely evacuated from the site.
Operations at the facility are temporarily halted while the company assesses the total impact.

💡 Investors should monitor for updates regarding the duration of the plant shutdown and any potential regulatory actions from environmental boards. Expect short-term volatility in the stock price until production resumes and the financial impact is quantified.

Bhageria Industries Commissions 7MW Solar Power Plant in Maharashtra

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Feb 2026, 07:00 PM

Bhageria Industries' wholly-owned subsidiary, Rahuri Cleantech Private Limited, has successfully commissioned a 7MW Solar PV Power Plant at Pimpalgaon Wagha, Maharashtra. This 7MW capacity is the first phase of a larger 32MW total project planned under the MSKVY 2.0 scheme. The commissioning was completed on February 25, 2026, and marks a significant step in the company's renewable energy expansion. This development is expected to contribute to the company's green energy revenue stream and long-term sustainability goals.

Commissioned 7MW Solar PV Power Plant at Pimpalgaon Wagha, Ahilyanagar
Project executed through wholly-owned subsidiary Rahuri Cleantech Private Limited
Represents the first phase of a total 32MW capacity under the MSKVY 2.0 scheme
Official commissioning date recorded as February 25, 2026
Strengthens the company's presence in the renewable energy sector

💡 Investors should view this as a positive development for long-term cash flow stability and monitor the execution timeline for the remaining 25MW capacity. The shift towards renewable energy provides a hedge against the cyclical nature of the company's core chemical business.

Bhageria Industries Q3 FY26 Revenue Jumps 45% to ₹244.5 Cr; Net Profit Dips to ₹10.8 Cr

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:17 PM

Bhageria Industries reported a significant 45% year-on-year increase in consolidated revenue for Q3 FY26, reaching ₹244.50 crore. Despite the top-line growth, consolidated net profit for the quarter saw a marginal decline to ₹10.84 crore from ₹11.38 crore in the previous year, suggesting margin compression. However, the nine-month performance remains strong, with cumulative net profit rising to ₹33.20 crore compared to ₹23.57 crore in the same period last year. The results reflect robust demand but highlight potential challenges in maintaining profitability levels on a quarterly basis.

Consolidated total income for Q3 FY26 rose to ₹244.50 crore from ₹168.39 crore in Q3 FY25.
Consolidated net profit for the quarter stood at ₹10.84 crore, down approximately 4.7% from ₹11.38 crore YoY.
Nine-month consolidated revenue grew substantially to ₹614.49 crore from ₹417.98 crore in the previous year.
Consolidated Earnings Per Share (EPS) for the quarter was ₹2.56, compared to ₹2.78 in the year-ago period.
Standalone revenue for Q3 FY26 was ₹245.35 crore with a net profit of ₹12.02 crore.

💡 Investors should investigate the cause of the margin contraction despite the strong revenue growth. While the nine-month trajectory is positive, the quarterly profit dip suggests a need to monitor rising input costs or operational expenses.

Bhageria Industries Q3 Revenue Jumps 45% YoY to ₹244.5 Cr; Net Profit Dips to ₹10.8 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 12:14 PM

Bhageria Industries reported a robust 45.2% year-on-year growth in consolidated revenue for Q3 FY26, reaching ₹244.50 crore. Despite the top-line surge, consolidated net profit declined slightly to ₹10.84 crore from ₹11.38 crore in the same quarter last year. Sequentially, revenue grew by 18.7%, but net profit fell from ₹11.47 crore in Q2 FY26. The results indicate strong demand but suggest rising operational costs or margin compression as EPS fell to ₹2.56.

Consolidated Total Income rose 45.2% YoY to ₹24,450.29 Lakhs from ₹16,838.62 Lakhs.
Consolidated Net Profit for the quarter stood at ₹1,083.98 Lakhs, a decline from ₹1,137.54 Lakhs YoY.
9M FY26 consolidated revenue showed a significant jump to ₹61,448.87 Lakhs compared to ₹41,797.89 Lakhs in 9M FY25.
Earnings Per Share (EPS) for Q3 FY26 decreased to ₹2.56 from ₹2.78 in the corresponding previous year quarter.
Standalone Net Profit for the quarter was higher than consolidated at ₹1,202.07 Lakhs.

💡 While the revenue growth is impressive, the decline in net profit despite higher sales warrants caution regarding margin sustainability. Investors should monitor if the company can pass on rising costs to maintain profitability in future quarters.

Bhageria Industries Q3 Revenue Jumps 41% YoY to ₹242 Cr; Plans New Mineral Subsidiary

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 07:19 PM

Bhageria Industries reported a robust 41% YoY growth in revenue for Q3 FY26, reaching ₹241.92 crore. Despite the top-line surge, net profit for the quarter declined by 7% YoY to ₹12.02 crore, reflecting margin pressure from increased raw material and stock-in-trade costs. On a nine-month basis, the performance remains strong with PAT up 40.5% to ₹36.20 crore. Additionally, the board has approved a strategic diversification into the mineral business via a new wholly-owned subsidiary.

Revenue from operations increased 41% YoY to ₹24,192.57 Lakhs in Q3 FY26.
Net profit for the quarter stood at ₹1,202.07 Lakhs, a slight decline from ₹1,293.69 Lakhs in Q3 FY25.
9-Month PAT grew significantly by 40.5% YoY to ₹3,619.66 Lakhs.
Chemical segment remains the dominant revenue driver, contributing ₹22,958.01 Lakhs during the quarter.
Board approved in-principle the incorporation of a Wholly Owned Subsidiary for the Mineral business.

💡 Investors should monitor the rising cost of materials which impacted quarterly margins despite high revenue growth. The planned entry into the mineral business suggests a diversification strategy that could impact future capital expenditure and long-term growth profiles.

Bhageria Industries to Shift Registered Office to Malad, Mumbai Effective April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Feb 2026, 06:56 PM

Bhageria Industries Limited has announced that its Board of Directors granted in-principle approval on February 2, 2026, to relocate its registered office. The office will move from Goregaon (West) to Malad (West) within the city of Mumbai. This change is scheduled to take effect from April 1, 2026. As the relocation is within local limits, it represents a routine administrative update with no impact on the company's business operations or financial standing.

Board approval received on February 2, 2026, for shifting the registered office address.
Relocation from Goregaon (West), Mumbai to Malad (West), Mumbai.
The new office address will be effective starting April 1, 2026.
The shift remains within the local limits of Mumbai, maintaining the same regulatory jurisdiction.

💡 This is a routine administrative announcement. No action is required from investors as it does not impact the company's fundamentals or financial performance.

Bhageria Industries Q3 FY26 Revenue Rises 41% to ₹242 Cr; Net Profit Dips 7% YoY

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 06:35 PM

Bhageria Industries reported a strong 41% YoY growth in revenue to ₹241.93 crore for Q3 FY26, primarily driven by its core chemical segment. However, net profit declined by 7% YoY to ₹12.02 crore due to a significant surge in raw material costs and stock-in-trade purchases. The company also announced a strategic diversification plan to incorporate a wholly-owned subsidiary for the mineral business. While the chemical segment remains robust, the pharma segment continues to report losses at the operational level.

Revenue from operations increased 41% YoY to ₹24,192.57 Lakhs from ₹17,160.19 Lakhs.
Net Profit for the quarter fell 7% YoY to ₹1,202.07 Lakhs compared to ₹1,293.69 Lakhs.
Chemical segment revenue grew significantly to ₹22,958.01 Lakhs from ₹14,255.26 Lakhs YoY.
Pharma segment reported a loss of ₹125.83 Lakhs at the segment result level.
Board approved the incorporation of a new Wholly Owned Subsidiary to invest in the mineral business.

💡 Investors should monitor the company's ability to pass on rising raw material costs to protect margins and track the progress of the new mineral business venture. The persistent losses in the pharma segment remain a drag on overall profitability.

Bhageria Industries: SAT Adjourns SEBI Order Challenge to March 2026; Stay Continues

🔵 WATCH ⭐ 6/10

LEGAL 📅 08 Jan 2026, 05:03 PM

Bhageria Industries has announced that the Securities Appellate Tribunal (SAT) has adjourned the hearing regarding a challenge to a SEBI adjudication order dated March 31, 2023. The matter, which involves the company's Promoters and Directors, was previously scheduled for January 8, 2026, but has now been moved to March 10, 11, and 12, 2026, for final disposal. Importantly, the SEBI order remains stayed until the new hearing dates, meaning no immediate penalties or restrictions are currently in effect. This delay extends the period of regulatory uncertainty for the company's leadership.

SAT adjourned the final disposal hearing for the appeal against the SEBI order dated March 31, 2023
New hearing dates are scheduled for March 10, March 11, and March 12, 2026
The SEBI order against Promoters and Directors remains stayed until the next hearing
The legal challenge was filed by the company's Promoter(s), Promoter Group(s), and Director(s)

💡 Investors should maintain a watch on the proceedings as the final outcome in March 2026 could impact management stability. No immediate action is necessary given the stay on the SEBI order remains in place.

Bhageria Industries Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 02:53 PM

Bhageria Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all securities received for dematerialization during the quarter ended December 31, 2025, were processed within prescribed timelines. It further verifies that physical certificates were mutilated and cancelled, and the names of depositories were updated in the register of members. This is a standard procedural filing required for listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Confirms dematerialization requests were processed and listed on stock exchanges within SEBI timelines
Verification and cancellation of physical security certificates completed as per regulatory requirements

💡 This is a routine administrative filing with no impact on company fundamentals. No action is required from investors based on this announcement.

Bhageria Industries to Transfer Unclaimed Shares to IEPF for FY 2018-19

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Jan 2026, 01:03 PM

Bhageria Industries Limited has issued a mandatory notice regarding the transfer of equity shares to the Investor Education and Protection Fund (IEPF). This action pertains to shares where dividends have remained unclaimed for seven consecutive years, specifically starting from the interim dividend of FY 2018-19. The transfer is scheduled to be executed on or after February 20, 2026, in compliance with Section 124(6) of the Companies Act, 2013. Shareholders are advised to verify their status on the company's website to prevent the automatic transfer of their holdings.

Notice published on January 3, 2026, regarding transfer of shares to IEPF Authority.
Applies to shares with unclaimed interim dividends for seven consecutive years since FY 2018-19.
The effective date for the transfer of eligible shares is February 20, 2026.
Shareholders can reclaim transferred shares and dividends from the IEPF Authority by filing Form IEPF-5.
Company has already sent individual communications to the affected shareholders at their registered addresses.

💡 Long-term shareholders should check the company's website to ensure their dividends are claimed and their contact details are updated. This is a routine regulatory procedure and does not impact the company's financial health or business operations.

Bhageria Industries Updates Contact Details for RTA MUFG Intime India

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Dec 2025, 02:39 PM

Bhageria Industries Limited has announced updated contact information for its Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited. This follows the RTA's name change from Link Intime India Private Limited which was effective from December 31, 2024. The update includes a new investor helpdesk email and specific web portals for shareholder service requests. This is a standard administrative update to facilitate smooth communication between shareholders and the RTA.

RTA name changed from Link Intime to MUFG Intime India Private Limited effective December 31, 2024
New investor helpdesk email address is Investor.helpdesk@in.mpms.mufg.com
Dedicated portal for electronic service requests launched at web.in.mpms.mufg.com/helpdesk
Official RTA website updated to www.in.mpms.mufg.com

💡 Investors should update their records with the new contact details for any future correspondence regarding share transfers or dividends. No impact on the company's financial performance or stock valuation is expected from this administrative change.

Bhageria Industries Receives GST Demand and Penalties Totaling Over ₹3 Crore

🔴 NEGATIVE ⭐ 5/10

LEGAL 📅 30 Dec 2025, 06:22 PM

Bhageria Industries has received a GST demand order from the Additional Commissioner, CGST & Central Excise, Palghar Commissionerate. The order includes penalties and tax demands totaling approximately ₹3 crore for the period spanning FY 2018-19 to FY 2024-25. The issues primarily relate to the availment of Input Tax Credit (ITC) for Compensation Cess and discrepancies between GSTR-3B and GSTR-2A filings. The company has stated its intention to file an appeal against this order before the Commissioner (Appeals).

Penalty of ₹1.80 crore confirmed for ITC of Compensation Cess for FY 2018-19 to FY 2023-24.
Additional penalty of ₹75.17 lakh confirmed for ITC of Compensation Cess for FY 2024-25.
Tax demand of ₹37.48 lakh in IGST for excess ITC availment in GSTR-3B compared to GSTR-2A.
Total quantifiable demand and penalties exceed ₹3 crore plus applicable interest.
Company plans to contest the order through an appeal before the due date.

💡 Investors should monitor the outcome of the appeal process as an unfavorable final ruling would result in a cash outflow. While the amount is not critical to operations, it highlights potential tax compliance risks.

View All BHAGERIA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Chemicals segment grew 26.5% YoY to INR 504.31 Cr. The Pharma segment saw explosive growth of 277.7% YoY, reaching INR 8.12 Cr. Solar Power revenue declined 3.7% to INR 27.83 Cr, while 'Others' declined 12.8% to INR 57.23 Cr.

Geographic Revenue Split

Exports contribute a stable and healthy share to total revenue, though the exact percentage split between domestic and international regions is not disclosed in available documents.

Profitability Margins

Gross margins in the pharma regulatory export market are targeted at nearly 200%. Standalone PAT margin improved significantly from 3.96% in FY24 to 7.08% in FY25 due to operational leverage and better realizations in the chemicals segment.

EBITDA Margin

EBITDA margin stood at 15.21% in FY25, a 298 bps improvement from 12.23% in FY24. Core profitability was driven by a 50% increase in EBITDA to INR 90.82 Cr, supported by rising volumes and price stability in dye intermediates.

Capital Expenditure

The company invested significantly in a new pharma plant with advanced instrumentation and labs. Recent incremental capacity expansion is expected to generate INR 50-75 Cr in additional annual revenue once fully operational.

Credit Rating & Borrowing

CARE Ratings reaffirmed the long-term rating at 'CARE A; Stable' and short-term rating at 'CARE A1' for bank facilities totaling INR 91 Cr as of October 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include chemicals for dye intermediates and pigments, as well as specific pharmaceutical intermediates like MCP (Monochloroparaffin). Raw materials represent a significant portion of the cost structure, though specific percentage breakdowns per material are not disclosed.

Import Sources

Not specifically disclosed, though the company mentions strengthening supply stability by controlling part of its raw material sourcing and integrating operations in-house.

Capacity Expansion

Current plants are operating at 95% utilization. Planned incremental capacity is expected to add INR 50-75 Cr to annual revenue at current price levels, signaling a shift toward specialty segments.

Raw Material Costs

The company employs a strategy of backward integration and in-house supply operations to mitigate the risk of raw material shortages and price volatility, which historically impacted margins.

Manufacturing Efficiency

High manufacturing efficiency is evidenced by a 95% capacity utilization rate across existing plants, supported by firm demand from the textile and polymer industries.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved through a shift toward higher-margin specialty chemicals, expansion of the pharma portfolio into regulatory markets like Japan (where MCP can sell for $4,000/kg), and incremental revenue of INR 50-75 Cr from new capacity.

Products & Services

Dye intermediates, pigments, specialty chemicals, pharmaceutical intermediates (MCP), and solar power generation.

Brand Portfolio

Bhageria Industries (Corporate Brand).

New Products/Services

Expansion into value-added Specialty segments and regulatory-grade pharma molecules like MCP, which are expected to contribute higher margins than traditional dye intermediates.

Market Expansion

Targeting regulatory pharmaceutical markets globally, specifically mentioning Japan as a high-value destination for pharma exports.

🌍 External Factors

Industry Trends

The Indian chemical industry is seeing a structural shift toward compliant, sustainable manufacturers. Bhageria is positioning itself by focusing on process excellence and sustainable practices to capture this 10-12% industry-wide growth trend.

Competitive Landscape

Faces intensified competition and pricing pressures in the merchant market, countered by product innovation and brand identity.

Competitive Moat

The company's moat is built on backward integration, high capacity utilization (95%), and a transition into high-entry-barrier regulatory pharma markets, which are more sustainable than merchant chemical markets.

Macro Economic Sensitivity

The business is sensitive to the performance of the textile and polymer industries, which drive demand for dyes and pigments.

Consumer Behavior

Increased preference for sustainable and reliable manufacturers in the global supply chain is shifting demand toward companies with robust compliance frameworks.

Geopolitical Risks

Global supply chain realignments are currently benefiting the company as international buyers seek reliable, compliant Indian manufacturers as alternatives to other global sources.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental standards and pharmaceutical regulatory requirements for export markets (e.g., Japanese regulatory standards for MCP).

Environmental Compliance

The company integrates sustainable technologies and practices aligned with regulatory standards to mitigate environmental risks.

Legal Contingencies

Management reported no instances of significant fraud or significant changes in internal control over financial reporting during the year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Market volatility and interest rate changes pose risks to project costs and funding access. Pricing pressure in the chemicals segment remains a key uncertainty for margin stability.

Geographic Concentration Risk

While expanding globally, the company maintains a strong presence in India; however, the specific percentage of revenue from top regions is not disclosed.