Bhagyanagar India Limited (BHAGYANGR)
₹55.30 +4.93% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bhagyanagar India's revenue was ₹705 Cr (+45.2% year on year, -4.1% on the previous quarter), and net profit ₹20.2 Cr (+167.4% year on year); the operating margin was 5.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹705 | +45.2% | -4.1% |
| Operating profit | ₹38.3 | +136.5% | +6.4% |
| Net profit | ₹20.2 | +167.4% | +12.5% |
| EPS (₹) | 6.33 | +166.0% | +9.5% |
| Operating margin | 5.4% | — | — |
BHAGYANGR exchange data
NSE end-of-day data for
It closed at its upper price band (circuit) on 16 Oct, one of 10 band closes in about the last 20 sessions.
Delivery in the last 3 sessions: 49.1% · 74.3% · 53.0%
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
Bhagyanagar India Limited has shared an update received from Tieramet Limited regarding its board meeting held on October 14, 2026. Tieramet's Board of Directors has approved the draft Information Memorandum to seek relaxation under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957. This regulatory filing relates to the listing or restructuring process associated with Tieramet Limited. No financial terms or transactional values were disclosed in the intimation.
- Tieramet Limited board met on October 14, 2026, from 4:00 P.M. to 5:40 P.M.
- Approved draft Information Memorandum for seeking relaxation from strict enforcement of Rule 19(2)(b) of SCRR, 1957
- Intimation was received by Bhagyanagar India Limited at 5:45 P.M. on October 14, 2026
Bhagyanagar India Limited has signed a Memorandum of Understanding (MoU) with M/s. Om Sree Builders and Developers LLP to monetise its 20,080.52 sq. yards land at IDA Uppal, Hyderabad. The transaction is structured as an outright sale of 7,260 sq. yards for ₹60 crore and a joint development agreement on the remaining 12,820.52 sq. yards. For the joint development portion, the company will receive a 30% share of saleable area, estimated at approximately 3 lakh sq. ft. The outright cash inflow of ₹60 crore is highly material, representing over 41% of the company's current market capitalisation of ₹145 crore.
- MoU executed with Om Sree Builders and Developers LLP for 20,080.52 sq. yards land in IDA Uppal, Hyderabad
- Outright sale of 7,260 sq. yards (1.50 acres) for a cash consideration of ₹60 crore
- Joint development of remaining 12,820.52 sq. yards with 30% area share (~3 lakh sq. ft.) to the company
- Definitive documents (DAGPA and Sale Deed) to be executed within 6 months, subject to shareholder approval
Bhagyanagar India Limited announced that Tieramet Limited (the Resulting Company) has approved the allotment of 3,34,96,434 equity shares of face value Rs 2 each to the company's shareholders. The allotment is executed in a 1:1 ratio pursuant to the Composite Scheme of Arrangement for demerging the Copper Business. Shareholders holding stock as of the Record Date of October 08, 2026, receive one share of Tieramet for every one share held. Tieramet Limited will next apply to list its shares on the BSE and NSE.
- Allotment of 3,34,96,434 fully paid-up equity shares of face value Rs 2 each by Tieramet Limited
- Share entitlement ratio fixed at 1:1 (one Tieramet share for every one Bhagyanagar India share)
- Record date for determining eligible shareholders was October 08, 2026
- Scheme approved earlier by NCLT Hyderabad Bench on September 07, 2026
- Listing application for Tieramet equity shares to be submitted to BSE and NSE in due course
Bhagyanagar India announced the apportionment of acquisition cost following the NCLT-sanctioned demerger of its copper business into Tieramet Limited. For tax purposes, 89.36% of the acquisition cost is allocated to Tieramet Limited shares, while 10.64% remains with Bhagyanagar India Limited, reflecting net transferred assets of ₹177.60 cr. Simultaneously, Executive Director Venkateswara Rao Nukala resigned due to personal reasons, and promoter Mangilal Narender Surana was appointed as Non-Executive Non-Independent Director.
- Cost of acquisition apportioned: 89.36% to Tieramet Limited and 10.64% to Bhagyanagar India Limited
- Net book value of transferred assets in the demerger stands at ₹17,760.18 lakhs (₹177.60 cr)
- Demerged company's net worth before the demerger stood at ₹19,874.88 lakhs (₹198.75 cr)
- Executive Director Venkateswara Rao Nukala resigned with effect from October 8, 2026
- Mangilal Narender Surana appointed as Additional Non-Executive Non-Independent Director
Bhagyanagar India announced the apportionment of acquisition cost following the NCLT-sanctioned demerger of its copper business into Tieramet Limited. For tax purposes, 89.36% of the acquisition cost is allocated to Tieramet Limited shares, while 10.64% remains with Bhagyanagar India Limited, reflecting net transferred assets of ₹177.60 cr. Simultaneously, Executive Director Venkateswara Rao Nukala resigned due to personal reasons, and promoter Mangilal Narender Surana was appointed as Non-Executive Non-Independent Director.
- Cost of acquisition apportioned: 89.36% to Tieramet Limited and 10.64% to Bhagyanagar India Limited
- Net book value of transferred assets in the demerger stands at ₹17,760.18 lakhs (₹177.60 cr)
- Demerged company's net worth before the demerger stood at ₹19,874.88 lakhs (₹198.75 cr)
- Executive Director Venkateswara Rao Nukala resigned with effect from October 8, 2026
- Mangilal Narender Surana appointed as Additional Non-Executive Non-Independent Director
Bhagyanagar India Limited has announced that Chief Financial Officer Mr. Surendra Bhutoria ceased his role effective October 7, 2026. The cessation comes as a result of his employment being transferred to Tieramet Limited. The company stated that a successor CFO will be appointed in due course to oversee financial operations for the Rs 1,443 crore market cap firm.
- CFO Surendra Bhutoria ceased holding office effective October 7, 2026
- Cessation is due to an internal employment transfer to Tieramet Limited
- Company manages Rs 2,598 Cr in TTM revenue with appointment of a new CFO pending in due course
Bhagyanagar India Limited held its 41st Annual General Meeting on September 30, 2026, conducted via Video Conferencing with 63 members present. Shareholders considered 7 resolutions, including the re-appointment of Managing Director Devendra Surana and approvals for inter-corporate loans/investments under Sections 185 and 186 of the Companies Act. Material related party transactions with Tieramet Limited for FY 2026-27 were also placed for shareholder approval. Scrutinizer voting results are expected within two working days.
- 41st AGM conducted via Video Conferencing with 63 members attending.
- Special resolutions presented for re-appointment of MD Devendra Surana and loans/investments under Sections 185 and 186.
- Ordinary resolution tabled for material related party transactions with Tieramet Limited for FY 2026-2027.
- Voting results across 7 agenda items to be declared within 2 working days.
ICRA has assigned a credit rating of [ICRA]A- to ₹654.00 crore in long-term bank facilities for Bhagyanagar Copper Private Limited (BCPL), a wholly owned subsidiary of Bhagyanagar India Limited. The rating has been placed on 'Rating Watch with Developing Implications' due to the ongoing demerger of the copper business into a separately listed entity, Tieramet Limited. The transaction has received NCLT, shareholder, and regulatory approvals and is expected to conclude by October 2026. The ₹654 crore rated bank limits represent approximately 25.2% of Bhagyanagar India's TTM revenue of ₹2,598 crore.
- ICRA assigned [ICRA]A- rating on ₹654.00 crore of bank facilities for wholly owned subsidiary Bhagyanagar Copper Private Limited
- Facilities comprise ₹595.00 crore in long-term fund-based limits and ₹59.00 crore in long-term loans
- Rating placed on 'Watch with Developing Implications' pending the ongoing demerger of the copper business
- Demerger into Tieramet Limited has NCLT approval and is slated for completion by October 2026
Bhagyanagar India has fixed October 8, 2026 as the Record Date following NCLT Hyderabad approval for its Composite Scheme of Arrangement. Eligible shareholders will receive 1 fully paid equity share of face value Rs 2 of resulting entity Tieramet Limited for every 1 share of Rs 2 held in Bhagyanagar India. The scheme also involves Bhagyanagar Copper Private Limited as the transferor company. All resulting shares will be issued in dematerialized form.
- Record date fixed as October 8, 2026 to determine shareholder eligibility
- Share entitlement ratio is 1:1 (1 equity share of Rs 2 each of Tieramet Limited for every 1 share held in Bhagyanagar India)
- Follows NCLT Hyderabad Bench approval intimated earlier on September 7, 2026
- Shares to be credited purely in dematerialized form, with physical holders required to submit demat details prior to record date
Bhagyanagar India Limited has fixed October 8, 2026, as the record date under its Composite Scheme of Arrangement. Under the scheme, shareholders will receive 1 fully paid-up equity share of face value Rs 2 each of the resulting company, Tieramet Limited, for every 1 equity share of Rs 2 held in Bhagyanagar India. The arrangement also encompasses Bhagyanagar Copper Private Limited as the transferor company. This step advances the restructuring process toward corporate segregation and final listing of the resulting company.
- Record date fixed as October 8, 2026, for equity share allotment
- Share entitlement ratio of 1:1 (one Rs 2 share of Tieramet for every one Rs 2 share held in BIL)
- Involves merger/demerger between Bhagyanagar Copper Pvt Ltd, Bhagyanagar India Ltd, and Tieramet Ltd
- Board meeting concluded at 03:15 PM on September 25, 2026
Bhagyanagar India Limited has received trading approvals from both NSE and BSE for 15,01,434 equity shares allotted on a preferential basis to non-promoters. The shares, issued at an issue price of Rs 348 per share (face value Rs 2 at a premium of Rs 346), represent a fundraise of approximately Rs 52.25 crore. Trading in these newly listed shares commences on Tuesday, September 15, 2026. All 15,01,434 shares remain under lock-in until March 15, 2027.
- Trading approval granted for 15,01,434 equity shares allotted on a preferential basis
- Issued to Non-Promoters at an issue price of Rs 348 per share (Rs 2 face value + Rs 346 premium)
- Effective trading date on NSE and BSE is September 15, 2026
- Entire issue is subject to lock-in until March 15, 2027
The NCLT Hyderabad Bench has approved the Composite Scheme of Arrangement involving Bhagyanagar India Limited (BIL), its wholly owned subsidiary Bhagyanagar Copper Private Limited (BCPL), and Tieramet Limited. Under the scheme, BCPL will be amalgamated into BIL without winding up, while a designated Demerged Undertaking will be transferred to Tieramet Limited. The approved Appointed Date is set retrospectively as April 1, 2025. The restructuring will take effect upon filing certified copies of the order in Form INC-28 with the Registrar of Companies within 30 days.
- Composite Scheme sanctioned by NCLT Hyderabad Bench on 07th September, 2026
- Appointed date approved as 01.04.2025 across all participating petitioner entities
- Transferor Company BCPL has a paid-up equity capital of Rs 20,00,00,000 and preference capital of Rs 10,00,00,000
- Transferor Company to be dissolved without the process of winding up
- Companies directed to submit Form INC-28 to the ROC within 30 days of receiving the certified order
Bhagyanagar India Limited has issued the notice for its 41st Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key agenda items include the re-appointment of Managing Director Devendra Surana for a three-year term from January 2027 at ₹1.60 crore per annum plus 1% net profit commission. The company is also seeking shareholder approval for inter-corporate loans, guarantees, and securities under Sections 185 and 186 up to an aggregate limit of ₹750 crore, which represents ~421% of its net worth (₹178 crore). Additionally, approval is sought for material related-party transactions with Tieramet Limited for FY 2026-27.
- 41st AGM scheduled for September 30, 2026; e-voting runs from September 27 to September 29, 2026 with a cut-off date of September 23, 2026.
- Proposed re-appointment of MD Devendra Surana for 3 years (Jan 17, 2027 to Jan 16, 2030) at ₹1.60 crore annual remuneration plus 1% net profit commission.
- Seeking enabling approval for loans, guarantees, and securities under Sections 185 and 186 up to ₹750 crore.
- Material related-party transactions proposed with Tieramet Limited for FY 2026-2027.
Bhagyanagar India Limited has submitted its response to an exchange query regarding Regulation 33 of SEBI LODR Regulations for the quarter ended June 30, 2026. The submission addresses procedural disclosure requirements on the financial results filing. For Q1 FY27 (quarter ended Jun 2026), the company reported revenue of Rs 705.08 Cr and a net profit of Rs 20.25 Cr. The filing is administrative in nature and contains no alteration to reported operational performance.
- Exchange sought clarification under Regulation 33 of SEBI LODR for quarter ended 30-Jun-2026
- Company submitted official response digitally signed on 2026.08.05
- Company reported Q1 FY27 (Jun 2026) revenue of Rs 705.08 Cr and PAT of Rs 20.25 Cr
Bhagyanagar India Limited has received listing approvals from BSE and NSE for 15,01,434 equity shares of face value Rs 2 each. The shares were allotted on a preferential basis to non-promoter investors at an issue price of Rs 348 per share (including a premium of Rs 346 per share), representing a capital infusion of approximately Rs 52.25 crore. This fundraise represents around 4.2% of the company's current market cap of Rs 1,242 crore. Final trading approvals will be granted following depository credit confirmation.
- Listing approval secured for 15,01,434 equity shares of face value Rs 2 each
- Shares issued to non-promoters at an issue price of Rs 348 per share (Rs 346 premium)
- Total preferential fundraise amounts to approximately Rs 52.25 crore (~4.2% of market cap)
- Trading approval application must be submitted within 7 working days as per SEBI regulations
Financial Performance
Revenue Growth by Segment
The company reported significant improvement in total operating income during FY22 and stable growth in H1FY23. While specific segment-wise percentage growth is not detailed, the business operates in Copper (rods, pipes, sheets, foils) and Renewable Energy (Wind and Solar).
Geographic Revenue Split
Export sales contribute 15% of total revenue, while domestic sales account for the remaining 85%.
Profitability Margins
Net Profit Margin (NPM) declined sharply by 73.04%, falling from 3.20% to 0.86%. Return on Net Worth (RONW) also saw a significant drop of 55.05%, decreasing from 31.70% to 13.87%.
EBITDA Margin
The company targets a sustainable EBITDA margin of 4% (+/- 0.25%) over the next few years. Recent margin improvements were driven by a shift to higher value-added products and the removal of customs duty on copper scrap.
Capital Expenditure
Not disclosed in available documents; however, the company projected gross cash accruals of INR 12.01 Cr for FY23 to support its financial obligations.
Credit Rating & Borrowing
The company held ratings of CARE BBB; Stable (Long Term) and CARE A3+ (Short Term) for bank facilities totaling INR 106.00 Cr. These ratings were reaffirmed and subsequently withdrawn in March 2024 at the company's request.
Operational Drivers
Raw Materials
Copper scrap and copper cathode are the primary raw materials, used to manufacture copper rods, pipes, sheets, and foils.
Import Sources
Approximately 40% of raw materials are imported, exposing the company to international price volatility and forex risks.
Capacity Expansion
Not disclosed in available documents; however, the company is focusing on increasing the volume of higher value-added products to improve margins.
Raw Material Costs
Raw material costs are highly volatile due to copper price fluctuations on the LME/MCX. To mitigate this, the company hedges 50% to 60% of its inventory on the MCX.
Manufacturing Efficiency
The company has maintained a track record of 40 years of uninterrupted profits, indicating high long-term operational consistency.
Strategic Growth
Expected Growth Rate
4%
Growth Strategy
The company aims to achieve its growth targets by shifting its product mix toward higher value-added copper products. It also benefits from the removal of customs duty on copper scrap (effective January 31st), which reduces input costs and supports a target EBITDA margin of 4%.
Products & Services
Copper rods, Copper Pipes, Copper Sheets, Copper Foils, Power Cables, Wind Power generation, and Solar Power generation.
Brand Portfolio
Surana Group, Bhagyanagar India Limited (BIL).
New Products/Services
The company is focusing on expanding its portfolio of value-added copper products to sustain higher margins.
Strategic Alliances
The company operates with its 100% owned subsidiary, Bhagyanagar Copper Private Limited.
External Factors
Industry Trends
The industry is seeing a shift toward value-added copper components. The company is positioning itself by moving away from commodity-grade products to specialized copper foils and pipes to capture higher margins.
Competitive Landscape
Operates in a highly competitive and fragmented copper industry characterized by inherent cyclicality.
Competitive Moat
The company's moat is built on its 40-year track record of uninterrupted profits and the established 'Surana Group' brand name, which provides reliability in a cyclical industry.
Macro Economic Sensitivity
Highly sensitive to global copper price cycles and industrial demand for copper in telecommunications and power sectors.
Consumer Behavior
Increased demand for specialized copper products in the power and telecom sectors is driving the shift toward value-added manufacturing.
Geopolitical Risks
Trade policies affecting copper scrap imports and customs duties are primary geopolitical/regulatory risks.
Regulatory & Governance
Industry Regulations
The removal of customs duty on copper scrap (announced in the previous budget and effective from January 31st) is a key regulatory tailwind that has directly improved EBITDA margins.
Legal Contingencies
Secretarial audits for Bhagyanagar India Limited and Bhagyanagar Copper Private Limited for FY25 reported compliance with the Companies Act and SEBI regulations, with no major pending litigation values disclosed.
Risk Analysis
Key Uncertainties
Volatility in copper prices and forex fluctuations are the primary uncertainties, with a potential impact on profitability margins which recently saw a 73.04% decline in NPM.
Geographic Concentration Risk
Operations are primarily based in Hyderabad, Telangana, with 15% of revenue derived from international markets.
Third Party Dependencies
40% dependency on imported raw material suppliers.
Credit & Counterparty Risk
The company maintains a current ratio of 1.54x and has unutilized working capital limits of approximately 40%, suggesting strong counterparty liquidity.
