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BHARATRAS - Bharat Rasayan

📊 NSE: BHARATRAS 🏢 Pesticides / Agrochemicals - Indian 📅 Last Updated: 12/13/2025 19:27

📢 Recent Corporate Announcements

Bharat Rasayan Q3 Net Profit Rises 14.5% YoY to ₹33.99 Crore; Revenue Up 5.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 05:38 PM

Bharat Rasayan reported a steady performance for Q3 FY26, with revenue from operations growing 5.5% year-on-year to ₹270.46 crore. Net profit for the quarter increased by 14.5% to ₹33.99 crore compared to ₹29.69 crore in the same period last year. The company successfully executed a 1:1 bonus issue and a stock split (from ₹10 to ₹5 face value) during the quarter, resulting in a restated EPS of ₹20.45. Operating margins improved to 17.25% from 16.63% YoY, reflecting improved operational efficiency despite ongoing insurance claims for the Dahej plant.

Revenue from operations grew 5.5% YoY to ₹27,046 lakhs in Q3 FY26.
Net Profit increased 14.5% YoY to ₹3,399 lakhs for the quarter ended December 31, 2025.
Operating Margin improved to 17.25% in Q3 FY26 compared to 16.63% in the corresponding previous quarter.
Completed a 1:1 bonus issue and share sub-division (split) from ₹10 to ₹5 face value in December 2025.
Maintained strong credit ratings of CARE AA- (Long Term) and CARE A1+ (Short Term).

💡 The company demonstrates resilient growth and margin expansion, making it a positive sign for long-term holders. Investors should monitor the final settlement of the Dahej plant insurance claim and the impact of the increased share liquidity following the bonus and split.

Bharat Rasayan Q3 FY26 Net Profit Rises 14.5% YoY to ₹33.99 Cr; EPS Restated Post Bonus and Split

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 05:24 PM

Bharat Rasayan reported a steady performance for Q3 FY26, with revenue from operations growing 5.5% YoY to ₹270.46 crore. Net profit increased by 14.5% YoY to ₹33.99 crore, supported by improved operating margins which rose to 17.25% from 16.63%. The company successfully completed a 1:1 bonus issue and a 2-for-1 stock split during the quarter, resulting in a restated EPS of ₹20.45. Financial health remains robust with a very low debt-to-equity ratio of 0.07 and maintained high credit ratings of AA-.

Revenue from operations grew 5.5% YoY to ₹27,046 lakhs in Q3 FY26.
Net Profit increased 14.5% YoY to ₹3,399 lakhs compared to ₹2,969 lakhs in the previous year's quarter.
Operating margins improved to 17.25% in Q3 FY26 from 16.63% in Q3 FY25.
Completed 1:1 bonus issue and stock split (₹10 to ₹5), increasing total equity shares to 1.66 crore.
Maintained strong balance sheet with a Debt-Equity ratio of 0.07 and CARE AA- rating.

💡 Investors should view the margin expansion and profit growth positively, especially alongside the improved liquidity from the stock split and bonus. The company's extremely low leverage and consistent credit ratings provide a strong margin of safety.

Bharat Rasayan Board Meeting on Feb 12 to Approve Q3 FY2025-26 Results

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 30 Jan 2026, 02:29 PM

Bharat Rasayan Limited has scheduled a Board of Directors meeting for February 12, 2026, to consider and approve the un-audited financial results for the third quarter and nine months ended December 31, 2025. In accordance with SEBI insider trading regulations, the trading window for the company's securities will be closed from January 30, 2026, to February 14, 2026. This is a routine regulatory announcement preceding the official earnings release. Investors should look for the detailed financial performance data following the meeting.

Board meeting scheduled for February 12, 2026, in New Delhi
Agenda includes approval of un-audited financial results for Q3 and nine months ended Dec 31, 2025
Trading window for insiders closed from January 30, 2026, to February 14, 2026
Compliance filing under SEBI (LODR) Regulations 29, 33, and 47

💡 No immediate action is required as this is a routine procedural notice. Investors should monitor the actual earnings release on February 12 to assess the company's operational performance.

Bharat Rasayan Clarifies Significant Price Movement; Cites Market-Driven Factors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 09:51 AM

Bharat Rasayan Limited has responded to a clarification request from the National Stock Exchange regarding a recent significant movement in its stock price. The company officially stated that it is unaware of any specific reasons for the price spurt and that the movement is purely market-driven. Management confirmed that all price-sensitive information has been disclosed as per SEBI (LODR) Regulations, 2015. No undisclosed information or events are currently pending that would have a bearing on the volume or price of the shares.

NSE sought clarification on January 27, 2026, regarding significant price movement in BHARATRAS.
Company responded on January 28, 2026, confirming full compliance with Regulation 30 of SEBI (LODR).
Management explicitly stated the price movement is purely market-driven with no withheld information.
The company assured the exchange of continued timely disclosure of any future price-sensitive events.

💡 Investors should exercise caution as the company has denied any new fundamental developments to justify the recent price volatility. It is advisable to wait for fundamental triggers or quarterly results rather than reacting to speculative price movements.

Bharat Rasayan Re-designates Promoter Rajender Prasad Gupta as Non-Executive Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Jan 2026, 04:57 PM

Bharat Rasayan Limited has announced a change in its leadership structure effective January 19, 2026. Shri Rajender Prasad Gupta, a promoter of the company, has transitioned from his role as Executive Director to a Non-Executive, Non-Independent Director. This move is attributed to his other professional commitments, leading him to step back from day-to-day executive responsibilities. He will continue to serve on the Board, ensuring continuity in strategic oversight despite the reduction in operational involvement.

Shri Rajender Prasad Gupta (DIN: 00048888) transitioned from Executive Director to Non-Executive Director effective January 19, 2026.
The re-designation is due to other professional occupancies and a withdrawal from daily executive operations.
Mr. Gupta remains a Promoter of the company and will continue to serve on the Board of Directors.
The company confirmed no inter-se relationship between Mr. Gupta and other Directors except as previously disclosed.

💡 Investors should view this as a routine transition of a promoter from an operational to an advisory role; monitor for any subsequent executive appointments to manage daily operations.

BHARATRAS: CARE reaffirms Long Term rating at CARE AA- and Short Term at CARE A1+

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 15 Dec 2025, 03:20 PM

CARE Ratings Limited has reaffirmed the credit ratings for Bharat Rasayan Limited. The long-term bank facilities are reaffirmed at CARE AA- (AA Minus). The short-term bank facilities are reaffirmed at CARE A1+ (A One Plus). The company has not availed or placed any Commercial Papers rated by CARE Ratings Limited and has no outstanding amount as of the date of this announcement, December 15, 2025.

Long Term Bank Facilities rating reaffirmed at CARE AA-
Short Term Bank Facilities rating reaffirmed at CARE A1+
No outstanding Commercial Papers (C.P.) rated by CARE

💡 The reaffirmed credit ratings indicate the company's continued creditworthiness. Investors should monitor the company's financial performance and any future rating changes.

BHARATRAS Allots Bonus Shares in 1:1 Ratio

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 15 Dec 2025, 09:37 AM

Bharat Rasayan Limited has allotted 83,10,536 bonus equity shares in the ratio of 1:1. This means shareholders will receive one new share for every one share held. The face value of each bonus share is ₹5. Consequently, the paid-up share capital has increased from ₹4,15,52,680 to ₹8,31,05,360. The bonus shares rank equally with existing shares.

Allotted 83,10,536 bonus equity shares
Bonus share ratio is 1:1
Face value of each bonus share is ₹5
Pre-issue share capital was ₹4,15,52,680
Post-issue share capital is ₹8,31,05,360

💡 Existing shareholders will see their holdings double due to the bonus issue. Monitor the stock price for any adjustments post-allotment.

View All BHARATRAS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations reached INR 663.36 Cr for the six months ended September 30, 2025, representing a growth of 8.73% compared to INR 610.07 Cr in the previous year's corresponding period. While specific segment percentages are not disclosed, the company identifies seeds and nutrients as its high-growth segments driving future profitability.

Geographic Revenue Split

Export sales constituted 36.13% of total sales in FY2023-24, a significant decrease from 55.98% in FY2022-23. Domestic sales account for the remaining 63.87%. The company maintains 123 international registrations to support its global footprint.

Profitability Margins

Net Profit Margin for H1 FY2025-26 stood at 10.64%, a slight decline from 10.97% in H1 FY2024-25. Standalone Net Profit for H1 FY2025-26 was INR 69.82 Cr, up 4.29% from INR 66.95 Cr YoY.

EBITDA Margin

Operating Margin (PBILDT) was 14.44% for H1 FY2025-26, compared to 15.22% in H1 FY2024-25. The company's total expenses decreased by 10.97% from INR 1041.62 Cr in FY2022-23 to INR 927.36 Cr in FY2023-24, primarily due to optimized material consumption costs.

Capital Expenditure

Capital Work-in-Progress was reported at INR 2.02 Cr as of September 30, 2025. The company maintains a low gearing of 0.08x, providing significant headroom to raise debt for future capacity expansion and capex needs.

Credit Rating & Borrowing

The company holds a strong credit profile with a Debt-Equity Ratio of 0.08x as of September 30, 2025. CARE Ratings previously assigned CARE A1+ to its commercial paper (later withdrawn as unutilized). Interest Service Coverage Ratio remains robust at 37.35x for H1 FY2025-26.

⚙️ Operational Drivers

Raw Materials

Technical grade pesticides and chemical intermediates. Cost of materials consumed for H1 FY2025-26 was INR 441.89 Cr, representing 66.61% of total revenue from operations.

Import Sources

Approximately 58-60% of total raw material purchases are imported. China is the primary source, accounting for 85% of total imports, followed by Japan at 12-14%.

Key Suppliers

Key suppliers include Nissan Chemical Corporation through the 30:70 Joint Venture (Nissan Bharat Rasayan Private Limited) and various vendors in China and Japan.

Capacity Expansion

Current manufacturing focuses on technical grade pesticides and formulations. While specific MTPA figures are not disclosed, the company is leveraging its JV with Nissan Chemical Corporation to enhance technical capabilities and product range.

Raw Material Costs

Raw material costs increased by 10.86% YoY to INR 441.89 Cr in H1 FY2025-26 from INR 398.61 Cr. The company utilizes a natural hedge through export sales to mitigate the impact of import cost fluctuations.

Manufacturing Efficiency

The company focuses on high-growth segments like seeds and nutrients to improve overall plant utilization and profitability.

Logistics & Distribution

Distribution costs are managed as part of 'Other Expenses' which represent approximately 10.5% of total revenue.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through the expansion of the product portfolio in the seeds and nutrients segments, leveraging the 30:70 JV with Nissan Chemical Corporation for advanced technicals, and increasing market penetration in the 123 international markets where it holds registrations.

Products & Services

Technical grade pesticides, pesticide formulations, high-growth seeds, and plant nutrients.

Brand Portfolio

Bharat Rasayan, Nissan Bharat Rasayan (JV), B R Agrotech, and Bharat Certis Agriscience (associate).

New Products/Services

The company is entering new segments in seeds and nutrients, which are expected to be high-growth drivers for future revenue and profitability.

Market Expansion

Expansion is targeted through increasing international registrations (currently 123) and deepening the domestic reach for formulations and nutrients.

Market Share & Ranking

The company is a significant player in the Indian technical grade pesticide market and is mandated to have a Risk Management Committee as one of the top 1000 listed entities by market capitalization.

Strategic Alliances

Nissan Bharat Rasayan Private Limited is a critical 30:70 Joint Venture between Bharat Rasayan and Nissan Chemical Corporation, contributing INR 1.72 Cr in share of profit for Q2 FY2025-26.

🌍 External Factors

Industry Trends

The Indian chemical industry is seeing a shift toward domestic manufacturing of technicals to reduce import dependency. The industry is growing, but faces increasing environmental scrutiny and molecule-specific regulations.

Competitive Landscape

Competes with both domestic agrochemical players and multinational corporations in the technicals and formulations segments.

Competitive Moat

The company's moat is built on its extensive registration portfolio (584 total) and its strategic JV with Nissan Chemical, which provides access to proprietary technology. These are sustainable due to the high regulatory barriers to entry in the agrochemical space.

Macro Economic Sensitivity

Highly sensitive to agricultural output and monsoon patterns in India, as well as global commodity price cycles for agrochemicals.

Consumer Behavior

Increasing farmer preference for high-yield seeds and specialized nutrients is driving the company's shift toward these segments.

Geopolitical Risks

Significant exposure to China (85% of imports) makes the company vulnerable to trade barriers or supply disruptions originating from Chinese regulatory shifts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Insecticides Act and Central Insecticides Board & Registration Committee (CIB&RC) norms. Prohibited usage of certain molecules represents a recurring regulatory risk.

Environmental Compliance

The company faces ongoing compliance requirements related to chemical manufacturing and waste disposal, though specific ESG spend figures are not disclosed.

Taxation Policy Impact

The company's effective tax rate is approximately 24.5%, with a tax expense of INR 22.66 Cr against a profit before tax of INR 92.48 Cr for H1 FY2025-26.

Legal Contingencies

The company has not disclosed any material pending court cases or litigation that would significantly impact its financial position in the provided documents.