BHAGERIA INDUSTRIES FUNDAMENTAL RESEARCH REPORT

Bhageria Industries (NSE: BHAGERIA, BSE: 530803), Mumbai, makes dye intermediates - H-acid (its largest product, 30-35% ofrevenue), vinyl sulphone, gamma acid, J-acid and Tobias acid - at Vapi (Gujarat) and Tarapur (Maharashtra), with its own 300t/day sulphuric-acid plant for backward integration. It also owns ~34 MW of operating solar plants on 25-year power-purchase agreements (Rs 27-30 Cr of revenue a year), a small pharmaceutical subsidiary, and has started making ***** 35% of revenue is exported; customers include Everlight Chemical and Huntsman. Promoted by the Bhageria familysince 1989. Rated CARE A/Stable (8-Oct-2026). Event 1 - volume came back, then price followed. FY26 consolidated revenue rose 47% to Rs 874 Cr on volume, but themargin fell to ~10.6% (CARE) on raw-material swings, logistics and competition; PAT was Rs 44 Cr. In Q1 FY27 revenue jumped 82% to Rs 286 Cr as product prices rose steeply, and PAT reached Rs 34 Cr (+203%) . Chemicals segment profi t was Rs 37.5 Cragainst Rs 15.1 Cr a year earlier. Part of the quarter’s profi t was Rs 16.6 Cr of other income (36% of PBT; it was negative in Q4),which we treat as non-core.