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Agarwal Industrial Corporation Q1 FY26 Share Price & Earnings Call Analysis

₹326.85-1.65% today
Market cap
₹489 Cr
P/E
11.96
ROE
6.21%
PEG
-0.51
Price to sales
0.33
Debt to equity
0.50
52W high / low
₹863 / ₹315
Sales growth (5Y)
12.82%
EBITDA margin
7.44%
Net profit margin
2.47%
Promoter holding
57.20%
Sales (last year)
₹1,492 Cr

Agarwal Industrial Corporation Ltd is primarily engaged in the business activities of manufacturing and trading of Petrochemicals (Bitumen and Bituminous Products), logistics of bitumen and liquefied Petroleum Gas and energy generation through Wind Mills.[1]

Guidance scorecard · Q1 FY26 call

What Agarwal Indl.'s management guided
and where it ranks in Chemicals & Petrochemicals

#39of 71 in
Chemicals & Petrochemicals
Revenue10–20%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY26 call

10–20%
  • The company targets around 10% volume growth for FY26, expecting to achieve approximately 6 lakh tons despite Q1 setbacks.
  • Despite geopolitical and monsoon-related challenges, management maintains volume growth guidance, with potential for a better-than-anticipated performance in upcoming quarters.
  • FY28 growth guidance remains to double volume from FY25 levels, though with a disclaimer on external risk factors.
  • Bitumen demand is expected to grow driven by government infrastructure projects (e.g., Bharat Mala, PM Gati Shakti) with Rs. 7 lakh crores projects in FY26 and scaling up to Rs. 10 lakh crores annually.
  • The company aims for mid-teen growth rates, outperforming the 4-6% industry CAGR, by increasing market share and overcoming logistical challenges.

2 more points from Agarwal Indl.'s call on revenue

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Full Q1 FY26 analysis

MarginsQ1 FY26 call

Up 0–2%

See what Agarwal Indl. said on margins — free account, 30 seconds.

Full Q1 FY26 analysis

CapexQ1 FY26 call

Planned
  • The company is building a new tank at Mangalore, leveraging existing infrastructure to reduce capital cost.
  • Two new terminals, Karwar and Konkan, will be operational within the year, expected to save rentals and improve margins.
  • Acquired Konkan Storage Systems Private Limited with an existing capacity of over 24,000 MT; total Capex for this acquisition is above Rs. 30 crores.
  • Continues expanding vessel capacity as good opportunities arise, supporting logistics and throughput growth.

2 more points from Agarwal Indl.'s call on capex

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Full Q1 FY26 analysis

FundraisingQ1 FY26 call

See what Agarwal Indl. said on fundraising — free account, 30 seconds.

Full Q1 FY26 analysis

Order bookQ1 FY26 call

Rising
  • The company expects around Rs. 3.5 lakh crores worth of projects to be awarded this year.
  • The bitumen demand and Agarwal Industrial Corporation Limited's (AICL) capture from these projects will vary based on project execution phases.
  • Demand arises primarily when earthwork starts on projects, with different projects being in various phases.
  • It is difficult to precisely quantify incremental bitumen demand or volume capture for Q3 and Q4.
  • As projects get executed, additional demand over existing bitumen demand in India is expected.

2 more points from Agarwal Indl.'s call on the order book

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Full Q1 FY26 analysis
Full Chemicals & Petrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Agarwal Indl. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Chemicals & Petrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 0–2%₹263 Cr3.4
240%+Flat₹4,375 Cr83.7
340%+Flat₹3,259 Cr4.0
440%+Flat₹145 Cr15.9
520–40%Up 2%+₹1.81L Cr90.9
620–40%Up 2%+₹48,366 Cr78.3

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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals ranking

Financials of Agarwal Indl.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Agarwal Indl.

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +552.09659.54628.76231.91488.18776.44707.71325.66542.11823.44593.61244.80408.44
Expenses +514.09616.99587.26205.07443.84716.29647.53290.49488.84769.92557.48216.79387.81
Operating Profit38.0042.5541.5026.8444.3460.1560.1835.1753.2753.5236.1328.0120.63
OPM %6.88%6.45%6.60%11.57%9.08%7.75%8.50%10.80%9.83%6.50%6.09%11.44%5.05%
Other Income +1.810.640.621.850.901.761.531.832.484.701.705.004.54
Interest3.133.613.833.704.668.487.576.486.849.208.316.807.39
Depreciation5.806.286.256.827.219.8210.2310.3515.0312.2312.9012.6413.14
Profit before tax30.8833.3032.0418.1733.3743.6143.9120.1733.8836.7916.6213.574.64
Tax %18.36%15.02%13.92%11.89%17.23%12.84%11.18%8.58%18.24%16.99%21.66%11.72%39.87%
Net Profit +25.2128.3027.5716.0127.6338.0139.0018.4427.7030.5413.0311.992.80
EPS in Rs16.8518.9218.4310.7018.4725.4126.0712.3318.5220.428.718.021.87

Financials of Agarwal Indl.

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +1812222812974145317879041,5982,0152,1252,3992,070
Expenses +1682062602713834947418321,4921,8791,9522,1971,932
Operating Profit1416212631374671106136173202138
OPM %8%7%8%9%7%7%6%8%7%7%8%8%7%
Other Income +111111324951116
Interest4477999101212213032
Depreciation4456889142023304851
Profit before tax681014152031497811012713572
Tax %21%30%31%37%30%34%18%17%18%16%14%14%
Net Profit +567910132641649210911658
EPS in Rs9.2510.6712.468.8210.0213.1124.9139.5148.2261.6873.0277.3439.02
Dividend Payout %15%14%17%17%15%14%6%5%4%4%4%4%

Financials of Agarwal Indl.

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital66810101010101315151515
Reserves333865101112123147186281389496612642
Borrowings +35416574967790150171158361435417
Other Liabilities +9119172117525078188248283271
Total Liabilities82951472012382273003955437501,1201,3451,344
Fixed Assets +303139446257102160219341589691728
CWIP110801313701615
Investments023699761226363438
Other Assets +5162105143168161188229309376495605564
Total Assets82951472012382273003955437501,1201,3451,344

Financials of Agarwal Indl.

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +3213-12830494965157112100
Cash from Investing Activity +-7-7-9-21-20-4-54-44-69-158-276-157
Cash from Financing Activity +71-12710-2772119-1517840
Net Cash Flow2-33-6-1-122714-1713-18
Free Cash Flow-5-35-30-1026-7409-158-65
CFO/OP28%22%78%-32%45%92%123%78%74%129%75%60%

Financials of Agarwal Indl.

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days566710012910078645437354641
Inventory Days132213294323162418252838
Days Payable91434166241715364750
Cash Conversion Cycle617511015412695566240252629
Working Capital Days1019367055492022131400
ROCE %16%16%15%13%12%14%17%20%22%23%20%17%

Guidance history

How Agarwal Indl.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY26 call →10–20%Up 0–2%Planned—Rising
Q4 FY25 call →20–40%FlatPlannedPlanned—
Q3 FY25 call →10–20%FlatPlannedPlannedFlat
Q2 FY25 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

3out of 100

Momentum score · price trend

3 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−62.7%1%
Last 6 months−25.7%11%
Last 3 months−31.1%3%

The price is 74.9% below its all-time high of ₹1,335.85 (20 Dec 2024). Stocks more than 20% below their peak have their score halved, so 5 became 3.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Agarwal Indl.: 0.4 × 1 + 0.4 × 11 + 0.2 × 3 = 5, halved to 3 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 22 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Agarwal Indl.'s management said in earlier quarters

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