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Agarwal Industrial Corporation Limited

Agarwal Industrial Corporation Limited

AGARIND.BO
Agarwal Industrial Corporation LimitedIN flagBombay Stock Exchange
534.50
INR
+3.95
- -
7.84BMarket Cap
Agarwal Industrial Corporation Limited
AGARIND.BO
(Bombay Stock Exchange)

Recent

price

534.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
142.19
199.17
276.68
329.94
407.19
351.28
352.4
406.76
518.07
767.18
881.1
1,282.48
1,393.11
1,420.86
1,603.76
1,104.76
1,104.69
Revenue per Share
3.73
5.67
7.81
9.25
10.66
8.58
10.63
10.1
13.11
24.91
39.51
51.11
63.78
73.02
77.34
29.13
29.13
Basic EPS, GAAP
-17.75
-7.8
-20.53
4.73
3.47
5.75
-35.76
7.95
29.18
48.22
48.24
51.9
108.31
75.07
66.75
157.07
- -
Free Cash Flow per Basic Share
- -
1.06
1.2
0.95
1.4
1.03
0.98
1.5
1.5
1.8
1.5
1.8
2
2.5
3
3.3
- -
Dividend per Share
25.51
31.18
40.13
39.39
48.26
59.64
68.6
65.22
76
98.74
136.75
164.25
204.51
267.52
10
10
10
Book Value per Share
20.02
25.68
72.97
65.4
74.26
89.61
128.83
117.56
127.96
151.33
188.95
232.44
275.73
338.37
415.98
443.5
443.47
Tangible Book Value per Share
4
4
4
6
6
8
8
10
10
10
10
12
14
15
15
15
15
Basic Weighted Avg Shares
582
815
1,208
1,819
2,245
2,810
2,971
4,140
5,315
7,870
9,039
15,982
20,150
21,253
23,989
16,522
16,522
Sales/Revenue/Turnover
5.45
5.21
6.32
5.11
5.33
5.71
6.82
5.46
5.42
4.96
6.62
6.18
5.64
6.73
6.43
3.95
3.95
Operating Margin (%)
31
34
40
42
43
53
58
83
84
90
144
197
227
301
478
520
520
Depreciation Expense
15
23
34
51
59
69
90
103
134
256
405
637
923
1,092
1,157
436
436
Net Income, GAAP
30.39
19.82
33.84
21.02
29.59
30.9
36.92
29.87
33.62
17.81
16.76
17.86
15.95
14.13
14.15
21.15
21.15
Effective Tax Rate (%)
2.62
2.85
2.82
2.8
2.62
2.44
3.02
2.48
2.53
3.25
4.48
3.98
4.58
5.14
4.82
2.64
2.64
Profit Margin (%)
60
75
96
124
175
429
691
760
847
580
924
1,212
1,382
995
870
576
576
Working Capital
181
176
24
41
49
69
83
131
50
19
560
511
835
1,772
1,861
1,249
1,249
LT Debt
105
128
341
383
432
739
1,109
1,219
1,335
1,575
1,961
2,946
4,037
5,110
6,271
6,890
6,890
Total Equity
8.98
8.9
10.03
11.85
11.26
10.11
7.9
7.88
8.96
14.04
16.69
19.76
18.4
17.04
13.7
4.92
4.92
Return on Invested Capital (%)
6.83
6.06
11.43
17.05
14.86
12.72
10.75
10.93
12.12
18.77
19.99
21.86
24.59
20.71
23.38
16.21
16.21
Return on Capital (%)
19.88
20
22.52
25.98
24.32
18.48
16.98
16.55
18.63
28.51
33.56
36.92
36.87
31.39
55.74
291.26
291.26
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
2,707
- -
2,165
LT Borrowings
1,427
- -
1,218
LT Finance Leases
33
- -
32
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15
- -
15
Market Capitalization
14,115
10,637
5,431

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
5,767
- -
4,407
Cash, Cash Equivalents & STI
848
- -
1,150
Accounts Receivable, Net
2,131
- -
1,519
Inventories
1,906
- -
1,177
Total Current Liabilities
5,375
- -
3,832
Payables & Accruals
- -
- -
- -
ST Debt
2,707
- -
2,165
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
25.83%
29.29%
9.87%
Free Cash Flow
-27.87%
53.76%
135.28%
Net Income, GAAP
28.86%
12.79%
-62.34%
Sales/Revenue/Turnover
22.65%
18.02%
-31.13%
Total Cash Common Dividend
22.26%
26.8%
10%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,288
2,319
4,882
7,764
21,253
2025
7,077
3,257
5,421
8,234
23,989
2026
5,936
2,448
4,084
4,054
16,522

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
18.43
10.71
18.47
- -
73.02
2025
26.07
12.33
18.52
20.42
77.34
2026
8.71
8.02
1.87
10.53
29.13

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.5
2025
- -
- -
- -
- -
3
2026
- -
- -
- -
- -
3.3
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Business
Agarwal Industrial Corporation Limited is an integrated petrochemical company primarily engaged in the manufacturing and trading of bitumen and allied products, logistics services, and renewable energy generation through windmills. Its core product portfolio includes a comprehensive range of bituminous products such as Viscosity-Grade Bitumen, Industry-Grade Bitumen, Modified Bitumen (Crumb Rubber Modified Bitumen/Polymer Modified Bitumen), Bitucoat, Bituplast, Bitupremier, Bitumen Emulsions, Bitumen Paints, and Bitumen Insulation Material. The company operates seven manufacturing facilities, seven bulk storage terminals, and a fleet exceeding 650 specialized vessels and tankers, supporting robust logistics and supply chain capabilities for bulk bitumen and LPG transportation across India. Founded in 1997 and headquartered in Mumbai, Agarwal Industrial Corporation commands a significant share of the private sector bitumen market in India and supplies prominent clients including public sector undertakings. Recent strategic developments include the acquisition of Konkan Storage System (Karwar) Private Limited, expanding storage capacity, and a capital investment of INR 400 million for a new 40,000 MT storage terminal at Mangalore Port, enhancing the southern India supply chain. Additionally, the company has launched a new manufacturing facility in Guwahati with a focus on catering to India's eastern states infrastructure projects. In 2024, Agarwal Industrial Corporation added new large-capacity vessels to its shipping fleet to support logistics growth and secured a significant tender from Indian Oil Corporation Limited for bulk bitumen supply of approximately 60,500 MT to Kakinada. The company aims to double its bitumen volume within the next 2-3 years while maintaining forward and backward integration strategies, emphasizing logistics, procurement, and potential future bitumen production. Strong financial performance in FY24 includes record volumes and revenue growth, with an outlook targeting continued expansion aligned with India's infrastructure development initiatives. Agarwal Industrial Corporation operates mainly in the ancillary infrastructure industry segment, serving the road construction, waterproofing, and industrial bitumen markets across India with an expanding geographic footprint supported by its subsidiaries and logistical assets.