Bhageria Q1: consolidated PAT triples to ₹33.9 Cr, revenue up 82% on chemicals ramp
PAT +211.6% YoY · revenue +81.9% · margins expanding
₹286.42 Cr
+81.9% YoY
₹33.91 Cr
+211.6% YoY
11.19%
+4.5pp YoY
₹7.6
Bhageria Industries opened FY27 with a step-change quarter: consolidated revenue nearly doubled to ₹286.4 Cr from ₹157.5 Cr a year ago (+81.9% YoY), while PAT more than tripled to ₹33.9 Cr from ₹10.9 Cr (+211.6% YoY). Net margin expanded to ~11.8% from ~6.9% a year earlier. The chemicals segment — organic and inorganic dye intermediates — remains the overwhelming revenue driver, with solar power, pharma and 'others' contributing little; PBT rose to ₹46.1 Cr from ₹15.4 Cr YoY.
Q1 FY-2027 vs prior quarters
Other income was elevated at ₹16.6 Cr (5.8% of revenue) versus ₹6.5 Cr a year ago, so part of the headline is treasury/other income rather than operations. However, this is not a flattered print: stripping other income from both sides, operating PBT still climbed ~230% (to ₹29.5 Cr from ₹8.9 Cr), meaning the core chemicals ramp — not one-offs — carried the quarter. There is no exceptional-item line in the statement. Standalone tells the same story (revenue ₹284.0 Cr, PAT ₹35.9 Cr, EPS ₹8.24); consolidated PAT is marginally lower because six subsidiaries (solar, pharma, rare-earth) together posted a ₹1.5 Cr net loss.
The stock went into the print at ₹209, down 1.4% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
What the summary numbers don't show
Consolidated basic EPS ₹7.60 vs ₹2.58 YoY — standalone EPS ₹8.24.
Chemicals dominates the mix — solar power and pharma segments remain small.
Management gives no formal guidance and no analyst consensus is published for this small-cap, so the print can't be benchmarked to a street number. Sequentially the ₹270.6 Cr → ₹286.4 Cr revenue move (+5.9% QoQ) is modest, but PAT jumped ~200% QoQ off a weak ₹11.3 Cr March quarter that carried negative other income. Alongside the results, the board's ₹2.50/share FY26 dividend and the 37th AGM (Aug 1, 2026) were confirmed. The key thing to verify next quarter is whether the ₹16.6 Cr other-income run-rate and the chemicals topline hold, and whether the loss-making subsidiaries begin to contribute.
W1
Whether the ₹16.6 Cr other-income run-rate (5.8% of revenue) sustains into H1 FY27 or normalises.
W2
Chemicals-segment volume/realisation trajectory that drove the ₹286 Cr topline (+82% YoY).
W3
Subsidiary losses (₹1.5 Cr this quarter) — solar, pharma and rare-earth ventures turning contributive.
Unaudited, limited-reviewed. Source in ₹ Lakhs, converted to ₹ Cr. No exceptional-item line. Other income elevated at ₹16.6 Cr (consol) vs ₹6.5 Cr YoY; even ex-other-income, operating PBT rose ~230% YoY. Consol PAT ₹33.9 Cr = owners ₹34.15 Cr less NCI loss ₹0.24 Cr; six subsidiaries posted net loss ₹1.47 Cr. Consol basic EPS ₹7.60 / diluted ₹7.63.