Agarwal Industrial Corporation Limited — Q1 FY26
Agarwal Industrial reported a weak Q1 FY26 with revenue of ₹594 crore, down 16.1% YoY, and EBITDA margin of 6.4%.
bearish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Volume guidance for FY26 after Q1 shortfall
Asked by Kosuk Shaha, Walford PMS
Management revised guidance down but did not explain how shortfall will be recovered.
guidance revised down from 6.5 to 6 lakh tonsno specific recovery plan
Read the exchange
Question
last year we guided 6 lakh 50,000 uh tons of volume for FI26. So what according to you should we look at in terms of the full year guidance for the volumes?
Management
we assume that by the end of this year we should be able to achieve uh the growth as predicted in the earlier corn call. So we should be able to do around six lakh tons.
Answered
High priority
Reason for EBIT margin drop in vessel chartering
Asked by Kosuk Shaha, Walford PMS
Management directly attributed margin drop to geopolitical under-utilization.
Read the exchange
Question
the EBIT uh no has come down from an average 28% to 11.3% in the quarter. So any specific reasons for the things?
Management
due to the geopolitical situation, the vessels were not optimally utilized. So they vessels were under utilization in this quarter.
Evasive
Medium priority
Improvement in vessel utilization in current quarter
Asked by Kosuk Shaha, Walford PMS
Management claimed improvement but gave no quantitative evidence.
no specific numbersblamed unpredictable geopolitics
Read the exchange
Question
So any improvement uh that we should assume from the previous quarter or
Management
there are improvements in this quarter because as explained these geopolitical situations no one can predict
Evasive
High priority
Confidence in 20% volume growth guidance after Q1 decline
Asked by Yash WHMA, Abnwise
Management lowered growth expectation and deferred to geopolitical factors without concrete actions.
guidance reduced from 20% to 10% growthadded geopolitical disclaimerno specific actions
Read the exchange
Question
the quarter 1 has already seen a 26.9% yearon-year dio. So does the management is still confident in the achieving this guidance and what specific actions are you going to take?
Management
we would be growing at around 10% nearly 10% of the given volume. So we should be our guidance still remains at around 6 months all depending upon geopolitical again
Answered
High priority
EBITDA guidance for FY26
Asked by Yash WHMA, Abnwise
Management gave a specific EBITDA guidance number.
Read the exchange
Question
if you could provide me with your AIA guidance per
Management
return still remains around same level that we had given in the first quarter around 4300 more than 4300 for the year.
Answered
High priority
FY28 volume doubling target still intact?
Asked by Tanmi, H Securities
Management reaffirmed FY28 target without revision.
Read the exchange
Question
are we also shifting our target of FI28 to any later years or something?
Management
the guidance for the FY28 still remains the same because this last quarter was one of the quarters wherein which is affected due to geopolitical situation which may not arise every year.
Partial answer
High priority
Bottom line outlook given lower EBITDA guidance and higher depreciation
Asked by Tanmi, H Securities
Management gave EBITDA guidance but did not address PAT or depreciation impact.
guidance range widenedno bottom-line PAT figure given
Read the exchange
Question
how do you see your bottom line going forward?
Management
We we had around 4100 in FY 2425. The guidance earlier was given at 4500. We still maintain. However would be adding a disclaimer at minimum 4,300.
Evasive
High priority
Market share loss in Q1
Asked by Suesh B, Wealth Guardian
Management avoided giving a market share number and deflected to bulk vs drum distinction.
did not quantify market share lossblamed product mix shift
Read the exchange
Question
the total bits to India have risen by 3%. While we have lost your volumes of 27%. So what kind of market share loss have we experienced in Q1?
Management
the increase that you in is in terms of drums not in bulk and the bulk volume still was lower by almost 8 to 10% in the first quarter.
Answered
Medium priority
Reason for higher tax provisioning in Q1
Asked by Suesh B, Wealth Guardian
Management explained tax difference due to volume and advanced tax norms.
Read the exchange
Question
in Q4 tax provisioning was 17% in Q1 that is 22%. Has there been any change in tax laws in UAE?
Management
The difference between Q1 and Q4 is basically due to the volumes. As we assume in Q4 when we have we we see that the volumes are high does the taxation we have to pay higher taxes as per the advanced tax norms.
Answered
Medium priority
Key costs in shipping vertical causing margin drop
Asked by Suesh B, Wealth Guardian
Management explained fixed costs remain while revenues dropped due to under-utilization.
Read the exchange
Question
What are the key costs in the shipping vertical? Why why is there such a 20% margin drop?
Management
Your cost fixed cost remains the same in any business that you do. Even in the shipping side, your fixed cost of wages, crew, the shipping operation, everything remains same irrespective whether the vessel is moving or not.
Answered
Medium priority
Cost and capacity of new Karwar acquisition
Asked by Suesh B, Wealth Guardian
Management provided capacity and capex figures.
Read the exchange
Question
can you give us the cost and capacity for this new acquisition?
Management
The cost the new equation is having existing capacity of more than 24,000 tons and the total capex will be more than 30 crores in this.
Evasive
High priority
Significance of underperformance vs Indian import drop
Asked by Kesha, Rakan investors
Management attributed volume decline to external factors without quantifying market share impact.
did not address market share lossblamed external factors
Read the exchange
Question
the Indian Bitamin imports have dropped by 8% year on year and our volumes have come down by 24%. So how significant is this underperformance? Are we seeing increased competition?
Management
It is purely because of two reason three reasons. the geopolitical situation between India Park, US, Israel and the Middle East and the monsoons these three factors in lower imports of bitammen.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA guidance for FY26 is more than 4300 | ₹4,300 cr | ₹38 cr | Overstated vs filing |
| EBITDA in FY25 was around 4100 | ₹4,100 cr | ₹38 cr | Overstated vs filing |
| EBITDA guidance earlier was 4500, now minimum 4300 | ₹4,300 cr | ₹38 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.