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Working capital strain from rising copper prices
View Risks →Bhagyanagar India Limited — Q3 FY26
Bhagyanagar India reported a strong first half of FY26, with EBITDA doubling to ₹41.39 crore and PAT surging to ₹25 crore from ₹7 crore a year ago, driven by a strategic shift to value-added products (now 60% of sales) and customs duty savings on scrap impo...
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Bhagyanagar India reported a strong first half of FY26, with EBITDA doubling to ₹41.39 crore and PAT surging to ₹25 crore from ₹7 crore a year ago, driven by a strategic shift to value-added products (now 60% of sales) and customs duty savings on scrap imports. Volume grew 38% YoY to 12,400 metric tons. Management guided for ~20% annual revenue growth, sustaining EBITDA margins near 4%, and targeting ₹5,000 crore turnover in 7-8 years. A demerger of copper assets into a separate listed entity is expected within 12 months. Near-term capex of ₹15 crore (FY26) and ₹30 crore (FY27) focuses on value-added capacity and plastic recycling. Key risk: working capital strain from rising copper prices and higher receivables from OEM customers, though management plans a ₹100-150 crore equity raise to manage leverage.
भाग्यनगर इंडिया ने वित्त वर्ष 2026 की पहली छमाही में शानदार प्रदर्शन किया। कंपनी का मुनाफा (EBITDA) दोगुना होकर ₹41.39 करोड़ हो गया, और शुद्ध लाभ (PAT) ₹7 करोड़ से बढ़कर ₹25 करोड़ पहुंच गया। यह सफलता कंपनी के वैल्यू-एडेड प्रोडक्ट्स (अब 60% बिक्री) पर ध्यान देने और स्क्रैप आयात पर कस्टम ड्यूटी बचत से मिली। उत्पादन 38% बढ़कर 12,400 मीट्रिक टन हो गया। प्रबंधन ने हर साल लगभग 20% राजस्व वृद्धि, 4% के आसपास मुनाफा मार्जिन बनाए रखने और 7-8 साल में ₹5,000 करोड़ का कारोबार करने का लक्ष्य रखा है। तांबे के कारोबार को अलग कंपनी में बांटने की योजना 12 महीने में पूरी हो सकती है। निवेश के लिए इस साल ₹15 करोड़ और अगले साल ₹30 करोड़ खर्च होंगे। मुख्य जोखिम: बढ़ती तांबे की कीमतों और ग्राहकों से देर से भुगतान से कार्यशील पूंजी पर दबाव पड़ सकता है। इसके लिए कंपनी ₹100-150 करोड़ जुटाने की योजना बना रही है।
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Volume (H1 FY26)
12,400 metric tons
+38% YoY
Volume increased from 8,955 metric tons in H1 FY25, driven by higher value-added product sales.
Value-added share of sales
60%
+20pp YoY
Value-added products now constitute 60% of sales, up from 40% last year, with target of 70% in 3 years.
Capacity utilization (value-added)
~100%
flat
Value-added capacity is fully utilized, prompting additional capex to expand capacity by 5,000 tons.
Customer base
500 OEM customers
flat
Company supplies to 500 OEM customers, mostly repeat, with negligible government exposure.
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Guidance and risk preview
Management expects ~20% year-on-year revenue growth, driven by copper demand growing at 12-14% and market share gains.
Higher copper prices increase working capital requirements; management plans ₹100-150 crore equity raise to manage leverage.
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