Bhagyanagarindia Ltd — Q4 FY26
Bhagyanagar India delivered an outstanding FY26, crossing ₹2,000 crore revenue for the first time, with PAT exceeding ₹50 crore.
bullish
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.
73%Questions answered1Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
High priority
Future guidance on EBITDA margin, top-line growth, and funding needs.
Asked by Shoubam Gupta
Provided margin and revenue targets but did not address funding needs directly.
no specific timeline for fundinglong-term target not near-term guidance
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Question
what is your future guidance in terms of AITA margin and uh uh like uh with what pace the top line uh you will be able to grow and apart from that like uh will you raise uh raise require any additional funding in future?
Management (likely MD)
We have achieved almost 5% AITA margin during the last two quarters. We are hopeful of maintaining 5% Teta margin throughout the next year and on a increased topline. Our topline projection... aiming for 3,000 crores in the year 9 um 2030 that is in 3 years we are planning to reach 5,000 crores in the year 2030.
Answered
High priority
Breakdown of 25% growth into volume vs price drivers.
Asked by Disha
Provided specific volume and price growth expectations for next year.
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Question
this 25% sort of kagger that you mentioned and so this next year this 25% growth how much of this will be volume driven and how much of this will be price driven because this year there was a huge benefit due to price increase of copper.
Management (likely MD)
This year roughly about 10% of our uh growth has been in price and 30% has 35% has been in volume. Out of the 25% we are expecting 20% volume growth and 5% increase in uh prices. Between 15 to 20% should be our volume growth minimum every year.
Answered
Medium priority
Capex plans beyond the 10 CR for recycling.
Asked by Disha
Clearly stated total capex of 40 crores over two years.
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Question
And just in terms of your capeex, you mentioned 10 CR capex for degree recycling. Any other capex?
Management (likely MD or Adwat)
We have proposed 40 crores capex in the last in the next 2 years. We are proposing about 40 crore scapex in the next 2 years.
Partial answer
Medium priority
Opportunity size and margins for silver/tin busbars for data centers.
Asked by Disha
Provided margin but no current revenue; future contribution vague.
no current revenue contributionlong-term target only
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Question
what sort of opportunity size do we see what sort of margins do we get here if you could elaborate that on that a bit.
Management (likely MD)
This products will give us roughly about 10% AITA margins and this go for AI data centers... we have started exporting to Canada and US... contribution to our top line is very very small right now but going forward in the next 3 to 5 years we hope to reach about 7 to 10% in the sectors.
Answered
High priority
Ground situation on low availability of copper scrap.
Asked by Manan Sha
Detailed explanation of scrap sourcing and low Gulf dependence.
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Question
recently we read your article in the newspaper where you mentioned about there's uh low availability of scrap copper scrap. So what is the on ground situation?
Management (likely MD)
Scrap is available from all over the world. The scrap coming from Gulf... has suddenly dried up... our dependence on uh scrap from Gulf is very very low compared to the rest of the industry... we are dependent on scrap from Gulf to less than 5%... our exposure to US is 35%.
Answered
High priority
Reason for high promoter pledge percentage (96%).
Asked by Manan Sha
Explained that 96% is likely an error; actual pledge is less than 5%.
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Question
Why is our pledge percentage so high? 96%.
Management (likely MD)
We have very small pledge of my shares which have been given to MCX as security for our hedging. There is no pledge given to banks for raising of funds. A small percentage of my personal shareholding has been given to MCX which is less than 5%.
Answered
Medium priority
Reason for reduction in promoter holding over last two quarters.
Asked by Weber Mishra
Clarified that December drop was a reporting error; March had small sale for personal needs.
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Question
I have been observing that for the last two quarters in December and this March I think 5% kind of promoter shareholding has been reduced... has there been any selling in the open market from the promoter side?
Management (likely MD)
The December quarter is mainly wrongly reported. What shares I told you I had pledged to the MCX has long been reported as sold. In this current quarter there has been a small share sale of shares from the promoters to raise a little personal money.
Partial answer
Medium priority
Impact of EPR (Extended Producer Responsibility) on the company.
Asked by Vidanchal
Acknowledged EPR opportunity but said no material impact for 1-2 years.
no material impact near-termvague on revenue stream
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Question
can you throw some light on how this all APR thing will work and how this will benefit us?
Management (likely MD)
EPR has been notified only on April 1st of this year. We are ready to provide EPR services... we are the best position to take advantage of the EPR policy. But for this financial year and maybe even for the next financial year it will not have material impact.
Answered
High priority
Sustainability of EBITDA per ton of 62,000 and guidance.
Asked by Vidanchal
Confirmed target to maintain 5% EBITDA margin, translating to ~60-65 per kg.
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Question
So currently we are doing 62,000. Do you think this 62,000 uh will sustain and will grow from here or know in Q1 we might again fall back?
Management (likely MD)
We are targeting to maintain 5%. I think we are quite confident of maintaining 5%. If we maintain 5% I think we should be happy as a company. At current market prices of copper it comes to about 60 to 65 rupees.
Answered
Low priority
Plans to add senior management professionals like CEO, CFO.
Asked by Unnamed analyst (Mr. Mates?)
Listed existing professionals and stated only two family members in working group.
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Question
Are we planning to add some professionals in the management at a senior level like a CEO, CFO, CO etc?
Management (likely MD)
We have very very high level of professionalization. Each of our plants are headed by a director... We have Surenda Bhtoria who's a CFO... In the working group only two of us me and Adwat are from the family.
Evasive
Medium priority
Breakdown of EBITDA per ton between recycling and value-added products.
Asked by Kushal Kasal
Declined to provide split, citing product complexity.
refused to break downno specific split given
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Question
how much of this ITA is due to recycling cycling business and how much of this is due to our value added products if you can maybe separate.
Management (likely MD)
Very difficult to break up because across product we have about 15 to 20 product mixes and the content of recycled copper in various products is different. Roughly about 5% the beta 62 rupees a kg based on 1200 rupees copper price I think is sustainable.
Partial answer
High priority
Impact of shipping delays on production and margins.
Asked by Raj Sharaf
Acknowledged some impact but said not badly affected; gave qualitative guidance.
no exact volume impactqualitative only
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Question
there is a article on 15th of April in business standards which mention MD of the company and says that there's a delay in the shipment... we have scaled down our production and focusing only on critical supplies to key OEMs... so want you comment on that.
Management (likely MD)
Sourcing from Gulf has come down. Sourcing from other countries has slowed down because of transshipment in around Gulf. However, so far we have not been very badly affected. In the first quarter my volume might be slightly lower than the fourth quarter. It will be still much higher than the first quarter last year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin of 5% achieved and expected to maintain. | 5% | 5% | Matches filing |
| Revenue target of 5,000 crores in 3 years (by 2030). | ₹5,000 cr | ₹735 cr | Overstated vs filing |
| Revenue for FY26 was 2,378 crores. | ₹2,378 cr | ₹735 cr | Overstated vs filing |
| Q4 FY26 revenue of 735 crores. | ₹735 cr | ₹735 cr | Matches filing |
| Q1 FY26 revenue was 486 crores. | ₹486 cr | ₹735 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.