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Revenue
₹594 Cr
verified against source
Revenue YoY
-16.1%
reported change
EBITDA
₹38 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Agarwal Industrial reported a weak Q1 FY26 with revenue of ₹594 crore, down 16.1% YoY, and EBITDA margin of 6.4%. Bitumen volumes fell to 124,600 MT due to geopolitical disruptions (India-Pakistan tensions, Middle East instability) and an early monsoon. The shipping segment's EBIT margin collapsed from ~28% to 11.3% on vessel underutilization. Management maintained its FY26 volume guidance of ~6 lakh MT (10% growth) and EBITDA guidance of at least ₹4,300 crore, but acknowledged risks from external shocks. The acquisition of Conquer Storage (24,000 MT capacity, ₹30+ crore capex) aims to reduce lease costs. Key risk: further geopolitical events could derail volume recovery in H2.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirms 10% volume growth to ~6 lakh MT for FY26, despite Q1 shortfall of 50,000 MT.
- EBITDA guidance maintained at minimum ₹4,300 crore for FY26, down from earlier ₹4,500 crore.
- Company reiterates target to double FY25 volumes by FY28, despite recent disruptions.
- New terminals expected to save rental expenses, improving bottom line from H2 FY26.
Risks flagged
- India-Pakistan tensions and Middle East instability caused ~45 days of shipping disruption in Q1; similar events could recur.
- Monsoon arrived early in May, slowing road construction and bitumen demand; weather patterns remain unpredictable.
- Analyst noted company's volumes fell 27% while total imports rose 3%, implying market share loss; management attributed to bulk vs drum mix.
- Two vessels completed dry-dock in Q1, but annual capacity loss of 15,000-30,000 MT is expected, affecting utilization.
Key quotes
- We should be able to do around six lakh tons. Around six lakh tons.
- There is no problem in terms of requirement of bitumen into India. 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 bitumen.
- All the numbers and AA that we used to see in the earlier quarters you'll be able to see in the next three quarters.
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