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Bhagyanagar India Limited Call Transcript 2026
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Burana Group
BHAGYANAGAR INDIA LIMITED
ISO-9001-2008 Certified Company
Registered Office :
Plot No. 9/13/1 & P-9/14, I.D.A. Nacharam,
Hyderabad -500 076. Telangana, India.
Tel.: +91 40 27152861, 27151278
Fax: +91 40 27172140, 27818868
Email: [email protected]
Website: www.bhagyanagarindia.com
CIN No.: L27201TG1985PLC012449
BIL/SECT/10/2026-27
Date: 06TH May, 2026
| The Secretary,
National Stock Exchange of India Ltd.,
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex, Bandra (E),
Mumbai - 400 051.
Scrip Code: BHAGYANGR | The Secretary,
BSE Limited,
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai - 400 001.
Scrip Code: 512296 |
| --- | --- |
Dear Sir/Madam,
Sub: Transcript of Earnings call / Investor meet
Ref: BIL/SECT/08/2026-27, date: 02nd May, 2026
Pursuant to Regulations 30 read with Para A of Part A of Schedule III and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we attach herewith the transcript of Bhagyanagar India Limited’s (“Company”) Earning call/ Investor meet held on, 02ND May,2026 at 11:00 AM (IST) to discuss the financial results for the Fourt quarter and Year ended 31st March 2026.
The audio and video recording along with the transcript is also uploaded in the Company’s website: https://bhagyanagarindia.com/investor-relations/investor-meeting/
Kindly take the above information on records.
Thanking you,
Yours truly
For BHAGYANAGAR INDIA LIMITED
DEVENDRA
A SURANA
DEVENDRA SURANA
MANAGING DIRECTOR
DIN 00077296
Encl/A
ANAB
EARNINGS CALL
Q4 & FY26 ANNOUNCEMENT
TRANSCRIPT
BHAGYANAGAR INDIA LTD
02nd May 2026
11:00 AM onwards.
| Devendra Surana
MD, BIL | Narendra Surana
Founder | Advait Surana
Business Development manager | Surendra Bhutoria
CFO | Rahul Surana
Finance Manager |
| --- | --- | --- | --- | --- |
LET'S CONNECT
[email protected]
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
Financial: Good day, everyone, and welcome to the Quarter 4 and Fiscal Year 26 earnings call for Bhagyanagar India Limited. Thank you for joining us today. This call will cover the company's operational and financial performance for the quarter and the full fiscal year, followed by an update on strategic priorities going forward.
Please note that certain statements made during this call may be forward-looking in nature, based on company's current expectations and assumptions. These statements are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. The company undertakes no obligation to publicly update or revise any forward-looking statement, except as required by law. Participants are advised to exercise due caution and not place undue reliance on such statements. This call is being recorded for compliance purposes.
Representing Bhagyanagar India Limited, we have on call with us today
- Mr. Devendra Surana - Managing Director.
- Mr. Narendra Surana - Founder
- Mr. Advait Surana - Business Development Manager
- Mr. Surendra Bhutoria - Chief Financial Officer
- Mr. Rahul Surana - Financial Manager
I now invite the management team to share their opening remarks. We will subsequently open the floor for the Q&A session. Thank you, and over to you.
BHAGYANAGAR INDIA LTD: Yeah. Good morning, everybody. Gives me pleasure in welcoming you all to the Investor Call and presentation of Bhagyanagar India. For the year ending 26, and the presentation for the last year, as well as the forthcoming developments that are taking place in the company. I now hand over to Devendra Surana.
Thank you, Narendra. So, I'll just make a few, Statements, and we'll try to run you through a presentation which will give us more details about the company. Yeah. So, three generations, 40 years, one mission. To make India copper world-class. For the last 40 years, we, have been producing copper with an unblemished track record of no delayed payments to any suppliers, banks, or any institutions. We have 500-plus clients with enduring relationships of over 30 years. Anchored in quality, integrity, and service.
Our capacity has now reached 35,000 metric tonne this year, with the new, 60-acre integrated facility near Hyderabad. We have two ISO-certified manufacturing plants, and pan-India customer base across all sectors, and also in exports.
This year, we have achieved 59% value-added products, with a lot of new products which are coming in, especially silver-plated bus bars and tin-plated bus bars for data centers, auto components, and others.
So, a brief journey of our company, founded in 1982 by my brother and my father. We have been in copper products. We started as copper commodity play. Then in 1988, we started foraying into value-added products, and for the next 15, 18 years, we went into various value-added products. Until 2017,
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
when we took over the 60-acre facility and got into the backward integration of copper recycling and for the next 6-7 years, we were concentrating on recycling of copper scrap imported from all over the world.
Over the last 3 years, again, now the focus has shifted back to value-added products on one side, as well as increasing our capacity and capability on the backward side of scrap processing. These are the various products which we are producing to and supplying to 500 customers. These are across various sectors, whether it is auto electricals, panel building, switch gears, transformers, and various other sectors, solar and various other sectors.
Now, I hand over the mike to Advait to take us through the presentation for the quarterly and annual performance of the company.
Hello, everyone. So, this is our financial year 26 results, and this has been an outstanding year for us. For the first time in our history, we have crossed 2,000 crores of revenue. For the first time in our history, we've also got an operational EBITDA of over 100 crores, and for the first time, we have crossed 50 crores in PAT. These are some of our ratios and numbers for the FY26.
Our ROE was 19.5% this year, which, compared to last year of 6.8%, and an ROCE was 16.3% this year, compared to last year's 6.84%. So this is a small market snapshot that we've shown. The current price of BIL on 28th April stood at 277 rupees, which was a sharp increase since the end of the financial year.
We have over... almost doubled our price since March 31st, and this shows the confidence that the market has in us. Our one-year return for our share was around 285%. The P.E. ratio of the company today is 17.71%.
So, how did Q4 stack up compared to the other quarters of the year? So, Q4 was our best quarter for the financial year.
- We had revenue from operations of around 735 crores.
- Profit after tax of around 18.5 crores.
As you can see, the upward trend, even though this was the standout year for us, Q4 was much better than the... comparing the rest of the year. In Q4 alone, we had an operational EBITDA of 36 crores and a part of 18.5 crores. So this is our profit and loss statement for, the four quarters and the last two financial years. This presentation has been uploaded on our website for anyone to take a look.
So, let's talk a little bit about our margin and our margin profile. So, since we have made a shift in our mindset of going into value-added products, our margins have increased a lot. In Q3 and Q4:
- We've achieved around 5% EBITDA, and 2.2% and 2.5% of PAT.
- If you compare this to last year, our EBITDA has grown up, almost doubled, and our PAT has gone up by 3.6 times.
This is our balance sheet, if anyone wants to take a look, as one of the highlights is our total equity, which has gone from, 193 crores in FY24 to 207 crores. And then from 207 to 257. And this increase in equity was not done through dilution, this was all done through retained earnings.
So, we also wanted to talk a little bit about our working capital and why it has increased so much. So, our working capital has gone up from 157 crores to 230 crores. And this increase in working capital is proportional to our revenue, so there's no, no reason to be concerned. And our, outside liabilities
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
compared to operational EBITDA has gone from 7.7 to 2.6, which is a very good sign, and good for the future growth of the company.
So, this is one of the highlights. We wanted to talk about our product mix and EBITDA per kg. In Q1, we had only 52% of value-added products, and due to demand from the market, and due to increase in capacities of value-added products.
From Q1 to Q4, we've jumped almost 10% in our value-added products. And if you look at the growth of a company's revenue, it was not only from increase in the price of copper, but also from increase in volumes.
- Last year, we did around 18,000 metric tonne of volume of copper sales. Which has gone up by 34% to, 2 24,000 metric tonne.
- Our EBITDA per kg for the year is around 43 rupees, which is very high compared to our peers, and as you can see, over the four quarters, our EBITDA per kg has been trending upwards. With the quarter four, we achieved around 62 rupees per kg.
So, a little bit about copper industry and where it is headed in the future.
- So, in 2023, India consumed around 26 million tonne of copper.
- The world consumed around 26 million tonne of copper, which is predicted to become 50 million tonne by 2050, so this is almost doubling. And
- India is expected to become the second largest copper-consuming economy.
- This growth will mainly be driven by three sectors, EV and automotive.
Because, EV requires a lot more copper than regular cars, power and electrification is also a big growth factor, and renewable energy. And BIL is in the perfect position, perfectly placed to tap into all these industries. We are already supplying to all these industries, and as these industries grow, BIL and their value-added products will be able to cater to them perfectly.
Another project we wanted to highlight was our plastic recycling project. So, we are adopting this closed-loop philosophy in our company, where anything that comes into our factories, there has to be value addition done before it goes outside our factories. So, when we import scrap, we get a lot of byproducts with the scrap, like plastics and aluminum.
So, right now, we are planning to invest around 10 crores into plastic recycling, where the cable waste comes in, we process them into different grades, we make granules, and with aluminium and other metals, we make ingots, and then we put them back into the supply chain. So this is, going to... we're going to scale this up in... over the next year.
So, this is a brief summary of our financials. Our operational EBITDA margin is 46%, our PAT margin is 2.1%, and our PE ratio is 17.71%.
Thank you. Before I open it for questions. I would just like to give you the current status of our corporate restructuring. As has been earlier announced, the company is in a structure of demerging into two sectors.
- One is the real estate sector, and
- One is the copper sector.
The current status of this process is that we have got approvals from shareholders, creditors, and other agencies. Those meetings have been held and completed in the month of March.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
And the joint petition has been filed before the honorable NCLT Hyderabad bench with respect to the scheme of demerger. And, once... because all the approvals have been taken, now the matter has been listed for hearing by the Honorable NCLT on 9 June, before which time we need to obtain no-objection certificates from the Register of Companies, Regional Director, Official Liquidator, and the income tax authorities. Process is underway, and we are hopeful that we'll achieve... get all these NOCs and placed before the NCLT. on 9th of June, when the next hearing is there, after which the company will get demerged into two separate verticals.
Thank you. Now we open up for questions.
Fingential: Thank you to the management team for those comprehensive opening remarks. We will now begin the question and answer session. Participants who wish to ask the question are, requested to please raise their hands.
We'll take the first question from Mr. Kushal Kasliwal from InVed Research. Sir, please unmute yourself and ask the question.
I will take the question from Mr. Shubham Gupta of Prospera wealth.
Shubham Gupta: Hello?
BHAGYANAGAR INDIA LTD: Yeah, Shubham, we can hear you.
Shubham Gupta: Sir, like, just wanted to check, like,
- What is your future guidance in terms of EBITDA margin, and, like, with what pace?
- The top line, you will be able to grow. And apart from that,
- Will you raise, raise, and require any additional funding in future?
BHAGYANAGAR INDIA LTD: Thank you, Shubham. We have achieved almost 5% EBITDA margin during the last two quarters. We are hopeful of maintaining 5% EBITDA margin throughout the next year, and on an increased top line. Our top line projection, as in earlier, this thing, has been project... we are aiming for 3,000 crores in the year 2030.
That is, in 3 years, we are planning to reach 5,000 crores in the year 2030. We are, in 5 years, we are planning to... 3 years, and we are planning to double the turnover to 5,000 crores, which translates in Between 20% to 25% CAGR. 25% CAGR is our target for the next 3 to 4 years.
Shubham Gupta: Okay, sir. Thank you, thank you, sir.
Fingential: Thank you, sir. We'll take the question from Mr. Kushal Kasliwal. Sir, you're not audible.
Ms. Disha from Sapphire Capital, please ask your question.
Disha C: Hello? Yeah, they should.
BHAGYANAGAR INDIA LTD: We can hear you. Yeah, Disha, we can hear you.
Disha C: Yes, thank you so much for the opportunity, and congratulations for a good set of results, sir. You mentioned that, this 25% sort of CAGR 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?
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
Because this year, there was a huge benefit due to price increases… price increase of copper. So, how do you see that planning out?
BHAGYANAGAR INDIA LTD: So this year, roughly about 10% of our 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 prices. Between 15% to 20% should be our volume growth minimum every year. Rises, we cannot predict too much.
Disha C: Correct, correct. So, basically, the promotion will be 20, and the rest will be, for price-driven.
BHAGYANAGAR INDIA LTD: Yeah.
Disha C: Yeah, and just in terms of your CAPEX, you mentioned 10CR capex for plastic recycling. Any other Capex.
BHAGYANAGAR INDIA LTD: So I think… I think one slide was missed out, Advait will just put that slide. This has that capex, no? 40 crores? So, we have, proposed 40 crores capex in the last, in the next 2 years. I think somehow that slide must have been missed out. We are proposing about 40 crores capex in the next 2 years. So… yeah, Aditya.
This slide was missed out, so this was, this is our strategic initiatives that are going on, and we've planned. So, a mixed shift from commodity to value-added products, which we've been doing for the past 2 years. So, we've already reached around 62% at the end of quarter four, and we are planning to get this up to 66% by the end of next year.
We've gone from 30 metric… 30,000 metric tonne to 35,000 metric tonne this year alone, and we plan to increase that as well. So we've also added new heat recovery systems that increase the fuel efficiency and decrease our cycle times on all our furnaces, and, that is going live this year. So, we've included… we've started new products for AI data centers, which are silver and tin-coated bus bars. This is also an export product, which we're already exporting to Canada and a few other places.
And, as the merger, as my dad has already mentioned, we're planning to separate our company into a copper business and all our lands into real estate, so we can streamline both the processes and work on them. And we are also adding recycling verticals of aluminium and plastic.
Disha C: Okay, that's right.
BHAGYANAGAR INDIA LTD: We can go back to the questions. And over here, as mentioned, we are planning to invest 40 crores over the next 2 years on capacities and new ventures.
Disha C: Okay, okay, that's very clear. So, you mentioned about this silver and tin bus bar, the new product that we're starting for data centers. So, just wanted to get your sense on what sort of opportunity size do we see, what sort of margins do we get here, if you could elaborate on that a bit.
BHAGYANAGAR INDIA LTD: So, we are, this product will give us roughly about 10%, EBITDA margins. And this go for AI data centers and other data centers all over the world. We have started exporting to Canada and US, and also within various data centers in the country. We are supplying this.
Disha C: So how much pro- how much contribution and revenues do we see from this segment? Or if I don't.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
BHAGYANAGAR INDIA LTD: Just the silver bearing and tin bearing, we have just started right now. The 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 7-10% in the sectors. But it will be a slow ramp up.
Disha C: Okay, okay, alright, that's it from my side. Thank you so much, sir, and all the best.
BHAGYANAGAR INDIA LTD: Thank you.
Finportal: Thank you. We'll take the next question from Mr. Manan Shah of 3A Capital.
Manan Shah: Am I audible?
BHAGYANAGAR INDIA LTD: Yeah, Manan, we can hear you.
Manan Shah: Hi, hi, sir. Congratulations on good set of numbers. My first question is...Recently, we read your article in the newspaper where you mentioned about there's, low availability of scrap, copper scrap. So, what is the on-ground situation? Can you elaborate on that?
BHAGYANAGAR INDIA LTD: Yeah, I think that article was a little bit of overkill, but what has happened is scrap is available from all over the world. The scrap coming from Gulf, which is of a short duration, short lead time material, has suddenly dried up.
And, the material which is coming from the rest of the world, the shipping lines have been diverted because a lot of shipping lines have a transit point in Dubai or somewhere in the Gulf before coming to India. That has got delayed. Having said that, we are fortunate that our dependence on scrap from Gulf is very, very low compared to the rest of the industry. That was more on an industry-focused point of view, while I guess, roughly about 25% of the scrap comes from Gulf.
We are dependent on scrap from Gulf to less than 5% of our material comes from Gulf. We get much more from other parts of the world. And just because you've asked this question, I think I might as well say that our exposure to U.S. is 35%, which is the highest for a single country. Balance, we have exposure to Brazil, we have exposure to Europe that is United Kingdom, Australia, Colombia, and Canada which are roughly about 7-8% each. And Saudi Arabia is way down 9th in our exposure list, which is about 4%.
So that's why we are less affected, but I was talking more in terms of the industry, which is really affected, because the place to get scrap immediately is Dubai and Saudi, which has been badly affected.
Manan Shah: Okay, so after the war situation, we can assume that the availability will go to normal levels, right?
BHAGYANAGAR INDIA LTD: Yes, yes. I mean, even now, we are not very badly affected. There is some effect of the war, but in terms of availability, the industry is affected much more than we are.
Manan Shah: Okay, okay, thank you. And, my second question is, why is our pledge percentage so high, 96%?
BHAGYANAGAR INDIA LTD: Sorry, I didn't get that.
Manan Shah: Why is our pledge percentage so high, 96%?
BHAGYANAGAR INDIA LTD: I think there is some error in that. We have a very small pledge of my shares, which have been given to MCX as security for our hedging. There is no pledge given to
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
banks for raising of funds. There is zero percentage there. A small percentage of my personal shareholding has been given to MCX, which is less than 5%, which is less than 5%.
Manan Shah: Okay, so there might be some error.
BHAGYANAGAR INDIA LTD: I think it must be reverse. It must be... 96 must be the unpledged one. I think... where have you seen that? We might have to correct it.
Manan Shah: Even, even screener shows 96% pledge.
BHAGYANAGAR INDIA LTD: Okay, we'll get that checked up and corrected.
Manan Shah: Okay, thank you so much.
Finportal: Thank you, sir. We'll take the next question from Mr. Vaibhav Mishra of Finvestors.
BHAGYANAGAR INDIA LTD: Yeah, Vaibhav, we can hear you.
Vaibhav Mishra: Hello, sir. Congratulations for the very, very strong set of numbers. Thank you. Mostly my questions have been answered, sir. Actually, I was also going to ask about that article I read, so I was a bit worried, now you have cleared it.
One question, sir. Regarding the promoter holding, I have been observing that for the last two quarters, in December and this March, I think 0.5% kind of promoter shareholding has been reduced, and in December, I think 5%. So, but you have not raised any, company has not raised any funds and all. So, have there... have there been any selling in the open market from the promoter side? Why has it reduced?
BHAGYANAGAR INDIA LTD: Yeah, so, the December quarter, is mainly wrongly reported. What, shares I told you I had pledged to, the stock, the MCX has longly been reported as sold. Whereas in this current quarter, there has been a small sale of shares from the promoters to raise a little personal money for some of the promoters. But in the December quarter, the main 5% which is there is a pledge, not a sale.
Vaibhav Mishra: Okay, so, sir, could you please get it, I mean, corrected on the screener.
BHAGYANAGAR INDIA LTD: Yeah, yeah, we have sent already 3-4 letters, I think it's already there in our website and other places, we are finding it difficult to get that, December 1 corrected.
Vaibhav Mishra: Okay, okay, alright, no issue, sir. Thank you. And, sir, one more question. Any plans about lead recycling going ahead? Have you finalized anything on that?
BHAGYANAGAR INDIA LTD: No, we were planning to look at various types of recycling, which was there. Lead recycling, for the time being, we have dropped it. At least for the next one, one and a half years, we are not looking at lead.
Vaibhav Mishra: Let's answer plastic recycling plan of going from 150 capacity to 500, is that intact?
BHAGYANAGAR INDIA LTD: Yes, yes. In fact, Advait, I just mentioned, that is on... we are actively looking at increasing the plastic recycling, but just to be very clear, we are not looking at sourcing local plastics. It is only the plastics which comes along with the cable in our imports, which we want to recycle and make value-added products.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
BHAGYANAGAR INDIA LTD: We are not going to source any plastic scrap. There's only recycling of scrap which comes along with our copper.
Vaibhav Mishra: Okay, okay. Okay, okay. Thank you so much, sir, and all the best for the future. It's very nice to see companies scaling so well. Thank you, thank you.
BHAGYANAGAR INDIA LTD: Thank you so much. Thank you.
Fingportal: Thank you, sir. We'll take the next question from Mr. Prateek Shivastava.
Prateek Shrivastava: Hello, sir. Again, congratulations on a great set of numbers, and hoping the same will continue in the future. Question is, just two days back, Ministry of Mines has approved 58 entities which are eligible for this incentive screen for promotion of critical mineral recycling. I see some extra processors list, also names are also in the list, like Eco Rico, Nupur Recyclers, and Bahiti Recycling. Are you guys also there, or in conversation with Ministry of Mines?
BHAGYANAGAR INDIA LTD: Yes, we are in touch with JNRDC and the chief there. We are still working out what is the right way to approach them for any of such help. We are in touch with JNRDC in Nagpur, who is the nodal agency for this scheme, but we have still not given any concrete proposal for this scheme. We are already actively considering some ideas, but not yet in the process.
Prateek Shrivastava: Got it. And sir, you mentioned you are not going to get into the lead recycling. Is there any reason, or... or let me ask, also put a question in the other way, apart from copper and plastics, is there any other high-margin recycling businesses, out there where... which, you know, you can participate in?
BHAGYANAGAR INDIA LTD: So, what has happened is the three major red lead recyclers in the country are all getting into copper and copper value-added products. So I felt that probably our area is more practical and reliable than lead recycling.
Prateek Shrivastava: Right, sir, right. And any other higher margin business than, copper and plastic, out there?
BHAGYANAGAR INDIA LTD: No, the higher margin business will be various, copper value-added products. Like has been mentioned, we have 500 customers across various sectors, switch gears, transformers. Autos, so we see a lot of opportunity for giving more service to the same customers with higher value addition. So, we are always on the lookout of more value-added products in copper. That is our primary focus, because we have our expertise in copper for the last 40 years. We want to capitalize on that. Whereas we will be looking at plastic and aluminum in a small way to ensure that whatever we are getting, we add some value to the scrap which we are already having.
Prateek Shrivastava: Thank you, sir. Yeah, let's hope you continue on our journey on the higher value-added products and up the value chain.
BHAGYANAGAR INDIA LTD: Thank you, thank you, Sir.
Fingportal: Thank you, sir. We'll take the next question from Vedansh Agarwal of VAR Capital.
Vedansh Agarwal: Hello, am I audible?
BHAGYANAGAR INDIA LTD: Yeah, Vedansh. Yeah, Vedansh, we can hear you.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
Vedansh Agarwal: Yeah, so my first question is regarding primary production. You know, we know that word is going through concentrated shortages, you know, which is even projected to get even worse with time. And, even Adani's Kutch Copper's military is having difficulty in sourcing concentrate. So, do you think this gap in demand and supply has to be met by recycled copper?
BHAGYANAGAR INDIA LTD: I think there is no doubt about that. In fact, all the primary producers are also looking at secondary routes of getting copper. So what has happened is, if we need to understand this a little more in detail, sulfuric acid is a byproduct of making primary copper. And, that price being very high in, China.
We see that most of the refining of copper primary ores is going to China at a very, very competitive price. And unless the manufacturer of primary products can make a lot of money on the byproducts. Whether it is sulfur or gold or silver, they cannot survive. So this trend is going to continue, especially because the ore qualities across the world is coming down. The availability, while right now there is no shortage for the next 2 or 3 years for copper. But we foresee a big shortage coming after 3 or 4 years. And there is no other way but to ensure that we recycle, and recycle more efficiently and much better.
Vedansh Agarwal: Thank you, thank you. So, my second question is on EPR. So, my understanding is that OEMs now have a minimum recycled content mandate, and that threshold will rise every year from now. And, I read somewhere that, Bhagyanagar is among the first in India's copper industry to integrate EPR. So, can you throw some light on how this all EPR thing will work, and how this will benefit us?
BHAGYANAGAR INDIA LTD: So, I think there was a miss, this thing that we are the first. Yes, we... EPR is on our radar. EPR has been notified only on April 1st of this year. We are ready to provide EPR services to manufacturers, because we have been recycling and also making value-added products. So, in that way, we are the best positioned to take advantage of the EPR policy.
However, we are not first of the block, because the EPR in copper has still not started, at least until April 1st of this year. And once this year is over, very small percentages of copper will come under EPR, and slowly keep going up year on year. But yes, it is going to be a new revenue stream, it is a good advantage for us. More importantly, EPR also makes the customer aware of the importance of using recycled copper. So that is the reason EPR is going to be important, but for this financial year, and maybe even for the next financial year, it will not have material impact on the figures of Bhagyanagar, but being in that sector really gives us an edge for the future.
Vedansh Agarwal: Okay, okay, so thank you. So, my last question is on EBITDA per tonne. So, currently, we are doing 62,000. Do you think this 62,000, will sustain and will grow from here? Or, no, in Q1, we might again fall back. Any guidance on that?
BHAGYANAGAR INDIA LTD: So, we are targeting to maintain 5%, which is there, and I think we are quite confident of maintaining 5%. However, it is quite difficult for me to say that, yes, we will grow at the same rate at which we have grown last year. If we maintain 5%, I think we should be happy as a company.
Vedansh Agarwal: Sir, I was talking about Ebitda per tonne, so...
BHAGYANAGAR INDIA LTD: EBITDA per tonne, 5%, comes to about 62 rupees. I'm looking at 5%, and current market prices of copper, it comes to about 60 to 65 rupees. I'm not looking at it growing much faster than the copper prices. If the copper prices go up by another 10%, maybe my EBITDA per tonne also will go up by 10%.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
Vedansh Agarwal: Okay, so, but a realization for FY26 was 963, you know, and current copper price is 1300. So, can we expect that next year, without any volume growth also, we will have, 30-35% of, kind of, growth in top line?
BHAGYANAGAR INDIA LTD: 25%, yes. So if you see, the last quarter, we did 735 crores, so even without any further growth in volume, and the same prices of copper considered, we should be 28 to 2,900, without any growth in volume.
Vedansh Agarwal: volume. So.
BHAGYANAGAR INDIA LTD: Assuming the same price of copper again.
Vedansh Agarwal: Okay, so you mean that if you do 20-25% volume growth, we could look 40-50% also number? That's a possibility on table, correct?
BHAGYANAGAR INDIA LTD: Correct. If this, we are looking at 20% volume growth, compounded with whatever the price growth realization we can get.
Vedansh Agarwal: Thank you, thank you so much, sir, thank you so much, sir. Sir, just one last, you know, one last request, you know. So, the investor presentation that was uploaded on Exchange, you know, it's not very clear, you know, I guess it was made by some AI tool or not. So, can you request your IR agency to, you know, upload a clear and more vivid investor presentation? That's a final request from my side. Thank you, sir.
BHAGYANAGAR INDIA LTD: Okay, we'll do that.
FInportal: Thank you, sir, we'll take the next.
BHAGYANAGAR INDIA LTD: I'll do for one.
FInportal: We'll take the next question from Mr. Aryan Bhatia of InVed Research.
Aryan Bhatia: Hi, thanks. Thanks for the opportunity, sir. My first question is on the Ebitda per tonne. As you said, we'll be maintaining the 5%. So, when I look at your peers, let's say Precision and all the leaders in the industry, doing some 38,000 to 40,000 EBITDA per turn, right? And only one player is doing 62,000 EBITDA per tonne, and the reason behind that is, you know, they are into higher KV, and for higher KV requires more. You know, district, PGCIL, and, you know, the more utilities gives better, Hello?
BHAGYANAGAR INDIA LTD: Yeah, please tell me.
Aryan Bhatia: Yes, so I was asking on the EBITDA per tonne. My question is, when I look at the EBITDA per tonne, you are saying 52,000. There's only one player doing this amount of an Ebitda per tonne, so I just wanted to know what the reason is, and if I look at the value-added products, it's only still 40%. So, what has been the change which has led to such an EBITDA per tonne in these two years?
BHAGYANAGAR INDIA LTD: So, like I said, we are doing both recycling as well as value-added. So, if you look at a company like Precision, which you have mentioned, they are doing, mainly the finished products. Now they are getting into recycling. And if you look at my other peers who are already in recycling, they are already having EBITDA margins of over 5%.
Aryan Bhatia: Okay. Got it.
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LTD: Pure recycling companies who are now getting into value-added, they are also having about 5% value-added, or more EBITDA margins.
Aryan Bhatia: Got it. And so, my second question is on the plastic and aluminum recycling you are trying to get into. So, when we see other leaders or recycling leaders, so they are not able to, you know, pledge. You are able to hedge copper or lead, but they are not able to hedge plastic or aluminum. So, due to that, there is a volatility in their, you know, profit and loss statement, and their margins are getting affected. So, just wanted to get the rational. Why are we, you know, going in such a space? You know, there's not much volume, if I look at it, as compared to copper, or let's say, other non-ferrous metals.
BHAGYANAGAR INDIA LTD: Aryan, the point is we get a lot of plastic waste which is getting generated in our plant. Our idea is not to source plastic waste, or even aluminum waste. This is all getting generated out of the cables which we get into the factory. Along with our copper. We are only planning to ensure that we get some additional value addition of the scrap plastic and the aluminum which we get.
We are not planning to buy aluminum or plastic scrap to recycle them. So we really won't be, very much exposed to the LME variations of, either plastic or aluminum, because most of them come as byproducts in our cable.
Aryan Bhatia: Okay, got it. And so, on the payable days, I have seen, like, all the other... some of your peers as well. Copper is bought on cash, right? But when I see some of the other peers, like, let's say, Precision only, they use LC, which have, you know, led to the increase in payable days, and the...it is shown as operating cash flow positive. So, just wanted to get your sense, when can we, you know, use LC as a tool? For increasing our operating cash flow.
BHAGYANAGAR INDIA LTD: So, SBLC is being used by some of my peers. Somehow, I've not been finding it, very, advantageous, and I didn't want to take, exposure on Forex or other places, and even my suppliers are a little resistant in working on LCs. So, we might get into SBLC sometime in the... this year, depending on how the, Metrics are for the interest rate and other things, but that is somewhere in the future, but right now, we are not doing anything on that. And yes, that is increasing our operating cycle.
Aryan Bhatia: Got it. And just last question. So, whenever there is an increase in price of, let's say, copper, your working capital requirement increases, which is... indirectly leads to the higher interest cost, right? So, just wanted to get the sense from your customer, let's say, are you able to, you know, pass on the increase in prices, or the EBITDA per tonne stays consistent, because, you know, when I've seen the industry, some of the peers maintain same EBITDA return, but due to the increase in price of copper. You know, the interest cost increases. So, indirectly, your PAT growth is less than your EBITDA growth.
BHAGYANAGAR INDIA LTD: Yeah, what do you think & what you say is quite right. We have a pass-through mechanism of the copper prices to the finished products. However. Passing on the additional EBITDA per tonne is a little bit of a stretch, and for that, we need to get into more and more value-added products, either on the finished goods side, or to ensure that our backward integration becomes more efficient in terms of recycling our material in a much better way. The pass-on is typically only for the price increase, not the additional margin. You are absolutely right.
Aryan Bhatia: Got it. Thank you, thank you, sir. That's from my side, and best of luck.
BHAGYANAGAR INDIA LTD: Thank you.
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
Financial: Thank you, we'll take the next question from Mr. Manan Shah.
Manan Shah: Sir, just some follow-up questions. So, I've seen that, many of the other copper recyclers have also expanded capacity. Even Adani and Hindalco are coming live with their smelters. So, not right now, but do we see overcapacity risk or margin compression in copper over the next 2-3 years?
BHAGYANAGAR INDIA LTD: The, the scrap recycling business has always been quite fragmented, and there will always be, competition. Yes, Adani and Hindalco announcing that they'll come into recycling is also going to be an issue going forward in future, because one of the biggest challenges in recycling is also sourcing.
My biggest advantage in this is we've been in this business for a very, very long time, and we are in copper business for 40 years, and that has given us a very good edge in sourcing material all over the world. And like I said, we don't even concentrate on the most obvious source, which is Gulf. Most of the people who source copper scrap get it from Gulf.
Whereas our requirement there is only 4%. We have deep, inroads into North America, South America, Canada, Europe, in the advanced countries, so we hope that we'll be able to maintain the competitive advantage of overall the newcomers. And like we've been discussing, the copper business is going to explode like nobody's business. Advait had mentioned that we'll become the second biggest consumer of the copper in the world. So, while competition is growing, the market is growing much faster. That is our view on the market.
Manan Shah: Okay, so you are confident on, on your replacement? Yeah. Okay, okay. And my second question is, if you could share some... Ebitda per kg, or gross margins per kg for your each product or commodity product, like copper bus bars, and copper rods, and etc.
BHAGYANAGAR INDIA LTD: So, as, has been given the...Range is very, very high, and again, within the range, depending on the customer, customization which is done for various products, it becomes very, very difficult for me to say that, okay, in Copper Bus Bar, I'm going to get this, because in Copper Bus Bar, again, we have sizes varying from 15mm to 300mm. And each of them will have a different value addition depending on the customer. Customer focus.
But having said that, the maximum value-added products of around 10% and above are auto components, silver-bearing bus bars, tin-bearing bus bars, our solar products are the ones which have the highest. And the lowest are basically copper ingots, which are exported to China, and copper rods, which are given to our cable industry.
Manan Shah: Okay, thank you so much for the clarity.
Financial: Thank you, sir. We'll take the next question from Mr. Mitesh.
Mitesh Bhandari: Hi, good afternoon. Congratulations on the fantastic set of numbers. I have a couple of questions to the management. Since we've... we are now experiencing an exponential growth in the entire sector, are we planning to add some professionals in the management at a senior level, like a CEO, CFO, CEO, etc?
BHAGYANAGAR INDIA LTD: So, if you see our management structure, which has been put in our, last year's last quarter's, earning report, we have very, very high level of, professionalization. So each of our plants are headed by a director who's, in charge of the entire plant, and the entire plant reports to them. So, we have two technical directors at two plants. Then we have a marketing director who takes care of the entire marketing of the team.
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BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
We have Surendra Bhutoria, who's a CFO who's been with the company for over 20 years, with a CA with 20 years experience, have Rahul, who has just joined us as a finance manager. So, in the working group, only two of us, me and Advait, are from the family.
Mitesh Bhandari: Okay, thank you. And second, despite having all of these, team in place, why are there so many issues in reporting to platforms like a screener or the BSC NSC, because that very, you know, it affects investors like us when there are wrong figures reported there. Like, a 96% pledge of the promoter is a very bad, signal to the market, right?
BHAGYANAGAR INDIA LTD: Actually, none of our people had pledged this 96%, but we are aware of that 5% pledge, which I had done in December. If you are aware, at that time, the price of copper had suddenly gone up, and we needed to pledge some more shares to the stock exchange. And I'd given my personal pledge. That was taken as sale by some reason, and in spite of repeated reminders to the exchange, they have not corrected it. We'll get that corrected, and this pledge quantity also will ensure that this is corrected as soon as it can be done. But, suffice it to say that other than the small pledge given for stock, I mean, MCX hedging, no stocks have been pledged to any of the banks.
Mitesh Bhandari: Okay, my last question is with respect to competitors, if we've mentioned many competitors. So, competition from recyclers, like a Jain resource, their margins seem to be much higher, despite not being in value-added products and getting into copper value-added products only now. Why are we not able to match their margins?
BHAGYANAGAR INDIA LTD: So, I just want to, just your, this thing with, earlier. I think there is an emergency alert all over India, so just... Just hold on for a second. One second, just hold on. Yeah, so there was a... I don't know if it is all over India, but in Hyderabad, there was an alert for emergency, which was put on silent phones also, which has come on all our phones, so that's why it stopped.
So, it's very interesting that some people are saying that my EBITDA margin is too low, and some people are saying my EBITDA margin is too high. But my personal feeling is that 5% is a very, very good EBITDA margin. The business which we are in. 4.5% to 5% is a good EBITDA margin, and we hope to maintain and try to keep it closer to 5% rather than, anywhere else.
I know Jain and others are getting into copper value-added products, and they have a much more different divergent product mix. So I really don't know how much they are making in copper and how much they are making in other products, so I can't comment on.
Mitesh Bhandari: They're quoting 62 on copper as well, despite not being in value-added products. So, are we missing somewhere on the procurement side, since we are also doing bus bars, but they have only put up all of those plants now? But even in their previous quarter calls, they claim 62 per kg as their EBITDA margins, since we're also recycling and they're also recycling. So, where is there something which we're missing?
BHAGYANAGAR INDIA LTD: So, so...I really don't know, but since the figure is 62 for copper for us also, I think that is where I feel is the right margin in this. With regards to sourcing, more or less, our prices are same, unless the sourcing is done with advanced payment. If advance payment is done, the prices are lower for copper scrap. Other than that, the sourcing prices across the top few clients in India will be more or less the same. It cannot be much more different.
Mitesh Bhandari: Thank you. Best of luck to the team for the next one.
BHAGYANAGAR INDIA LTD: Thank you. Thank you.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
Financial: Thank you, sir. We'll take the next question from Mr. Satish Patnaik.
Satish Patnaik: Good morning, sir. Am I audible?
BHAGYANAGAR INDIA LTD:
Yes, Satish, I can hear you.
Satish Patnaik: Sir, just wanted to understand the... the de-merging part, which is on the cards, okay? So, and related to what the guidance you have given of 5,000 crores. In next 3 to 4 years. So, we have, achieved, 2,378 revenue crores of revenue this year. That's right, sir.
BHAGYANAGAR INDIA LTD:
That's right.
Satish Patnaik: So, how much of that has come from copper, sir?
BHAGYANAGAR INDIA LTD:
Almost everything. Okay. Do you have the figure? I think, non-copper is less than 10 crores.
Satish Patnaik: Okay, okay. And, the guidance that you have given of 5,000, that is purely... that is purely for the...Copper part.
BHAGYANAGAR INDIA LTD:
Purely for copper, purely for copper. There are a few locations at the market does. Yeah, it's purely from copper. The 5,000 crores guidance is for purely copper. The Demerge Company, which will have only the copper business, will reach 5,000 crores in 3 years.
Satish Patnaik: Okay, sir. And, sir, I know it is a very, that would be a very long answer, just try to understand, if you can say that in very short, the reason for this de-merger, sir. I'm new to this company. I'm hearing that from last con call.
BHAGYANAGAR INDIA LTD:
Yeah, yeah, so, if you know that this company is a legacy company which is there for the last 40 plus years, and we have Bhagyanagar India, which is the holding company, and Bhagyanagar Copper, which is the subsidiary, which is doing copper business. Bhagyanagar India has a lot of land parcels. Which are already in the company, and we also have some windmills.
So we thought that going forward, when we want to do a lot of focus on the copper business, we are... planning to have a stand-alone copper company which will have nothing other than copper business. There is no, sort of distraction of the real estate or the windmills. Whereas the other company, Bhagyanagar India, which will remain, will have real estate, and that company can then concentrate on development of real estate without having the complication of the copper business in it.
Satish Patnaik: Okay, sir, okay, sir. I'll read more, sir, I'll come back to you, if I have further questions. Thank you so much.
BHAGYANAGAR INDIA LTD:
Welcome.
Financial: Thank you, sir. We'll take the next question from Mr. N. Modi.
BHAGYANAGAR INDIA LTD:
Modi, you need to unmute, Mr. Modi.
Financial: In the meantime, let's take the question from Mr. Kushal Kasliwal.
Kushal Kasliwal: So you can hear me now?
BHAGYANAGAR INDIA LTD:
Now, finally, we can hear you.
14
B
BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
Kushal Kasliwal: Yes, finally, third time. So, thank you so much for taking my questions again. So, I have many questions, actually. Just to begin with, your EBITDA per tonne is an interesting number now. You're saying that roughly 62 per kg, which means 62,000 EBITDA per tonne. So in the entire industry, everyone is below that number. There's only one company called KSH International, which is above that number. So I just wanted to understand...
I just wanted to understand, how much of this EBITDA is due to recycling business, and how much of this EBITDA is due to our value-added products? If you can maybe separate.
BHAGYANAGAR INDIA LTD: Very difficult to, very difficult to break up, because, you know, across product, we have about 15 to 20 product mixes, and the content of recycled copper in various products is different. So, very difficult to break it up, but roughly about 5% the EBITDA, 62 rupees a kg, based on 1200 rupees copper price, I think is sustainable for us, given that there are a lot of value-added products which we are making.
Kushal Kasliwal: Understood, sir. So, 500, means 50,000, you are saying, is sustainable.
BHAGYANAGAR INDIA LTD: 5% of the price, which is 60 rupees.
Kushal Kasliwal: Understood, understood. Okay, got it. Second question is on the products which we are making. So, I understand we are making bus bars, and in the PPT, we are saying that, I think 300mm, we are the only player also celluloprated bus bars, which are used in data centers. So, just wanted to understand, how are these products unique? Do we have any...you know, certification requirements for launching these products. I have not seen these products much in some other companies, especially the silver-plated one. And, is there any OEM lock-in, tie-up with OEM or long-term contract? Why will other people not come in these products?
BHAGYANAGAR INDIA LTD: So, there are a lot of approvals. For each of the products, we have a different approval. For some, it is power grids, for some, it is the international approving authority for, especially for the silver-plated bus bars. So, for various products, we have various approvals. I won't say that the entry barriers are too high, but for products like our auto electricals, we have a long-term tie-up with the customers.
For the last 20 years, and maybe for the next 10 or 15 years. For some products, it is order-by-order basis. For some products, it's just a question of repeat order because of the ease of supplies. So we are locked into a lot of value chains with our OEMs for a very, very long period of time, so even if we don't have any written or a specific agreement, it just goes without saying because of the long-term, good relations which we maintain with all our customers.
Kushal Kasliwal: Understood. Okay, okay. But you're saying for, silver-plated, bus bars, there's not much, I mean, competition can come in tomorrow.
BHAGYANAGAR INDIA LTD: Competition can come in, because it's not rocket science, but at the same time, it is not a very easy product to make. And any rejection will be very, very expensive, because the silver goes waste.
Kushal Kasliwal: Got it. Fair enough. Last question on plastic metal recycling, which we are doing a lot, which we are saying that is things come along with copper, and hence we are doing recycling. Have we thought about any, any...Return, threshold when we invest? In this project, because this looks like something beyond our current copper work, and maybe for you, it makes sense, but for shareholders, is it
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
ROC approved or margin-wise? Will it make sense in the overall scheme of things, on the copper side, if you compare it with that?
BHAGYANAGAR INDIA LTD: Yes, I mean, see, it will not add too much to the top line, to be frank. But it is going to be very PE decorative, because something which I'm selling for 10 rupees, if I can make it 40 rupees. A kilo. It makes a lot of sense for plastics.
Kushal Kasliwal: But then, we are also investing roughly 10 crores in that project, and maybe the payback of that 10 crore will be... will be on a lower side versus our current copper business.
BHAGYANAGAR INDIA LTD: I mean, typically for this type of investments, we look at between 12 and 15 months payback. Not 3 years or 5 years.
Kushal Kasliwal: Okay.
BHAGYANAGAR INDIA LTD: It's going to be very... yeah, it's going to be very, and very attractive, but top line is not really going to be very high.
Kushal Kasliwal: But margins will be high, and you're saying ROC...
BHAGYANAGAR INDIA LTD: Residence will be very high. Yeah, that's right.
Kushal Kasliwal: Okay, understood, makes sense. Lastly on, I know we are demerging this copper business, so all this, metal and plastic recycling will go away with the copper business itself?
BHAGYANAGAR INDIA LTD: Yeah, that's right. Other than real estate and the windmills, everything will remain in the copper business. Because this is coming with copper scrap.
Kushal Kasliwal: Got it, got it. Fair enough. So, do we have any estimation of, you know, market valuation of the real estate business separately, and then the copper business separately? Because currently our market cap is you know, roughly around 860 crores. So how much market cap do you assign to the real estate business when you demerge? I mean, this is a difficult question to answer, but maybe if you can guide.
BHAGYANAGAR INDIA LTD: Yeah, it's, you know, it's very difficult for me to say what the market cap is. Let me tell you this, figure. The real estate value in books is roughly about 29 crores. And, the value is at least, at least 10 times. Maybe 20 times, I don't know how much. The real estate value to assign is quite, not so easy.
Kushal Kasliwal: So, when you de-merge, I mean, there will be some market cap reduction in the copper business, right? Can you indicate how much market cap will get reduced from the demerged entity?
BHAGYANAGAR INDIA LTD: Given the market discounting of real estate, I don't think there'll be any reduction in market cap for the copper company, whereas the real estate company will create a new market cap for itself based on the real estate value. I'm not expecting any reduction in market cap of the copper company, because that's all based on the P.E. Or the current turnings of the company.
Kushal Kasliwal: And obviously, current earnings are 100% copper.
BHAGYANAGAR INDIA LTD: That's right.
Kushal Kasliwal: Fair enough, sir. Thank you so much for answering all my questions. Thank you.
BHAGYANAGAR INDIA LTD: Welcome.
16
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
Financial: Thank you, sir. We'll take the next question from Mr. Punit Mittal of Ebisu Investment Advisors LLP.
Punit Mittal: Hello, can you hear me?
BHAGYANAGAR INDIA LTD:
Yeah Punit, I can hear you.
Punit Mittal: Sir, I have, 2 or 3 questions. One is the guidance that you've given of 5,000 crore in next 3 years. Are you basing that on the assumption of the current copper prices? And how much of that growth you see is value versus volume?
BHAGYANAGAR INDIA LTD:
So, we are estimating a conservative 5% increase in the copper prices year-on-year.
Punit Mittal: Okay. Got it. Second question, From your commentary, it clearly seems that you're very, very bullish on this copper recycling business, and you see there's going to be a shortage on copper, Going forward. Why would you not be more aggressive in terms of expansion, whether organic, inorganic, and so forth? Because it seems to be a pretty incredible fortune in front of you.
BHAGYANAGAR INDIA LTD:
Doubling of turnover in 3 years is, like, aggressive enough for me.
Punit Mittal: Okay, got it. The third and the final question on the real estate side, can you elaborate some plan on what do you have in the pipeline in terms of the real estate development, And so forth, right? And that should be all focusing on the corporate business, but as you said, there's tremendous value in the real estate as well, so it'll be good to know what are your plans there.
BHAGYANAGAR INDIA LTD:
So, we have 3 parcels, 3 major parcels of real estate in the company. One is 4 acres in an area called Nacharam, one is a 4.5 acres in an area called Upal, and around 5 acres in an area known as Hardware Park.
As of now, there is only active consideration of the four and a half acres in Upal, which is very close to the stadium, where we are looking at various options of either developing that area, or give it... giving it on joint development to somebody, where a residential area can come up. Regarding the other two parcels, we have not yet decided as to what is to be done. Once the company demerges, I think those three parcels will be taken seriously, separately and decided accordingly.
Punit Mittal: For the first parcels, do you have any timeline in terms of when would you make a decision, and when the... Project started.
BHAGYANAGAR INDIA LTD:
So, this is in Hyderabad, very close to the center of Hyderabad. There is a new policy of the government known as Hyderabad Industrial Land Transformation. This policy allows for multi-use development, and this policy has been announced in November of this year. However, it has still not got effective. As soon as it is effective, which could be any time between 3 and, anytime between 15 days and 6 months from now, I think we'll be able to get started on that immediately.
Punit Mittal: I think, because, there probably are other participants for, for the questions. I'll, restrict myself here,
BHAGYANAGAR INDIA LTD:
Thank you.
Punit Mittal: Probably come back to you if I have more questions through an email or something.
BHAGYANAGAR INDIA LTD:
Thank you, Punit.
B
BHAGYANAGAR INDIA LIMITED
Date: 2nd May 2026
Time: 11:00 AM
Financial: Thank you, sir. We'll take the next question from Mr. Raj Sarraf of Finvestors.
Raj Sarraf: Am I audible now?
BHAGYANAGAR INDIA LTD: Yeah, Raj, I can hear you.
RAJ SARRAF: Sir, congratulations, first of all, for these great shots of lumber. So, I have a couple of questions, sir, so, sir, please allow me some time. There is an article, article on 15th of April in Venus Standards, with your...mention MD of the company. And sees that, facebook... That, there's a delay in the shipment.
For the raw material sourcing. Not because we are exposed, as we are not so much exposed to Gulf. But the shipping hubs are in... Dubai and Gulf, so even if you are sourcing from, North America and European countries. So, shipping is a problem, and in the same article is mentioned that we have scaled down our production. And focusing only on critical supplies to key OEMs. And, this is very concerning, as mentioned by business standards. So, why don't you comment on that, and then I will proceed for further questions.
BHAGYANAGAR INDIA LTD: So, I think you've hit the nail. Whatever sourcing from Gulf has come down. Sourcing from other countries has slowed down because of transshipment in and around Gulf. However, so far, we have not been very badly affected.
Having said that, I do see that in the first quarter, my volume might be slightly lower than the fourth quarter. However, it will be still, I think, more than double or... more than...twice of, I don't know the exact number of the first quarter last year. My volume in the first quarter might be marginally lower than fourth quarter. However, it will be much, much higher than the first quarter of last year, and I don't really see it affecting my EBITDA margins in the first quarter, and going forward for the whole year, I don't see major impact on the company.
RAJ SARRAF: So, we are very confident of maintaining an EBITDA margin, what we have got in Q4. Is it right, sir?
BHAGYANAGAR INDIA LTD: Yes, I might be able to just about maintain the EBITDA... the EBITDA margin will remain at 5%. The top line might come down 5% from Q4, but which will be still much... how much was Q1 last year?
RAJ SARRAF: So Q1 last year, 1847.
BHAGYANAGAR INDIA LTD: One last...
RAJ SARRAF: Sorry, it's not this other talk.
BHAGYANAGAR INDIA LTD: How much is it?
RAJ SARRAF: Q1 last year, 486, sir.
BHAGYANAGAR INDIA LTD: Yeah, so, I've done 735 crores in Q4. It might be marginally lower, but compared to 485, it'll still be about 40% higher. Okay, sir. And, sir, what I can see is a reduction in the inventory also, from levels from Q2 and Q3. So it is indicating that only, that, there.
BHAGYANAGAR INDIA LTD: Exactly.
RAJ SARRAF: I think...
B
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
BHAGYANAGAR INDIA LTD: You hit the nail on the head. I was fortunate that the inventory came down, and my excess inventory has been reduced in Q4 because of that.
RAJ SARRAF: Okay, sir. And, sir, as we are targeting, very, hefty growth going forward. So, what... what is our working capital requirement? Our working capital is, I think, close to 30 and 40 days, between quarter and 40 days. What is the requirement we are emphasizing for next, next year and forward?
BHAGYANAGAR INDIA LTD: So, my working capital requirement, I roughly have about 30 to 35 days for stocks and 35 days for debtors. I think that should be more or less in line for the future. I might be slightly reducing as the volume keeps going up. So if, if I give you the figures for 24-25, my inventory days is 35 days, and my receivable days is 33. Whereas, 25-26, it is 35 and 31. More or less, it will be in this line only, while we are working very hard to ensure that both come down by maybe 2 to 3 days, over this year.
RAJ SARRAF: Okay, thank you. And sir, our borrowings has come down, that is very good, sir, and we are now cash flow positive on operational levels. So, how we are seeing our borrowings going forward? Will this maintain at the same level, or we are going to reduce this borrowing further, or we are taking any... anything for our bottom capital requirement.
BHAGYANAGAR INDIA LTD: See, along with the turnover, the working capital will keep going up. So, coming down over a period of time other than the retained earnings is not going to be, very, logical. Our working capital will keep going up along with the turnover, and our borrowings also will go up, but hopefully not in the same ratio as our turnover.
RAJ SARRAF: Okay, so it will keep reducing.
BHAGYANAGAR INDIA LTD: As a percentage, it will keep reducing.
RAJ SARRAF: Okay, and we will be cash flow positive, we will maintain the same tempo with cash flow.
BHAGYANAGAR INDIA LTD: Yup.
RAJ SARRAF: Thank you very much, sir, thank you very much for this clarification, and I hope the same tempo should continue, and we are doing very good, so thank you very much.
BHAGYANAGAR INDIA LTD: Thank you, Raj.
Financial: Thank you, sir. We'll take the next question from Mr. N. Modi.
N Modi: Yes, sir, thank you. Sir, sir, my question is regarding this, capacity. When did we increase our capacity from 30,000 to 35,000?
BHAGYANAGAR INDIA LTD: March... March of this year.
N MODI: Oh, that was not separately announced, sir. That's why I was not aware.
BHAGYANAGAR INDIA LTD: No, I... it has been announced. It has been announced. I think it's in the presentation also. We.
N MODI: Yeah, in presentation, it is there. And as regards this land which you have just talked about, 13 to 14 acres land you have, that is.
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
BHAGYANAGAR INDIA LTD: Nature.
N MODI: In corporate business, or that is in.
BHAGYANAGAR INDIA LTD: No, that that is... that will remain in Bhagyanagar, India. Those 13 acres is in Bhagyanagar, India.
N MODI: At the moment where it is?
BHAGYANAGAR INDIA LTD: Sorry?
N MODI: So, at the moment where it is?
BHAGYANAGAR INDIA LTD: Please. Then, right now in Bhagyanagar, India, they will remain in Bhagyanagar, India.
N MODI: Okay, okay. Okay, so thank you.
BHAGYANAGAR INDIA LTD: Welcome.
Finportal: Thank you, sir. We'll take the next question from Mr. Mit of Anvil.
Finportal: We'll take the next question from Ms. Isha Agarwal of VT Capital.
Isha Agarwal: Good afternoon, sir. So, my question is, regarding the fundraise plan, if you have any, and can you please help me understand how you guys would want to do it?
BHAGYANAGAR INDIA LTD: So, we are looking at a fundraise. We are still not, come up with a final proposal, but we are looking at a fundraise of roughly about 150 crores.
Isha Agarwal: Okay, and sir, when can we expect this? Like, any... Rough estimate on this, and what would be the medium for this?
BHAGYANAGAR INDIA LTD: Sorry, I didn't get that last part. So, by the way... We have not yet.
Isha Agarwal: What are we planning to do?
BHAGYANAGAR INDIA LTD: We have still not come across the final modalities as to how... how and how to do it. We hope to do it in this financial year, definitely.
Isha Agarwal: Okay, sir. And so, I missed your answer on this, just a re-clarification. So, FY27, we are majorly seeing growth coming from volume. So, how much value growth did we, mention? 15-20% was volume growth, if I'm not mistaken.
BHAGYANAGAR INDIA LTD: That's right. We are looking at 20% volume growth. What comes from value is left to the market.
Isha Agarwal: Okay. Okay, so that's it from my side. Thank you.
BHAGYANAGAR INDIA LTD: Yeah.
Finportal: Thank you so much. That was the last question for today's session.
BHAGYANAGAR INDIA LTD: Thank you so much.
Finportal: On behalf of Finportal, I would like to extend our sincere gratitude to the management team of Bhagyanagar India Limited for their time and such detailed responses. We also thank all the
Date: 2nd May 2026
Time: 11:00 AM
BHAGYANAGAR INDIA LIMITED
participants for their active engagement and thoughtful questions. I would just request the management to please give their closing remarks.
BHAGYANAGAR INDIA LTD: Thank you, I think we have covered almost everything, but I do want to place on record my appreciation for both Finportal and all the people who have taken their time out and asked us very pointed questions. We hope to come true to their expectations and perform well in the coming quarters. Looking forward to seeing you all .So, every quarter, Thank you once again for attending this meeting.
Finportal: Thank you, sir. If there are any unanswered queries from the participants, please do not hesitate and reach out to us on the mail ID given in the chat box. Thank you.
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