Bhagyanagar India Limited — Call Transcript 2026

Apr 30, 2026

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: bil@surana.com

Website: www.bhagyanagarindia.com

CIN No.: L27201TG1985PLC012449

BIL/SECT/07/2026-27

Date: 30th April, 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,

Subject: General Announcement- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

With reference to our earlier intimation dated 27th April, 2026 (Ref: BIL/SECT/05/2026-27) submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the schedule of the Investor Meeting/Earnings Call to be held on 02nd May, 2026 at 11:00 AM (IST), please find attached the invitation for the said Investor Meeting/Earnings Call.

Further, we wish to inform you that the latest presentation to be used during the meeting has been uploaded on the Company’s website at www.bhagyanagarindia.com.

You are requested to take note of the above information and disseminate the same on your website.

Thanking you,

Yours faithfully,

For BHAGYANAGAR INDIA LIMITED

DEVENDRA SURANA
MANAGING DIRECTOR
DIN 00077296
Encl/A

ANAB

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BHAGYANAGAR INDIA LIMITED

FY 2025-26 Earnings Concall

Q4 results, FY 26 wrap-up

Investor Concall | May 2026 | Secunderabad

BIL

EST. 1985

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FROM THE MD

Opening Note & Agenda

Dear Shareholders & Investors,

Q4 closed the year on the strongest quarterly numbers in the data set. Revenue reached ₹734.53 Cr (+61.8% YoY, +27.2% QoQ) and PAT reached ₹23.04 Cr

FY26 was a defining year for Bhagyanagar. Consolidated revenue crossed ₹2,000 Cr Milestone and PAT has crossed ₹50 Cr Milestone. Operating leverage from our shift to value-added products has begun to show through, with Q4 EBITDA per kg reaching ₹62/- per KG.

Capacity is now at 35,000 MT. The demerger has cleared all preliminary approvals; the NCLT hearing is scheduled for 9 June 2026.

— Devendra Surana, MD & CEO

TODAY'S AGENDA

01 Company Overview
02 Product Portfolio
03 FY26 Headline Results
04 BIL Market Snapshot
05 Q4 Performance Snapshot
06 P&L — Consolidated Walkthrough
07 Margin Profile
08 Strategic Initiatives Update
09 Balance Sheet
10 Working Capital & Liquidity
11 Product Mix & EBITDA per Kg
12 Industry Tailwinds
13 Plastic Recycling Project
14 Peer Comparison — BIL vs Sunlite
15 Quarterly Peer Benchmark

Bhagyanagar India Limited | FY26 Earnings Concall

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Bhagyanagar India Limited | FY26 Earnings Concall

ABOUT BIL

Who We Are

“Three generations. Forty years. One mission — to make Indian copper world-class.”

Founded in 1985, Bhagyanagar India Limited is a Hyderabad-based copper manufacturer built across three generations of the Surana family. Today we run two ISO-certified plants on a 60-acre site, supply 500+ clients pan-India, and lead the Indian copper industry in value-added product breadth — a 35,000 MT integrated business with VAP at the core of its margin story.

TRUST & LEGACY	SCALE & RELIABILITY	VALUE-ADDED LEADER
## 40 Years

Three generations of the Surana family

• Unblemished track record of no delayed payments to suppliers, lenders or any other institutions
• 500+ clients with enduring relationships
• Anchored in quality, integrity & service | ## 35,000 MT

Operational capacity, expanded in FY26

• 60-acre integrated Hyderabad facility
• 2 ISO-certified manufacturing plants
• Pan-India customer base across sectors | ## 59% VAP

Largest Value added product portfolio in Indian copper

• Bus bars up to 300mm — only one in India
• AI datacenter silver-plated bus bars; transformer windings; PV ribbons
• VAP volume +46.7% YoY |

17

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OUR JOURNEY

Our Copper Journey

1985 to 2026 — from a single copper line in Hyderabad to a 35,000 MT integrated business

FOUNDATION	EXPANSION	SCALE & INTEGRATION	FUTURE READY
1985 — 1992	1994 — 2007	2012 — 2020	2023 — 2026

Bhagyanagar India Limited | FY26 Earnings Concall

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PRODUCT PORTFOLIO

Product Portfolio

Only manufacturer in India producing copper bus bars up to 300 mm in width

Copper Bus Bars & Flats

Transformers, switchgear, power distribution

Silver-Plated Copper Bus Bars

AI data centres & high-power systems

Tinned Copper Bus Bars

Transformers, switchgear, power equipment

Copper Wires & Rods

Power, automotive & electronic applications

Enamelled Copper Wires/Strips

Motors, small devices & transformers

Continuously Transposed Conductors

Energy efficiency in transformers

Paper Insulated Copper Conductors

Transformer coils & electrical equipment

Copper Foils & Sheets

PCBs, radiators, heat exchangers

Copper Tapes

Earthing applications

Tubes

Refrigeration

Auto Electrical Components

Yoke assemblies, solenoid switches, OEMs

Interconnect PV Ribbons

Cell connectors for solar modules

Solar Absorber Fins & Plate Collectors

Solar thermal solutions

Copper Nuggets

Granulated copper for industrial reuse, electroplating & casting

agyanagar India Limited | FY26 Earnings Concall

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SECTION 01 — HEADLINE RESULTS

FY26 At a Glance

| REVENUE FROM OPERATIONS
₹2,377.83 Cr
+46.3% YoY
FY25: ₹1,625.61 Cr | OPERATIONAL EBITDA
₹106.14 Cr
+186.7% YoY
FY25: ₹37.02 Cr | PROFIT AFTER TAX
₹50.17 Cr
+257.9% YoY
FY25: ₹14.02 Cr | EPS (BASIC)
₹15.68
+258.0% YoY
FY25: ₹4.38 |
| --- | --- | --- | --- |
| ROE
19.5%
FY25: 6.8% | +1,272 bps | OP EBITDA MARGIN
4.46%
FY25: 2.28% | +218 bps | PAT MARGIN
2.11%
FY25: 0.86% | +125 bps | ROCE
16.30%
FY25: 6.84% | +946 bps |

INSIGHT: Top-line and bottom-line both inflected — revenue grew 46% while PAT grew 258%. Operating leverage on scaled revenue drove the disproportionate bottom-line gain. Market has priced the inflection — see Slide 4.

Bhagyanagar India Limited | FY26 Earnings Concail

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SECTION 02 - MARKET

BIL Market Snapshot

CURRENT PRICE
₹277.66
28-Apr-2026 (live, NSE)

MARKET CAP
₹888.37 Cr
31,995,000 shares × ₹277.66

52-WEEK RANGE
₹65 - ₹285
Low 08-May-25, High 28-Apr-26

1-YEAR RETURN
+285.8%
vs ₹71.97 on 28-Apr-25 (Yahoo)

Quarter-End Closing Price (₹)

VALUATION & PER-SHARE DATA
| P/E (FY26) | 17.71× | Consolidated, audited |
| --- | --- | --- |
| P/B | 3.45× | ₹277.66 + ₹80.50 |
| Book Value / share | ₹80.50 | Net Worth + 3.20 Cr shares |
| EPS (FY26 Basic) | ₹15.68 | FY25: ₹4.38 (+258.0%) |
| Face Value | ₹2.00 | Issued size 31,995,000 shares |

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 03 - QUARTERLY

Q4 FY26 Performance Snapshot

Revenue from Operations (₹ Cr)

Profit After Tax (₹ Cr)

Revenue Q4FY26	₹734.53 Cr	+27.2% QoQ	+61.8% YoY
Op EBITDA Q4FY26	₹36.15 Cr	+26.5% QoQ	+218.2% YoY
PAT Q4FY26	₹18.49 Cr	+79.4% QoQ	+402.9% YoY
Op EBITDA Margin	4.92%	vs 4.95% Q3, 2.50% Q4FY25
PAT Margin (Q4)	2.52%	vs 2.22% Q3, 1.01% Q4FY25
EPS Q4 (Basic)	₹5.78	vs ₹4.01 Q3, ₹1.43 Q4FY25

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 04 — P & L

FY26 Profit & Loss — Consolidated

All figures in ₹ Lakhs unless noted

Particulars	Q4 FY26	Q3 FY26	Q4 FY25	FY26	FY25	YoY %
Revenue from Operations	73,453	57,732	45,390	237,783	162,561	+46.3%
Other Income	54	55	166	472	565	-16.6%
Total Income	73,507	57,788	45,556	238,254	163,126	+46.1%
Raw Material + Inventory Δ	67,036	52,439	41,662	217,071	150,713	+44.0%
Employee Cost	430	476	448	1,630	1,491	+9.3%
Other Expenses	2,372	1,959	2,144	8,468	6,654	+27.3%
Operational EBITDA	3,615	2,858	1,136	10,614	3,702	+186.7%
Depreciation	193	185	201	738	706	+4.5%
Finance Cost	1,026	953	497	3,596	1,694	+112.3%
Profit Before Tax	2,450	1,776	604	6,751	1,868	+261.4%
Tax Expense	601	492	146	1,734	466	+272.0%
Profit After Tax	1,849	1,284	458	5,017	1,402	+257.9%
Op EBITDA Margin %	4.92%	4.95%	2.50%	4.46%	2.28%	+218 bps
PAT Margin %	2.52%	2.22%	1.01%	2.11%	0.86%	+125 bps
EPS (Basic, ₹)	5.78	4.01	1.43	15.68	4.38	+258.0%
Share Price at Period-End (₹)	137.71	159.32	71.90	137.71	71.90	+91.5%

Share price = NSE closing price on the last trading day of each period (Source: Yahoo Finance / NSE; Screener referenced for ratios).

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 05 - MARGINS

Margin Profile — A Step-Up

Quarterly Margin Trajectory (%)

Annual Margin: FY25 vs FY26 (%)

WHAT THE NUMBERS SHOW

1. OP EBITDA up 2.9×

FY26 OP EBITDA ₹106.14 Cr vs FY25 ₹37.02 Cr — a 186.7% increase against revenue growth of 46.3%.

1. PAT up 3.6×

FY26 PAT ₹50.17 Cr vs FY25 ₹14.02 Cr — finance-cost leverage on a higher PBT base lifted PAT growth above operating-line growth.

1. Margin step-up

OP EBITDA margin 2.28% → 4.46% (+218 bps). PAT margin 0.86% → 2.11% (+125 bps).

1. Q4 vs FY

Q4 OP EBITDA margin (4.92%) and PAT margin (2.52%) both run materially ahead of the FY26 average — exit run-rate is stronger than the year-blend.

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 06 — STRATEGIC

Strategic Initiatives Update

Operational and structural moves underpinning the financial step-up

Mix Shift to Value-Added Products	Capacity Scale-Up to 35,000 MT	Heat Recovery System
LIVE
Deliberate pivot toward higher-margin VAP — bus bars, enamelled wires, transformer windings, copper foils.	COMPLETE
Commissioning of additional capacity completed during FY26, expanded from 30,000 MT. Both ISO-certified Hyderabad plants contributing.	IN PROGRESS
Implemented across furnaces in FY26. Energy-efficiency programme that supports both margin and sustainability commitments. Optimisation continuing.
AI Data-Centre Bus Bars	Demerger of Copper and Real Estate Business	Recycling Verticals (Aluminium + Plastic)
---	---	---
LAUNCHED
Entered AI data-centre segment with silver-plated copper bus bars — high-conductivity, oxidation-resistant variants. Targets high-power systems and hyperscalers.	IN PROGRESS
Structural realignment advancing. Key approvals in place; NCLT hearing scheduled 9 June 2026. Final timelines and listing subject to approval.	SCALING
Plastic and aluminum as byproducts being recycled inhouse instead of selling without value addition

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 07 - BALANCE SHEET

Balance Sheet — Consolidated

Figures in ₹ Lakhs

EQUITY & LIABILITIES

Particulars	FY26	FY25	FY24
Equity Share Capital	640	640	640
Other Equity (Reserves)	25,116	20,099	18,684
Total Equity	25,756	20,738	19,324
Total Borrowings	25,892	27,513	n/a
Deferred Tax + Other NCL	545	1,427	1,413
Trade Payables (Others)	2,905	1,654	2,044
Other Current Liab. + Provisions	8,381	731	446
TOTAL EQUITY & LIABILITIES	63,479	52,082	33,355

ASSETS

Particulars	FY26	FY25	FY24
Property, Plant & Equipment – Gross Block	18,713	17,706	16,688
Property, Plant & Equipment – Depreciation	(10,362)	(9,663)	(8,964)
Property, Plant & Equipment – Net Block	8,351	8,043	7,724
Investments + Other NCA	198	182	190
Total Non-Current Assets	8,549	8,225	7,914
Inventories	23,012	15,733	8,324
Trade Receivables	20,047	14,592	9,783
Cash & Bank Balances	93	831	387
Other Current Assets	11,777	12,684	6,947
Total Current Assets	54,930	43,840	25,441
TOTAL ASSETS	63,479	52,082	33,355

INSIGHT

Equity grew +24.2% from retained earnings — no dilution. Inventory +46.3% and receivables +37.4% — track revenue growth proportionately.

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 08 — LIQUIDITY

Working Capital — A Frank Read

WHAT THE NUMBERS SAY

Working capital up ₹120 Cr YoY

Inventory 15,733 → 23,012 lakhs (+46.3%) and receivables 14,592 → 20,047 lakhs (+37.4%) — proportional to revenue growth (+46.3%) but absolute investment is significant.

Total Outside Liab. / Op EBITDA: 7.7× → 2.7×

FY25 Total Outside Liab. ₹283.34 Cr / Op EBITDA ₹37.02 Cr = 7.65×. FY26 Total Outside Liab. ₹287.96 Cr / Op EBITDA ₹106.14 Cr = 2.71×. Coverage stepped down sharply.

WHAT TO TAKE AWAY

Working capital investment of approximately ₹120 Cr is funding the +46% revenue scale-up. The capital deployed earns at 20% ROCE — well above cost of funds. Net Debt / Op EBITDA improved markedly as profitability scaled.

Bhagyanagar India Limited | FY26 Earnings Concail

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SECTION 09 — PRODUCT MIX

Product Mix & EBITDA per Kg

Bhagyanagar Copper — Q1-Q4 FY26 quarterly trends; FY26 vs FY25 comparison

| FY26 VOLUME
24,654 MT
FY25: 18,340 MT | +34.4% | FY26 VAP SHARE
59.0%
FY25: 54.1% | +495 bps | FY26 REALIZATION
₹962/Kg
FY25: ₹884/Kg | +8.8% | FY26 EBITDA/Kg
₹43.05
FY25: ₹20.19 | +113.2% |
| --- | --- | --- | --- | --- | --- | --- | --- |

Quarterly Product Mix — VAP vs Commodity (% by Volume)

Q1 FY26

Commodity 47.9%

Q2 FY26

Commodity 39.0%

Q3 FY26

Commodity 39.9%

Q4 FY26

Commodity 37.8%

EBITDA per Kg — Quarterly Trend (₹/Kg)

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 10 — INDUSTRY

Why the Tailwind Is Real & Sustained

Source: FY26 investor presentation (April 2026), citing International Copper Association, CSEP, Grand View Research, BlueWeave Consulting.

THE BIG PICTURE

Global refined copper demand is set to nearly double

from 26.5 MT in 2023 to 50 MT by 2050.

India is projected to become the world's 2nd largest copper-consuming economy by 2050 — driven by industrialisation, urbanisation, and the energy transition.

> “BIL’s product mix sits squarely on this curve — bus bars for grid + AI, ribbons for solar, components for EVs.”
>
> “BIL is planning to invest another 40 Cr on capacities and new ventures over 2 years to ensure our competitiveness in this growing market”

EVs & Automotive

1.7 → 4.3 Mtpa

Copper demand from EVs forecast to grow ~10% annually through 2035 — wiring, motors, charging.

Grand View Research

Power & Grid

1.1 Mtpa by 2030

Indian grid copper demand alone — accelerated by AI data centres and grid modernisation.

BlueWeave Consulting

Renewables

+2 Mtpa / decade

Solar, wind, and clean-energy systems require sustained additional supply for decades.

BlueWeave Consulting

Bhagyanagar India Limited | FY26 Earnings Concall

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SECTION 11 — PLASTIC RECYCLING

Plastic Recycling Project — Closed-Loop Build-Out

Source: FY26 investor presentation (April 2026); market sizing from Coherent Market INSIGHTs.

INDIA MARKET (2024)
~USD 4.09 Bn
Plastic recycling — current TAM

INDIA MARKET (2033)
~USD 6.93 Bn
Projected by 2033

CAGR 2024-2033
~5.22%
Steady, defensible growth

THE CLOSED-LOOP VALUE CHAIN

1. Cable Waste In
   End-of-life cables — every cable is fully reprocessed; nothing is wasted.

2. Process All Grades
   Multiple grades of plastic and metal recovered — core to sheath.

3. Granules + Refined Metals
   Output: granules, compounds, refined metals — ready to sell.

4. Back into Supply Chain
   Recyclates re-enter active manufacturing supply chains.

PROJECT SCOPE

10 Cr capex earmarked to expand processing capacity and move up the value chain — from selling recyclates to manufacturing finished plastic products and cable components.

WHY IT MATTERS

Closed-loop operation — every material fraction finds its highest-value end use. Reduces waste, deepens margins, diversifies the business away from pure copper-conversion exposure.

Bhagyanagar India Limited | FY26 Earnings Concall

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REFERENCE — PEER BENCHMARK

Summary

| BHAGYANAGAR INDIA
(BIL) | |
| --- | --- |
| FY26 Metric | BIL (Cons.) |
| SCALE & GROWTH | |
| Revenue from Operations | ₹2,377.83 Cr |
| PROFITABILITY | |
| Operational EBITDA | ₹106.14 Cr |
| Op EBITDA Margin | 4.46% |
| PAT | ₹50.17 Cr |
| PAT Margin | 2.11% |
| BALANCE SHEET | |
| Net Worth | ₹257.56 Cr |
| Return on Capital Employed (ROCE) | 16.30% |
| Return on Equity (ROE) | 19.5% |
| MARKET (close 28-Apr-26) | |
| Share Price | ₹277.66 |
| Market Cap | ₹888.37 Cr |
| P/E (FY26) | 17.71× |

Standard Recycling Company P/E

30x - 40x

Bhagyanagar India P/E

17.71x

Bhagyanagar India Limited | FY26 Earnings Concail

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THANK YOU

Discussion, Q&A, and approvals

Bhagyanagar India Limited | CIN: L27201TG1985PLC012449