Bhagyanagar India FY26 revenue jumps 46% to ₹2,377cr

FY26 performance sets a new scale

Bhagyanagar India Limited (BSE: 512296, NSE: BHAGYANGR) reported a sharp step-up in FY 2025-26 financials, driven by demand across infrastructure, renewables, electric vehicles, and industrial manufacturing. Revenue rose 46% year-on-year to ₹2,377 crore. Profit after tax (PAT) increased 258% year-on-year to ₹50 crore. Management highlighted that FY26 marked the first time the company crossed ₹2,000 crore in revenue and ₹50 crore in PAT. It also flagged “operational EBITDA of over ₹100 crore” for the first time.

What management attributed the growth to

The company linked the FY26 jump to stronger offtake for copper products, including demand from telecommunications and power infrastructure. It also pointed to a growing share of value-added products and operational efficiency gains. A strategic push away from commodity-heavy mix toward higher-value offerings was presented as a key lever. Alongside end-market demand, management referenced pricing power and margin improvement in the latest quarter.

Volume growth and product-mix shift

Operationally, the company reported volume growth of 34% year-on-year to 24,000 metric tonnes. The share of value-added products increased from 52% to 62%, with a stated target of 66% next year. Management also referenced new products, including silver-plated bus bars, and reiterated that value-added products remain a primary focus given the firm’s long experience in copper. The company said it supplies to around 500 customers, largely OEMs, across electrical, switchgear, and automotive segments.

Capacity expansion anchored by a new facility

Bhagyanagar India said its production capacity reached 35,000 metric tonnes as of March 2026. It also cited a 60-acre integrated facility near Hyderabad as part of the current set-up. The next phase of the roadmap targets capacity expansion to 45,000 metric tonnes. Management positioned the 45,000 MT target as a continuation of the ramp-up already executed, moving from 30,000 to 35,000 metric tonnes.

Capex plans: ₹40 crore for capacity, plus recycling spend

The company outlined planned capex of ₹40 crore over the next two years for capacity expansion and new ventures. Separately, it mentioned an additional ₹10 crore plastic recycling project linked to copper scrap byproducts and cable waste processing. It stated that plastic recycling is currently small in revenue contribution but is expected to scale gradually over the next 3 to 5 years. The company also described current plastic recycling activity of around 150 tons into LDP granules, with an expansion target of 500 tons by next year.

Demerger: copper business to be carved out into Tieramet

Bhagyanagar India said it is pursuing corporate restructuring through an NCLT-admitted demerger scheme. Under the scheme, the copper manufacturing business will be carved out into Tieramet Limited (also referred to as Tieramaet or Tierra Met in management commentary) as a standalone, independently listed company. Management said approvals from shareholders, creditors, and other agencies have been obtained and meetings were completed in March, with a joint petition filed before the NCLT Hyderabad bench. The company described the demerger as a move toward a cleaner corporate structure and direct shareholder exposure to the copper business.

FY30 revenue target: ₹5,000 crore, with talk of preponing

The company reiterated a long-term revenue target of ₹5,000 crore by FY 2029-30, anchored by capacity expansion and demand drivers such as AI data centres, utility-scale renewables, electric vehicle adoption, and industrial self-reliance. Management commentary also indicated the target had earlier been framed as reaching ₹5,000 crore by 2030 and later “preponed” to FY28-29 in response to demand trends. It further stated the ₹5,000 crore figure is for the copper business. The company also cited a growth ambition of 20-25% CAGR toward the target and an annual volume growth target of 15-20%.

Q4 snapshot: record revenue and margin improvement

For the final quarter, the company reported consolidated net profit of ₹18.49 crore, up 304% year-on-year. Revenue from operations rose 61.83% to ₹734.53 crore. It also reported operating margin expansion of 242 basis points to 4.92% for the quarter, while separately referencing an operational EBITDA margin of about 4.6% and a goal to maintain a 5% EBITDA margin. Management said it wants to scale high-value enameled copper wire and specialised electrical cable segments to support the growth trajectory.

Market metrics and stock indicators cited by the company

Management stated the share price had “almost doubled” since March 31 and cited a one-year return of around 285%. It also reported a P/E ratio of 17.71 and disclosed ROE of 19.5% for FY26 (versus 6.8% last year) and ROC of 16.3% (versus 6.84% last year). These figures were presented as indicators of improving profitability and investor confidence.

Key numbers at a glance

Market impact: what investors are likely tracking

For shareholders, the combination of sharp FY26 earnings growth, the margin narrative, and a defined capex plan frames the near-term monitoring list. The demerger process is central because it changes how investors will value the copper business versus real estate and other assets post-separation. On operating performance, the mix shift toward value-added products and the targeted 5% EBITDA margin are key operational markers management has repeatedly emphasised. The capacity ramp from 35,000 MT to 45,000 MT, backed by ₹40 crore capex, is the main volume lever described.

Why this matters for the non-ferrous metals theme

Bhagyanagar India’s commentary ties copper demand to electrification-led themes such as power grids, renewable build-outs, EV adoption, and AI-led data centre expansion. If the company executes its product-mix shift alongside capacity additions, it could change the earnings profile compared with a more commodity-linked model. The company also highlighted sourcing diversification, stating reliance on Gulf scrap is less than 5%, which it positioned as a risk-management measure for inputs. Separately, the expansion into recycling and circular-economy initiatives aligns with the company’s stated focus on scrap processing and byproduct handling.

Management commentary and next milestones

Managing Director Devendra Surana said the company remains focused on expanding capabilities and strengthening operational efficiencies, with a “well-funded path” toward the ₹5,000 crore revenue target by FY29-30. Management also said the NCLT-admitted demerger scheme is progressing on schedule, and reiterated commitments on capacity expansion and capex. The next milestones cited in the update include the execution of capex over the next two years, continued increase in value-added product share toward 66%, and the next steps in the NCLT process after filing the joint petition.

Conclusion

Bhagyanagar India’s FY26 results show a large year-on-year jump in revenue and profits, supported by higher volumes, a rising share of value-added products, and stronger quarterly margins. The company’s strategy now hinges on executing the 45,000 MT capacity target, delivering the ₹40 crore capex plan, and progressing the NCLT-admitted demerger that would list the copper business as Tieramet. Investors will watch the demerger timeline, margin stability around the 5% EBITDA target, and whether the company can sustain its stated growth path toward ₹5,000 crore revenue by FY29-30.