Bhagyanagar India FY26: The year margins caught up with scale

FY26 revenue from operations was 2,377.83 crore, operational EBITDA was 106.14 crore, and profit after tax (PAT) was 50.17 crore, as per the FY26 consolidated results table in the presentation.

Q4 FY26 revenue from operations was 734.53 crore versus 454 crore in Q4 FY25, and Q4 FY26 PAT was 18.49 crore versus 4.58 crore in Q4 FY25, per the quarterly snapshot and consolidated P&L table.

FY26 VAP share was 59.0% of volume and FY26 EBITDA per kg was 43.05. In Q4 FY26, EBITDA per kg was reported at 62.0, per the product mix slide.

Management stated that shareholder and creditor approvals were completed in March 2026, a petition has been filed with NCLT Hyderabad, and the next NCLT hearing is scheduled for 9 June 2026, subject to obtaining required NOCs.

Management mentioned a plan to invest about 40 crore over the next 2 years on capacities and new ventures, and separately discussed about 10 crore capex for expanding the plastic recycling project.

Yes. Management said it is looking at a fundraise of roughly 150 crore and hopes to do it in the current financial year, but modalities were not finalized during the call.

Management said near-term Gulf-related scrap availability and transshipment delays have affected the industry, but stated the company’s dependence on Gulf scrap is less than 5% and that it sources more from other regions including the US.