Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Oct
Source: Bse
Agarwal Industrial Corporation Limited (AGARIND)
Small CapIndustrials stocks · Small cap · NSE
Agarwal Industrial Corporation Ltd. (AICL) is India's largest private-sector bitumen trading and product manufacturing company, with integrated shipping vessels and fleet logistics. It also operates an LPG logistics division and wind mills, serving PSU and non-PSU customers in industrial and construction sectors.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:15 pm ISTDetails
Quote21 Oct, 01:15 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result13 Aug, 05:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -13.7% / mo · RSI oversold · MACD + · near 52W low
Stock trend: 28
Sector RS: 46
Sector 3M: -7.6% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AGARINDD candles · FIT view-21.6%TODAY · PROVISIONALLatest price ₹342.65 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.0%
RSI
22
MACD hist
-0.71
52W pos
0%
2026-10-21O ₹357.00H ₹357.40L ₹341.60C ₹342.65Vol 17,540 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AGARINDNifty India ManufacturingNifty 500
- AGARIND
- -29.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -23.5 pp
Chart stats
19 Oct 2026- From 52W high
- -60.6%
- 52W range position
- 1%
- ATR (14)
- 4.1%
- Volume vs 20D
- 1.12x
- Avg traded value
- ₹1.2 Cr
- 20D price channel
- ₹352 - ₹425
₹905
₹352 - ₹905
₹14.7
Latest completed session
20-session average
29.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED66
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -27.1% · PAT -23.1% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -27% YoY · PAT -23% YoY · margin expansion · +7% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹433 Cr | -27.1% | +6.9% |
| EBITDA | ₹30 Cr | -16.7% | -6.3% |
| Operating margin | 7.0% | +100 bps | -100 bps |
| PAT | ₹10 Cr | -23.1% | -37.5% |
| PAT margin | 2.3% | +12 bps | -164 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.00
- P/B
- 0.83
- EV/EBITDA
- 5.58
- Market Cap
- 574.00Cr
Profitability
- ROE
- 6.21%
- ROCE
- 7.73%
- ROA
- 3.41%
- Dividend Y
- 0.86%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 17.37%
- Revenue 3Y
- -6.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.49
- Interest Coverage
- 4.44×
- Altman Z
- 3.21
- Book Value
- 461.00
Cash Flow
- FCF Yield
- 25.44%
- FCF Positive Y
- 4/5
- OCF
- 235.00 Cr
- EPS TTM
- 27.34
Shareholding
- Promoter Hold
- 57.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,492-9.7% vs prev
Net Profit
₹ CrLatest: 44.0-62.1% vs prev
Return on Equity
%Latest: 6.4-65.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 22.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~15.8% over last month) — short-term momentum negative.
- RSI(14) at 22 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
6
RS percentile
Stage 4 Downtrend
1M return
-13.5%
3M return
-29.0%
6M return
-21.3%
1Y return
-58.5%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is 21.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 39.5-2.66%
RS vs Nifty 50040
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation27/30
Growth16/25
Quality0/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
66
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
66/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 25.4%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 68.1%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
14.0
PB
0.8
EV/EBITDA
5.6
ROE
6.2%
ROCE
7.7%
FCF Yield
25.4%
Debt/Equity
0.5
MoS
+68.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
66
Previous: 65 (+1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.1%
Previous: +66.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
65
62
62
62
65
65
Factor attribution
Valuation
27+1
was 26
Modelled fair value
Graham Number
₹532.53
+35.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,074.46
+68.1% MoS
PEG
0.81
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CHEMBONDCH
Small
Chembond Chemicals Limited
Specialty Chemicals
match 139
62
14.5
17.7%
+64%
UNDERVALUED
UNIENTER
Small
Uniphos Enterprises Limited
Specialty Chemicals
match 137
33
29.6
0.8%
-405%
WATCHLIST
TRANSPEK
Small
Transpek Industry Limited
Specialty Chemicals
match 136
55
18.8
6.1%
+49%
FAIR VALUE
KRONOX
Small
Kronox Lab Sciences Limited
Specialty Chemicals
match 136
58
26.7
26.8%
+34%
FAIR VALUE
GFLLIMITED
Small
GFL Limited
Specialty Chemicals
match 135
63
10.0
1.8%
+73%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-08T07:46:58.690Z
Management commentary snapshot
AICL reported a significant decline in Q1 FY26, with Revenue from Operations down 16.1% YoY to Rs. 594 Cr and PAT plummeting 66.6% YoY to Rs. 13 Cr. Bitumen volumes fell 26.9% YoY, impacted by geopolitical tensions and early monsoon.
Q1 FY26 results show substantial pressure on AICL's core bitumen business due to geopolitical disruptions impacting trade and shipping, coupled with reduced demand from early monsoon. While management highlights long-term infrastructure tailwinds, short-term execution and profitability are severely challenged.
Current business mix
Revenue from Operations by Segment (Q1 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Bitumen and Allied Products84.0%
Other Businesses16.0%
Growth engines
India's Road Infrastructure Growth
positiveGovernment programs like Bharatmala and PM Gati Shakti are expected to drive sustained demand for bitumen.
Market Expansion
positiveAICL plans to enter the bitumen market in North India to diversify its customer base and capture new opportunities.
Integrated Platform Advantage
positiveIntegrated import-led sourcing, port-based storage, dedicated shipping fleet, and logistics network position AICL to address rising demand.
High-Margin Product Diversification
positiveIndustry trend towards diversification into high-margin products like Polymer Modified Bitumen (PMB) and emulsions is gaining traction.
Capacity and execution
Mangalore Port Storage Terminal
positiveCapital investment of Rs. 40 Cr in a new 40,000 MT storage terminal at Mangalore Port to strengthen the supply chain in South India.
Guwahati Manufacturing Facility
positiveNew manufacturing facility of Rs. 5 Cr in Guwahati started full-fledged operations in Q2 FY26 to address eastern states' infrastructure projects.
Shipping Vessel Addition
positiveOne vessel was acquired in Q4 FY25 and became operational in April 2025 (Q1 FY26), increasing total vessel capacity to 113,549 MT.
Tailwinds
Government Infrastructure Spending
positiveGovernment targeted project awards worth Rs. 7 lakh crore by FY26, scaling to Rs. 10 lakh crore annually thereafter.
Road Construction Targets
positiveTarget of building 100 km of roads per day reflects the scale of opportunity and sustained demand for bitumen.
Low Per Capita Bitumen Consumption
positiveIndia's bitumen consumption is low among top 10 countries by road network, indicating significant potential for future growth.
Headwinds
Geopolitical Tensions (Middle East)
negativeHeightened geopolitical tensions across USA, Iran, and Israel disrupted UAE and entire Middle East regional trade, causing close to one month of impact on shipping movements.
India-Pakistan War Impact
negativeThe India-Pakistan war led to disruptions in trade flows and shipping schedules, resulting in an estimated 15 days of impact.
Early Monsoon
negativeThe early onset of the monsoon slowed construction activity, leading to softer demand for bitumen.
Risk radar
Geopolitical Instability
negativeOngoing geopolitical tensions can disrupt trade flows, shipping schedules, and impact operational continuity and profitability.
Weather-Related Demand Fluctuations
negativeEarly or prolonged monsoons can significantly slow construction activity, directly impacting bitumen demand and sales volumes.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights the impact of external factors compared to the previous year, while QoQ shows a sharp sequential decline, indicating immediate operational challenges and reduced momentum.
Sector KPIs management disclosed
Revenue from Operations
negativeRs. 594 Cr in Q1 FY26, down 16.1% YoY and 27.9% QoQ.
EBITDA
negativeRs. 38 Cr in Q1 FY26, down 38.7% YoY and 35.0% QoQ. EBITDA margin was 6.4%, down 235 bps YoY and 68 bps QoQ.
Profit After Tax (PAT)
negativeRs. 13 Cr in Q1 FY26, down 66.6% YoY and 57.3% QoQ. PAT margin was 2.2%, down 331 bps YoY and 150 bps QoQ.
Bitumen Volumes
negative124,614 MT in Q1 FY26, down 26.9% YoY and 32.8% QoQ.
Management forward view
Focus on Operational Efficiencies
neutralThe Company remains focused on driving efficiencies across its supply chain to strengthen its market position.
Capturing Growth Opportunities
positiveAICL aims to capture growth opportunities as infrastructure investments accelerate, while creating long-term value.
Well-Positioned for Demand
positiveAICL, with its integrated platform, is well positioned to address India's rising demand for bitumen.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bitumen Volumes | 124,614 MT (Q1 FY26) | Recovery in volumes in subsequent quarters, especially post-monsoon, indicating easing of external pressures and demand revival. |
| EBITDA Margins | 6.4% (Q1 FY26) | Improvement in margins as operational efficiencies take hold and external headwinds subside, reflecting better pricing power or cost management. |
| Mangalore Storage Terminal Commissioning | Rs. 40 Cr capex planned | Timely commissioning and ramp-up of the 40,000 MT storage terminal at Mangalore Port to enhance supply chain capabilities. |
| Geopolitical Tensions | 15 days India-Pakistan war impact, ~1 month Middle East shipping impact (Q1 FY26) | Easing of geopolitical tensions and normalization of trade flows and shipping schedules to reduce operational disruptions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
67 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · Small: 47th pctile, median 66
Evidence depth
Financial-only
67 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 57.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 21.7%.
- ▸4 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 7.7%.
- ▸ROE is low at 6.2%.
- ▸ROCE trend is -7.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Agarwal Industrial Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 13 Aug - Board approved Q1 FY26 results, AGM on Sep 24, 2026, and proposed ₹3.30 dividend.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 24 Sep - Members approved MOA amendment adding chemicals, infrastructure, toll, machinery, and logistics objects at 32nd AGM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper Publication regarding 32nd Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Newspaper Publication for Prior 32nd Annual General Meeting Intimation
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - Newspaper Publication for Second 100 days Campaign
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jun - Newspaper Extract of Second 100 days Campaign
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jun - Newspaper Publication for Special Window for Transfer and Dematerialisation of Physical Shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 3 Jun - Agarwal Industrial won HPCL tender for 1,30,000 MT bulk bitumen worth about ₹477.50 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 May - Newspaper Publication for Second 100 days Campaign
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.