Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Bhadora Industries Ltd. (BHADORA)
SME CapIndustrials stocks · SME cap · NSE
Bhadora Industries Ltd. manufactures power cables and aerial bunched cables, primarily aluminum-based. The company recently completed its IPO and is expanding its product portfolio to include HT, MVCC, instrumentation, and control cables, targeting the growing power and infrastructure sector in India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:51 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
59NeutralSMA20 +21.2% / mo · MACD −
Stock trend: 64
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BHADORAD candles · FIT view+114.8%Latest close ₹138.00 on 2026-10-19
Bar
+1.7%
RSI
51
MACD hist
-1.72
52W pos
79%
2026-10-19O ₹135.75H ₹138.20L ₹135.75C ₹138.00Vol 10,800 sh
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
BHADORANifty India ManufacturingNifty 500
- BHADORA
- +51.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +57.2 pp
Chart stats
19 Oct 2026- From 52W high
- -14.4%
- 52W range position
- 79%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹118.6 - ₹161.2
₹161.2
₹49.5 - ₹161.2
₹7.4
Latest completed session
20-session average
51.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model+32.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹78 Cr | NDF | +66.0% |
| EBITDA | ₹11 Cr | NDF | +83.3% |
| Operating margin | 14.0% | NDF | +200 bps |
| PAT | ₹6 Cr | NDF | +100.0% |
| PAT margin | 7.7% | NDF | +131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 3.25
- EV/EBITDA
- 17.69
- Market Cap
- 265.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 23.70%
- ROA
- 8.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 58.00%
- EPS 3Y
- 72.50%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 5.33×
- Altman Z
- 7.39
- Book Value
- 44.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -27.00 Cr
- EPS TTM
- 5.19
Shareholding
- Promoter Hold
- 65.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 125+13.6% vs prev
Net Profit
₹ CrLatest: 10.0+0.0% vs prev
Return on Equity
%Latest: 12.2-74.4% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 51. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~17.5% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 179% above 52W low.
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
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+12.3%
3M return
+51.6%
6M return
+124.4%
1Y return
+48.1%
RS 1D
0
RS 20D
+8
Sector rank
#2
Industry rank
#24
Stage evidence
- Price is 52.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +12.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
09 Jul 2026
S2 age
71 trading sessions
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
257 observations
19 Oct 2026Value 147.74-2.29%
RS vs Nifty 500148
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth22/25
Quality12/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 32.3%.
- Growth contributes 22/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
27.6
PB
3.3
EV/EBITDA
17.7
ROE
18.8%
ROCE
23.7%
FCF Yield
—
Debt/Equity
0.2
MoS
+32.3%
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
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+32.3%
Previous: +32.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
51
50
50
51
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹71.68
-92.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹203.97
+32.3% MoS
PEG
0.59
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
RAJINDLTD
SME
Rajputana Industries Ltd.
Industrial Products
match 84
62
10.3
17.3%
+74%
UNDERVALUED
MONOLITH
SME
Monolithisch India Ltd.
Industrial Products
match 72
52
95.0
27.8%
-142%
FAIR VALUE
INNOVISION
Small
Innovision Limited
Industrial Products
match 71
47
34.8
19.6%
+27%
FAIR VALUE
ROYALARC
SME
Royal Arc Electrodes Ltd.
Industrial Products
match 59
50
18.2
13.1%
+54%
FAIR VALUE
PSFL
SME
Paramount Speciality Forgings Ltd.
Industrial Products
match 54
47
14.8
7.8%
+63%
FAIR VALUE
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 intactReviewed 2026-06-23T19:08:36.479Z
Management commentary snapshot
FY26 revenue from operations reached INR124.93 crores with PAT of INR9.96 crores. H2 FY26 saw INR78.01 crores revenue and PAT of INR6.38 crores. The company secured its largest single order over INR100 crores and has an order book exceeding INR100 crores.
Bhadora delivered strong FY26 results, driven by healthy demand and operational efficiency. The substantial order book and new facility nearing completion provide significant revenue visibility and future growth potential, though execution of the new capacity ramp-up and maintaining margins will be key.
Current business mix
Current Production Mix
Latest issuer-disclosed distribution across 2 reported categories.
Aluminium-based products90.0%
Copper-based products10.0%
Growth engines
New Manufacturing Facility (Phase 1)
Expected to commence commercial production by October '26, providing nearly three times the sales potential of the existing unit.
Product Diversification
Adding MVCC, HT cables (up to 33kV), instrumentation, and control cables to address wider requirements and high-value segments.
Largest Single Order
Secured an order valued at over INR100 crores from a reputed multinational customer, enhancing long-term revenue visibility.
Power & Infrastructure Sector Growth
The sector continues to witness strong growth momentum, particularly across transmission, distribution, and renewable segments.
Capacity and execution
New Manufacturing Facility (Phase 1)
Development is 80% complete, with commercial production expected by October '26. Total project investment for Phase 1 is expected to exceed INR75 crores.
Capacity Increase
Current unit: 200 tons aluminium/month, 25 tons copper/month. New facility: 600 tons aluminium/month, 200 tons copper/month (3-4x increase).
Phase 1 Revenue Potential
Phase 1 is expected to have a revenue potential of INR300-350 crores at optimum utilization.
Future Phases
Phase 2 (up to 66kV) capex ~INR75-80 crores, revenue potential INR400-450 crores, planned mid-2027. Phase 3 (up to 220kV) capex ~INR150 crores.
Tailwinds
Strong Demand Outlook
Power and infrastructure sector witnessing strong growth momentum, particularly across transmission, distribution, and renewable segments.
Government Schemes & Urbanization
RDSS scheme (INR1.5 lakh crores outlay), smart cities, metros, industrialization, and urbanization are driving demand for cables.
Raw Material Supplier Expansion
Major aluminium and copper producers (e.g., Hindalco, NALCO) are planning 45-50% capacity expansion in the next two years, ensuring availability.
Headwinds
Raw Material Price Fluctuations
Caused a slight increase in raw material cost (2%) and impacted FY26 EBITDA margins, though 98% of orders have pass-through clauses.
Project Execution Delays
New facility timeline shifted from Q1 FY27 to October '26 due to difficulties in machine supply and civil site work.
Risk radar
Competitive Industry
The company operates in a highly competitive space, requiring differentiation through approvals, customer relationships, and location.
Execution Risk for New Capacity
Ensuring smooth commissioning and scale-up of operations for the new manufacturing facility is critical.
Funding for Future Capex
Phase 2 and 3 capex will require further funding, with debt being the primary choice, but other options may be considered.
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
Full year (YoY) results provide a macro view of growth, while H2 FY26 (QoQ vs H1) and FY27 projections (QoQ from H2 FY26) are crucial for assessing sequential momentum, new capacity utilization, and project execution.
Sector KPIs management disclosed
Revenue from Operations
FY26: INR124.93 crores; H2 FY26: INR78.01 crores.
PAT
FY26: INR9.96 crores; H2 FY26: INR6.38 crores.
Order Book
Exceeds INR100 crores, fully booking current manufacturing facility through October '26.
EBITDA Margin
H2 FY26: 13.5%. FY26: declined from ~15.5% (last year). FY27 guidance: 14%-14.5%.
Management forward view
Focus on Sustainable Growth
Management's focus remains on strengthening customer relationships, improving operational efficiencies, and maintaining financial discipline.
EBITDA Margin Stability
Expects EBITDA margins to remain in the 14-14.5% range for FY27, compensating higher capacity with higher margin products.
FY27 Revenue Target
Projected revenue for FY27 is INR200-225 crores, expected to be back-ended due to the new capacity coming online in H2.
Future Product Mix (approx. 1 year out)
Anticipates 60% revenue from LT cables, 30% from HT cables, and 10% from control and instrumentation cables.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New facility commissioning | 80% complete, commercial production targeted by Oct '26. | Timely commencement of commercial production and initial utilization ramp-up of the new plant. |
| EBITDA margins | H2 FY26: 13.5%; FY27 guidance: 14-14.5%. | Sustained margins in the guided range despite increased capacity and changes in product mix. |
| Order book conversion & new orders | Order book >INR100 crores, INR500 crores tenders in pipeline. | Conversion rate of tenders and securing new orders, especially for HT cables from the new facility. |
| Phase 1 utilization | FY27 target: 15-20% utilization of new facility, adding ~INR80 crores incremental revenue. | Achievement of targeted utilization levels and contribution to overall revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited 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 66th percentile of the scored universe and 64th percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · SME: 85th pctile, median 64
Evidence depth
Financial-only
1 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
90
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 65.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2.8%.
- ▸ROCE is 23.6%.
Trust risks
- ▸Operating cash flow is negative at ₹-27 Cr.
- ▸ROCE trend is -20.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bhadora Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 1 Sep - Board approved AGM on 30 September 2026, director reappointment, annual report, and auditor appointments.
Source: Nse
Annual report
Updates 7 Sep - Letters sent to shareholders without registered emails for FY 2025-26 Annual Report access.
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.