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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹78 Cr | NDF | +66.0% |
| EBITDA | ₹11 Cr | +10.0% | +83.3% |
| Operating margin | 14.0% | -200 bps | +200 bps |
| PAT | ₹6 Cr | NDF | +100.0% |
| PAT margin | 7.7% | -325 bps | +131 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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 Production Mix
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%.
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.
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.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +23.2% / mo · MACD − · near 52W high
Technical chart
BHADORAdaily · 1Y · AUTO+65.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 57. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~18.8% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 126% 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.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 47.1%.
- Growth contributes 23/25 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 11/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 65.6%. Key concern: Operating cash flow is negative at ₹-27 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 64th pctile, median 68 · SME: 85th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 2.54
- EV/EBITDA
- 14.13
- Market Cap
- 208.00Cr
Profitability
- ROE
- 19.30%
- ROCE
- 23.60%
- ROA
- 8.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 60.00%
- EPS 3Y
- 75.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 5.33×
- Altman Z
- 6.35
- Book Value
- 44.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -27.00 Cr
- EPS TTM
- 5.35
Shareholding
- Promoter Hold
- 65.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.