Agarwal Industrial Corporation Limited is an India-based integrated petrochemical company primarily engaged in the business activities of manufacturing and trading of petrochemicals (Bitumen and Bituminous Products), logistics of bitumen and liquefied petroleum gas (LPG), and energy generation through windmills. The company was originally incorporated as Bombay Baroda Roadways (India) Limited in 1995 and later changed its name to Agarwal Industrial Corporation Limited in 2008.
The company operates through four segments: ancillary infra (Bituminous and Allied products), logistics, windmill, and others. The company primarily belongs to the Ancillary Infra Industry and is engaged in manufacturing and trading of Bitumen and Allied products used heavily in infrastructure projects, providing logistics for bulk bitumen and LPG through its own specialized tankers, and generating power through windmills.
The company operates manufacturing units at Taloja, Belgaum, Baroda, and Hyderabad and has its owned bulk bitumen storage facilities/terminals at Baroda, Dighi, and Taloja. The company has bulk bitumen storage facilities to effectively handle and market bitumen imports at Mumbai, Maharashtra, Vadodara, Gujarat, Karwar, Haldia, West Bengal, Dighi (company owned), Maharashtra, Hazira (loading), and Mangalore.
The company owns five vessels having a total capacity of approximately 29,500 metric tons (MT) and 350+ bitumen tankers, which enables efficient logistics operations across India. The company commissioned a new plant at Hyderabad for the manufacture of bituminous and allied products during FY 2012-13.
The company's bituminous product range includes viscosity grade bitumen, industry grade bitumen, modified bitumen (CRMB/PMB), bitucoat, bituplast, bitupremier, bitumen emulsions, bitumen paints, and bitumen emulsion materials. The company also produces crumb rubber modified bitumen, polymer modified bitumen such as ethylene vinyl acetate, ethylene butyl acrylate, and ethylene ter polymer, and products like bitubond, bituplast, bituminous black, bitukote, bituprimer, cable compound, and bitufelt.
As of recent data, the company has a market capitalization of ₹1,381 crore. The company reported revenue of ₹2,399 crore and profit of ₹116 crore with a promoter holding of 57.2%.
For Q4 FY2025, the company's consolidated net profit declined by 19.65% to ₹30.54 crore despite a 6.05% rise in sales. However, for the full year FY2025, net profit increased by 5.92% to ₹115.69 crore, with sales up 12.87% to ₹2,398.93 crore.
According to the company's annual report, the total revenue for the financial year ending March 31, 2024, was ₹1,805.70 crore, representing a 1.62% increase compared to the previous year's revenue of ₹1,776.86 crore. The Profit Before Tax (PBT) for FY2024 stood at ₹66.93 crore, up from ₹66.37 crore in the previous year, marking an increase of approximately 0.85%. The Profit After Tax (PAT) reached ₹49.59 crore compared to ₹49.35 crore last year, indicating a 0.48% increase.
For Q3 FY2025, net profit rose 0.25% to ₹27.70 crore compared to ₹27.63 crore in the previous quarter ended December 2023. Sales increased 11.05% to ₹542.11 crore in Q3 FY2025 against ₹488.18 crore in Q3 FY2024.
For Q2 FY2025, net profit rose 15.18% to ₹18.44 crore compared to ₹16.01 crore in the previous quarter ended September 2023. Sales increased 40.43% to ₹325.66 crore against ₹231.91 crore in Q2 FY2024.
• Market Capitalization: ₹1,381 crore (as of recent data)
• Revenue (FY2025): ₹2,399 crore
• Profit (FY2025): ₹116 crore
• Promoter Holding: 57.2%
• Q4 FY2025 Net Profit: ₹30.54 crore (down 19.65%)
• Q4 FY2025 Sales: 6.05% rise
• P/E Ratio: 11.9
• Book Value: ₹419
• Dividend Yield: 0.33%
• ROCE: 17.0%
• ROE: 20.3%
The company's audited consolidated financial results include its wholly owned subsidiary companies: Bituminex Cochin Private Limited, AICL Overseas FZ-LLC, Agarwal Translink Private Limited, and AICL Finance Private Ltd. The company's subsidiaries include Bituminex Cochin Pvt Ltd (BCPL) and AICL Overseas FZ-LLC.
In July 2024, Agarwal Industrial announced its plan to acquire Konkan Storage Systems for ₹22 crore, which will enhance its logistics infrastructure. The company has proposed a 100% acquisition of Konkan Storage Systems for cash, with a turnover of ₹329.76 crore and completion expected by September 2025.
During FY 2016-17, Agarwal Petrochem Private Limited was merged with the company pursuant to the order dated October 20, 2016, passed by the Hon'ble High Court of Judicature at Bombay. As a result, 24,85,847 equity shares of ₹10 each were allotted to equity shareholders of the merged company, and the shares got listed on BSE and NSE on January 23, 2017.
The company has delivered a return of 62.12% in the last 3 years. Over the past 6 months, the share price has increased by 6.84%, and in the last one year, it has increased by 14.01%. Over the last 5 years, revenue has grown at a yearly rate of 31.97%, compared to the industry average of 8.5%.
From a technical analysis perspective, the stock has an EPS Rank of 89, which is a good score indicating consistency in earnings, and an RS Rating of 66, which is fair indicating recent price performance. The stock is lagging behind in some technical parameters, but strong earnings make it a stock to examine in detail.
The company operates in the critical infrastructure sector, providing essential materials for road construction and infrastructure development across India. With its diversified operations spanning manufacturing, logistics, and renewable energy, Agarwal Industrial Corporation is well-positioned to benefit from India's ongoing infrastructure expansion and government initiatives in the road construction sector.
