Bhagyanagar India Ltd(BHAGYANGR)

NSE: BHAGYANGRBSE: 512296

₹ 67.1+4.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 225 crWebsite: www.bhagyanagarindia.comUpdated: 25 Oct 2026

About

Bhagyanagar India Ltd is a Hyderabad-based secondary copper manufacturer that recycles copper scrap into a range of commodity and value-added copper products. In FY26 the company posted consolidated revenue of ₹2,377.83 Cr, crossing the ₹2,000 Cr mark for the first time. It operates two ISO-certified plants in Hyderabad with installed capacity of 35,000 MTPA, and is restructuring to demerge its copper business into a separately listed subsidiary, Tieramet Limited.^[1][2][3][4]

Business segments

Copper products is the only reportable business segment, accounting for 99.5% of revenue in FY24 per segment reporting. The company manufactures from recycled scrap across commodity and value-added copper product lines.^[5][6]
Wind power is a secondary activity: 9 MW installed capacity at Kapatigudda, Karnataka, generating ₹527.73 lakhs in revenue in FY25.^[6]

Products

Value-added products (VAP) - bus bars, transformer strips, CTC/transposed conductors, enameled wires, enameled strips, field coils, copper fins, and solar copper - made up 63% of sales volume in Q1 FY27, up from 59% for full-year FY26 and 39.64% in FY24.^[3][2][7]
Silver-plated and tin-plated copper bus bars for AI data centres were commercially launched in Q3 FY26; an initial order of 106 MT valued at USD 1,334,217.99 was completed. Management targets 7 - 10% of topline from this product over 3 - 5 years.^[7][2]
CTC (continuously transposed conductor) wire capacity is being expanded from ~80 MT/month to 150 MT/month, with a 48-conductor CTC added to serve the full copper transformer range.^[3]
A plastic recycling vertical is being established to process cable-waste plastics and aluminium byproducts into granules and ingots, with ~₹10 Cr capex planned and a 12 - 15 month payback targeted.^[2]

Manufacturing capacity and operations

Installed copper production capacity reached 35,000 MTPA in Q1 FY27 across two ISO-certified plants in Hyderabad, up from 30,000 MTPA at end of FY25.^[3][2]
Capacity utilisation stood at 70% in Q1 FY27 against the 35,000 MTPA base.^[3]
Tieramet Limited, a wholly-owned subsidiary, is engaged in manufacturing and trading copper products, designing and commissioning copper-processing plants, and developing renewable energy projects.^[4]

Key operating numbers

Sales volume was 5,278 MT in Q1 FY27 (-6.52% YoY, -9.45% QoQ), compared with 24,654 MT for full-year FY26 (+34.4% YoY vs 18,340 MT in FY25). Of the Q1 FY27 volume, 2,200 MT shipped in June alone.^[3][2]
EBITDA per kg reached ₹72.55 in Q1 FY27 (+152.98% YoY), up from ₹62 in Q4 FY26 and ₹43 for full-year FY26 (vs ₹20.19 in FY25).^[3][2]
Sales realisation per kg was ₹1,279 in Q1 FY27 (+51.18% YoY); value addition per kg was ₹116 (+61.11% YoY).^[3]
Receivable days were 31 days in FY26 (vs 33 days in FY25); inventory days were 39 days (vs 35 days in FY25).^[2]

Customers and distribution

Transformer division customers added recently include Crompton Greaves, TMC, and Atlanta. AI data-centre bus-bar customers added include Blue Star, Micron, OBO, and L&T.^[3]
Export revenue reached 18% of sales in Q1 FY27; the company exported over 100 MT of bus bars to North America in Q1 FY27. Export markets include the US, Canada, and China (commodity arbitrage).^[3]
An estimated ~600 MT of Q1 FY27 volume went to data-centre applications; ~250 MT was tin-coated.^[3]
OEM customer segments served include Automobile, Electrical Switch Gears, Heaters, motor/transformer winding manufacturers, and solar power equipment makers.^[6][8]

Expansion and capex

Next capacity expansion from 35,000 to 45,000 MTPA (+10,000 MT) is planned for Q1 FY28 (April - June 2027, most likely June), part of a ₹40 Cr capex programme over FY27 and FY28.^[3]
A second equity fundraise of ~₹100 Cr is planned for approximately March 2027 in the standalone Tieramet entity post-demerger, following the first ₹52.25 Cr preferential allotment.^[3]
Plastic recycling capex of ~₹10 Cr targets processing of in-house cable-waste plastics and aluminium byproducts; scale-up from 150 MT to 500 MT per year is targeted.^[2][7]

Recent developments

Board approved a ₹52.25 Cr preferential allotment (15,01,434 shares at ₹348 each) to 7 investors on 30 June 2026; EGM approval obtained 23 July 2026. Proceeds: ₹42.25 Cr for working capital, ₹10 Cr for general corporate purposes.^[3]
The composite demerger scheme (BCPL amalgamation into BIL; copper business demerger into Tieramet Limited) received shareholder, bank, creditor, and SEBI approvals; ROC, Regional Director, and Official Liquidator reports submitted to NCLT Hyderabad. Hearing rescheduled to 7 August 2026.^[3]
Managing Director Devendra Surana was re-appointed for three years from 17 January 2027 to 16 January 2030 at remuneration of ₹1.6 Cr per annum plus 1% commission on net profits.^[4]
Primary copper refining charges globally turned negative as ore concentrate flows to China, making recycled copper cheaper than primary copper even for large primary players such as Vedanta, Hindalco, and Adani - a structural demand tailwind for secondary copper processors.^[3]

Market Cap

₹225 Cr

High / Low

₹470 / 41

Stock P/E

3.4

Price / Book

0.8

Book Value

₹81

EPS

₹15.7

No. of Shares

3.2 Cr

ROCE

20.7%

ROE

21.6%

OPM

4.3%

Debt / Equity

1.01

Sales

₹2,378 Cr

Net Profit

₹50 Cr

Promoter holding

65.9%

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Bhagyanagar India Ltd(BHAGYANGR)

About

Business segments

Products

Manufacturing capacity and operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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