Bhagawati Gas Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Cleaning of Water Bodies: 76.4% • Trading of Oxygen Genrator Machine: 23.6%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (442.7% of PBT)
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of 1.3%
- Company has a low return on equity of 1.3% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LINDEINDIA | 6353.60 | 99.18 | 54186.18 | 0.19 | 104.59 | -2.42 | 694.36 | 21.59 | 18.50 | 29.12 |
| PETRONET | 288.60 | 10.29 | 43290.00 | 3.46 | 1137.14 | 35.07 | 5557.84 | -53.22 | 25.43 | 28.14 |
| BHARATCOAL | 33.94 | 123.21 | 15805.86 | 0.00 | -68.09 | -202.39 | 3587.27 | -7.20 | 4.32 | -1.80 |
| ELLEN | 313.30 | 36.60 | 4415.51 | 0.00 | 349.62 | 1768.43 | 987.16 | 1080.39 | 15.70 | 38.12 |
| IRMENERGY | 284.25 | 15.97 | 1167.12 | 0.53 | 33.81 | 142.86 | 354.75 | 24.26 | 8.64 | 17.27 |
| NOL | 57.69 | 17.10 | 29.09 | 0.00 | -2.01 | -7.27 | 3.04 | -59.88 | 14.39 | -40.85 |
| BAGWATIGAS | 8.72 | 14.44 | 14.60 | 0.00 | -2.58 | 7.86 | 0.10 | -88.51 | 7.22 | -3400.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | |
| Operating Profit | -0 | -0 | -0 | -0 | -1 | -0 | -1 | -1 | -0 | -0 | -0 | -0 | -0 |
| OPM % | -73.33% | -200.00% | -55.00% | -25.00% | -566.67% | -150.00% | -2420.00% | -309.52% | -442.53% | -247.54% | — | -1154.29% | -3400.00% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 2 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | -0 | 0 | -0 | -0 | 2 | -1 | -0 | -0 | -0 | 2 | 0 | |
| Tax % | — | 0.00% | -0.00% | 355.56% | -0.00% | -0.00% | 0.00% | -115.62% | -0.00% | -0.00% | -0.00% | -16.12% | 8700.00% |
| Net Profit | 0 | 0 | -0 | -0 | -0 | -0 | 2 | -1 | -0 | -0 | -0 | 2 | -0 |
| 0 | 0 | -0 | -0 | -0 | -0 | 1 | -1 | -0 | -0 | -0 | 0 | -0 | |
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | |
| 1 | 1 | 1 | 5 | 2 | 2 | 3 | 1 | 1 | 3 | 2 | |
| Operating Profit | -0 | -0 | -0 | -1 | -1 | -1 | 1 | -1 | 0 | 1 | — |
| OPM % | — | — | — | — | -370 | — | 92 | -401 | 64 | 288 | — |
| Other Income | 0 | 0 | 0 | 3 | 1 | 1 | 3 | 1 | 1 | 4 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | -1 | -1 | -1 | -1 | -1 | 1 | -1 | 0 | 1 | 1 | |
| Tax % | 0 | 51 | 6 | 88 | 2 | -33 | 1 | 180 | 325 | 84 | 2 |
| Net Profit | -1 | -0 | -1 | -0 | -1 | -2 | 1 | 1 | -0 | 0 | 1 |
| EPS | 0 | 0 | 0 | 0 | -1 | -0 | 0 | 0 | -0 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -1 | -0 | -0 | -0 | -1 | -1 | 0 | 0 | -0 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 51%
- 5 Years:
- 17%
- 3 Years:
- -25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -44%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -2%
- 5 Years:
- -1%
- 3 Years:
- 1%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| 1 | 0 | -1 | -1 | -2 | -4 | -3 | -2 | -2 | -2 | |
| 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |
| 7 | 7 | 7 | 3 | 4 | 4 | 4 | 2 | 2 | 3 | |
| Total Liabilities | 25 | 24 | 24 | 20 | 19 | 17 | 18 | 18 | 18 | 20 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 6 | 6 | 5 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | |
| Cash & Bank | 0 | 0 | 0 | 13 | 12 | 9 | 10 | 9 | 1 | 0 |
| 19 | 18 | 19 | 4 | 5 | 5 | 5 | 6 | 14 | 14 | |
| Total Assets | 25 | 24 | 24 | 20 | 19 | 17 | 18 | 18 | 18 | 20 |
| Total Debt | 1 | 5 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| Net Working Capital | 12 | 11 | 11 | 12 | 11 | 10 | 11 | 10 | 1 | 2 |
| Contingent Liabilities | 2 | 2 | 2 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Book Value per Share | 10.36 | 10.09 | 9.66 | 9.48 | 8.87 | 7.89 | 8.40 | 8.78 | 8.67 | 8.77 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | -0 | 12 | -2 | -3 | -2 | -2 | -1 | -3 | |
| Cash from Investing | 0 | 0 | 0 | 1 | 1 | 1 | 3 | 1 | 1 | 1 |
| Cash from Financing | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | 0 | 2 |
| 0 | 0 | -0 | 13 | -1 | -3 | 1 | -1 | 0 | -0 | |
| Free Cash Flow | -17 | 0 | -0 | 12 | -2 | -3 | -2 | -2 | -1 | -3 |
| OCF / Net Profit | -0.02 | -0.49 | 0.50 | -68.86 | 2.24 | 1.67 | -2.65 | -2.58 | 3.36 | -18.26 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -7 | 7 | 5 | 3 | -10 | -10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -0.57 | -0.28 | -0.44 | -0.11 | -0.59 | -1.05 | 0.48 | 0.37 | -0.13 | 0.09 |
| Book Value (₹) | 10.36 | 10.09 | 9.66 | 9.48 | 8.87 | 7.89 | 8.40 | 8.78 | 8.67 | 8.77 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.34 | -0.04 | -0.27 | -0.00 | -0.50 | -0.96 | 0.57 | 0.47 | -0.04 | 0.17 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 0.00% | 0.00% | 0.00% | 0.00% | -370.35% | 0.00% | 92.07% | -401.25% | -124.41% | -556.33% |
| Net Margin % | 0.00% | 0.00% | 0.00% | 0.00% | -462.52% | 0.00% | 72.24% | 483.16% | -37.51% | 30.85% |
| ROE % | -5.40% | -2.74% | -4.44% | -1.13% | -6.44% | -12.50% | 5.87% | 4.31% | -1.51% | 0.98% |
| ROCE % | -4.59% | -4.28% | -3.65% | -8.07% | -6.04% | -8.36% | 6.22% | -4.63% | 1.44% | 7.22% |
| -3.78% | -1.89% | -3.07% | -0.84% | -5.07% | -9.62% | 4.57% | 3.48% | -1.24% | 0.75% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 127 | 0 | 46 | 708 | 189 | 1640 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120 | 177 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 127 | 0 | 46 | 708 | 309 | 1817 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.06x | 0.28x | 0.05x | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | 0.06x | 0.19x |
| Interest Coverage (x) | -8.99x | -8.75x | -9.07x | -10.49x | -15.67x | -9.59x | 14.38x | -7.02x | 1.80x | 3.85x |
| 2.89x | 2.87x | 2.76x | 4.21x | 3.42x | 3.94x | 3.64x | 3.32x | 1.25x | 1.26x | |
| GROWTH | ||||||||||
| Revenue Growth % | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% | -100.00% | 0.00% | -88.42% | 357.72% | -21.32% |
| Operating Profit Growth % | -549.54% | 2.42% | 8.84% | -176.61% | 31.69% | -31.53% | 197.81% | -150.45% | 173.38% | 252.65% |
| Net Profit Growth % | -52.14% | 51.29% | -56.77% | 75.37% | -447.11% | -77.09% | 145.64% | -22.89% | -135.54% | 164.70% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -135.55% | 164.71% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 44.48x | 14.36x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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Bhagawati Gas Ltd.
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