At a Glance
AG Ventures (formerly Oriental Carbon & Chemicals) posted Q1 FY26 numbers that are, well, confusing at best. Revenue collapsed to ₹20.7 Cr (-37% YoY), but net profit somehow rose to ₹3.8 Cr (thanks to other income magic). The company’s P/E is 34x, ROE is a pathetic 0.05%, and yet it dangles a fat 6.7% dividend yield to keep investors from bolting. The stock, now at ₹210, is 4.9% down, and the only thing growing consistently is shareholder anxiety.
Introduction
This company has more name changes than Bollywood actors with tax troubles. From a sulfur chemical maker to now a “venture” firm, AG Ventures is trying to pivot into relevance. Historically a cash cow in insoluble sulfur, the company now flirts with investments and asset-light models, while its sales line looks like a ski slope. Investors: buckle up or bail out?
Business Model (WTF Do They Even Do?)
Originally known for Insoluble Sulfur (used in tire manufacturing), AG Ventures has diversified into investments and financial ventures. The business now consists of:
- Chemicals (Legacy): Insoluble sulfur and sulfuric acid.
- Investments: Equity and debt investments with erratic returns.
- New Ventures: Rebranded focus on “ventures” but no clear Web3/tech direction like peers.
Their revenue is now less about chemical production and more about how their investments behave—a dangerous mix when commodity cycles turn bearish.
Financials Overview
Q1 FY26 Highlights
- Revenue: ₹20.7 Cr (-37% YoY)
- EBITDA: ₹2.5 Cr (margin 12.3%)
- Net Profit: ₹3.8 Cr (+50% QoQ)
- EPS: ₹3.17
FY25 (TTM)
