Opening Hook While NHAI was busy awarding tenders like Oprah giving away free cars, Agarwal Industrial Corporation’s Q1 FY26 got drenched in geopolitics and monsoon showers. Revenue slipped 16% YoY to ₹594 crore, volumes fell to 1.25 lakh MT, and shipping EBIT sank from 28% to 11%. Yet, management insists the full-year guidance of 6 lakh MT stays intact—because what’s a little India-Pak tension or an early raincloud when you’re holding 20% of India’s private bitumen market? Stick around—things get spicier two scrolls down.
At a Glance
• Revenue ₹594 Cr – down 16% YoY, monsoon ate the tarmac • EBITDA ₹38 Cr – margins at 6.4%, saved by integrated model • PAT ₹13 Cr – steady but uninspiring • Bitumen volumes 1.25 lakh MT – 27% lower YoY • Shipping EBIT collapsed to 11% – fixed costs don’t float well • Konkan Storage acquisition – ₹30 Cr capex for 24,000 MT capacity
Management’s Key Commentary
“Q1 impacted by geopolitical tensions and early monsoon.” Translation: nature + neighbors tag-teamed us.
“Guidance for 6 lakh tons in FY26 still stands.” Translation: trust us, Q3 and Q4 will do the heavy lifting.
“EBITDA per ton to stay above ₹4,300.” Translation: margins down, but not down-and-out.
“Acquisition of Konkan Storage saves rental expenses.” Translation: why rent when you can buy a tank farm?
“No liquidity issues; funding projects from internal accruals.” Translation: we’re not begging banks this time.
“Capex for vessels will continue if good opportunities arise.” Translation: we’ll keep shopping for ships whenever prices look right.
