1. At a Glance – Copper King With Windmills and Mood Swings
Bhagyanagar India Ltd is one of those companies that looks very powerful on paper, flexes revenue numbers like a gym bro, but then politely refuses to generate high returns on equity. Market cap stands at ₹581 Cr, stock price ₹182, and the share has gone absolutely berserk with 124% return in one year and 108% in six months. Sales TTM are a chunky ₹2,097 Cr, PAT TTM ₹36.3 Cr, and quarterly profit growth has exploded by 222% YoY like someone suddenly remembered how margins work.
But pause. ROE is still just 5.7%, ROCE 8.28%, and Debt-to-Equity 1.63. So yes, the engine is roaring, but the mileage is… questionable. This is a copper-heavy, working-capital-intensive beast with thin margins and thick balance sheet muscles.
Latest quarter EPS came in at ₹4.01, OPM finally crossed 5%, and promoters still hold 65.12%, though they’ve quietly sold 5.44% in recent quarters. Suspicious? Maybe. Strategic? Possibly. Panic? Not yet.
So is this a turnaround copper story, or just a cyclical sugar rush? Let’s peel the copper foil.
2. Introduction – 40 Years Old, Still Reinventing Itself
Founded in 1985, Bhagyanagar India Ltd has survived license raj hangovers, copper price tantrums, power sector reforms, demonetisation, GST chaos, and now ESG pressure. That alone deserves respect.
At its core, Bhagyanagar is a copper products manufacturer, supplying to OEMs who don’t care about your brand story — they care about quality, delivery, and price. Over the years, management got bored with just copper and decided to flirt with telecom, solar products, real estate, wind power, and now utility-scale solar EPC and IPP.
The result? A company that looks boring at first glance, then confusing, and finally
interesting — like a middle-aged uncle who suddenly starts deadlifting.
Revenue growth over the long term has been solid, but profitability was historically anaemic. FY24 saw a big spike in other income, FY25 cleaned that noise, and FY26 is finally showing operational improvement, not accounting gymnastics.
The question investors are asking now:
Is this a structural improvement or just copper prices being kind?
3. Business Model – WTF Do They Even Do?
Think of Bhagyanagar as a copper kitchen.
They buy copper cathodes, melt, roll, draw, cut, insulate, and shape them into whatever OEMs demand. No fancy IP, no pricing power — just execution, volume, and discipline.
Product Buckets
- Copper bus bars
- Wires & rods
- Foils & sheets
- Paper insulated conductors
- Copper tubes & nuggets
- Solenoid switches & yoke assemblies
Then they added electrical accessories, solar thermal products, commutators, submersible wires, and heating elements.
On the energy side:
- 9 MW wind power, entire output tied under 20-year PPA at ₹3.40/unit, valid till 2026.
- New avatar: solar EPC + IPP, via subsidiaries and awarded projects.
This is not a brand business. This is “kaam chalao, volume banao, working capital sambhalo” capitalism.
4. Financials Overview
