🔍 At a Glance
Bharat Rasayan is the hidden sniper of the agrochemical sector — low-key, high-margin, and always premium priced. But over the last five years, something’s bugged the bug-killer. Revenues fell, profits shrank, and working capital went into a coma. Yet the stock still trades at a rich 34x PE. What’s the story?
📊 5-Year Financial Snapshot (Standalone)
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) | ROCE % |
|---|---|---|---|---|---|
| 2021 | 1,091 | 164 | 22% | ₹387.11 | 31% |
| 2022 | 1,301 | 177 | 19% | ₹426.27 | 28% |
| 2023 | 1,234 | 131 | 16% | ₹314.85 | 20% |
| 2024 | 1,044 | 82 | 11% | ₹196.40 | 11% |
| 2025 | 1,173 | 125 | 15% | ₹301.06 | 15% |
📉 5Y Revenue CAGR: +1.5% (barely alive)
📉 5Y Profit CAGR: -5.3%
📉 5Y ROCE Fall: 31% → 15%
The company went from “elite operator” to “mid-cap struggler” real fast.
🧪 What Bharat Rasayan Actually Sells
🧴 Technical-grade pesticides & intermediates. Think:
- Lambda Cyhalothrin
- Thiamethoxam
- Fipronil
- Metribuzine
- Metaphenoxy Benzaldehyde
🆕 New launches:
- Fluxametamide
- Diuron Technical
- Tolfenpyrad Technical
66% of sales come from the top 10 products. Basically, it’s a tight SKU game with strong specialization.
Sounds cool. But in the last 3 years, this formula has run into global demand headwinds.
📉 Quarterly Results – FY25 Breakdown
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % |
|---|---|---|---|
| Q1 | 282 | 27 | 14% |
| Q2 | 328 | 40 | 17% |
| Q3 | 256 | 30 | 16% |
| Q4 | 307 | 28 | 13% |
🔻 Q1 FY24 OPM was 2% 🤯
🛠️ Recovery has happened… but not fully.
⚠️ FY24-FY25 revenue still below FY22 levels.
💰 Balance Sheet Overview – FY25
| Metric | Value |
|---|---|
| Equity Capital | ₹4 Cr |
| Reserves | ₹1,102 Cr |
| Total Assets | ₹1,385 Cr |
| Debt | ₹85 Cr |
| D/E | 0.08 (almost debt-free) |
| Investments | ₹275 Cr (grew 3x in 3 years) |
| ROCE | 15% |
| Cash from Ops (FY25) | ₹172 Cr |
So, what’s the
