1. At a Glance – Blink and You’ll Miss the Business
AG Ventures Ltd currently sits at a market cap of ~₹125 Cr, trading at ₹125 per share, which is ironic because that’s also roughly the emotional value the market assigns to its future right now.
Once upon a time, this was Oriental Carbon & Chemicals Ltd (OCCL) — a global insoluble sulphur heavyweight with 55–60% domestic market share and ~10% global share. Today, after a chemical business demerger, AG Ventures is essentially an investment and asset-holding company wearing the skin of a former specialty chemical beast.
Let’s get the numbers straight:
- TTM Revenue: ₹110 Cr
- TTM PAT: ₹5.98 Cr
- Stock P/E: ~20.9×
- Price-to-Book: 0.47× (market screaming “I don’t trust you”)
- ROCE: 0.77% (yes, decimal point is correct)
- ROE: 0.05% (this is not a typo either)
Over the last 3 months, the stock is down ~22%, and over 1 year, it’s down ~39%. The chart looks less like a staircase and more like gravity doing its job.
So what happened? Why does a company with once world-class margins now look like a confused holding company with chemistry nostalgia?
Let’s rewind.
2. Introduction – From Insoluble Sulphur King to Corporate Sudoku
AG Ventures didn’t wake up one day and decide to become boring. This is the aftermath of a large, legally approved, but financially messy demerger.
Until FY24, the company was:
- A customised insoluble sulphur manufacturer
- Supplying to Apollo, Bridgestone, MRF, Goodyear, JK Tyre, and global tyre giants
- Running three plants with ~1,28,500 MT capacity
- Exporting to 21 countries
- Posting OPM of 20–30% for a decade
Then came the Scheme of Arrangement (April 2024).
The entire Chemical Business was carved out into OCCL Limited (Resulting Company). What remained behind was:
- Investments
- Commodity trading
- Residual assets
- And a massive exceptional accounting loss of ₹37,495 lakh
That one line item alone
did more damage than five years of bad margins.
Question for you:
👉 How many investors actually read demerger schemes beyond the headline?
Exactly.
3. Business Model – WTF Do They Even Do Now?
Let’s be blunt.
AG Ventures today is NOT the insoluble sulphur company.
That crown now belongs to OCCL Limited, post-demerger.
AG Ventures’ current avatar:
- Holds investments
- Engages in trading activities (commodities)
- Owns financial and physical assets
- Recently bought a Delhi residential property for ~₹59.5 Cr
- Holds stakes like 49% in Clean Max Infinia Pvt Ltd (renewable energy angle)
There is no operating moat, no pricing power, no chemistry edge inside AG Ventures anymore.
If this were a Bollywood character arc:
- Pre-2024: Action hero
- Post-2024: Real estate uncle with mutual funds
Does that make it bad?
Not necessarily.
Does it make it boring and opaque?
Absolutely.
4. Financials Overview – Quarterly Reality Check (Q3 FY26)
🔢 Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 31.14 | 29.65 | 29.95 | +5.03% | +4.0% |
| EBITDA | 2.46 | 3.84 | 1.58 | -35.9% | +55.7% |
| PAT | 2.24 | 2.20 | 0.90 | +1.8% | +148% |
| EPS (₹) | 1.73 | 1.85 | 0.20 | -6.5% | +765% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
≈ ((3.17 + 0.20 + 1.73) / 3) × 4 ≈ ₹6.8
Which makes the real P/E closer to ~18×, not headline 20.9×.
Still… for a
