AGARIND

Agarwal Industrial Corporation Limited

Bitumen and allied petroleum products manufacturer and logistics provider

Commodities›Chemicals›Chemicals & Petrochemicals›Petrochemicals

aicltd.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹356.75
Market cap
534 Cr
Stock P/E
13.0
P/B
0.77
Dividend yield
0.9%
ROE (FY26)
6.3%
ROCE (FY26)
8.1%
Operating margin (FY26)
3.9%
Debt / equity (FY26)
0.49
OCF / EBITDA (FY26)
200.3%
OCF / EBITDA (3Y)
90.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Agarwal Industrial (AICL) imports, stores, manufactures and delivers bitumen and allied products for infrastructure demand in India, using its own ships and tankers alongside port-based storage terminals.

Company snapshot

10thBy market cap

Ranked among 10 companies in Petrochemicals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 79.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Ancillary Infra (Bitumen & Allied Products)
79.6%
431 Cr23 Cr516 Cr
Logistics
3.6%
19 Cr2 Cr44 Cr
Other (Unallocable)
0.4%
2 Cr0.03 Cr51 Cr
Petroleum Products
2.7%
15 Cr0.17 Cr7 Cr
Petrolium Vessels operating and Chartering
15.0%
81 Cr15 Cr612 Cr
Windmill
0.0%
0.13 Cr-0.21 Cr4 Cr

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.6% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales232 Cr488 Cr776 Cr708 Cr326 Cr542 Cr823 Cr594 Cr245 Cr408 Cr405 Cr433 Cr
Operating expenses (approx.)205 Cr444 Cr716 Cr648 Cr290 Cr489 Cr770 Cr557 Cr217 Cr388 Cr373 Cr403 Cr
EBITDA27 Cr44 Cr60 Cr60 Cr35 Cr53 Cr54 Cr36 Cr28 Cr21 Cr32 Cr30 Cr
OPM %11.6%9.1%7.7%8.5%10.8%9.8%6.5%6.1%11.4%5.1%8.0%6.9%
Other income2 Cr0.90 Cr2 Cr2 Cr2 Cr2 Cr5 Cr2 Cr5 Cr5 Cr6 Cr3 Cr
Interest4 Cr5 Cr8 Cr8 Cr6 Cr7 Cr9 Cr8 Cr7 Cr7 Cr5 Cr5 Cr
Depreciation7 Cr7 Cr10 Cr10 Cr10 Cr15 Cr12 Cr13 Cr13 Cr13 Cr13 Cr14 Cr
Profit before tax18 Cr33 Cr44 Cr44 Cr20 Cr34 Cr37 Cr17 Cr14 Cr5 Cr20 Cr14 Cr
Tax %11.9%17.2%12.8%11.2%8.6%18.2%17.0%21.6%11.7%39.8%22.8%23.8%
Net profit16 Cr28 Cr38 Cr39 Cr18 Cr28 Cr31 Cr13 Cr12 Cr3 Cr16 Cr10 Cr
EPS (₹)₹10.71₹18.47₹25.41₹26.07₹12.33₹18.52₹20.42₹8.71₹8.02₹1.87₹10.53₹6.92

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales298 Cr414 Cr531 Cr787 Cr904 Cr1,598 Cr2,015 Cr2,125 Cr2,399 Cr1,652 CrSign in free for the trailing twelve months
Operating expenses (approx.)272 Cr384 Cr494 Cr740 Cr832 Cr1,492 Cr1,880 Cr1,952 Cr2,197 Cr1,535 CrSign in free for the trailing twelve months
EBITDA25 Cr30 Cr37 Cr47 Cr72 Cr106 Cr136 Cr173 Cr202 Cr117 CrSign in free for the trailing twelve months
OPM %8.6%7.3%7.0%6.0%8.0%6.6%6.7%8.1%8.4%7.1%Sign in free for the trailing twelve months
Other income1 Cr1 Cr0.75 Cr2 Cr0.92 Cr4 Cr9 Cr5 Cr11 Cr18 CrSign in free for the trailing twelve months
Interest7 Cr8 Cr9 Cr9 Cr10 Cr12 Cr12 Cr21 Cr30 Cr28 CrSign in free for the trailing twelve months
Depreciation6 Cr8 Cr8 Cr9 Cr14 Cr20 Cr23 Cr30 Cr48 Cr52 CrSign in free for the trailing twelve months
Profit before tax14 Cr15 Cr20 Cr31 Cr49 Cr78 Cr110 Cr127 Cr135 Cr55 CrSign in free for the trailing twelve months
Tax %36.9%29.9%33.6%17.8%16.8%17.9%15.9%14.1%14.2%21.2%Sign in free for the trailing twelve months
Net profit9 Cr10 Cr13 Cr26 Cr41 Cr64 Cr92 Cr109 Cr116 Cr44 CrSign in free for the trailing twelve months
EPS (₹)₹10.63₹10.10₹13.11₹24.91₹39.51₹51.10₹63.78₹73.02₹77.34₹29.13Sign in free for the trailing twelve months
Dividend payout %————3.8%3.5%3.1%3.4%3.9%11.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital10 Cr10 Cr10 Cr10 Cr10 Cr13 Cr15 Cr15 Cr15 Cr15 Cr
Reserves101 Cr112 Cr123 Cr147 Cr186 Cr281 Cr389 Cr496 Cr612 Cr674 Cr
Borrowings66 Cr84 Cr68 Cr86 Cr122 Cr147 Cr137 Cr345 Cr427 Cr336 Cr
Other liabilities24 Cr32 Cr26 Cr57 Cr77 Cr102 Cr208 Cr264 Cr291 Cr177 Cr
Total liabilities201 Cr238 Cr227 Cr300 Cr395 Cr543 Cr750 Cr1,120 Cr1,345 Cr1,202 Cr
Fixed assets (net)42 Cr59 Cr55 Cr99 Cr137 Cr190 Cr316 Cr570 Cr678 Cr687 Cr
CWIP8 Cr0.41 Cr0.52 Cr4 Cr0.76 Cr3 Cr8 Cr0.37 Cr16 Cr31 Cr
Investments6 Cr9 Cr9 Cr7 Cr6 Cr13 Cr26 Cr50 Cr34 Cr39 Cr
Loans & advances——0.17 Cr0.20 Cr0.14 Cr0.20 Cr0.22 Cr0.27 Cr0.31 Cr0.25 Cr
Inventories17 Cr37 Cr27 Cr28 Cr48 Cr65 Cr116 Cr128 Cr196 Cr118 Cr
Trade receivables105 Cr113 Cr113 Cr138 Cr135 Cr161 Cr194 Cr266 Cr270 Cr152 Cr
Cash & bank5 Cr4 Cr2 Cr5 Cr28 Cr46 Cr29 Cr43 Cr25 Cr43 Cr
Other assets18 Cr16 Cr20 Cr20 Cr41 Cr65 Cr61 Cr63 Cr126 Cr132 Cr
Total assets201 Cr238 Cr227 Cr300 Cr395 Cr543 Cr750 Cr1,120 Cr1,345 Cr1,202 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-12 Cr8 Cr30 Cr49 Cr45 Cr65 Cr157 Cr112 Cr100 Cr235 Cr
Cash from investing-21 Cr-20 Cr-4 Cr-54 Cr-44 Cr-70 Cr-158 Cr-276 Cr-157 Cr-89 Cr
Cash from financing27 Cr10 Cr-27 Cr7 Cr21 Cr19 Cr-15 Cr178 Cr40 Cr-128 Cr
Net cash flow-6 Cr-1 Cr-1 Cr2 Cr23 Cr14 Cr-17 Cr13 Cr-18 Cr18 Cr
Free cash flow (OCF − Capex)-30 Cr-11 Cr26 Cr-8 Cr-1 Cr-0.86 Cr8 Cr-158 Cr-65 Cr113 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.8%11.1%14.6%16.4%18.4%20.3%22.5%17.3%15.6%8.1%
ROE %8.1%8.4%10.1%16.2%20.7%21.6%22.9%21.4%18.4%6.3%
Debtor days129997764543735464133
Inventory days5720776349969148113166153
Days payable87719527058208192218193
Cash conversion cycle178229134468447-26-33-11-6
OCF / EBITDA %-45.7%26.8%80.7%105.6%62.8%61.2%115.6%65.0%49.4%200.3%
OCF / EBITDA % (3 years)——28.4%76.7%79.9%70.9%85.1%80.6%72.2%90.8%
Debt / equity0.600.690.510.540.620.500.340.680.680.49
Current ratio1.871.772.011.431.691.631.531.231.171.15
Net debt / EBITDA2.41—1.761.731.320.950.801.751.992.50