Bharat Rasayan Ltd

NSE: BHARATRAS BSE: 590021Chemicals

Bharat Rasayan Ltd is engaged in manufacturing Technical Grade Pesticides and Intermediates used in the agro-chemical industry. It was incorporated in 1989.[1]

₹1,376

52W: ₹1202 — ₹3030

PE 16.1 · Book ₹707 · +95% vs book

Market Cap₹2,288 Cr

Stock P/E16.1Price to Earnings

ROCE14.3%Return on Capital

ROE11.1%Return on Equity

Div. Yield0.03%Face Value ₹5

Strengths

+Company is almost debt free.

Weaknesses

−The company has delivered a poor sales growth of -0.71% over past five years.
−Company has a low return on equity of 11.6% over last 3 years.
−Dividend payout has been low at 0.58% of profits over last 3 years

Shareholding Pattern

Promoters74.99%

FIIs0.54%

DIIs2.14%

Public22.33%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%
FIIs	0.35%	0.46%▲0.1	0.45%▼0.0	0.49%▲0.0	0.56%▲0.1	0.47%▼0.1	0.43%▼0.0	0.54%▲0.1
DIIs	2.59%	2.64%▲0.1	2.6%▼0.0	2.75%▲0.1	2.74%▼0.0	2.75%▲0.0	2.52%▼0.2	2.14%▼0.4
Public	22.07%	21.9%▼0.2	21.96%▲0.1	21.77%▼0.2	21.71%▼0.1	21.79%▲0.1	22.05%▲0.3	22.33%▲0.3

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	263	233	310	282	328	256	307	377	286	270
Expenses	248	205	240	244	273	215	266	304	253	228
Operating Profit	15	28	69	38	55	42	40	73	33	43
OPM %	6%	12%	22%	14%	17%	16%	13%	19%	12%	16%
Net Profit	8	17	56	27	40	30	28	44	26	34
EPS ₹	4.63	10.41	33.68	16.14	24.19	17.89	17.14	26.3	15.76	20.45

AI Insights

Revenue Trend

TTM revenue at ₹1,240Cr, up 5.9% YoY. OPM at 15%.

Debt Position

Borrowings at ₹90Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹25Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.14% (-0.43pp change). FIIs: 0.54% (+0.19pp change). Promoters hold 74.99%.

Margin & Efficiency

ROCE declining from 22% (Mar 2014) to 14% (Mar 2025). Working capital days: 170.

Valuation

PE 16.1x with 14.3% ROCE. Price is 95% above book value of ₹707. Dividend yield: 0.03%.