Bhagawati Gas Ltd

₹ 6.58 1.86%

08 Jun 10:56 a.m.

About

Incorporated in 1974, Bhagawati Gas Ltd is in the business of cleaning & treatment of water bodies.^[1]

Key Points

Business Overview:^[1]^[2]
BGL is the flagship company of the Bhagwati Group. It is in the business of production and supply of liquid oxygen, medical oxygen, nitrogen, and argon through bulk VITTs. In
FY25, the company has launched a Healthcare Division to ensure hospitals for supply of medical oxygen. BGL has expertise in:
a) EPC /BOOT model on-site oxygen plants
b) VPSA & PSA plants for the industrial and medical oxygen
c) Consultancy for large, medium & small Air Separation Plants (ASP)
d) Cryogenics, bioremediation, and renewable energy, and healthcare
e) Industrial gases, wastewater treatment, renewable energy, contracting, and international trading.

Website BSE

Market Cap ₹ 11.0 Cr.
Current Price ₹ 6.58
High / Low ₹ 6.58 / 0.79
Stock P/E 1.35
Book Value ₹ 221
Dividend Yield 0.00 %
ROCE 4.05 %
ROE 4.22 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.03 times its book value
Debtor days have improved from 1,089 to 26.9 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 34.2%
Company has a low return on equity of 3.63% over last 3 years.
Contingent liabilities of Rs.8.67 Cr.
Earnings include an other income of Rs.30.2 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	0.15	0.31	0.11	0.20	0.12	0.09	0.12	0.05	12.79	0.09	0.12	15.88	18.33
	0.80	0.26	0.33	0.31	0.15	0.62	0.31	1.26	23.06	0.48	0.42	15.26	40.25
Operating Profit	-0.65	0.05	-0.22	-0.11	-0.03	-0.53	-0.19	-1.21	-10.27	-0.39	-0.30	0.62	-21.92
OPM %	-433.33%	16.13%	-200.00%	-55.00%	-25.00%	-588.89%	-158.33%	-2,420.00%	-80.30%	-433.33%	-250.00%	3.90%	-119.59%
	0.00	0.00	0.32	0.17	0.18	0.17	0.17	3.40	17.19	0.19	0.17	1.18	25.77
Interest	0.00	0.00	0.02	0.05	0.03	0.02	0.06	0.11	0.42	0.06	0.08	0.05	0.00
Depreciation	0.00	0.00	0.04	0.04	0.03	0.04	0.04	0.04	3.09	0.02	0.02	3.10	2.68
Profit before tax	-0.65	0.05	0.04	-0.03	0.09	-0.42	-0.12	2.04	3.41	-0.28	-0.23	-1.35	1.17
Tax %	0.00%	80.00%	0.00%	0.00%	355.56%	0.00%	0.00%	0.00%	3.81%	0.00%	0.00%	4.44%	-41.03%
	-0.65	0.00	0.04	-0.04	-0.23	-0.41	-0.11	2.04	3.29	-0.28	-0.23	-1.41	1.64
EPS in Rs	-0.39	0.00	0.02	-0.02	-0.14	-0.24	-0.07	1.22	1.97	-0.17	-0.14	-0.84	0.98
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0.00	0.01	0.00	0.00	0.00	0.00	0.21	1.11	0.13	0.59	0.46	78.32
	0.99	0.63	0.57	0.63	0.59	4.53	1.92	0.31	1.40	1.05	3.02	95.76
Operating Profit	-0.99	-0.62	-0.57	-0.63	-0.59	-4.53	-1.71	0.80	-1.27	-0.46	-2.56	-17.44
OPM %		-6,200.00%					-814.29%	72.07%	-976.92%	-77.97%	-556.52%	-22.27%
	0.14	0.54	0.10	0.17	0.18	3.37	0.92	0.00	0.76	0.84	3.89	30.17
Interest	0.22	0.12	0.10	0.10	0.09	0.13	0.06	0.00	0.10	0.12	0.31	0.52
Depreciation	0.59	0.44	0.39	0.39	0.28	0.17	0.15	0.00	0.17	0.16	0.14	11.97
Profit before tax	-1.66	-0.64	-0.96	-0.95	-0.78	-1.46	-1.00	0.80	-0.78	0.10	0.88	0.24
Tax %	0.00%	0.00%	0.00%	-50.53%	-5.13%	-87.67%	-2.00%	0.00%	-179.49%	320.00%	84.09%	-79.17%
	-1.67	-0.63	-0.96	-0.47	-0.73	-0.18	-0.99	0.80	0.62	-0.22	0.14	0.43
EPS in Rs	-1.00	-0.38	-0.57	-0.28	-0.44	-0.11	-0.59	0.48	0.37	-0.13	0.08	0.26
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	745%
TTM:	16926%

Compounded Profit Growth
10 Years:	26%
5 Years:	%
3 Years:	134%
TTM:	5693%

Stock Price CAGR
10 Years:	29%
5 Years:	%
3 Years:	%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	4%
Last Year:	4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16.74	16.74	16.74	16.74	16.74	16.74	16.74	16.74	16.74	16.74	32.69
Reserves	2.19	1.56	0.60	0.14	-0.57	-0.88	-1.89	-2.05	-2.23	-2.05	336.87
	1.23	1.01	1.06	4.68	0.77	0.28	0.27	0.43	0.90	2.85	32.19
	6.03	6.33	6.86	2.65	6.68	4.08	4.93	4.03	3.64	3.71	173.62
Total Liabilities	26.19	25.64	25.26	24.21	23.62	20.22	20.05	19.15	19.05	21.25	575.37
	6.66	6.22	5.83	5.52	4.95	2.80	2.65	2.33	2.17	2.20	386.81
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.49
Investments	0.03	0.09	0.02	0.04	0.03	0.01	0.01	0.04	0.05	0.04	57.00
	19.50	19.33	19.41	18.65	18.64	17.41	17.39	16.78	16.83	19.01	124.07
Total Assets	26.19	25.64	25.26	24.21	23.62	20.22	20.05	19.15	19.05	21.25	575.37

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0.53	0.12	0.02	0.23	-0.36	-1.60	-0.74	-2.60	-8.51
	0.07	0.22	0.15	0.06	0.31	0.74	0.82	0.58	30.34
	-0.60	-0.34	0.00	-0.19	-0.11	-0.10	0.35	1.63	-21.38
Net Cash Flow	0.00	-0.01	0.16	0.10	-0.17	-0.95	0.43	-0.39	0.46
Free Cash Flow	0.56	0.16	0.02	0.25	0.07	-1.60	-0.74	-2.77	21.58
CFO/OP	-54%	-19%	-4%	-30%	61%	236%	91%	73%	49%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days		210,605.00					139.05	842.31	191.78	3,046.96	26.94
Inventory Days										246.62	235.40
Days Payable										0.00	5.55
Cash Conversion Cycle		210,605.00					139.05	842.31	191.78	3,293.58	256.79
Working Capital Days		447,125.00					-1,008.10	6,766.54	160.85	968.04	-48.89
ROCE %	-6.98%	-3.50%	-4.72%	-4.75%	-4.31%	-8.04%	-6.01%		1.44%	7.22%	4.05%

Insights

In beta

Mar 2024

Mar 2025

Segment Assets - Cleaning of Water Bodies
INR Lacs

xxx.xx	x,xxx.xx
xx.xx	xx.xx
xxx.xx	xxx.xx

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Segment Assets - Sale of Oxygen Generator Machines
INR Lacs

Segment Revenue - Cleaning of Water Bodies
INR Lacs

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%
	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%
	65.62%	65.62%	65.63%	65.62%	65.62%	65.63%	65.63%	65.62%	65.62%	65.62%	65.63%	65.63%
No. of Shareholders	22,889	22,891	22,888	22,883	22,884	22,880	22,880	22,880	22,877	22,878	22,877	22,814

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%	34.23%
	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%
	65.62%	65.62%	65.63%	65.62%	65.63%	65.62%	65.62%	65.62%	65.62%	65.63%
No. of Shareholders	22,795	22,833	22,848	22,882	22,890	22,893	22,896	22,883	22,880	22,814

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Bhagawati Gas Ltd

Bhagawati Gas Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports