Agarwal Industrial Corporation Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Agarwal Industrial Corporation Ltd reported FY25 revenue of Rs. 2,399 Cr, up 13% YoY, with EBITDA rising 19.5% to Rs. 213 Cr and margin expanding to 8.8%. PAT increased 6% to Rs. 116 Cr. Bitumen volumes were 5.36 lakh MT, with 60% shipped via company vessels aiding cost control. Q4 revenue was Rs. 823 Cr (+6% YoY), EBITDA Rs. 58 Cr, and PAT Rs. 31 Cr. Shipping segment revenue was Rs. 334 Cr with a 25% EBIT margin, affected by vessel dry docking.

Key investments include a Rs. 40 Cr storage terminal at Mangalore (40,000 MT capacity, operational in Q2 FY26) and a Rs. 6 Cr manufacturing unit in Guwahati. Management targets 20% volume growth (~6.5-7 lakh MT) in FY26, focusing on expanding vessel fleet and storage to enhance supply chain efficiency. EBITDA per ton is guided at Rs. 4,200-4,500.

Margin pressure in Q4 was due to cyclone damage and dry docking but normalized shipping margins are expected. Demand remains strong, driven by infrastructure growth and under-penetration in bitumen consumption. Management is confident about scaling volumes and margin recovery via operational efficiencies.