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About
Bharat Rasayan Ltd (BHARATRAS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 590021 NSE: BHARATRAS Pesticides & Agrochemicals | Small Cap | Bharat Rasayan Share Price
₹1,004.10 -1.75 (-0.17%)
As on 30-Sep'26 16:59
Bharat Rasayan Ltd (BHARATRAS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 590021 NSE: BHARATRAS Pesticides & Agrochemicals | Small Cap | Bharat Rasayan Share Price
₹1,004.10 -1.75 (-0.17%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,672 Cr.
Current Price
₹1,004.1
52-Week Low / High
₹1,005 / 3,030
TTM EPS
₹86.2
TTM Sales
₹1,203 Cr.
Book Value per Share
₹789
P/E Ratio
11.67
Lower than its 5-year historical median
Industry PE
27.5
Price to Book (P/B)
1.27
Lower than its 5-year historical median
Price to Sales (P/S)
1.39
Lower than its 5-year historical median
EV/EBITDA
7.62
Lower than its 5-year historical median
Dividend Yield
0.05%
Profitability Efficiency
Return on Equity (ROE)
12.12%
In line with industry median
Return on Capital Employed (ROCE)
15.91%
In line with industry median
Return on Assets (ROA)
10.26%
Operating Profit Margin
16%
Net Profit Margin
11.73%
Gross Profit Margin
19%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
5.87%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
13.84%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
3.41%
Asset Quality
Promoter Holding
74.99%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,303 Cr.
Equity
₹8.3 Cr.
Face Value
₹5
All Time Low / High
₹5.38 / 3775.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is Bharat Rasayan Ltd a good quality company?
Bharat Rasayan Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Bharat Rasayan Ltd performance compare with that of its Peers?
Revenue growth of Bharat Rasayan Ltd vs industry peers?
Bharat Rasayan Ltd revenue CAGR is 2.61%, compared to the industry median CAGR of 1.96%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Bharat Rasayan Ltd?
Promoters hold 74.99% of the Bharat Rasayan Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Bharat Rasayan Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 9.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Rasayan Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 33.7% | 39.6% | 31.7% | 33.7% | 30.5% | 28% | 19.9% | 11.3% | 15.4% | 16% | - |
| Value Creation Index ⓘ | 1.4 | 1.8 | 1.3 | 1.4 | 1.2 | 1.1 | 0.4 | -0.2 | 0.1 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 621 | 795 | 992 | 1,215 | 1,092 | 1,301 | 1,234 | 1,045 | 1,173 | 1,242 | 1,203 |
| Sales YoY Gr. | - | 28.1% | 24.8% | 22.5% | -10.1% | 19.1% | -5.1% | -15.4% | 12.3% | 5.9% | - |
| Adj EPS ⓘ | 31.4 | 56.1 | 65.7 | 88 | 96 | 101.2 | 73.2 | 43.4 | 71.7 | 84.7 | 81.8 |
| YoY Gr. | - | 78.6% | 17% | 34% | 9.1% | 5.4% | -27.7% | -40.7% | 65.1% | 18.2% | - |
| BVPS (₹) ⓘ | 118.1 | 175.5 | 240.6 | 331.9 | 428.3 | 464.3 | 542.3 | 590.9 | 665.8 | 751.2 | 773.2 |
| Adj Net Profit ⓘ | 53.4 | 95.4 | 112 | 150 | 163 | 168 | 122 | 72.1 | 119 | 141 | 136 |
| Cash Flow from Ops. ⓘ | 15.8 | 28.8 | -52.3 | 263 | 170 | -65.5 | 213 | 41.1 | 172 | 132 | - |
| Debt/CF from Ops. ⓘ | 7.3 | 4.5 | -4.7 | 0.4 | 0.3 | -2.7 | 0.1 | 2 | 0.5 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8% | 2.6% | 0.2% | 5.9% | ||||
| Adj EPS ⓘ | 11.7% | -2.5% | 5% | 18.2% | ||||
| BVPSⓘ | 22.8% | 11.9% | 11.5% | 12.8% | ||||
| Share Price | 9% | -19.9% | -24% | -59.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 30.8 | 38.2 | 31.6 | 30.7 | 25.3 | 22.4 | 14.5 | 7.7 | 11.4 | 12 | 10.7 |
| Op. Profit Mgn % ⓘ | 17.9 | 20 | 18.9 | 18.9 | 22 | 19.3 | 16 | 11.3 | 14.9 | 16.1 | 14.7 |
| Net Profit Mgn % ⓘ | 8.6 | 12 | 11.3 | 12.3 | 14.9 | 12.9 | 9.9 | 6.9 | 10.2 | 11.3 | 11.3 |
| Debt to Equity ⓘ | 0.6 | 0.4 | 0.6 | 0.2 | 0.1 | 0.2 | 0 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 108 | 130 | 166 | 155 | 165 | 185 | 228 | 264 | 246 | 236 | 167 |
| Cash Conv. Cycle ⓘ | 79 | 102 | 132 | 119 | 125 | 148 | 181 | 198 | 175 | 167 | 138 |
Valuation of Bharat Rasayan - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Sales | 992 | 1,215 | 1,092 | 1,301 | 1,234 | 1,045 | 1,173 | 1,242 |
| Operating Expenses ⓘ + | 805 | 985 | 852 | 1,049 | 1,037 | 927 | 998 | 1,043 |
| Operating Profit ⓘ | 187 | 230 | 240 | 252 | 197 | 118 | 175 | 199 |
| Operating Profit Margin (%) | 18.9% | 18.9% | 22.0% | 19.3% | 16.0% | 11.3% | 14.9% | 16.0% |
| Other Income ⓘ + | 3 | 17 | 7 | 16 | 19 | 21 | 26 | 41 |
| Interest ⓘ | 16 | 16 | 4 | 7 | 6 | 3 | 5 | 5 |
| Depreciation ⓘ | 17 | 22 | 26 | 25 | 26 | 26 | 27 | 26 |
| Profit Before Tax ⓘ | 155 | 205 | 215 | 234 | 174 | 123 | 185 | 193 |
| Tax ⓘ | 44 | 48 | 51 | 58 | 49 | 28 | 44 | 48 |
| Profit After Tax | 112 | 158 | 164 | 176 | 125 | 96 | 141 | 146 |
| PAT Margin (%) | 11.2% | 13.0% | 15.0% | 13.5% | 10.1% | 9.1% | 12.0% | 11.7% |
| Adjusted EPS (₹) | 65.6 | 92.8 | 96.4 | 105.9 | 75.0 | 57.5 | 84.8 | 87.7 |
| Dividend Payout Ratio (%) | 0.60% | 0.40% | 0.40% | 0.40% | 0.50% | 0.70% | 0.40% | 0.60% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 409 | 564 | 727 | 770 | 893 | 988 | 1,130 | 1,275 | |||
| Debt + | 247 | 94 | 58 | 174 | 28 | 80 | 85 | 1 | |||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Trade Payables | 45 | 39 | 61 | 68 | 75 | 73 | 142 | 97 | |||
| Others Liabilities ⓘ | 55 | 55 | 61 | 78 | 80 | 57 | 52 | 60 | |||
| Total Liabilities ⓘ | 756 | 752 | 908 | 1,090 | 1,076 | 1,198 | 1,409 | 1,433 | |||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 150 | 203 | 191 | 228 | 225 | 230 | 230 | 246 | |||
| CWIP ⓘ | 35 | 18 | 18 | 11 | 11 | 6 | 15 | 46 | |||
| Investments ⓘ | 0 | 9 | 150 | 43 | 67 | 143 | 298 | 324 | |||
| Inventories | 210 | 160 | 169 | 277 | 323 | 267 | 290 | 331 | |||
| Trade Receivables | 279 | 251 | 296 | 464 | 325 | 394 | 419 | 385 | |||
| Cash Equivalents | 9 | 51 | 33 | 6 | 34 | 49 | 56 | 23 | |||
| Others Assets ⓘ | 71 | 60 | 52 | 60 | 92 | 109 | 100 | 78 | |||
| Total Assets ⓘ | 756 | 752 | 908 | 1,090 | 1,076 | 1,198 | 1,409 | 1,433 | |||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -52 | 263 | 170 | -65 | 213 | 41 | 172 | 132 |
| Cash Flow From Investing Activity ⓘ + | -48 | -68 | -153 | 51 | -61 | -90 | -157 | -96 |
| Cash Flow From Financing Activity ⓘ + | 102 | -169 | -40 | -25 | -152 | 49 | -1 | -89 |
| Net Cash Flow ⓘ | 3 | 25 | -22 | -39 | 1 | 0 | 14 | -53 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 27.28 | 32.41 | 25.38 | 23.51 | 14.98 | 10.15 | 13.31 | 12.12 | ||
| ROCE (%) | 26.14 | 33.74 | 30.45 | 27.87 | 19.31 | 12.74 | 16.63 | 15.91 | ||
| Asset Turnover Ratio | 1.31 | 1.61 | 1.32 | 1.3 | 1.14 | 0.92 | 0.9 | 0.87 | ||
| PAT to CFO Conversion(x) | -0.46 | 1.66 | 1.04 | -0.37 | 1.7 | 0.43 | 1.22 | 0.9 | ||
| Working Capital Days | ||||||||||
| Receivable Days | 102.70 | 79.60 | 91.30 | 106.50 | 116.60 | 125.60 | 126.50 | 118.30 | ||
| Inventory Days | 77.30 | 55.70 | 55 | 62.50 | 88.80 | 103 | 86.70 | 91.30 | ||
| Payable Days | 23.80 | 18.20 | 26.80 | 28 | 31.10 | 37.40 | 50.50 | 54.10 | ||
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Bharat Rasayan Ltd FAQs
The current trading price of Bharat Rasayan on 30-Sep-2026 16:59 is ₹1,004.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Bharat Rasayan stood at ₹1,671.8 Cr
The latest P/E ratio of Bharat Rasayan as of 29-Sep-2026 is 12.30.
The latest P/B ratio of Bharat Rasayan as of 29-Sep-2026 is 1.30.
The 52-week high of Bharat Rasayan is ₹3,030.3 and the 52-week low is ₹1,005.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Rasayan is ₹1,203 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Rasayan Ltd is a good quality company.
The key valuation ratios of Bharat Rasayan Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bharat Rasayan Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Bharat Rasayan Ltd
Bharat Rasayan (BRL), flagship company of Bharat Group, was set up on May 15, 1989 as a backward integration project to manufacture Technical Grade Pesticides and Intermediates In-compliance to International Standards. Within two years from incorporation, BRL commenced production at its fully equipped plant located in Mokhra village of Rohtak district in Haryana. Another modern and larger plant in the Chemical Approved Zone at Dahej in Gujarat was set up to manufacture tech grade pesticides, intermediates and bulk formulations. Both the units have in-house R&D laboratories to ensure consistent perfection in quality and also to act as pilot plants for new products and formulations.
The Initial Public Issue by BRL in 1993 evinced an overwhelming response. Currently listed on NSE, the company became a major stakeholder in the Tata owned Siris Crop Sciences Ltd. and even acquired it in due course.
Bharat Group is the brainchild of the visionary and industry veteran S.N. Gupta, supported with two like-minded partners M.P. Gupta and R.P. Gupta. Banking over years of rich experience, Bharat group is strongly present in all business verticals i.e. Technical/Intermediate Corporate Sales, Contract Manufacturing for various MNC's, Domestic Brand Sales, International Business and P2P (Peer-to-Peer) Toll Formulation Business. Bharat Group’s agri-input solutions range from Insecticides, Fungicides, Herbicides and Intermediates.
Business area of the company
The company is engaged in the manufacturing and sale of technical grade pesticides and chemical intermediates.
Milestones
- 1989: As a part of backward integration, Bharat Group established Bharat Rasayan Limited, Mokhra with focus on A.I. Manufacturing.
- 1993: Bharat Rasayan Limited stock was listed at National Stock Exchange and BSE.
- 2003: Acquired Siris Crop Science Ltd. from Tata House to further strengthen A.I. manufacturing.
- 2005: Established additional modern formulation units of Bharat Insecticides Limited to boost Domestic Brand Sales & Toll manufacturing.
- 2010: Bharat Rasayan Limited starts contract manufacturing for Japanese Partner
- 2010: Siris Crop Science Ltd. was merged in Bharat Rasayan Limited.
- 2012: Bharat Rasayan Limited started additional state-of-art manufacturing facility at Dahej, Gujarat.
- 2012: The company started contract Manufacturing for big European MNC and another Japanese Partner.
- 2019: The company raised funds through issue of Commercial Paper (CP) worth Rs 220 crore on January 03, 2019
- 2020: The company further expands the capacity of MPBD.
- 2020: The company starts manufacturing of CMAC as part of backward integration.
- 2020: The company starts manufacturing of Permethrin Technical, Cypermethrin Technical, Alpha-Cypermethrin, Technical and Zeta-Cypermethrin Technical.
- 2020: The company gets registration of Bifenthrin Technical in Brazil and Metribuzin Technical in USA.
- 2020: The company enters into a Joint Venture with Nissan Chemical Corporation Japan to setup a Technical Plant under new company name: Nissan Bharat Rasayan Private Limited.
- 2022: The company acquired land at Dahej-3, Industrial Estate from Gujarat Industrial Development Corporation Authority (GIDC) for future expansion and new projects.
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