Market Cap
₹702 Cr
Small Cap
CMP
₹278.67
+11.79% Today
Revenue TTM
₹2,097 Cr
+35%+ YoY Trend
PAT TTM
₹36.3 Cr
Strong recovery
P/E TTM
24.6×
Fwd ~11–14× est.
P/B Ratio
3.10×
Book ~₹226 Cr
Debt / Equity
0.00
Debt Free ✅
Current Ratio
1.53
Adequate liquidity
Promoter %
70.54%
Zero pledging
52W Range
₹65–285
+328% from low
A1 · About + Value Chain Position
Company Overview
Bhagyanagar India Limited (BIL), incorporated in 1985 and headquartered in Hyderabad, Telangana, is a flagship entity of the Surana Group — one of India's established industrial houses with a combined turnover exceeding USD 300 million founded in 1978. BIL is a copper products manufacturer specialising in rods, foils, pipes, sheets, strips, conductors, and coils, serving the power, telecom, transformer, heat exchanger, solar panel, and automotive ancillary sectors. The company operates a 70-acre state-of-the-art manufacturing facility at Tupran, on the outskirts of Hyderabad. In January 2024, BIL transferred its copper manufacturing business to Bhagyanagar Copper Pvt Ltd (BCPL), a wholly-owned subsidiary, via slump sale as a going concern — a precursor to a larger demerger restructuring.
NCLT Hyderabad approved (January 29, 2026) a composite scheme of arrangement: BCPL merges back into BIL, followed by a demerger of copper operations into a new entity — Tieramet Limited — which will be separately listed on NSE and BSE. BIL shareholders receive one Tieramet share for every BIL share held (1:1 ratio), creating a significant value-unlock event. Post-demerger, BIL is expected to pivot towards renewable energy (solar/wind), while Tieramet carries the copper manufacturing legacy.
Value Chain Position
Copper Scrap /
Cathodes
→
Melting & Refining
BIL / BCPL ★
→
Copper Products
(Rods, Foils, Strips)
→
OEM / Industries
(Power, Telecom, Auto)
→
End User /
Infrastructure
BIL is a downstream copper processor — it refines copper scrap/cathodes and converts them into high-value fabricated products. This positions it in the value-added segment of the copper supply chain, above commodity trading but below specialty alloys.
Revenue Mix (Estimated)
Copper Products (BCPL/Consolidated)~95%
Source: Company disclosures, Bhagyanagar India website
Competitive Moat
Scale & Integration
40+ years of copper processing expertise; vertically integrated from scrap/cathode melting to finished product. Capacity: 50 MT/day (expanding to 100 MT/day with new furnace).
Zero-Debt Balance Sheet
D/E = 0.0, rare in commodity manufacturing. Enables aggressive capacity expansion without financing risk and provides buffer against copper price volatility.
Location Advantage
Tupran facility (70 acres, Hyderabad) provides proximity to South India's industrial belt — power, telecom, auto OEMs — with access to Andhra Pradesh and Telangana infrastructure programmes.
A2 · Capabilities + Strategy
Manufacturing Capabilities & Strategic Direction
Copper Melting & Refining
50 → 100 MT/day
Primary capability. Melts copper scrap and cathodes using advanced furnaces. New furnace installation underway — doubling to 100 MT/day capacity. 30,000 MT annual output achieved (2025).
Product Fabrication
8+ Product Lines
Rolling, drawing, extrusion, foil rolling capabilities. Products: rods, foils, pipes, sheets, strips, bus-bars, conductors, coils. Serves multi-sector OEM base.
Green Energy
53 MW Solar (New)
53 MW solar project under development in Maharashtra (₹245 Cr investment). Existing wind power segment. Post-demerger, BIL to focus on clean energy expansion.
Capacity Utilisation Trend
FY24 (pre-transfer, est.)~65%
FY25 (post slump-sale transfer)~70%
FY26 (YTD, revenue growth implies)~80–85%
Utilisation estimates based on revenue trajectory vs stated capacity. Verify against company disclosures.
Strategic Priorities
1. Demerger & Value Unlock
Complete NCLT-approved composite scheme — merge BCPL into BIL, demerge copper operations into Tieramet Ltd. List Tieramet on NSE+BSE. Timeline: shareholder meetings + regulatory approvals pending.
2. Revenue Scale-Up
Management target: ₹5,000 Cr revenue by FY29 (from ~₹2,100 Cr TTM). Requires ~2.4× growth over 3–4 years — implies 25–35% CAGR. Driven by copper demand super-cycle.
3. Capacity Doubling
New furnace commissioned to expand to 100 MT/day from 50 MT/day. Expected to enable volume growth without proportional working capital deterioration.
A3 · Opportunity — Why & Timeframe
The Copper Super-Cycle & BIL's Positioning
India Copper Demand CAGR
7–9% CAGR
India's copper demand growing at 7–9% annually. India currently imports ~40% of its refined copper requirements — significant import substitution opportunity for domestic processors.
EV Tailwind
83 kg / EV
Electric vehicles use 83 kg copper per vehicle vs 23 kg for ICE vehicles. India's EV transition provides structural demand uplift for copper rods and wires.
Renewable Energy
500 GW by 2030
India's 500 GW renewable target. Solar uses ~5–6 tonnes copper/MW; wind ~3–4 tonnes/MW. BIL already serves solar sector and has its own 53 MW solar project.
Data Centres & AI
High Growth
Data centre construction surge (AI infra boom) requires significant copper for power distribution, cooling, and connectivity. Management cited this as a key demand driver.
Key Tailwinds
1. EV adoption — copper intensity per vehicle is 3.6× that of ICE; India's EV push directly benefits copper product manufacturers
2. Grid modernisation — HVDC lines, smart grid projects, transmission infra upgrade. All require copper conductors and busbars.
3. Import substitution — India imports significant finished copper products. BIL with quality certifications can displace imports across its product portfolio.
4. Demerger catalyst — Tieramet listing creates a pure-play copper manufacturing story; BIL transforms into a clean energy entity. Both segments gain focused investor attention.
Opportunity Timeframe
| Horizon | Driver | Indicators to Watch |
|---|
| Near-Term (0–12M) | Demerger completion; Q4 FY26 PAT trajectory; capacity expansion | NCLT orders; shareholder meeting dates; quarterly margins |
| Medium-Term (1–3Y) | Tieramet listing; EV copper demand ramp; 100 MT/day full utilisation | Revenue crossing ₹3,000 Cr; EBITDA margin >6%; Tieramet IPO pricing |
| Long-Term (3Y+) | ₹5,000 Cr revenue target; green energy pivot of BIL; sector re-rating | FY29 revenue achievement; institutional investor entry; clean energy portfolio |
A4 · Operations + Projects
Ongoing & Upcoming Initiatives
| Project | Location | Outlay (₹Cr) | Timeline | Status |
|---|
| Capacity Expansion — New Furnace | Tupran, Hyderabad | Not disclosed | FY26–27 | In Progress |
| 53 MW Solar Project | Maharashtra | ₹245 Cr | FY26–27 | Development |
| BCPL Merger into BIL | Corporate | — | Pending NCLT final order | NCLT Approved |
| Tieramet Demerger + Listing | Corporate | — | FY26/FY27 | Shareholder meetings pending |
Key Projects Note: The demerger scheme was NCLT-approved January 29, 2026. The scheme requires shareholder meetings (equity + creditors of BCPL) + stock exchange / SEBI approvals before implementation. Shareholders of BIL will receive 1 Tieramet share for every 1 BIL share — effectively a free bonus listing. This is the single largest near-term corporate catalyst for BIL.
Key End-Markets & Customer Segments
Power & Transmission
Bus-bars, conductors, cables. Major customer base. Beneficiary of PGCIL capex and state DISCOM upgrades.
Telecom
Copper foils and strips for cable manufacturing. Demand moderated with fibre transition but niche copper-specific uses remain.
Solar & Renewables
Copper conductors for solar panel assembly, inverters, and cabling. Rapidly growing segment aligned with BIL's strategic pivot.
Auto Ancillary
Copper components for wiring harnesses, EV motors. Growing with India's automotive recovery and EV ramp-up.
Source: bhagyanagarindia.com; company website product portfolio
A5 · Financials + Growth
5-Year P&L Overview + Quarterly Trend
Data Note: FY22–FY23 figures estimated based on company trajectory; FY24–FY25 confirmed from public disclosures. FY26E is full-year estimate from 3Q run-rate. Verify against screener.in for exact figures.
Revenue ₹Cr (Annual) + YoY Growth %
EBITDA ₹Cr + EBITDA Margin %
Key Financial Observations
FY24 PAT was elevated (~₹45 Cr est.) due to the slump sale gain on copper business transfer to BCPL. FY25 normalised PAT dropped to ₹14 Cr reflecting one-time exceptional income removal and WC pressures.
FY26 PAT trajectory shows strong recovery: Q1 ₹7.57 Cr → Q2 ₹11.27 Cr → Q3 ₹12.84 Cr. Full year FY26 PAT could approach ₹50–65 Cr — implying forward P/E of 11–14× at current market cap.
EBITDA margin expanding: Q3 FY26 reported at 4.95% vs sub-2% levels in FY25. Structural margin expansion being watched as key indicator of business quality improvement.
A6 · Regulatory Changes + Impact
Policy Tailwinds & Regulatory Framework
| Scheme / Policy | Benefit | Relevance to BIL | Impact |
|---|
| FAME-II / PM E-DRIVE | EV subsidies → higher EV penetration → copper demand | Copper for EV motors, wiring harnesses, charging infra | POSITIVE |
| 500 GW Renewable Target | Solar/wind capex boosts copper demand | Direct: BIL supplies to solar sector; indirect via renewable buildout | POSITIVE |
| National Infra Pipeline | Grid modernisation (HVDC, smart grid) | Copper conductors, bus-bars demand from power sector | POSITIVE |
| NCLT Scheme Approval | Demerger into Tieramet Ltd | Structural corporate catalyst — separate listings, value unlock | CATALYST |
| BIS Standards (Copper) | Quality mandates for copper products | BIL's certified operations benefit; filters low-quality competition | NEUTRAL+ |
| Import Duty on Copper Products | Protects domestic processors | Reduces import pressure on finished copper goods | POSITIVE |
Upcoming Regulatory Triggers (Next 12M)
NCLT final demerger order implementation — dependent on shareholder meetings, stock exchange NOCs, and SEBI sign-off. Timeline uncertainty is a key risk.
Copper recycling policy: India considering formal copper recycling incentives (similar to PV module recycling). BIL's scrap-based melting model would benefit directly.
A7 · Research Reports Data Mix
Analyst Consensus & Coverage
Limited formal institutional coverage exists for BHAGYANGR given its ~₹702 Cr market cap (typical coverage threshold is ₹1,000+ Cr). No formal buy/sell analyst reports from Motilal Oswal, Kotak, or ICICI were identified in public domain research. This is a research risk — thin coverage increases information asymmetry.
Coverage Status
Minimal
Primarily retail-dominated stock. Platforms tracking: Screener.in, Trendlyne, StockAnalysis. No institutional research notes found in public domain (Apr 2026).
Revenue Consensus FY26E
~₹2,200 Cr
Based on 3Q FY26 run-rate (₹1,643 Cr for 9 months). Annualised estimate. No formal analyst consensus available. Source: public quarterly filings.
PAT Consensus FY26E
₹50–65 Cr
Extrapolated from Q3 FY26 PAT of ₹12.84 Cr and improving margin trajectory. Estimate only — verify against company guidance in upcoming concall.
Key themes being tracked by market participants: (1) demerger timeline and Tieramet listing valuation; (2) margin expansion sustainability toward 5–6% EBITDA; (3) copper LME price impact on revenue and margins; (4) institutional entry potential post ₹1,000 Cr market cap crossing.
Source: Public analyst commentary, MarketsMojo, Screener.in community, Trendlyne. Research framing only — not investment advice. Analyst estimates sourced from public reports.
A8 · Balance Sheet + Cash Flows + Fraud Filter
Financial Health & Integrity Assessment
| Balance Sheet Item | FY25 (₹Cr) | FY24 (₹Cr) | Note |
|---|
| Equity Capital | ~5 Cr est. | ~5 Cr est. | FV ₹2 × ~2.52 Cr shares |
| Reserves & Surplus | ~220 Cr est. | ~215 Cr est. | Book value ~₹226 Cr (implied from P/B 3.10× at ₹702 Cr mkt cap) |
| Total Borrowings | ₹0 | ₹0 est. | Debt-free confirmed (D/E = 0.0) |
| Working Capital | ~₹179 Cr absorbed | Not available | 11% of FY25 revenue — flagged concern |
| Cash & Equivalents | Not available | Not available | Verify Screener.in |
| Receivables | Not available | Not available | Monitor for rising debtor days |
| Inventory | Not available | Not available | Copper is high-value inventory; monitor inventory days |
Source: TradingView symbol data (D/E, current ratio), MarketsMojo Q2 FY26 analysis. Detailed balance sheet: verify screener.in/company/BHAGYANGR/consolidated/
Fraud Filter Checklist
⚠️
Receivable Days trending up sharply? — Working capital absorption ₹179 Cr (11% of FY25 revenue) is elevated. Q2 FY26 analysis explicitly flagged "underlying cash flow concerns despite profit surge." Monitor receivable days from annual report.
⚠️
CFO/PAT ratio < 0.7 for 2+ years? — Q2 FY26 MarketsMojo analysis raised this concern explicitly. WC absorption ₹179 Cr vs reported PAT ₹14 Cr for FY25 suggests CFO/PAT ratio may be below threshold. Full verification required from annual report CFO figures.
✅
Promoter pledging >20%? — Zero promoter pledging confirmed. Promoter holding 70.54%, all unpledged. Clean signal.
✅
Related party transactions >15% of revenue? — Copper business transfer to BCPL (WOS) was a slump sale at arms-length terms. No red flags identified from public disclosures.
✅
Auditor change in last 3 years? — No auditor change flagged in publicly available news or disclosures. Verify latest annual report.
✅
Contingent liabilities >20% of net worth? — No material contingent liability disclosures found. Zero-debt balance sheet suggests limited exposure.
⚠️
Inventory Days diverging from revenue growth? — Copper is a high-value commodity input; inventory swings with LME prices. Revenue growing 40% YoY but inventory tracking not confirmed. Monitor carefully.
⚠️ Key Watch: The single most important cash flow signal — working capital absorption ₹179 Cr in FY25 is high relative to PAT of ₹14 Cr. While improving PAT in FY26 should ease this ratio, CFO/PAT must be verified from the FY26 annual report before drawing conclusions about cash generation quality.
A9 · P&L Deep Dive — Quarterly
Last 6 Quarters (Most Recent First)
| Quarter | Revenue (₹Cr) | QoQ% | YoY% | EBITDA% | PAT (₹Cr) | PAT% |
|---|
| Q3 FY26 (Dec 2025) | 577.32 | -0.5% | +46.4% | 4.95% | 12.84 | 2.22% |
| Q2 FY26 (Sep 2025) | 580.37 | +19.5% | +42.2% | ~4.5% | 11.27 | 1.94% |
| Q1 FY26 (Jun 2025) | 485.60 | +6.8% | +31.5% | ~3.5% | 7.57 | 1.56% |
| Q4 FY25 (Mar 2025) | ~455 | +15.4% | n/a | ~2.5% | ~5.0 est. | ~1.1% |
| Q3 FY25 (Dec 2024) | 394.48 | -3.3% | — | ~2.2% | 3.99 | 1.01% |
| Q2 FY25 (Sep 2024) | 408.02 | +10.5% | — | ~2.0% | 3.73 | 0.91% |
Source: Univest, Business Standard, MarketsMojo, Bhagyanagar India quarterly filings. Q4 FY25 and FY25 EBITDA % are estimates — verify with company filings.
Quarterly Revenue ₹Cr (Last 6Q)
EBITDA Margin % (Last 6Q)
Key Concall Takeaways (Q2 FY26 — Sep 2025)
Management (Advait Surana — Business Dev, Surendra Bhutoria — CFO, Rahul Surana — Finance) confirmed strong 42% YoY revenue growth. Key focus: copper price pass-through efficiency and working capital management.
Company reiterated revenue target of ₹5,000 Cr by FY29, driven by AI/data centre copper demand and renewable energy build-out. Capacity expansion to 100 MT/day (from 50 MT/day) remains on track.
Cash flow concern flagged: ₹179 Cr WC absorption in FY25 (11% of revenue). Management indicated improving WC efficiency with scale, but this is an active watch item for investors.
Source: NSE earnings call transcript (BIL_17112025105143), MarketsMojo Q2 FY26 analysis
A10 · Valuations
Historical + Peer Comparison
| Metric | Current | Note | Assessment |
|---|
| P/E TTM | 24.6× | Based on TTM PAT ₹36.3 Cr; FY26E forward P/E ~11–14× | Reasonable for growth trajectory |
| P/Sales TTM | ~0.33× | ₹702 Cr market cap / ₹2,097 Cr revenue | Very low P/S for 35%+ revenue growth |
| P/B | 3.10× | Book value ~₹226 Cr | Fair for a growth pivot story |
| EV/EBITDA | ~8–10× est. | At ₹702 Cr Mkt Cap + zero debt; TTM EBITDA ~₹85–90 Cr est. | Undemanding vs peers |
Peer Comparison Table
| Company | Mkt Cap | P/E TTM | 52W Perf | TV TA Score | TV Signal |
|---|
| BHAGYANGR ★ | ~₹702 Cr | 24.6× | +328% from 52W low | 0.40 | BUY |
| PRECWIRE | ~₹786 Cr | 57.2× | Near 52W high | 0.34 | BUY |
| HINDALCO | ~₹2,00,000+ Cr | 14.9× | Near 52W high | 0.30 | BUY |
| VEDL | ~₹2,50,000+ Cr | 20.5× | Near 52W high | 0.30 | BUY |
| HINDCOPPER | ~₹16,000 Cr | 81.3× | -27% from 52W high | 0.27 | BUY |
Source: TradingView Screener MCP (rank_by_ta, lookup_symbols), Apr 2026. Market caps estimated from TradingView market_cap_basic data. BHAGYANGR highlighted has lowest P/E among copper small-caps, and #1 TA score among peers.
Demerger Sum-of-Parts: Post-Tieramet listing, if the copper operations entity (Tieramet) is valued at even 0.3× P/Sales (₹2,000 Cr revenue × 0.3 = ₹600 Cr), and BIL retains its renewable energy assets (53 MW solar + wind) plus growth optionality, the combined enterprise value at current prices may appear undemanding. This is a research hypothesis — not a valuation recommendation. Source: NCLT approval announcement, Jan 2026.
A11 · Order Book Tracker
Revenue Visibility
Bhagyanagar India operates in commodity copper manufacturing — it does not maintain a formal project-based order book typical of capital goods or EPC companies. Revenue visibility is driven by customer relationships, LME copper prices (pass-through model), and utilisation rates rather than discrete order wins.
Key Order Win (Disclosed): 53 MW solar power project in Maharashtra — total investment ₹245 Cr. While not a traditional "order win," this represents a committed project capex with defined revenue generation on commissioning. Source: Web search, company disclosures
Monitor: BSE announcements for any formal order disclosures, long-term supply agreements with OEMs, and utilisation rate disclosures in quarterly concalls. No formal order backlog data available from public sources.
A12 · Track Record + Management Quality
Leadership & Capital Allocation
Devendra Surana — Managing Director
Graduate in Mechanical Engineering + Post Graduate Diploma in Management from IIM Bangalore. 30+ years in metals, telecom and renewable energy. Leads BIL's strategic direction including demerger restructuring.
Narender Surana — MD (Surana Group)
Chemical Engineer. Former President of FAPCCI; past Chairman of FICCI. 23+ years in telecom cable industry. Provides strong industry network and policy interface.
Surendra Bhutoria — CFO
Participated in Q2 FY26 earnings call. Manages financial reporting and working capital. WC management is a stated priority.
Advait Surana — Business Development
Next-generation Surana family. Led concall Q2 FY26. Focused on customer development and sector expansion (AI/data centre copper demand narrative).
Guidance vs Actual Tracking
| Period | Management Guidance / Stated Target | Actual / Status | Assessment |
|---|
| FY25 | Revenue growth; copper transition to subsidiary | Revenue ₹1,626 Cr (+13.7%); slump sale completed Jan 2024 | Executed |
| FY26 (YTD) | Margin improvement; 40%+ revenue growth | Q3 FY26: +46% YoY revenue; EBITDA 4.95%; PAT +222% | Tracking well |
| FY29 | ₹5,000 Cr revenue target | Currently ~₹2,100 Cr TTM; needs ~25–35% CAGR | Aspirational — track quarterly |
| Demerger | Shareholder meetings + Tieramet listing | NCLT approved Jan 2026; meetings pending | In progress |
Capital allocation assessment: Zero debt is a strong signal of conservative financial management. The slump sale to BCPL and now the demerger scheme suggest the promoters are structuring for listing-driven value unlock — a capital markets-savvy approach. Promoter shareholding at 70.54% with zero pledging indicates confidence in the business outlook.
A13 · Issues + Risks
Risk Registry — Research Reference
HIGH
Commodity Input Price Risk — LME Copper
~95% of revenue is copper-derived. LME copper price volatility (currently elevated globally) directly impacts raw material costs. BIL operates on a pass-through model but lag effects can compress margins sharply in volatile periods.
Mitigant: Zero debt reduces financial leverage; pass-through pricing model partially insulates margins; diversified end-markets spread timing risk.
HIGH
Working Capital Intensity
WC absorption ₹179 Cr in FY25 = 11% of revenue. Copper is expensive; large inventory/receivable balances required. CFO/PAT ratio likely below 0.7× — P&L profits may not translate to cash generation in the near term.
Mitigant: Zero debt provides headroom for WC borrowing if needed. Revenue scale-up should improve WC turns. Monitor CFO from annual reports.
HIGH
Demerger Execution Risk
NCLT approval (Jan 2026) is necessary but not sufficient. Shareholder meetings, stock exchange NOCs, SEBI approvals, and final NCLT order are pending. Delays or complications would defer the value-unlock catalyst.
Mitigant: NCLT has already approved the scheme — a major hurdle crossed. Promoter incentive is aligned (they also receive Tieramet shares). Framework is established.
MEDIUM
Zero Institutional Presence
FII = 0%, DII = 0.28%. The entire free float is retail-dominated. This makes the stock highly sentiment-driven and vulnerable to sharp drawdowns on negative news or market risk-off events.
Mitigant: Zero pledging and strong promoter holding provide a floor. Institutional entry when market cap crosses ₹1,000+ Cr threshold could be a positive catalyst.
MEDIUM
Thin Margin Structure
EBITDA margins of 2–5% are very thin. Any demand slowdown, input cost spike, or pricing pressure from competition could swiftly eliminate profitability. Commodity processors are structurally low-margin businesses.
Mitigant: Focus on value-added products (foils, specialty strips) can improve margin profile. Post-demerger solar/clean energy segment in BIL should carry higher margins.
MEDIUM
Capacity Expansion Risk
100 MT/day new furnace expansion — if demand doesn't ramp as expected, excess capacity could weigh on margins through fixed cost absorption and increased depreciation.
Mitigant: Domestic copper demand tailwinds from EV/renewable are structural. Existing utilisation near 80%+ suggests capacity addition is demand-pull, not speculative.
LOW
Promoter Concentration + Succession
Surana family holds 70.54% (zero pledged). While concentration is low risk given no pledging, succession from founders (Devendra/Narender Surana) to next generation (Advait/Rahul Surana) is a multi-year transition to monitor.
Mitigant: Next generation actively participates in concalls and business development. Transition appears managed and in progress.
A14 · Key Milestones / Metrics to Watch
RESEARCH TRACKING MILESTONES — NOT INVESTMENT SIGNALS
Milestone 1
Tieramet Demerger — Shareholder Meeting Approval
Watch For: BSE/NSE announcement of meeting dates + shareholder approval outcome
Timeline: FY26/FY27 (post NCLT Jan 2026 approval)
Milestone 2
EBITDA Margin Reaching 6%+ Sustained
Watch For: Consecutive 2+ quarters at ≥6% EBITDA margin (currently at 4.95% Q3 FY26)
Timeline: Q4 FY26 / Q1 FY27
Milestone 3
Q4 FY26 PAT >₹15 Cr
Watch For: Q4 FY26 result confirms PAT margin expansion continues; full year FY26 PAT trajectory
Timeline: May–Jun 2026 (Q4 FY26 results)
Milestone 4
100 MT/Day Furnace Commissioning
Watch For: Management confirmation of new furnace commercial operations; volume growth without proportional WC increase
Timeline: FY26–27 (stated in concall)
Milestone 5
53 MW Solar Project — Commercial Operations
Watch For: Maharashtra solar project commissioning announcement; contribution to BIL's post-demerger revenue base
Timeline: FY26–27 (₹245 Cr investment, development stage)
Milestone 6
Institutional Ownership Entry (FII/MF)
Watch For: Any mutual fund or FII position disclosed in shareholding pattern (currently 0%); signals institutional validation
Timeline: Watch each quarter; may accelerate post-demerger
A15 · Ownership — Promoter / FII / DII + Smart Money
Shareholding Pattern
Ownership Trend (Last 4 Quarters — Estimated from public disclosures)
Smart Money Assessment
No institutional presence (FII = 0%, MF = 0%). Entire free float is retail (~29%). This is a micro-cap retail play — any institutional entry would be a material sentiment catalyst. Shareholder count growing (23,724 → 23,974) signals gradual retail accumulation.
Zero promoter pledging is a strong quality signal for a micro-cap stock. Promoter holding of 70.54% is stable. No reduction or creeping acquisition trend flagged in recent quarters.
Source: TrendLyne shareholding data, AngelOne shareholding pattern, Q2/Q3 FY26 public disclosures
B0 · Stage Analysis + Setup
Wyckoff Stage + TradingView Consensus
Weekly: STRONG BUY ★
Daily: NEUTRAL
Peer Rank: #1 of 5
Wyckoff Stage
Stage 2 — Mark-Up
Weekly chart showing strong uptrend from ₹65 (52W low) to ₹285+. Higher highs, higher lows structure intact. Moving averages strongly aligned bullish (MA score 0.933 weekly).
Current Setup
ATH Breakout / Episodic Pivot
Stock trading above previous ATH of ₹222 (TradingView data). 52W high: ₹285.49. Trading at ₹278.67 — within 2.4% of 52W high. Up 11.79% on Apr 28 with 2.58× relative volume. Classic episodic pivot with volume confirmation.
Weekly Trend
Strong Uptrend
52W move: ₹65 → ₹285 = +328%. Weekly TA consensus STRONG BUY (overall score 0.603; MA score 0.933). Oscillators at 0.273 — still room to expand if momentum builds.
Key Setup Signal: The stock is making an all-time high breakout on high relative volume (2.58×). This is a technically significant event — breakouts to new ATH on volume tend to mark the beginning of a new leg up in Stage 2 stocks. The daily TA being "neutral" suggests the daily timeframe is consolidating the recent episodic move — typical behaviour before the next leg.
All technical observations are for research reference only. Not investment signals.
B1 · Momentum + Volume + Price Action
Technical Momentum Indicators
| Indicator | Timeframe | Reading | Zone |
|---|
| TA Consensus (Overall) | Weekly | Strong Buy (0.603) | Bullish |
| Moving Average Score | Weekly | 0.933 / 1.0 | Very Bullish — Near all MAs aligned |
| Oscillator Score | Weekly | 0.273 / 1.0 | Mild Bullish — Oscillators catching up |
| TA Consensus (Daily) | Daily | Neutral (0.0) | Short-term consolidation after spike |
| Relative Volume | Today (28 Apr) | 2.58× 20-day avg | Significantly elevated — institutional/retail interest |
| Volume (Today) | Daily | 20.53 lakh shares | vs 7.94 lakh 10-day avg |
| Beta (1 Year) | Annual | 0.74 | Less volatile than market |
| 52W Performance | 52 Weeks | +328% from low | Exceptional relative strength |
52-Week Price Range Position
52W Low: ₹65
52W High: ₹285.49
CMP ₹278.67 (93% of range)
Source: TradingView Screener MCP (get_ta_summary, lookup_symbols), 28 Apr 2026. Research reference only.
B2 · Key Levels
Research Reference Levels — Not Investment Signals
Support 2
₹180–200
Support 1
₹240–250
▼ CMP ₹278.67
Res 1 / ATH
₹285–295
| Level | Price Zone | Type | Basis |
|---|
| 52-Week Low | ₹65 | Historical Low | 52-week data from TradingView — Research Reference Level |
| Strong Support 2 | ₹180–200 | Support Zone | Prior resistance-turned-support; major consolidation area during 2025 run — Research Reference Level |
| Strong Support 1 | ₹240–250 | Support Zone | Recent consolidation band; CMP -10% zone — Research Reference Level |
| CMP | ₹278.67 | Current Price | 28 Apr 2026, up 11.79% on elevated volume |
| Resistance 1 / ATH | ₹285–295 | Resistance / ATH | 52W high ₹285.49; previous ATH zone (₹222 per TV data already broken); new ATH territory — Research Reference Level |
| Measured Move Target | ₹340–380 | Projection | Approximate measured move from base; Research Reference Level only — not a price target |
All levels above are research reference levels only. Not buy/sell/hold signals. Source: TradingView lookup_symbols data, price history analysis.
B3 · Trend + Relative Strength vs Peers
Peer TA Ranking — TradingView Screener
| Rank | Symbol | TV Signal | Weighted Score | Weekly Score | Daily Score |
|---|
| 🥇 #1 | BHAGYANGR | BUY | 0.40 | 0.603 | 0.0 (Neutral) |
| #2 | PRECWIRE | BUY | 0.34 | 0.512 | 0.0 |
| #3 | HINDALCO | BUY | 0.30 | 0.445 | 0.0 |
| #3 | VEDL | BUY | 0.30 | 0.445 | 0.0 |
| #5 | HINDCOPPER | BUY | 0.27 | 0.400 | 0.0 |
Source: TradingView Screener MCP (rank_by_ta), 28 Apr 2026. Weights: 1W=2, 1D=1. Research reference only.
BHAGYANGR leads all copper/metals peers technically. Weighted score 0.40 vs next best PRECWIRE at 0.34. All copper sector peers are in BUY territory but BHAGYANGR has the strongest weekly momentum. This confirms relative outperformance vs the sector.
1-Year Relative Strength: Market cap up 199% in 1 year (search result: "up 199% in 1 year"). vs Nifty 500 ~10–15% — exceptional outperformance. HINDCOPPER down 27% from its 52W high vs BHAGYANGR near new ATH — stark contrast in relative strength within the sector.
B4 · R:R — Research Reference Only
⚠️ For Research Reference Only — Not Buy/Sell Recommendations
Entry Zone
₹255–270
Pullback to support 1 zone on normalised volume — Research Reference
Stop
₹235
Below recent support band; below 50-day MA area — Research Reference
Target 1
₹310–320
~15–20% above entry; first measured move — R:R ~2:1 — Research Reference
Target 2
₹360–380
Extended measured move from base — R:R ~3.5–4:1 — Research Reference
⚠️ These are NOT buy/sell recommendations. They are research reference levels for tracking purposes only. Consult a SEBI-registered investment advisor for personal financial decisions.
B5 · Entry / Exit / Technical Milestones
Research Tracking Conditions
Bullish Confirmation Conditions
1. Weekly close above ₹285–295 on volume ≥ 15 lakh shares — confirms ATH breakout sustained
2. Daily RSI holding >55 on first pullback after breakout
3. Q4 FY26 PAT >₹15 Cr with EBITDA margin >5% — fundamental confirmation
Thesis Invalidation Conditions
1. Weekly close below ₹235 on elevated volume — breakdown of recent support structure
2. Q4 FY26 PAT decline vs Q3 (margin compression reversal)
3. Demerger scheme rejection/significant delay announcement
4. Copper LME crash >20% in short period impacting margins
Technical Milestones
1. Sustained weekly close above ₹285 → new price discovery phase begins
2. 52W high crossed + held on weekly basis → ATH confirmed
3. Volume returning to 15–20 lakh/day range on up-weeks = institutional accumulation signal
4. Tieramet listing announcement = fundamental + technical re-rating event
All conditions above are research tracking signals only. Not investment advice.
📈 Live Chart
NSE:BHAGYANGR — TradingView
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Weekly timeframe recommended · Dark mode layout · Research reference only
This document is a research and educational output only, generated by the Primaegis Research Investment Analysis Pipeline.
Neither the author nor any contributor to this report is a SEBI registered investment advisor or research analyst.
Nothing in this report constitutes investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security, fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other applicable law.
All financial data is sourced from publicly available disclosures. All technical levels are reference levels for research tracking only. Always conduct your own due diligence and consult a SEBI registered investment advisor before making any financial decision.
Generated: 28 April 2026 | Primaegis Research · Not for distribution.