Synopsis : A Mumbai-based bitumen manufacturer and trader has secured a Rs.477.50 crore tender from Hindustan Petroleum Corporation Limited (HPCL) for the supply of Bulk Bitumen (VG-30 & VG-40 grades) at Mumbai and Mangalore locations, aggregating to 1,30,000 metric tonnes, to be executed over the next twelve months.
India’s road infrastructure push continues to generate steady order flow for bitumen suppliers embedded deep in the public sector supply chain. One Mumbai-based petrochemicals company has just added a meaningful contract to its book, reinforcing its long-standing position as a trusted supplier to one of India’s largest oil PSUs.
With a market capitalization of Rs.753 crore, the shares of Agarwal Industrial Corporation Ltd. were trading at Rs.504 per share; the stock hit the upper circuit of 20 percent from the previous closing of Rs.423. It is trading at a P/E of approximately 17x. Ace investor Ashish Kacholia holds around 4.3 percent stakes in the company.
Order Update
Agarwal Industrial Corporation has secured a major ₹477.5 crore order from Hindustan Petroleum Corporation Limited (HPCL) for the supply of 1.3 lakh metric tonnes of Bulk Bitumen (VG-30 and VG-40 grades) across Mumbai and Mangalore. The contract will be executed over a one-year period from May 25, 2026, to May 24, 2027.
The order reinforces the company’s strong positioning in India’s bitumen supply chain and further strengthens its long-standing relationship with HPCL, one of the country’s leading public sector enterprises. The sizeable contract provides enhanced revenue visibility and reflects the company’s operational reliability in executing large-scale infrastructure-linked supplies.
With the government continuing to prioritize road construction, highways, and infrastructure development, demand for bitumen remains robust. Consistent order inflows from PSU clients such as HPCL not only support business stability but also improve earnings predictability for Agarwal Industrial’s core bitumen segment, positioning the company to benefit from sustained infrastructure spending across the country.
Financial Snapshot & Business Overview
Agarwal Industrial Corporation Limited is a Mumbai-based diversified petrochemicals group engaged in the manufacturing and trading of bitumen and allied products, logistics for bulk bitumen and LPG through its own fleet of specialized tankers, and power generation through wind mills. The company operates manufacturing units across Taloja, Belgaum, Baroda, Hyderabad, Cochin, Assam, and Rajasthan, along with liquid bulk storage terminals at Mangalore, Baroda, Dighi, and Taloja.
On a consolidated basis, the company reported revenue from operations of Rs. 1,652.23 crore in FY26, compared to Rs. 2,398.93 crore in FY25, reflecting a sharp contraction driven by geopolitical pressures and supply-side uncertainties that weighed on industry pricing and competitiveness. For the final quarter (Q4FY26), consolidated revenue from operations stood at Rs. 405.38 crore, down from Rs. 823.44 crore in the corresponding quarter of the previous year (Q4FY25).
Consolidated net profit after tax came in at Rs. 43.57 crore for the full year in FY26 against Rs. 115.69 crore in FY25. Looking at the quarterly performance, Q4FY26 consolidated net profit was reported at Rs. 15.75 crore, compared to Rs. 30.54 crore in Q4FY25 The Ancillary Infra (Bitumen & Allied Products) segment remained the dominant revenue contributor, accounting for Rs.1,280.97 crore of consolidated segment revenue in FY26.
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