Bharat Agri Fert and Realty Limited

Consumer Cyclical — Resorts & Casinos · BSE

₹20.98−₹0.68 (−3.14%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Bharat Agri Fert and Realty Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bharat Agri Fert and Realty Limited operates theme-based hospitality resort in India. It operates through three segments: Fertilizer; Realty; and Hospitality. The company operates theme-based resorts under the ANCHAVIYO resort brand name. It also sells single super phosphate.

IndustryResorts & Casinos

SectorConsumer Cyclical

Employees79

Annual revenue₹21 Cr

How does it make money?

Turns over ₹21 Cr a year. Of every ₹100 of sales, about ₹-24 reaches shareholders as profit, with ₹39 left at the operating level before interest, tax and depreciation. Each of its 79 employees supports ₹26.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹26.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 1.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -4% while net margin moved -36% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-4%

Margin effect-36%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 1.3% a year
✗ Latest-year revenue growth of -18.8% is below the longer-term trend — momentum is fading
✗ Profit fell 649.6% in the latest year

Quality vs. Valuation

Company Quality

35/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

31/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

23.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -11.1% to 38.9% over 3 years.
Return on equity is rising
ROE has improved from -15.6% to -11.4%.
Return on capital is rising
ROCE has improved from -8.9% to 1.6%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

7 items require attention · 6 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 214% over 3 years, from ₹27 Cr to ₹85 Cr.
🔴High leverageFinancial
Debt/Equity of 1.91x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 0.2x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹5 Cr in the latest reported year.
🔴Inventory building faster than salesFinancial
Inventory up 236% against revenue up -4% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.8x to 0.2x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -11.1% to 38.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 10.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
6 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 37%✓ 38.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 10.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 0.2x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 1.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

0 good · 3 neutral · 8 weak

Market Cap

₹111 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

2.53x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-1.26

Loss-making

Negative earnings per share — the business is losing money

ROE

-11.4%

Weak

Weak capital efficiency

ROCE

1.6%

Weak

Low return on total capital employed

Debt/Equity

1.91x

High

High leverage

Revenue Growth (YoY)

-18.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-649.6%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹11 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-11.5%

Weak

Thin margins leave little room for error

Net Margin

-31.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.07

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

21.5 / 22.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹20 Cr	₹22 Cr	₹21 Cr	-1.3%
EBITDA	-₹2 Cr	-₹4 Cr	₹9 Cr	₹8 Cr	—
EBITDA Margin	-11.1%	-20.4%	41.9%	38.9%	—
PAT (Net Profit)	-₹8 Cr	-₹3 Cr	₹1 Cr	-₹5 Cr	—
EPS	₹-1.56	₹-0.61	₹0.17	₹-0.95	—
ROE	-15.6%	-6.5%	1.8%	-11.4%	—
ROCE	-8.9%	-0.7%	4.8%	1.6%	—
Total Debt	₹27 Cr	₹45 Cr	₹67 Cr	₹85 Cr	+46.4%
Free Cash Flow	-₹1 Cr	-₹20 Cr	-₹22 Cr	-₹11 Cr	—

🟡 Revenue has been broadly flat over 3 years (-1.3% a year).

🟢 EBITDA has turned positive, from -₹2 Cr to ₹8 Cr.

🟢 EBITDA Margin has risen from -11.1% to 38.9% over 3 years (+50.0 pts).

🟢 ROE has risen from -15.6% to -11.4% over 3 years (+4.3 pts).

🟢 ROCE has risen from -8.9% to 1.6% over 3 years (+10.6 pts).

🔴 Total Debt has grown at 46.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹242 Cr

Total Liabilities

₹198 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹26 Cr

Capex

-₹36 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.0%

Corporate Actions

Ex-Dividend Date

19 Sept 2024

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Bharat Agri Fert & Realty passes all 5 resolutions at 41st AGM

scanx.trade, 01 Oct

Bharat Agri Fert & Realty Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 30 Aug

Bharat Agri Fert & Realty reports standalone net loss of Rs 1.98 crore in the June 2026 quarter

Business Standard, 12 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Bharat Agri Fert & Realty closes trading window from Oct 1 for Q2FY27

scanx.trade, 24 Sept

Buy Bharat Agri Fert and Realty; target of Rs 240: Profitmart

Moneycontrol.com, 10 Apr

Aries Agro Ltd. Share Price Gain: Technicals, Valuation

Univest, 12 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Revenue growth is negative (-18.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingBusiness Quality

WeakFinancial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 6 high-severity red flags sit above this conclusion and should be read first.

4 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑