---
title: "Bhagawati Gas Ltd (BAGWATIGAS) — Share Price, Financials & Analysis"
symbol: "BAGWATIGAS"
company: "Bhagawati Gas Ltd"
canonical: "https://tapetide.com/stocks/BAGWATIGAS"
bse_code: "500051"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
generated_at: "2026-09-13T19:03:41.862Z"
---

# Bhagawati Gas Ltd (BAGWATIGAS)

Canonical page: https://tapetide.com/stocks/BAGWATIGAS

## Company

- **BSE Code:** 500051
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** bhagawatigases.com

## About

Incorporated in 1974, Bhagawati Gas Ltd is in the business of cleaning & treatment of water bodies.[1]

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.75 times its book value

### Weaknesses

- Promoter holding is low: 34.2%
- Company has a low return on equity of 2.05% over last 3 years.
- Contingent liabilities of Rs.8.67 Cr.
- Earnings include an other income of Rs.2.77 Cr.
- Company has high debtors of 5,796 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 3,248 days to 8,614 days

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 274% | 16% |
| revenue growth | -64% | 24% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.11 | 0.2 | 0.12 | 0.09 | 0.12 | 0.05 | 0.21 | 0.09 | 0.12 | 0 | 0.04 | 0.01 |
| Expenses | 0.33 | 0.31 | 0.15 | 0.62 | 0.31 | 1.26 | 0.86 | 0.48 | 0.42 | 0.33 | 0.44 | 0.34 |
| Operating Profit | -0.22 | -0.11 | -0.03 | -0.53 | -0.19 | -1.21 | -0.65 | -0.39 | -0.3 | -0.33 | -0.4 | -0.33 |
| OPM % | -200 | -55 | -25 | -588.89 | -158.33 | -2420 | -309.52 | -433.33 | -250 | — | -1000 | -3300 |
| Other Income | 0.32 | 0.17 | 0.18 | 0.17 | 0.17 | 3.4 | 0.16 | 0.19 | 0.17 | 0.16 | 2.03 | 0.41 |
| Interest | 0.02 | 0.05 | 0.03 | 0.02 | 0.06 | 0.11 | 0.12 | 0.06 | 0.08 | 0.06 | 0.1 | 0.06 |
| Depreciation | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Profit before tax | 0.04 | -0.03 | 0.09 | -0.42 | -0.12 | 2.04 | -0.64 | -0.28 | -0.23 | -0.25 | 1.51 | 0 |
| Tax % | 0 | 0 | 355.56 | 0 | 0 | 0 | 115.62 | 0 | 0 | 0 | -15.89 | — |
| Net Profit | 0.04 | -0.04 | -0.23 | -0.41 | -0.11 | 2.04 | -1.38 | -0.28 | -0.23 | -0.25 | 1.75 | -0.26 |
| EPS in Rs | 0.02 | -0.02 | -0.14 | -0.24 | -0.07 | 1.22 | -0.82 | -0.17 | -0.14 | -0.15 | 1.05 | -0.16 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 0 | 0 | 0.21 | 1.11 | 0.13 | 0.59 | 0.46 | 0.25 | 0.17 |
| Expenses | 0.63 | 0.59 | 4.53 | 1.92 | 0.31 | 1.4 | 1.05 | 3.02 | 1.65 | 1.53 |
| Operating Profit | -0.63 | -0.59 | -4.53 | -1.71 | 0.8 | -1.27 | -0.46 | -2.56 | -1.4 | -1.36 |
| OPM % | — | — | — | -814.29 | 72.07 | -976.92 | -77.97 | -556.52 | -560 | -800 |
| Other Income | 0.17 | 0.18 | 3.37 | 0.92 | 0 | 0.76 | 0.84 | 3.89 | 2.54 | 2.77 |
| Interest | 0.1 | 0.09 | 0.13 | 0.06 | 0 | 0.1 | 0.12 | 0.31 | 0.31 | 0.3 |
| Depreciation | 0.39 | 0.28 | 0.17 | 0.15 | 0 | 0.17 | 0.16 | 0.14 | 0.08 | 0.08 |
| Profit before tax | -0.95 | -0.78 | -1.46 | -1 | 0.8 | -0.78 | 0.1 | 0.88 | 0.75 | 1.03 |
| Tax % | -50.53 | -5.13 | -87.67 | -2 | 0 | -179.49 | 320 | 84.09 | -32 | — |
| Net Profit | -0.47 | -0.73 | -0.18 | -0.99 | 0.8 | 0.62 | -0.22 | 0.14 | 0.99 | 1.01 |
| EPS in Rs | -0.28 | -0.44 | -0.11 | -0.59 | 0.48 | 0.37 | -0.13 | 0.08 | 0.59 | 0.6 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 16.74 | 16.74 | 16.74 | 16.74 | 16.74 | — | 16.74 | 16.74 | 16.74 | 16.74 |
| Reserves | 0.6 | 0.14 | -0.57 | -0.88 | -1.89 | — | -2.05 | -2.23 | -2.05 | -1.04 |
| Borrowings | 1.06 | 4.68 | 0.77 | 0.28 | 0.27 | — | 0.43 | 0.9 | 2.85 | 1.49 |
| Other Liabilities | 6.86 | 2.65 | 6.68 | 4.08 | 4.93 | — | 4.03 | 3.64 | 3.71 | 1.55 |
| Total Liabilities | 25.26 | 24.21 | 23.62 | 20.22 | 20.05 | — | 19.15 | 19.05 | 21.25 | 18.74 |
| Fixed Assets | 5.83 | 5.52 | 4.95 | 2.8 | 2.65 | — | 2.33 | 2.17 | 2.2 | 2.13 |
| CWIP | 0 | 0 | 0 | 0 | 0 | — | 0 | 0 | 0 | 0 |
| Investments | 0.02 | 0.04 | 0.03 | 0.01 | 0.01 | — | 0.04 | 0.05 | 0.04 | 0.04 |
| Other Assets | 19.41 | 18.65 | 18.64 | 17.41 | 17.39 | — | 16.78 | 16.83 | 19.01 | 16.57 |
| Total Assets | 25.26 | 24.21 | 23.62 | 20.22 | 20.05 | — | 19.15 | 19.05 | 21.25 | 18.74 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.02 | 0.23 | -0.36 | — | — | — | -1.6 | -0.74 | -2.6 | -1.34 |
| Cash from Investing Activity | 0.15 | 0.06 | 0.31 | — | — | — | 0.74 | 0.82 | 0.58 | 3.09 |
| Cash from Financing Activity | 0 | -0.19 | -0.11 | — | — | — | -0.1 | 0.35 | 1.63 | -1.66 |
| Net Cash Flow | 0.16 | 0.1 | -0.17 | — | — | — | -0.95 | 0.43 | -0.39 | 0.09 |
| Free Cash Flow | 0.02 | 0.25 | 0.07 | — | — | — | -1.6 | -0.74 | -2.77 | -1.34 |
| CFO/OP | -4 | -30 | 61 | — | — | — | 236 | 91 | 73 | 113 |

### Ratios

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | — | — | — | — | 139.05 | — | 842.31 | 191.78 | 3046.96 | 5796.2 |
| Inventory Days | — | — | — | — | — | — | — | — | 246.62 | 536.76 |
| Days Payable | — | — | — | — | — | — | — | — | 0 | 0 |
| Cash Conversion Cycle | — | — | — | — | 139.05 | — | 842.31 | 191.78 | 3293.58 | 6332.96 |
| Working Capital Days | — | — | — | — | -1008.1 | — | 6766.54 | 160.85 | 968.04 | 8614 |
| ROCE % | -4.72 | -4.75 | -4.31 | -8.04 | -6.01 | — | — | 1.44 | 7.22 | 6.1 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% |
| DIIs | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| Public | 65.62% | 65.62% | 65.63% | 65.62% | 65.63% | 65.62% | 65.62% | 65.62% | 65.62% | 65.63% | 65.62% |
| No. of Shareholders | 22795 | 22833 | 22848 | 22882 | 22890 | 22893 | 22896 | 22883 | 22880 | 22814 | 22678 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% | 34.23% |
| DIIs | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| Public | 65.62% | 65.63% | 65.62% | 65.62% | 65.63% | 65.63% | 65.62% | 65.62% | 65.62% | 65.63% | 65.63% | 65.62% |
| No. of Shareholders | 22891 | 22888 | 22883 | 22884 | 22880 | 22880 | 22880 | 22877 | 22878 | 22877 | 22814 | 22678 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 7 / 2 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 8.21 | Sell |
| EMA (10) | 8.09 | Sell |
| SMA (20) | 9.12 | Sell |
| EMA (20) | 8.87 | Sell |
| SMA (50) | 10.47 | Sell |
| EMA (50) | 9.33 | Sell |
| SMA (100) | 8.26 | Sell |
| EMA (100) | 8.15 | Sell |
| SMA (200) | 4.71 | Buy |
| EMA (200) | 6.03 | Buy |

### Oscillators — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 19.91 | Buy |
| MACD (12,26,9) | -0.88 | Sell |
| Stochastic (14,3,3) | 1.28 | Buy |
| ADX (14) | 33.36 | Buy |
| Williams %R (14) | -97.74 | Buy |
| ATR (14) | 0.52 | High Volatility |
| ROC (12) | -26.01 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 30.19 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Aug - Jain Paras Bilala & Co. resigns as statutory auditor effective August 14, 2026 after Q1 FY27 review. | [Announcement under Regulation 30 (LODR)-Resignation of Statutory Auditors 8 Aug - Jain Paras Bilala & Co. resigns as statutory auditor effective August 14, 2026 after Q1 FY27 review.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=abacbb15-485d-49d9-aa40-e062adb22a9b.pdf) |
| 8 Aug - Board to meet on August 14, 2026 to approve Q1 FY27 unaudited results. | [Board Meeting Intimation for Board Meeting Intimation To Approve The Unaudited Financial Results For The Quarter Ended On June 30, 2026 8 Aug - Board to meet on August 14, 2026 to approve Q1 FY27 unaudited results.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67767c4b-af52-4556-9ca2-2c893d566ab7.pdf) |
| 7 Sep - Newspaper Publication of the notice of 52nd Annual General Meeting of the Company and E-voting Information | [Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper Publication of the notice of 52nd Annual General Meeting of the Company and E-voting Information](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a85109ac-6740-4ea7-be12-755125bdecf7.pdf) |
| 5 Sep - 52nd AGM on Sept 30, 2026; annual report sent; proposals include new auditor, object clause change, director appointment. | [Reg. 34 (1) Annual Report. 5 Sep - 52nd AGM on Sept 30, 2026; annual report sent; proposals include new auditor, object clause change, director appointment.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4f73197b-4bf4-4237-8c61-203efd91bf59.pdf) |
| 27 Jun - Trading window closed from July 1, 2026 until 48 hours after Q1 FY2026-27 results. | [Closure of Trading Window 27 Jun - Trading window closed from July 1, 2026 until 48 hours after Q1 FY2026-27 results.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3107a5bc-3229-41c6-b375-2e8bd2558414.pdf) |
| 25 Jul - Mr. Narendra Kumar Agarwal resigned as Independent Director effective 25 July 2026. | [Announcement under Regulation 30 (LODR)-Change in Management 25 Jul - Mr. Narendra Kumar Agarwal resigned as Independent Director effective 25 July 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1484f5c7-0f50-4599-8d81-01355521bd9b.pdf) |
| 18 Aug - Newspaper publication pertaining to Unaudited financial result of the company for the quarter ended June 30, 2026. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Newspaper publication pertaining to Unaudited financial result of the company for the quarter ended June 30, 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ea491722-ee2d-4246-a8ab-74703b421299.pdf) |
| 14 Jul - Regulation 74(5) certificate filed for quarter ended June 30, 2026. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 14 Jul - Regulation 74(5) certificate filed for quarter ended June 30, 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dc910980-b28b-4d45-9c6a-0d78a71e34a8.pdf) |
| 14 Aug - Board approved Q1 FY27 results, AGM on Sept 30, 2026; statutory auditor resigned, new auditor recommended. | [Announcement under Regulation 30 (LODR)-Change in Management 14 Aug - Board approved Q1 FY27 results, AGM on Sept 30, 2026; statutory auditor resigned, new auditor recommended.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=10abac22-e484-457d-86b0-c6cf2fd2d3ed.pdf) |
| 14 Aug - Board approved Q1 FY27 results, AGM on Sept 30, 2026, auditor resignation/appointment, and object clause alteration. | [Announcement under Regulation 30 (LODR)-Change in Directorate 14 Aug - Board approved Q1 FY27 results, AGM on Sept 30, 2026, auditor resignation/appointment, and object clause alteration.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f2b95d03-ebc3-4d57-b557-ac6471c72f31.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/828b55b1-9ad3-493c-a519-985ee2d11bb4.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6a596c30-228a-4fe4-b120-4b3bf64e499f.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2018/BHAGAWATI_GASES_LTD-500051-MARCH-2018.PDF) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2017/BHAGAWATI_GASES_LTD-500051-MARCH-2017.PDF) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/500051/5000510315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/500051/5000510314.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/500051/5000510311.pdf) |
| from bse | [Annual Report 2010 from bse](https://www.bseindia.com/bseplus/AnnualReport/500051/5000510310.pdf) |
| from bse | [Annual Report 2009 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2009/BHAGAWATI_GASES_LTD-500051-MARCH-2009.PDF) |
| from bse | [Annual Report 2008 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2008/BHAGAWATI_GASES_LTD-500051-MARCH-2008.PDF) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:03:41.862Z.