Bhadora IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹218 cr
- Stock P/E
- 21.8peers 32.7
- Book value
- ₹44.1
- Price to book
- 2.65
- EV / operating profit
- 14.4
- Market cap to sales
- 1.74
- ROCE · FY26
- 23.6%
- ROE · FY26
- 19.3%
- ROE, 3-year average
- 48.8%
- Operating margin · FY26
- 13.0%peers 12.4%
- Sales growth, 3 years
- 90.8%
- Profit growth, 3 years
- -0.4%
- Debt to equity
- 0.22peers 0.33
- Borrowings
- ₹17.9 cr
- Interest cover
- 6.1×
- Cash from business / op. profit
- -163%
- Debtor days
- 155
- Pledged
- 0.00%
- Promoter holding
- 65.59%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 763
- 52-week high / low
- ₹161 / ₹50
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Bhadora Industries share price chart
Close on 6 Nov 2026 · -4.10% on the day · Vol 19,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -23.6%
- 3 months
- +27.0%
- 6 months
- +66.9%
- 1 year
- +36.8%
- Since IPO
- +13.6%
- Traded a day, 20 days
- ₹0.39 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +14% | -0% |
| 3 years, a year | +91% | - |
| Latest half, H2 FY26 | +22% | -9% |
About Bhadora Industries: business, products and customers
Bhadora Industries makes power cables, mostly the aluminium cables that hang on poles and carry electricity to homes and shops, for power companies and the contractors who build their networks. Its shares trade on NSE Emerge.
Bhadora Industries makes low voltage power cables under the Vidhut Cables brand: aerial bunched cables strung on poles, XLPE and PVC power cables and service cables. It sells to contractors building power networks and to state power distribution companies, often through tenders. Aerial bunched cables made 75.5% of FY25 revenue, and contractors 90.1%.
The business began as a partnership in 1986 and became a company in 2013. It makes cable at one small plant in Tikamgarh, Madhya Pradesh, and is building a much larger plant at Khargone in the same state, which the managing director said in June 2026 was about 80% complete and due to start production by October 2026. The new plant is to add higher voltage cables up to 33 kV, covered conductors and control and instrumentation cables.
Read more about the business
Revenue from operations was ₹124.9 cr in FY26 against ₹110.1 cr in FY25, and profit after tax was ₹10.0 cr against ₹10.1 cr. The company says almost all its orders carry a price variation clause that passes metal price changes on to customers.
From the offer document, the FY26 results and annual report, the June 2026 earnings call, the July 2026 press release and the June 2026 Crisil rating note.
Read the deeper study ↓In its favour
- Sales have grown very fast: 91% a year over three years.
- It earns a high return on the money it uses: ROCE 24% in FY26.
- It has little debt for its size: debt to equity 0.22.
- The promoters own a large part of the company: 65.59%.
To watch
- Start of commercial production at the Khargone plant, targeted by October 2026 (Transcript, June 2026, p.3).
- Collection of ₹52.9 cr of trade receivables at March 2026 (Results, FY26, p.6).
- Delivery of the order of over ₹100 cr from a multinational customer (Transcript, June 2026, p.3).
- The pending High Court revision in the criminal case involving promoter Pradeep Bhadora (Offer document, p.39 to p.40).
- Customers take longer to pay than before: 155 days in FY26, against 60 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Bhadora Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Bhadora Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 46 | 64 | 46.93 | 78.01 |
| Expenses | 40 | 54 | 41.22 | 67.42 |
| Operating profit | 6 | 10 | 5.71 | 10.58 |
| OPM | 13.0% | 16.0% | 12.2% | 13.6% |
| Interest | 1 | 2 | 1.15 | 1.57 |
| Depreciation | 0 | 0 | 0.32 | 0.18 |
| Profit before tax | 5 | 9 | 4.35 | 9.56 |
| Net profit | 3 | 7 | 3.41 | 6.38 |
Bhadora Industries profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 15 | 18 | 81 | 110 | 124.93 |
| Expenses | 14 | 17 | 74 | 94 | 108.64 |
| Operating profit | 1 | 1 | 7 | 16 | 16.29 |
| OPM | 4.3% | 6.0% | 9.0% | 15.0% | 13.0% |
| Other income | 1 | 0 | 2 | 1 | 0.82 |
| Interest | 1 | 1 | 2 | 3 | 2.72 |
| Depreciation | 0 | 0 | 0 | 0 | 0.50 |
| Exceptional and other items | -1 | · | · | · | · |
| Profit before tax | 0 | 0 | 7 | 14 | 13.91 |
| Tax rate | 75.0% | 17.0% | 28.6% | 28.6% | 28.4% |
| Net profit | 0 | 0 | 5 | 10 | 9.96 |
| EPS ₹ | -0.36 | 1.09 | 30.06 | 7.70 | 5.35 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Bhadora Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 4.3% | 6.0% | 9.0% | 15.0% | 13.0% |
| Tax rate | 75.0% | 17.0% | 28.6% | 28.6% | 28.4% |
| ROCE | · | 6.2% | 51.4% | 56.7% | 23.6% |
| ROE | · | 0.0% | 62.5% | 64.5% | 19.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Bhadora Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Bhadora Industries balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 13 | 18.60 |
| Reserves | 3 | 4 | 8 | 8 | 63.43 |
| Net worth | 5 | 6 | 10 | 21 | 82.03 |
| Borrowings | 11 | 10 | 9 | 20 | 17.85 |
| Other liabilities | 1 | 4 | 7 | 8 | 15.53 |
| Total liabilities | 17 | 20 | 26 | 49 | 115.41 |
| Fixed assets | 2 | 2 | 2 | 9 | 5.26 |
| Capital work in progress | 0 | 0 | 0 | 0 | 20 |
| Investments | 1 | 0 | 0 | 0 | 0 |
| Other assets | 14 | 18 | 24 | 40 | 90.15 |
| Receivables | · | · | · | · | 52.93 |
| Inventory | · | · | · | · | 14.20 |
| Cash | · | · | · | · | 0.31 |
| Trade payables | · | · | · | · | 11.62 |
Bhadora Industries cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 1 | 1 | 3 | 4 | -26.60 |
| Cash from investing | -1 | 1 | 0 | -8 | -22.56 |
| Cash from financing | 0 | -2 | -2 | 7 | 46.70 |
| Net cash flow | 0 | 0 | 1 | 3 | -2.46 |
| Capital spending | · | · | · | · | 18.65 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 60 | 91 | 55 | 72 | 155 |
| Inventory days | 294 | 227 | 45 | 43 | 53 |
| Days payable | 15 | 100 | 26 | 18 | 43 |
| Cash conversion cycle | 339 | 218 | 75 | 97 | 164 |
| Working capital days | 86 | 89 | 33 | 35 | 150 |
Bhadora Industries peers and competitors
Listed SME companies in the same industryBy sales, Bhadora Industries is number 70 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sahasra Electronic Solutions | 1,176 | 97.0 | 139 | 12.1 | 13.1% | 0.28 |
| ALUWIND INFRA-TECH | 117 | 11.1 | 139 | 10.5 | 11.8% | 0.59 |
| Monolithisch India | 2,616 | 113.7 | 135 | 23 | 24.0% | 0.05 |
| Technocrats Plasma Systems | 750 | 50.0 | 131 | 15 | 20.0% | 0.38 |
| Bhadora Industries | 218 | 21.8 | 125 | 10 | 13.0% | 0.22 |
| Ameenji Rubber | 296 | 49.3 | 123 | 6 | 16.0% | 1.02 |
| Rex Pipes And Cables Industries | 152 | 32.7 | 121 | 4.7 | 7.0% | 0.72 |
| Paramount Speciality Forgings | 65 | 15.3 | 120 | 4.3 | 6.2% | 0.50 |
| Barflex Polyfilms | 126 | 26.4 | 119 | 4.8 | 5.4% | 0.21 |
| Royal Arc Electrodes | 167 | 16.6 | 116 | 10.1 | 13.3% | 0.00 |
| SPP Polymer | 18 | - | 111 | -4.2 | -2.4% | 0.28 |
| Median of the 10 others | 160 | 32.7 | 122 | 8 | 12.4% | 0.33 |
Bhadora Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Bhadora Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|
| Promoters | 65.59% | 62.75% | 62.75% | 65.59% | 65.59% |
| Foreign investors (FIIs) | 3.10% | 3.14% | 2.05% | 2.01% | 1.48% |
| Indian institutions (DIIs) | 13.01% | 10.45% | 10.48% | 10.59% | 10.26% |
| HNIs (over ₹2 lakh each) | 4.55% | 8.46% | 8.59% | 8.81% | 6.39% |
| Small holders (up to ₹2 lakh) | 11.56% | 7.48% | 7.78% | 4.92% | 8.82% |
| Companies and others | 2.19% | 7.72% | 8.35% | 8.08% | 7.46% |
| Number of shareholders | 836 | 689 | 715 | 675 | 763 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Bhadora Industries study: the business from its own documents
Read from 8 of the company's own documentsBhadora Industries so far
From the company's own record
- April 1986Company formed
- 11 Aug 2025Listed on NSE Emerge at ₹103
- 30 June 2026Promoters at 65.59%
- 6 Oct 2026Highest close since listing, ₹155.10
Bhadora Industries key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹124.9 cr
- Up from ₹110.1 cr in FY25; profit after tax was ₹10.0 cr against ₹10.1 cr.Results, FY26, p.7
- Latest quarter
- ₹45.3 cr
- Net sales in the June 2026 quarter, against ₹13.9 cr a year earlier, as reported by the company.Press release, July 2026, p.2
- Order book
- Over ₹100 cr
- Work in hand in June 2026, with the existing plant booked until about October 2026.Transcript, June 2026, p.3 and p.7
- Largest order
- Over ₹100 cr
- The biggest single order in the company's history, from a multinational customer, announced in June 2026.Transcript, June 2026, p.3
- New plant
- Over ₹75 cr
- Phase 1 cost at Khargone, about 80% built in June 2026, with a term loan of about ₹40 cr sanctioned; the company says it gives about three times the sales potential of the old unit.Transcript, June 2026, p.3 and p.4
Show 5 more facts
- Aerial bunched cables
- 75.5% of revenue
- Share of FY25 revenue from one product, up from 42.2% in FY24.Offer document, p.40
- Top customer
- 36.6% of revenue
- One customer's share of FY25 revenue; the top ten made 86.9%.Offer document, p.162 and p.163
- Two states
- 57.7% of revenue
- Uttar Pradesh (32.7%) and Madhya Pradesh (25.0%) together in FY25 (reported figures; our arithmetic).Offer document, p.162
- Money owed by customers
- ₹52.9 cr
- Trade receivables at March 2026, up from ₹21.8 cr a year earlier; Crisil notes 42% of FY26 revenue was billed in the last quarter.Results, FY26, p.6; Crisil rating note, June 2026, p.1
- Crisil rating
- BBB- (Stable)
- Moved up in June 2026 from B+ (issuer not cooperating), with rated bank facilities raised to ₹30 cr from ₹13.1 cr.Crisil rating note, June 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On its June 2026 call the managing director said the Khargone plant should start commercial production by October 2026, with Phase 1 costing over ₹75 cr, and that the company expects FY27 revenue of ₹200 cr to ₹225 cr with EBITDA margins of 14% to 14.5%. The company says it has bid for tenders worth close to ₹500 cr, holds an order book of over ₹100 cr and plans to start work on a second phase for 66 kV cables in the next financial year, with a third phase up to 220 kV after that.
| What management said | When | What happened |
|---|---|---|
| File an investor presentation setting out the plan | June 2026 call | Not among the documents read |
| New plant to start commercial production by October 2026 | June 2026 call | Not yet due when this was written |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Bhadora Industries earns its money by turning aluminium and some copper into power cables and passing metal price changes on to buyers, keeping a margin for the work.
Its weak spots are that one product, a few customers and two states bring in most of the sales, and the new plant and slow-paying customers tie up a lot of money.
AverageCan it set its own prices?Metal price changes are passed on through price variation clauses, which protects the margin. But tenders are price sensitive, so the company cannot charge much above rivals.
AverageHow strong is it against rivals?It works in a crowded field of listed and unlisted cable makers. Its long list of utility approvals and contractor ties help it qualify for orders.
WatchWho are its customers?Its buyers are power network contractors and state power companies, and a few of them bring in most of the sales. Two states made over half of FY25 revenue.
WatchDoes it need a lot of money?Customers pay slowly and the new plant is a large outlay for a company of its size, so it needs bank loans and share money. Receivables more than doubled in FY26.
StrongCan it keep finding new work?The order book and its largest ever order keep the old plant full, and it has bid for many more tenders. The new plant is meant to add higher value cables.
AverageDo good and bad years swing a lot?Demand rides on power network spending and tender wins, and much of the billing comes late in the year. Passing on metal prices smooths the margin but not the timing of orders.
Who runs Bhadora Industries?
Promoters, directors and officers; tap a name for the background
SBShashank BhadoraPromoter, Chairman and Managing Director · holds 13.07%
Director since April 2024 and Chairman and Managing Director for five years from 4 September 2024. Master of Science in Finance from the Birla Institute of Technology and Science, Pilani, with over seven years in industrial cable making, covering manufacturing, marketing and business development. The offer document states that Shashank Bhadora is the son of Pradeep Bhadora.
Offer document, p.202, p.204 and p.206PBPradeep BhadoraPromoter and Executive Director · holds 31.54%
A founder of the 1986 partnership and a director since the company was formed in May 2013. Holds a provisional certificate for the Bachelor of Engineering examination from Bhopal University, with more than 35 years in the cable industry; looks after marketing, production and finance. The offer document discloses a criminal case dating from 2012 in which Pradeep Bhadora was convicted and the sentence later enhanced by a sessions court; the High Court of Madhya Pradesh suspended the remaining sentence in December 2023 and the revision is pending.
Offer document, p.39 to p.40, p.202 and p.205ABAnil BhadoraPromoter and Executive Director · holds 18.14%
A co-founder of the 1986 partnership and a director since May 2013. Passed Part III of the Bachelor of Laws at Avdhesh Pratap Singh University, Riva (1981), with more than 35 years in the cable industry; oversees business development and customer and supplier relationships. The offer document states that Pradeep Bhadora and Anil Bhadora are brothers.
Offer document, p.203, p.205 and p.206MJManish JoshiIndependent Director
Independent Director for five years from 4 September 2024 and chairman of the audit committee at March 2026. Bachelor and Master of Commerce from Devi Ahilya Vishwavidyalaya, a qualified company secretary (2016) and Bachelor of Laws (2020); earlier Company Secretary at Keti Infrastructure Private Limited.
Offer document, p.204 and p.205; Annual report FY26, p.14RVRahul VermaIndependent Director
Independent Director for five years from 4 September 2024. Associate member of ICSI with more than four years in secretarial and finance work, including as Company Secretary of Godha Cabcon and Insulation Limited and of CRP Risk Management Limited.
Offer document, p.204 and p.205RTRadhika TripathiIndependent Director
Independent Director for five years from 4 September 2024. Bachelor of Commerce from Bundelkhand University, MBA (2023) and associate member of ICSI, earlier Company Secretary at Worth Peripherals Limited.
Offer document, p.203 and p.205KMKailash MoriChief Financial Officer
Appointed Chief Financial Officer from 25 February 2026 after Sagar Gunjal resigned on 4 January 2026. The annual report gives no further background.
Annual report FY26, p.23AKArchana KhareCompany Secretary and Compliance Officer
Company Secretary and Compliance Officer as listed in the FY26 annual report, which gives no further background.
Annual report FY26, p.10 and p.24Bhadora Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹78 cr (+22%), net profit ₹6.4 cr (-9%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 65.59%.
Bhadora Industries announcements
87 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Record Datethat Record date for the purpose of Meeting is 23-Sep-2026PDF ↗
- Updates'Regulation 36- AGM Notice Letters'PDF ↗
- Updates'Record Date for the purpose of the Annual General Meeting'PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Outcome of Board MeetingHeld on September 01, 2026PDF ↗
- Outcome of Board MeetingHeld on August 19, 2026PDF ↗
- Statement of deviation(s) or variation(s) under Reg. 32statement of deviation(s) or variation(s) under Reg. 32PDF ↗
- Monitoring Agency ReportMonitoring Agency Certificate for the quarter ended June 30, 2026PDF ↗
Bhadora Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 29 May 2025 ↗read
- Credit ratings ↗read
Bhadora Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Bhadora Industries' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,86,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹30.06) and FY25 (₹7.70) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Bhadora Industries
What does Bhadora Industries do?
Bhadora Industries makes power cables, mostly the aluminium cables that hang on poles and carry electricity to homes and shops, for power companies and the contractors who build their networks. Its shares trade on NSE Emerge.
What is the share price of Bhadora Industries?
₹117 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Bhadora Industries?
₹218 cr at the close on 6 Nov 2026, on 1,86,00,000 shares.
What is the P/E of Bhadora Industries?
21.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Bhadora Industries' revenue and profit?
Revenue ₹125 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Bhadora Industries?
Shashank Bhadora, Pradeep Bhadora, Anil Bhadora; promoters held 65.59% at 30 June 2026.
What was the IPO price of Bhadora Industries?
₹103 a share; it listed on 11 Aug 2025.
What is Bhadora Industries' website?
www.vidhutcables.com
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Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 1 earnings call transcript, 1 press release, 87 exchange announcements, 5 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.