### **Overview** Bhageria Industries Limited (BIL), established in 1989 and headquartered in Mumbai, is a diversified, innovation-driven manufacturer operating across **dyes & dye intermediates, specialty chemicals, pharmaceuticals, and renewable energy**. With manufacturing facilities in Vapi (Gujarat) and Tarapur-Boisar (Maharashtra), the company serves robust domestic and international markets — exporting 20–30% of its production to over 10 countries, including the USA, Europe, Japan, China, and Africa. Recognized as a **Two Star Export House** by the Government of India, BIL combines deep backward integration, operational excellence, and sustainable practices to drive long-term profitability and strategic growth. --- ### **Core Business Segments & Strategic Focus** #### **1. Dyes & Dye Intermediates** Bhageria is among the **top three Indian producers of H-Acid and Gamma Acid**, critical intermediates in textile dyes. The company has a total manufacturing capacity of **~14,000 tons per annum**, with over 95% capacity utilization. Its product portfolio includes: - **H-Acid** - **Gamma Acid** - **Vinyl Sulphone** - **J-Acid/Tobias** (under expansion) - **Specialty pigment intermediates** The company is **fully backward integrated**, producing key raw materials such as **sulphuric acid (300 TPD)** in-house, reducing dependency on imports and improving cost efficiency. This strategic vertical integration has enabled BIL to maintain **industry-leading EBITDA margins (~25.8% in FY21)** and a **debt-free or low-leverage capital structure**, funding expansions through internal accruals. Recent developments (Oct 2025): - **Expansion of H-ACID capacity** from 400 to **500 MT/month** at Tarapur with an investment of ~₹5 crores. - Plant operates at **95% utilization**, with expansion expected to generate **₹50–75 crores in incremental annual revenue**. --- #### **2. Specialty Chemicals & Plasticizers** Bhageria has strategically diversified into high-margin performance chemicals: - **Plasticizers & Ethoxylates** launched as new product lines (Oct 2025). - **Commercial production of Plasticizers** scheduled to commence by **December 2025**, marking entry into the **polymer and energy sectors**. - Applications: PVC cables, flooring, footwear, and automotive components. The company has allocated **₹10 crore CAPEX** to the plasticizer segment and invested **₹30–35 crore** in upgrading its pharma plant to meet global regulatory standards. This shift reinforces a broader strategy of **product diversification and operational excellence** in high-demand chemical spaces. --- #### **3. Pharmaceuticals & APIs** BIL has built a growing **pharmaceutical platform** focused on **steroids and vitamins**, leveraging in-house R&D and backward integration: **Key Products:** - **Dexamethasone Base** – Rare domestic manufacturer; does not import the base from China. - **Dexamethasone Sodium Phosphate** - **Methylcobalamin (Vitamin B12)** - **Vitamin D** (in development) - **MCP (Methylchloropropene)** – Pharmaceutical intermediate exported to premium markets like Japan at up to **$4,000/kg**. **Strategic Advantages:** - **Backward integration** using **8DM (Key Starting Material)** to manufacture steroid APIs — a capability few Indian players possess. - **Regulatory readiness**: Achieved **WHO-GMP and CEP certifications** within 12 months of operations — faster than industry average. - **Global Compliance**: Plant inspected by Japanese and European clients; **US DMF filing planned for November 2025**, followed by **Japan DMF in December 2025**. - Investment in a **modern pharma plant** with advanced instrumentation and lab infrastructure. **R&D & Pipeline:** - Developing **5–10 new APIs** targeting **neglected and orphan diseases**. - Customized API development for client-specific needs (5-year roadmap). - Future investments targeted in **Vitamin B12 and D** R&D to expand global API footprint. --- #### **4. Renewable Energy & Solar EPC** Bhageria diversified into solar power in 2014–15 to reduce energy costs, ensure operational continuity, and diversify revenue. **Solar Power Generation:** - **39 MWdc ground-mounted solar plant in Ahmednagar**, operating under a **25-year PPA with SECI** at **₹4.41/unit**. - Earlier 30 MW project generated **₹26.7 crore revenue and ₹22.8 crore EBITDA in FY21**. - Also operates **4–5 MW of rooftop solar** across Tamil Nadu, Rajasthan, and Maharashtra with clients like Asahi India Glass and Kajaria Ceramics. - Solar contributes **steady, tax-free annuity-like revenue**. **Solar EPC Business:** - **First international EPC win in Bahrain** (Oct 2023): **11.40 MWp** project for APM Terminals valued at **₹104.49 crores (excl. taxes)**. - Includes **10-year O&M and waterproofing services** — showcasing turnkey capabilities. - Company actively provides **EPC services** for solar projects, positioning itself in the growing green energy market. **Sustainability Commitment:** - Over **30% of internal power needs** met through captive solar. - Focus on reducing carbon footprint via solar adoption. - Zero-discharge, eco-friendly manufacturing with **ISO 14001, OHSAS 45001, and ISO 9001 certifications**. --- ### **Corporate Governance & Leadership** - **Promoters**: Mr. Suresh Bhageria (Chairman & Executive Director) and Mr. Vinod Bahageria — first-generation entrepreneurs with **over 30 years of industry experience**. - Leadership drives strategic direction, R&D focus, and strong client relationships. - Management maintains robust ties with banks, regulators, and global customers. --- ### **Subsidiaries, Collaborations & Market Presence** - **Subsidiaries** (each with ₹1 million equity stake): - Salasar Renewables Pvt Ltd - Hikaru Solar Power Pvt Ltd - New Ahilyanagar Solar Pvt Ltd - Rahuri Cleantech Pvt Ltd - **Key Partnership**: Joint venture with **Swati Spentose** for Dexamethasone production, enhancing API supply chain positioning. - **Major Transactions (Jul 2025)**: - ₹800.21 million in dealings with **Bhageria & Jajodia Pharmaceuticals**. - ₹57.71 million sale to **Akashdeep International Pvt Ltd**. - ₹1.74 million interest income from loans to subsidiary entities. --- ### **Strategic Vision & Future Roadmap** Bhageria Industries is executing a **multi-pronged growth strategy**: 1. **Diversification**: Strengthening presence in **pharma, specialty chemicals, and green energy**. 2. **Backward Integration**: Core pillar to enhance **cost control, scalability, and resilience**. 3. **Global Expansion**: Regulatory filings (US/Japan DMF), high-value exports, and international EPC projects. 4. **Sustainability & ESG**: Increasing solar penetration, zero-discharge operations, and eco-friendly innovation. 5. **R&D-Driven Innovation**: Focus on **custom APIs, niche therapeutics, and process optimization**.