Agarwal Industrial Corporation Limited (AGARIND) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Agarwal Industrial Corporation Limited stock ₹610, price ₹388, upside +57.4%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range ₹281.57 – ₹1,346 · fair‑value band ₹427.19 – ₹793.34 · the ₹387.80 price screens below the ₹610.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Agarwal Industrial Corporation Limited manufactures and trades in petrochemicals in India and internationally. It operates through five segments: Ancillary Infra - Bitumen & Allied Products, Petroleum Vessels Operating and Chartering, Petroleum Products, Logistics, and Windmill.
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The company provides various bituminous products, including viscosity grade bitumen and industrial grade bitumen; paving grade bitumen and crumb rubber modified bitumen; polymer modified bitumen, such as ethylene vinyl acetate, ethylene butyl acrylate, ethylene ter polymer, styrene-butadiene styrene, and styrene isoprene styrene; byproducts waterproof materials comprising bitubond, bituplast, bituminous black, bitukote, bituprimer, cable compound, and bitufelt; bitumen insulation materials; and bitumen emulsions.
It is involved in the transportation of bulk bitumen and liquefied petroleum gas; rubber processing oil; and generation of power through windmills, as well as imports and stores bitumen.
The company was formerly known as Bombay Baroda Roadways (India) Limited and changed its name to Agarwal Industrial Corporation Limited in March 2008. Agarwal Industrial Corporation Limited was incorporated in 1995 and is based in Mumbai, India.
Stock analysis
Agarwal Industrial Corporation Limited (AGARIND) currently trades at ₹387.80, while our model-based Fair Value estimate is ₹610.27, implying the stock looks roughly 36% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹1,051 per share, and 19 of the 26 models we run sit above the ₹387.80 price.
Bear case: the Economic Profit group reads lowest at ₹264.78, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹427.19 (bear) to ₹793.34 (bull), the price of ₹387.80 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Agarwal Industrial Corporation Limited reported revenue of ₹16.5B in FY2026 versus ₹16.0B in FY2022, a compound +0.8%/yr. Reported net income was ₹436M in FY2026, compounding −9.1%/yr from FY2022.
Key figures
Market cap ₹5.8B (≈ $61.8M) Micro · P/E ratio 14.2 · P/S ratio 0.39 · EPS (TTM) ₹27.34 · Dividend yield 0.9% · Net margin 2.7% · Return on equity 6.6% · Return on assets (EBIT) 17.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −41% fair-value upside, at 57%, AGARIND screens cheaper than that median.
Fair Value models
Bear₹427.19Fair Value ₹610.27Bull₹793.34
Price ₹387.80 · Upside +57.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹14.82 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹766.79₹1,056₹1,88876
Growth DCF₹716.77₹1,095₹1,75875
EPV₹200.60₹225.87₹246.0074
All 26 models by family
DCF Models
FCF DCF₹766.79₹1,056₹1,88876
Owner Earnings₹263.84₹526.77₹966.5370
5Y Revenue Exit₹527.94₹849.30₹1,50268
5Y EBITDA Exit₹625.72₹1,049₹1,86270
5Y P/E Exit₹495.44₹939.76₹1,50866
10Y Revenue Exit₹602.23₹1,107₹1,41165
10Y EBITDA Exit₹670.91₹1,272₹2,30963
10Y P/E Exit₹594.74₹1,052₹1,77860
Earnings-Based
Graham-Dodd₹198.05₹1,381₹1,93861
Lynch FV₹500.35₹714.79₹929.2359
PEG = 1.0₹500.35₹714.79₹929.2355
EPV₹200.60₹225.87₹246.0074
Dividend Discount
Gordon GGM₹21.03₹33.48₹41.8967
DDM Multi-Stage₹21.03₹32.54₹36.1665
Multiples
P/E Multiple₹371.35₹495.14₹618.9263
P/S Multiple₹371.35₹495.14₹618.9258
P/B Multiple₹753.14₹1,004₹1,25555
EV/EBIT₹278.57₹431.27₹583.9765
EV/EBITDA₹408.41₹604.39₹800.3866
EV/Revenue₹217.49₹387.64₹557.7952
Asset-Based
NCAV (Graham)₹221.72₹297.10₹443.4354
Growth DCF
Growth DCF₹716.77₹1,095₹1,75875
Rev-Margin DCF₹527.94₹976.24₹1,73967
Economic Profit
Residual Income₹313.47₹303.69₹315.2974
ROIC Compounder₹200.60₹225.87₹246.0070
Growth Earnings
Growth-Adj P/E₹588.34₹840.49₹1,09365
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−31.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
Start year 2021 (pandemic). Over 10 years: +19.4% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.9%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.9% vs 10.6%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 4%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −1.4% a year for the price.
Compare Agarwal Industrial Corporation Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 756 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+57.4% · Top 25%
Profitability
Return on equity (12 months)6.6% · Above median
Return on assets3.6% · Above median
Net margin (12 months)2.7% · Below median
Operating margin (12 months)3.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)−27.0% · Bottom 25%
Dividend yield (12 months)0.9% · Below median
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is Agarwal Industrial Corporation Limited (AGARIND) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of ₹610.27 versus a price of ₹387.80, about +57% upside (undervalued).
What is the fair value of AGARIND?
Our model-based fair value for Agarwal Industrial Corporation Limited is ₹610.27 (as of Nov 10, 2026), built from audited fundamentals. The current price: ₹387.80.
What is the quality score of AGARIND?
Agarwal Industrial Corporation Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Agarwal Industrial Corporation Limited (AGARIND)?
Our model-based price target is the fair value of ₹610.27 (as of Nov 10, 2026) from 26 valuation models. Cautious scenario ₹427.19, optimistic scenario ₹793.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Agarwal Industrial Corporation Limited stock forecast for 2026?
Our models put fair value at ₹610.27, about +57% upside versus a price of ₹387.80 (undervalued). Cautious scenario ₹427.19, optimistic scenario ₹793.34. The calculation is refreshed regularly with new filings.
What is the revenue of Agarwal Industrial Corporation Limited (AGARIND)?
Agarwal Industrial Corporation Limited reported trailing-twelve-month revenue of about ₹14.9B (latest available figure, as of Nov 10, 2026).
Does Agarwal Industrial Corporation Limited pay a dividend?
Agarwal Industrial Corporation Limited currently shows a dividend yield of 0.85% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Agarwal Industrial Corporation Limited (AGARIND) and when is the ex-dividend date?
Agarwal Industrial Corporation Limited pays a dividend of ₹3.30 per share a year, a dividend yield of 0.9%. The last ex-dividend date was Sep 17, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 12.1% of earnings. Free cash flow covers the dividend 18.28 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Agarwal Industrial Corporation Limited (AGARIND)?
For today's price to be fair in a discounted-cash-flow model, Agarwal Industrial Corporation Limited would have to grow free cash flow by +2.7 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.8 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of AGARIND use?
Our models discount Agarwal Industrial Corporation Limited at 13.9 %: a base by market capitalisation (micro), damped by beta 0.20, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Agarwal Industrial Corporation Limited that is +2.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Agarwal Industrial Corporation Limited (AGARIND) delivered so far?
Over the past 5 years revenue at Agarwal Industrial Corporation Limited grew +12.8 % a year. The price currently implies free-cash-flow growth of +2.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Agarwal Industrial Corporation Limited (AGARIND) growing?
The median revenue growth in the sector is +8.7 % a year. That is the yardstick for the growth priced into Agarwal Industrial Corporation Limited (+2.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Agarwal Industrial Corporation Limited (AGARIND)?
The free-cash-flow yield on the price is 15.56 %: that much free cash flow Agarwal Industrial Corporation Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Agarwal Industrial Corporation Limited (AGARIND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Agarwal Industrial Corporation Limited it is ₹610.27 per share (as of Nov 10, 2026), against a price of ₹387.80. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Agarwal Industrial Corporation Limited stock overvalued or undervalued in 2026?
As of Nov 10, 2026, AGARIND trades below its calculated fair value: price ₹387.80, fair value ₹610.27, a gap of about +57% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AGARIND?
No. The price is what the market pays today (₹387.80); the fair value is what the company's own numbers justify (₹610.27). For Agarwal Industrial Corporation Limited the two are ₹222.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Agarwal Industrial Corporation Limited worth?
The market values Agarwal Industrial Corporation Limited at about ₹5.8B (market capitalisation, as of Nov 10, 2026). Per share that is ₹387.80; our models calculate a fair value of ₹610.27 per share.
What do the bullish and bearish scenarios say about AGARIND?
Our models span a range for Agarwal Industrial Corporation Limited: cautious scenario ₹427.19, base ₹610.27, optimistic ₹793.34 per share (as of Nov 10, 2026, price ₹387.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AGARIND?
Agarwal Industrial Corporation Limited trades at a price-to-earnings ratio of 14.2 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹610.27 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 12.5. Other multiples: P/B 0.8, P/S 0.4, EV/EBITDA 5.9.
How solid is the balance sheet of Agarwal Industrial Corporation Limited (AGARIND)?
Balance-sheet figures for Agarwal Industrial Corporation Limited (as of Nov 10, 2026): return on equity 6.6%, debt of 0.18 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is AGARIND from its 52-week high?
Agarwal Industrial Corporation Limited trades at ₹387.80, about 54% below its 52-week high of ₹842.56 and 23% above the low of ₹314.65 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹610.27 is for.
Which stocks are comparable to Agarwal Industrial Corporation Limited?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Agarwal Industrial Corporation Limited stock attractive at the current price?
The data as of Nov 10, 2026: price ₹387.80, calculated fair value ₹610.27 (+57%), Quality Score 45/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AGARIND calculated?
We run Agarwal Industrial Corporation Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹610.27 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Agarwal Industrial Corporation Limited currently trades 36% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Agarwal Industrial Corporation Limited (AGARIND)?
The closing price on Nov 9, 2026 was ₹387.80. Our model-based fair value is ₹610.27, about +57% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Agarwal Industrial Corporation Limited right now?
The large discount to fair value meets weak quality (45/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹427.19). The market is more pessimistic than our downside scenario. A fairly wide model range (₹427.19 to ₹793.34) leaves room in how you read the outcome.
Where does the earnings growth of Agarwal Industrial Corporation Limited (AGARIND) come from?
Earnings per share at Agarwal Industrial Corporation Limited grew +22.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +15.9 %, EBIT margin +12.6 %, tax rate +2.7 %, residual (interest, one-offs) −8.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Agarwal Industrial Corporation Limited
How large is the market capitalisation of Agarwal Industrial Corporation Limited (AGARIND)?
The market capitalisation of Agarwal Industrial Corporation Limited is ₹5.8B (≈ $61.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Agarwal Industrial Corporation Limited (AGARIND)?
The price-to-sales ratio of Agarwal Industrial Corporation Limited is 0.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Agarwal Industrial Corporation Limited (AGARIND)?
Earnings per share at Agarwal Industrial Corporation Limited are ₹27.34 (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Agarwal Industrial Corporation Limited (AGARIND)?
The dividend yield of Agarwal Industrial Corporation Limited is 0.9% (payout 12.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Agarwal Industrial Corporation Limited (AGARIND)?
The net margin of Agarwal Industrial Corporation Limited is 2.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Agarwal Industrial Corporation Limited (AGARIND)?
The return on equity (ROE) of Agarwal Industrial Corporation Limited is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Agarwal Industrial Corporation Limited (AGARIND)?
On an EBIT basis the return on assets of Agarwal Industrial Corporation Limited is 17.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Agarwal Industrial Corporation Limited (AGARIND)?
The operating margin of Agarwal Industrial Corporation Limited is 3.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Agarwal Industrial Corporation Limited (AGARIND)?
Revenue at Agarwal Industrial Corporation Limited is growing −27.0% versus a year earlier (3y avg −6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Agarwal Industrial Corporation Limited (AGARIND)?
Earnings per share at Agarwal Industrial Corporation Limited are growing −20.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Agarwal Industrial Corporation Limited (AGARIND) carry?
The net debt of Agarwal Industrial Corporation Limited is ₹2.7B (fiscal year 2026, ≈ 3.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 10, 2026