Bhagyanagar India Q2 Net Profit Jumps 205% YoY to ₹30.5 Cr Amid Copper Business Demerger

Key numbers

P/E Ratio	4.35xSector PE 16.97x
Market Cap	₹273.53 CrMetals & Mining
Promoter Holding	65.93%+1.02% QoQ
Day RSI	30.62Oversold Zone

Key highlights

• Net profit reached ₹30.5 crore in Q2-27, representing a 205% increase compared to ₹10.0 crore in Q2-26
• Revenue from operations grew 79% YoY to ₹1,035 crore from ₹578 crore in the corresponding quarter last year
• Operating margins expanded to 4.0% from 2.3% YoY, reflecting improved efficiency in the copper business
• NCLT Hyderabad sanctioned the demerger of the copper undertaking into Tieramet Limited on September 7, 2026
• Company approved the Tieramet Employee Stock Option Scheme 2026, covering up to 3.34 lakh options

Copper Business Scales as Revenue Crosses ₹1,000 Crore

Bhagyanagar India’s copper business, now operating under the demerged entity Tieramet Limited, witnessed a robust scale-up in the September quarter. Revenue from operations surged to ₹1,035 crore, a 47% sequential increase from ₹704 crore in Q1-27. This growth trajectory aligns with the management's long-term target of reaching ₹5,000 crore in revenue by FY29–FY30.

The company’s operating margin also saw a healthy uptick to 4.0%, up from 3.8% in the previous quarter and 2.3% in the same period last year. Despite the high beta of 1.74, the stock currently trades at a significant discount to its industry P/E of 28.98x, maintaining a trailing twelve-month P/E of 4.35x.

Strategic Demerger and Listing Milestones

• NCLT Hyderabad sanctioned the composite scheme involving Bhagyanagar Copper Private Ltd and Tieramet Ltd on September 7, 2026.
• The demerger of the copper undertaking became effective on October 1, 2026, with an appointed date of April 1, 2025.
• Shareholders of Bhagyanagar India were allotted equity shares in Tieramet Limited in a 1:1 ratio on October 9, 2026.
• Tieramet Limited has formally applied for listing on both the BSE and NSE, with approvals currently awaited.
• Completed a preferential issue of 15,01,434 shares at ₹348 per share in September 2026, raising ₹52.25 crore.

Restructuring of Copper Undertaking

The company Tieramet Ltd. has incorporated the financial position and financial performance of the copper undertaking in its Financial Statements. The financial results have accordingly been drawn up after giving effect to the Scheme.

New ESOP Scheme for Tieramet Employees

• The Board approved the Tieramet Employee Stock Option Scheme 2026 subject to shareholder special resolution.
• Scheme covers a maximum of 3,34,000 options exercisable into equal equity shares of ₹2 face value.
• Eligible participants include permanent employees at senior manager level and above and directors, excluding promoters.
• Vesting period will commence after one year from the date of grant and continue for up to four years.
• Implementation will be managed through a Trust via fresh issue or allotment of equity shares.

What to watch next

• Listing approval and commencement of trading for Tieramet Limited on BSE and NSE
• Special resolution vote for the Tieramet Employee Stock Option Scheme 2026
• Progress toward the long-term revenue target of ₹5,000 crore by FY30

“The Hon’ble NCLT, Hyderabad Bench sanctioned the Composite Scheme of Arrangement amongst Bhagyanagar Copper Private Limited, Bhagyanagar India Limited and Tieramet Limited by its order dated 7th September 2026.”

Bhagyanagar India · financial snapshot

Share price	₹81.66
Market capitalisation	₹273.53 Cr
Revenue (annual)	₹2,377.83 Cr
Net profit (annual)	₹50.17 Cr
Revenue (latest quarter)	₹705.08 Cr-4.01% vs previous quarter
Net profit (latest quarter)	₹20.25 Cr+9.52% vs previous quarter
P/E (TTM)	4.35×Sector 16.97×
Promoter holding	65.93%+1.02% QoQ
FII holding	2.73%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.