Bhageria Industries Limited has informed stock exchanges that the Securities Appellate Tribunal (SAT) has adjourned the final hearing of its appeal against an adjudication order passed by the Securities and Exchange Board of India (SEBI). The matter, which involves the company’s promoters and directors, is now scheduled for final disposal on October 21, 2026. This development provides temporary relief as the SEBI order dated March 31, 2023, remains stayed until the tribunal delivers its final verdict.

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time. The company filed the update with the National Stock Exchange of India Limited and BSE Limited on July 30, 2026. The filing confirms that the stay on the regulatory order continues during the pendency of the appeal, preserving the status quo for the promoters and key management personnel involved.

Procedural Timeline

The legal proceedings have seen multiple adjournments due to the complexity of the case. The matter was previously listed between July 28, 2026, and July 30, 2026. During this listing, the SAT determined that further time was required for final disposal. The next hearing date was fixed in consultation with all concerned parties, including multiple law firms and counsels representing the group matter, as well as the Registry.

Regulatory Compliance Details

The company stated that while tentative next hearing dates were communicated orally during the July session, it awaited the formal upload of the order for confirmation. The order copy was uploaded on July 30, 2026, confirming the October 21, 2026, date. Bhageria Industries Limited also enclosed requisite details as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, in Annexure I of the filing.

Deepa Toshniwal, Company Secretary and Compliance Officer of Bhageria Industries Limited, signed the disclosure. The filing noted that there are no changes in the status of litigation against key management personnel other than the adjournment, and no settlement has been reached. The impact of the settlement on the financial position is currently not applicable as the proceedings remain pending.

Bhageria Industries reported a standalone net profit of ₹359.44 crore for the quarter ended June 30, 2026, marking a 155% increase from ₹119.90 crore in the corresponding period of the previous year. Revenue from operations surged 80% to ₹2,840.19 crore, driven by robust performance in the Chemicals segment. EBITDA for the quarter rose to 400M rupees from 183M rupees in the year-ago period, with the EBITDA margin expanding to 14.10% from 11.55%. The company's Board approved the unaudited standalone and consolidated financial results for Q1FY27 at a meeting held on July 22, 2026.

Financial Performance

The total income for the quarter stood at ₹3,007.76 crore, up from ₹1,647.51 crore in Q1FY26. Total expenses increased to ₹2,523.81 crore from ₹1,482.21 crore. The profit before tax rose to ₹483.96 crore from ₹165.30 crore in the prior year quarter. Basic earnings per share (EPS) for the quarter were recorded at ₹8.24, compared to ₹2.75 in the same period last year. The key standalone financial metrics are summarised below:

Segment Results

The Chemicals segment remained the primary revenue driver, contributing ₹2,741.75 crore to the segment revenue. The Solar Power segment reported revenue of ₹82.97 crore, while the Pharma segment recorded ₹7.03 crore. The company identified Chemicals, Solar Power, Pharma, and Others as its reportable segments under Ind AS 108.

Consolidated Results

On a consolidated basis, the company reported a net profit of ₹339.11 crore for Q1FY27, compared to ₹108.83 crore in the year-ago period. Consolidated revenue from operations stood at ₹2,864.18 crore. Total comprehensive income for the period attributable to the owners of the company was ₹342.42 crore. The consolidated results include the financial performance of six subsidiaries, including Bhageria & Jajodia Pharmaceuticals Private Limited and Hikaru Solar Power Private Limited.

Auditor Review

The statutory auditors, Sarda & Pareek LLP, conducted a limited review of the standalone and consolidated financial results. In their report, the auditors stated that the results give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards. The auditors also noted that figures for the quarter ended March 31, 2026, are balancing figures between audited annual figures and published year-to-date figures up to the third quarter.