Fertilizers · Founded 1984 · www.indraindustries.in · BSE 539175 · · ISIN INE924N01024
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Business
Bluegod Entertainment Ltd., despite its name, is analyzed here as a company primarily engaged in the manufacturing, importing, and marketing of various types of fertilizers in India. Its core business model involves sourcing raw materials (such as natural gas, rock phosphate, potash) or intermediate products, processing them into finished fertilizers (e.g., Urea, DAP, NPK complexes, SSP), and distributing them to farmers across India through a network of dealers and retailers. The company makes money through the sale of these fertilizers, often operating within a framework of government subsidies for certain products.
Revenue Mix
Specific segment details for Bluegod Entertainment Ltd. are not available. However, a typical Indian fertilizer company's revenue mix would generally comprise:
Nitrogenous Fertilizers: Primarily Urea.
Phosphatic Fertilizers: Such as Di-Ammonium Phosphate (DAP) and Single Super Phosphate (SSP).
Potassic Fertilizers: Often imported Muriate of Potash (MOP) or NPK complexes.
Complex Fertilizers: Blends containing multiple primary nutrients (Nitrogen, Phosphorus, Potassium).
Without specific data, the exact contribution of each segment remains unknown.
Industry
The Indian fertilizer industry is highly strategic, heavily regulated, and largely influenced by government policies and subsidies aimed at ensuring food security and affordable input costs for farmers. It is characterized by a mix of public sector undertakings, cooperatives, and private players. Demand is largely driven by agricultural output, monsoon patterns, and crop prices. Without specific operational details, Bluegod Entertainment Ltd.'s exact positioning (e.g., market share leader in a specific fertilizer type, regional dominance, niche player) relative to established peers like Coromandel International, Chambal Fertilizers, or Indian Farmers Fertiliser Cooperative (IFFCO) cannot be determined. It likely operates within the subsidy regime for price-controlled fertilizers.
MOAT
Given the lack of specific information, it is difficult to identify strong, durable competitive advantages for Bluegod Entertainment Ltd. Potential moats in the Indian fertilizer industry can include:
Scale & Backward Integration: Large players with integrated operations (e.g., captive gas supply, phosphoric acid plants) can achieve cost efficiencies.
Distribution Network: Extensive and efficient last-mile distribution to farmers across diverse geographies.
Government Relations & Subsidy Management: Expertise in navigating the complex government subsidy framework and ensuring timely disbursal.
Brand Loyalty (limited): While products are largely commoditized, strong brand presence or farmer trust in advisory services can play a role.
Location Advantage: Proximity to raw materials or major agricultural markets.
Without these specific attributes, Bluegod Entertainment Ltd. is presumed to operate in a highly competitive and often commoditized market.
Growth Drivers
Key factors that could drive growth for a fertilizer company like Bluegod Entertainment Ltd. over the next 3-5 years include:
Agricultural Growth: Continued government focus on increasing agricultural productivity and food grain production.
Food Security Mandate: India's large population ensures stable demand for agricultural produce, consequently driving fertilizer consumption.
Increased Irrigated Area: Expansion of irrigation facilities can lead to higher fertilizer usage intensity.
Balanced Fertilization Promotion: Government and industry efforts to promote balanced nutrient application.
New Product Development: Introduction of nutrient-efficient fertilizers, specialty fertilizers, or customized solutions.
Government Support: Favorable policy initiatives, subsidies, and investment in rural infrastructure.
Risks
Bluegod Entertainment Ltd., as a fertilizer company, would face several inherent risks:
Raw Material Price Volatility: Fluctuations in global prices of natural gas, rock phosphate, potash, and ammonia directly impact production costs.
Government Policy & Subsidy Delays: Changes in fertilizer subsidy policy, quantum, or delayed disbursement can significantly impact profitability and working capital.
Monsoon Dependence: Agricultural output and hence fertilizer demand are heavily reliant on timely and adequate monsoons.
Exchange Rate Fluctuations: For companies relying on imported raw materials or finished fertilizers.
Environmental Regulations: Stringent environmental norms for manufacturing units could lead to increased compliance costs.
Competition: Intense competition from domestic and international players can put pressure on margins.
Logistics & Infrastructure: Challenges in transportation and storage across India's vast geography.
Management & Ownership
Specific information about the promoters, management team, and ownership structure of Bluegod Entertainment Ltd. is not available. In the Indian context, promoter-led companies are common. For a fertilizer company, key aspects to evaluate would be the management's experience in the chemical/fertilizer industry, their track record in navigating government policies, efficiency in operations (e.g., energy consumption, plant utilization), and financial prudence in managing working capital and debt, especially given the subsidy regime.
Outlook
The outlook for a fertilizer company in India presents a mixed but generally stable picture.
Bull Case: Persistent demand for food in a growing population, coupled with government impetus on agricultural growth and food security, ensures a foundational demand for fertilizers. Companies with efficient operations, strong distribution networks, and effective management of subsidy receivables can maintain stable revenues and profitability. Innovations in product mix and a focus on balanced nutrition could open new growth avenues.
Bear Case: The sector remains highly susceptible to government policy changes regarding subsidies, which can impact profitability and cash flows significantly. Volatility in global raw material prices, unfavorable monsoon seasons, and intense competition can compress margins. Any delays in subsidy disbursements can strain working capital and balance sheets, especially for less financially robust players. Environmental regulations and the need for significant capital expenditure for upgrades are also ongoing challenges.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 12 | 0 | 9 |
| Other Income | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | -0 | 0 | 0 | 0 | 2 | 0 | 0 | 12 | 0 | 9 |
| Total Expenditure | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 8 |
| Operating Profit | -1 | -0 | -0 | 0 | 2 | -1 | -1 | 10 | -1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 |
| Profit Before Tax | -1 | -0 | -0 | 0 | 2 | -1 | -1 | 6 | -2 | -1 |
| Provision for Tax | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 | 0 |
| Profit After Tax | -0 | -0 | -0 | 0 | 2 | -1 | -1 | 5 | -2 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | 0 | 2 | -1 | -1 | 5 | -2 | -1 |
| Adjusted Earnings Per Share | -0 | -0 | -0 | 0 | 0.3 | -0 | -0 | 0.1 | -0 | -0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 34 | 34 | 33 | 32 | 9 | 11 | 3 | 5 | 2 | 0 | 2 | 21 |
| Other Income | 0 | 2 | 0 | 1 | 4 | 8 | 0 | 0 | 1 | 1 | 0 | 0 |
| Total Income | 34 | 36 | 34 | 33 | 13 | 19 | 3 | 5 | 3 | 2 | 2 | 21 |
| Total Expenditure | 33 | 31 | 30 | 30 | 18 | 14 | 3 | 5 | 2 | 1 | 1 | 12 |
| Operating Profit | 1 | 5 | 3 | 2 | -5 | 5 | -0 | 1 | 1 | 0 | 2 | 9 |
| Interest | 4 | 4 | 3 | 3 | 3 | 2 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 6 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Profit Before Tax | -3 | 0 | -1 | -2 | -9 | 2 | -1 | -0 | -0 | -1 | 2 | 2 |
| Provision for Tax | -1 | 0 | -0 | -0 | -2 | 1 | 2 | -0 | 1 | -1 | 0 | 0 |
| Profit After Tax | -2 | 0 | -1 | -1 | -7 | 1 | -3 | -0 | -1 | 0 | 2 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -2 | 0 | -1 | -1 | -7 | 1 | -3 | -0 | -1 | 0 | 2 | 1 |
| Adjusted Earnings Per Share | -0.3 | 0 | -0.1 | -0.2 | -1 | 0.2 | -0.5 | -0 | -0.1 | 0 | 0.3 | 0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -26% | -29% | -25% |
| Operating Profit CAGR | 0% | 26% | -17% | 7% |
| PAT CAGR | 0% | 0% | 15% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -61% | 5% | 13% | -2% |
| ROE Average | 0% | 0% | 0% | -318% |
| ROCE Average | 0% | -9% | -7% | -0% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 5 | 6 | 5 | 4 | -3 | -2 | -5 | -5 | -6 | -6 | -5 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 11 | 9 | 12 | 14 | 8 | 8 | 7 | 7 | 7 | 3 | 5 |
| Other Non-Current Liabilities | 4 | 5 | 4 | 2 | 0 | -2 | 0 | 0 | 1 | 0 | 0 |
| Total Current Liabilities | 20 | 19 | 21 | 22 | 29 | 20 | 20 | 19 | 18 | 7 | 6 |
| Total Liabilities | 42 | 39 | 42 | 42 | 34 | 24 | 22 | 21 | 19 | 3 | 6 |
| Fixed Assets | 14 | 13 | 12 | 11 | 10 | 7 | 6 | 5 | 5 | 0 | 0 |
| Other Non-Current Assets | 5 | 6 | 9 | 11 | 13 | 10 | 10 | 10 | 10 | 0 | 0 |
| Total Current Assets | 23 | 20 | 21 | 21 | 12 | 8 | 6 | 6 | 5 | 3 | 6 |
| Total Assets | 42 | 39 | 42 | 42 | 34 | 24 | 22 | 21 | 19 | 3 | 6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 5 | 6 | 1 | 1 | 6 | 5 | 1 | -0 | 1 | -9 | -2 |
| Cash Flow from Investing Activities | -1 | -1 | -3 | -1 | 3 | 7 | -0 | 0 | 0 | 13 | 0 |
| Cash Flow from Financing Activities | -6 | -5 | 2 | -0 | -9 | -11 | -1 | 0 | -1 | -4 | 2 |
| Net Cash Inflow / Outflow | -2 | 0 | -0 | 0 | 0 | -0 | -1 | -0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.34 | 0 | -0.09 | -0.21 | -1.03 | 0.22 | -0.49 | -0.04 | -0.15 | 0.03 | 0.27 |
| CEPS(Rs) | -0.2 | 0.15 | 0.06 | -0.07 | -0.89 | 0.34 | -0.39 | 0.07 | -0.05 | 0.05 | 0.28 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.82 | 0.85 | 0.76 | 0.54 | -0.48 | -0.27 | -0.76 | -0.8 | -0.95 | -0.97 | -0.7 |
| Core EBITDA Margin(%) | 3.66 | 8.92 | 9.67 | 5.13 | -92.9 | -27.18 | -5.06 | 5.41 | 2.45 | -196.99 | 76.48 |
| EBIT Margin(%) | 2.09 | 12.09 | 7.43 | 4.55 | -62.47 | 40.65 | -26.41 | -4.06 | 15.92 | -109.65 | 79.31 |
| Pre Tax Margin(%) | -9.92 | 0.31 | -1.85 | -5.54 | -97.7 | 20.76 | -40.94 | -8.68 | -15.85 | -134.04 | 79.29 |
| PAT Margin (%) | -6.8 | 0.02 | -1.75 | -4.42 | -73.9 | 13.21 | -102.34 | -5.49 | -40.66 | 39.04 | 79.29 |
| Cash Profit Margin (%) | -3.94 | 2.84 | 1.15 | -1.38 | -63.57 | 20.51 | -80.1 | 9.17 | -12.77 | 80.08 | 79.29 |
| ROA(%) | -5.53 | 0.01 | -1.46 | -3.38 | -17.99 | 4.96 | -14.33 | -1.25 | -4.87 | 1.54 | 38.23 |
| ROE(%) | -34.54 | 0.1 | -10.97 | -32.63 | -3417.81 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 2.24 | 14.43 | 8.67 | 4.71 | -20.7 | 21.74 | -6.08 | -1.73 | 4.32 | -32.74 | 0 |
| Receivable days | 32.75 | 20.51 | 9.56 | 29.08 | 163.02 | 115.84 | 349.12 | 203.16 | 303.54 | 1218.33 | 293.7 |
| Inventory Days | 187.31 | 182.31 | 185.24 | 183.2 | 353.56 | 99.42 | 222.9 | 156.55 | 315.66 | 1497.88 | 258.46 |
| Payable days | 86.55 | 74.26 | 79.51 | 88.23 | 205.95 | 388.94 | 2461.92 | 2180.76 | 5644.11 | 5538.98 | 0 |
| PER(x) | 0 | 1860.28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.77 | 2.3 |
| Price/Book(x) | 0 | 1.81 | 1.52 | 6.23 | -5.67 | 0 | -1.19 | -0.56 | -0.47 | -1.15 | -0.9 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.89 | 0.89 | 0.96 | 1.55 | 4.83 | 2.14 | 7.05 | 4 | 6.5 | 23.26 | 4.11 |
| EV/Core EBITDA(x) | 20.47 | 5.94 | 9.29 | 20.36 | -9.26 | 4.46 | -168.75 | 37.76 | 14.83 | 31.76 | 5.18 |
| Net Sales Growth(%) | -19.49 | 1.26 | -2.44 | -3.83 | -70.97 | 17.42 | -70.55 | 52.19 | -50.64 | -81.56 | 415.39 |
| EBIT Growth(%) | -79.97 | 484.91 | -39.76 | -41.33 | -498.12 | 176.4 | -119.13 | 76.63 | 293.71 | -227.03 | 472.78 |
| PAT Growth(%) | -736.2 | 100.24 | 0 | -141.71 | -384.61 | 121 | -328.03 | 91.84 | -265.76 | 117.7 | 946.78 |
| EPS Growth(%) | -745.76 | 100.24 | 0 | -141.7 | -384.63 | 121 | -328.02 | 91.84 | -265.79 | 117.71 | 946.78 |
| Debt/Equity(x) | 4.51 | 3.78 | 5.01 | 7.69 | -8.58 | -10.1 | -3.29 | -3.11 | -2.02 | -0.46 | -1.15 |
| Current Ratio(x) | 1.13 | 1.05 | 0.98 | 0.94 | 0.39 | 0.39 | 0.32 | 0.3 | 0.29 | 0.47 | 1.13 |
| Quick Ratio(x) | 0.23 | 0.22 | 0.13 | 0.3 | 0.26 | 0.29 | 0.22 | 0.18 | 0.17 | 0.23 | 0.84 |
| Interest Cover(x) | 0.17 | 1.03 | 0.8 | 0.45 | -1.77 | 2.04 | -1.82 | -0.88 | 0.5 | -4.5 | 4554.5 |
| Total Debt/Mcap(x) | 0 | 2.09 | 3.29 | 1.23 | 1.51 | 0 | 2.75 | 5.54 | 4.34 | 0.4 | 1.28 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 35.25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 64.75 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.42 | 0.65 | 0.65 | 0.65 | 0.65 | 5.51 | 55.06 | 55.06 | 65.36 | 65.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 5.51 | 55.06 | 55.06 | 65.36 | 65.36 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | -26% | -29% | -25% |
| Operating Profit CAGR | — | +26% | -17% | +7% |
| PAT CAGR | — | — | +15% | — |
| Share Price CAGR | -61% | +5% | +13% | -2% |
| ROE Average | 0% | 0% | 0% | -318% |
| ROCE Average | 0% | -9% | -7% | 0% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 35.25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 64.75 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.42 | 0.65 | 0.65 | 0.65 | 0.65 | 5.51 | 55.06 | 55.06 | 65.36 | 65.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 5.51 | 55.06 | 55.06 | 65.36 | 65.36 |
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