Agarwal Industrial

What Agarwal Industrial does

Agarwal Industrial Corporation Limited (AICL), branded as "Agarind," is an integrated petrochemical company focused on bitumen manufacturing, bulk storage, and logistics in India. Founded in 1995 and listed on the BSE, the company operates 7 manufacturing facilities, 10 bulk storage terminals, 6 port-based import locations, a fleet of 650+ temperature-controlled road vehicles, and 10 marine vessels with combined capacity exceeding 100,000 MT. It produces paving grade bitumen, industrial grade bitumen, polymer modified bitumen (PMB), crumb rubber modified bitumen (CRMB), bitumen emulsions, rubber process oil, and bitumen-based waterproofing byproducts. The company also operates windmills in Rajasthan and Maharashtra and runs LPG transportation as adjacent verticals.

AICL's business model centers on enterprise B2B sales through competitive tenders with public sector oil marketing companies (HPCL, BPCL, IOCL) and direct supply to large infrastructure and road construction firms. Revenue is generated primarily from one-time bulk supply contracts priced per MT for VG-30 and VG-40 grade bitumen, with logistics and storage services billed on a transactional basis. In 2026 alone, AICL secured Rs 477.5 crore from HPCL (1.30 lakh MT) and Rs 218.59 crore from BPCL (42,800 MT), indicating meaningful anchor revenue. The company claims to handle 5+ lakh MT of bitumen annually across 2,800+ customers and self-positions as India's largest private-sector bitumen company with 25+ years of operating history. Margins came under pressure in Q2 FY26 with consolidated net profit declining 35% year-on-year to Rs 11.99 crore, while a Rs 3.30 per share dividend was declared for FY26.

Name

Agarwal Industrial

Legal name

Agarwal Industrial Corporation Ltd.

Website

https://aicltd.in

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Agarwal Industrial Corporation is India's largest private-sector bitumen company, operating 7 manufacturing plants, 10 bulk storage terminals, and an integrated sea-and-road logistics fleet. It supplies paving, industrial, polymer-modified, and crumb-rubber-modified bitumen to oil marketing companies and infrastructure firms.

Ownership category

akta.pro rank

Product category

Bitumen and Petrochemical Manufacturing

NAICS

Asphalt Shingle and Coating Materials Manufacturing (324122)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Industrial Organic Chemicals (2860)

akta.pro primary industry

Asphalt Mixing & Paving Materials (Hot/Warm/Cold Mix, RAP/RAS Blends) (EUALAKAG)

akta.pro secondary industries

Industrial & Waterproofing Bitumen Products (Roofing, Membranes, Shingles, Sealants) (EUALAKAF), Asphalt Additives & Performance Enhancers (Anti-strip, Warm-mix, Fibers, Rejuvenators) (EUALAKAH), Bitumen Logistics & Terminals (Bulk Storage, Heating, Packaging, ISO Tanks) (EUALAKAI), Bitumen/Asphalt & Heated Liquid Bulk Transport (TLADALAG)

Keywords

• Bitumen manufacturing
• Paving grade bitumen
• Polymer modified bitumen
• Bulk bitumen logistics
• Road construction materials

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Bitumen Manufacturing and Sales: Manufacturing and sale of various bitumen products including paving grade, industrial grade, polymer modified bitumen, and crumb rubber modified bitumen to infrastructure and road construction companies
2. Bulk Bitumen Supply Contracts: Securing large-scale supply contracts from public sector oil marketing companies (HPCL, BPCL) for bulk bitumen delivery through competitive tenders
3. Bitumen Transportation Services: Transportation of bitumen via owned fleet of 650+ vehicles and marine vessels, providing integrated logistics solutions
4. LPG Transportation and Wind Energy: LPG transportation and windmill operations as diversification from core bitumen business

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Agarwal Industrial Corporation manufactures and supplies bitumen and bituminous derivative products including paving grade, industrial grade, polymer modified bitumen, crumb rubber modified bitumen, bitumen emulsions, rubber process oil, and bitumen-based waterproofing materials. The company runs 7 manufacturing facilities and 10 bulk storage terminals across India, and operates an integrated sea and road logistics network of 650+ vehicles and 10 marine vessels for direct delivery to oil marketing companies and infrastructure customers.

Product overview

Agarwal Industrial Corporation Limited (AICL) operates as an integrated petrochemical company focused on bitumen and related products, positioning itself as India's largest bitumen company in the private sector. The product portfolio includes seven core bitumen and derivative product lines under the Agarind brand: Paving Grade Bitumen, Industrial Grade Bitumen, Polymer Modified Bitumen, Crumb Rubber Modified Bitumen, Bitumen Emulsion, Rubber Process Oil (RPO), and Byproducts/Waterproof Materials. The company offers end-to-end solutions encompassing bitumen manufacturing, bulk storage terminals, and integrated sea and road transportation logistics. Their products serve diverse applications including road construction, waterproofing, industrial roofing, pipeline coating, and rubber manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• Agarind: Brand name under which AICL manufactures and supplies industrial bitumen products including penetration grade, viscosity grade (VG), oxidized, emulsion, and cutback bitumen meeting Indian and international standards.

Products and services

• Paving Grade Bitumen Straight grade bitumen used in the construction and maintenance of roads, airfields, and allied constructions, as well as in manufacturing of bitumen emulsions; sold to infrastructure and road construction firms.
• Industrial Grade Bitumen Straight grade bitumen processed in-plant for extended periods to achieve sludge/moisture-free properties with optimized softening and penetration values for industrial use cases.
• Polymer Modified Bitumen Bitumen whose properties have been modified by adding a polymer agent to enhance durability, flexibility, and resistance to weathering for demanding road conditions.
• Crumb Rubber Modified Bitumen Blend of selected grades of bitumen with crumb rubber modifier, providing improved visco-elastic balance for enhanced road performance under heavy traffic and extreme weather.
• Bitumen Emulsion for Road Construction Dispersion of bitumen in an aqueous phase, primarily used in road construction for surface treatments, tack coats, and cold mix applications.
• Rubber Process Oil (RPO) Used as a softening agent and plasticizer in rubber manufacturing, improving flexibility, workability, and vulcanization properties for tires, belts, and hoses.
• Byproducts / Waterproofing Materials In-house manufactured bitumen-based products used for waterproofing in construction, roofing, and foundation protection.
• Bulk Bitumen Transportation End-to-end bulk bitumen transportation using 10 marine vessels and a 650+ vehicle fleet with temperature control, providing integrated sea and road logistics solutions to oil marketing companies and infrastructure customers.
• Bulk Storage Terminals 10 bulk storage terminals across India, including a recently commenced facility at Mangalore, supporting supply chain flexibility and reliability for bitumen storage and distribution.
• LPG Transportation LPG transportation services leveraging AICL's logistics fleet as a diversification from the core bitumen business.
• Wind Mills / Wind Energy Wind energy generation through windmills located in Rajasthan and Maharashtra, operating as a renewable energy diversification of AICL's business.

Quantifiable outcome

• Secured Rs 477.5 crore HPCL contract for 1.30 lakh MT bitumen supply
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Hindustan Petroleum Corporation Ltd (HPCL)coreOthers · 3 June 2026AICL secured a Rs 477.5 crore bulk bitumen supply contract from HPCL for delivery of 1.30 lakh metric tonnes of VG-30 and VG-40 grade bitumen from Mumbai and Mangalore locations between May 2026 and May 2027. This reinforces the company's position in the bitumen supply chain and its long-standing relationship with HPCL, one of India's leading public sector oil marketing companies. The company also recently commenced commercial operations at its bulk bitumen storage facility in Mangalore.

Scale indicators11 records

Recent moves10 records

Expansion highlights4 records

Broad incumbents

• Shell Bitumen: Global bitumen division of Shell, one of the world's largest bitumen producers with specialty grades for road construction, roofing, and industrial applications. Comparable as a global incumbent with broad bitumen portfolio and advanced R&D capabilities.
• Colas SA: Global road construction and bitumen distribution group (parent of HINCOL). Comparable as a major global player in bitumen emulsions, modified bitumen, and road construction materials with vertically integrated operations.
• TotalEnergies Bitumen Solutions: Global integrated energy major with a dedicated bitumen division offering paving, modified, and industrial grades worldwide. Comparable as a major global bitumen supplier with end-to-end supply chain capabilities; competes in international markets and potentially in India via imports.
• Indian Oil Corporation Limited (IOCL): India's largest public sector oil refiner producing bitumen as a downstream byproduct at its refineries. Comparable as a major bitumen supplier to the Indian market and parent of HINCOL; competes with AICL in PSU tender markets.

Direct peers

• Nynas AB: Specialty bitumen manufacturer with strong focus on polymer modified bitumen, emulsions, and industrial bitumen grades. Comparable as a specialty-grade bitumen producer competing in similar product categories with emphasis on premium and modified grades.
• Tiki Tar Industries (India) Limited: Indian manufacturer of bitumen products including paving grade, industrial grade, and specialty grades. Direct competitor in the Indian bitumen market with similar product range serving infrastructure and industrial customers.
• Maruti Bitumen Private Limited: Indian bitumen manufacturer serving road construction and industrial applications. Comparable as a domestic Indian bitumen manufacturer competing in similar product grades and customer segments.
• Hindustan Colas Limited (HINCOL): India-focused joint venture between Indian Oil Corporation and Colas SA that manufactures and supplies bitumen, emulsions, and modified bitumen products. Directly comparable to AICL as one of the most significant bitumen manufacturers in India's private/public sector landscape with overlapping product portfolios and customer base.

Regional players

• Apcotex Industries Limited: Indian manufacturer of synthetic rubber and rubber processing chemicals. Touches AICL's Rubber Process Oil (RPO) product line as both are specialty petrochemical derivative products serving the rubber industry. Strong regional competitor in the specialty chemicals/RPO space.
• Gulf Petrochem (Gulf Bitumen): Mid-East and India-focused petroleum products company with bitumen trading and manufacturing operations. Comparable as a regional player in bitumen trading and supply, particularly relevant to AICL's UAE expansion plans.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Aicltdin
• LinkedInlinkedin.com/company/agarwal-industries-pvt-ltd---india
• Instagraminstagram.com/aicltd.in?igsh=MTd5MXQ0ZzlpaWwyaQ==

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Agarwal Industrial