NSE: BANARBEADS · BSE: 526849
BANARAS BEADS LTD
Manufactures and exports glass beads and imitation jewellery from a base in Varanasi, with US-based buyers identified as a major customer group. FY26 revenue from operations was ₹25.49 crore, down 19.25% from the year before, a decline the company attributes to US tariff increases that caused buyers to hold orders. After the tariff issue was resolved, buyers reconfirmed orders and export execution resumed, with Q1 FY27 revenue rising 46% year-on-year to ₹905.84 lakh. The cost structure is materials-heavy — raw materials and components absorb 47.2% of revenue, with employee costs at 23.2% and other operating expenses at 34.0%. The company employs 243 people including 101 women at its Varanasi unit, has no subsidiaries, and reports no debt servicing concerns. No dividend was declared for FY26, and the chairman noted expectations that the rising trend in turnover and profitability would continue in coming periods. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Glass beads, Imitation jewellery. Small, export-oriented manufacturer of glass beads and imitation jewellery, sensitive to US trade policy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25 | 27 | 28 | 32 | 25 |
| EBITDA (ex other income) | 3 | 4 | 3 | 4 | 4 |
| margin % | 12.5 | 13.5 | 9.4 | 13.1 | 15.8 |
| Owners' profit | 3 | 3 | 3 | 3 | 2 |
| EPS, as reported (₹) | 4.40 | 3.83 | 4.15 | 4.65 | 2.69 |
| ROE % · ROCE % | 5.7 · 7.9 | 4.8 · 7.9 | 5.1 · 7.2 | 5.5 · 8.4 | 3.1 · 6.4 |
| Debt / equity (x) | 0.11 | 0.01 | 0.06 | 0.15 | 0.36 |
| Cash from operations | (4) | (4) | (3) | 5 | (5) |
| Capex | 0 | (1) | 0 | (3) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 6 | 7 | 6 | 5 | 8 | 7 | 9 |
| Profit before tax | 2 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Net profit | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 1 |
| EPS (₹) | 2.09 | 0.75 | 0.99 | 0.92 | 0.05 | 0.87 | 0.83 | 1.08 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.2 | 23.8 | 20 of 29 | 32% |
| P/B | 1.2 | 2.7 | 7 of 28 | 78% |
| ROCE | 3.6 | 16.7 | 25 of 28 | 11% |
| ROE | 3.1 | 14.6 | 25 of 28 | 11% |
| Debt / Equity | 0.4 | 0.3 | 17 of 28 | 41% |
| EBITDA margin | 18.4 | 10.7 | 6 of 30 | 83% |
| Revenue growth | 45.9 | 45.7 | 12 of 25 | 54% |
| Profit growth | 18.0 | 49.8 | 22 of 25 | 13% |
| Market cap | 70 | 2932 | 28 of 30 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Board meeting on Oct 29 to approve Q2 and H1 FY26 financial results | compliance | minimal | — | — |
| 14 Oct 2026 · Board meeting on Oct 29, 2026 to consider Q2 FY26 unaudited results | results | low | — | — |
| 8 Oct 2026 · Insider trading database compliance filing for Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 under SEBI DP Regulation 74(5) | compliance | minimal | — | — |
| 19 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 14 Aug 2026 · NCLT: Ex-director's petition against Banaras Beads withdrawn | regulatory legal | medium | — | — |
| 4 Aug 2026 · Banaras Beads files 46th AGM minutes and shareholding distribution | board shareholder meetings | medium | — | — |
| 31 Jul 2026 · 46th AGM voting results: Both resolutions passed with 100% in favour | board shareholder meetings | low | — | — |
| 30 Jul 2026 · 46th AGM held on 30 July 2026; 2 resolutions approved | board shareholder meetings | low | — | — |
| 24 Jul 2026 · Banaras Beads Q1 FY27 results: revenue up 46% YoY, PAT rises 18% | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.