NSE: BANCOINDIA · BSE: 500039
BANCO PRODUCTS (I) LTD
Manufactures auto components, with standalone operations in India and a consolidated business that runs through subsidiaries, including step-down subsidiary NRF France S.A.S. Materials form the largest cost line at 51.5% of revenue in FY26, followed by other operating expenses at 17.6% and employee costs at 11.6%. Capital expenditure was 3.6% of revenue and depreciation 3.5%, indicating a manufacturing footprint that needs steady but moderate reinvestment. Consolidated total income reached Rs 3,99,496 lakhs in FY26, while standalone total income was Rs 1,58,595 lakhs, showing a sizeable share of the top line comes from outside India. The company earned Rs 26,469 lakhs as dividend from subsidiaries in FY26, up from Rs 13,081 lakhs the previous year, underscoring how much of the consolidated profit is generated through overseas units. A warehouse fire at NRF France S.A.S. led to an exceptional charge of Rs 2,150 lakhs and a preliminary insurance claim of Euro 6.56 Mn (Rs 7,050 lakhs). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Auto components manufacturing (consolidated, including overseas subsidiaries), Auto components manufacturing (standalone India). Auto components manufacturer with Indian standalone operations and overseas subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,958 | 2,332 | 2,768 | 3,213 | 3,896 |
| EBITDA (ex other income) | 272 | 364 | 422 | 611 | 703 |
| margin % | 13.9 | 15.6 | 15.3 | 19.0 | 18.0 |
| Owners' profit | 0 | 236 | 0 | 409 | 596 |
| EPS, as reported (₹) | 21.31 | 32.94 | 37.95 | 27.39 | 33.68 |
| ROE % · ROCE % | 15.5 · 19.8 | 23.5 · 26.2 | 25.8 · 28.6 | 30.1 · 32.8 | 28.6 · 35.0 |
| Debt / equity (x) | 0.02 | 0.29 | 0.21 | 0.24 | 0.25 |
| Cash from operations | 57 | (41) | 458 | 164 | 380 |
| Capex | (75) | (125) | (91) | (98) | (139) |
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 | 895 | 639 | 875 | 970 | 1,038 | 789 | 1,099 | 1,184 |
| Profit before tax | 197 | 39 | 190 | 164 | 175 | 119 | 186 | 179 |
| Net profit | 139 | 31 | 154 | 110 | 139 | 86 | 147 | 122 |
| EPS (₹) | 19.39 | 2.16 | 10.73 | 7.66 | 9.71 | 6.00 | 10.31 | 8.56 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.1 | 25.3 | 36 of 119 | 70% |
| P/B | 5.0 | 3.2 | 85 of 117 | 28% |
| ROCE | 33.8 | 12.6 | 4 of 125 | 98% |
| ROE | 28.6 | 11.7 | 6 of 117 | 96% |
| Debt / Equity | 0.3 | 0.3 | 59 of 117 | 50% |
| EBITDA margin | 18.5 | 12.2 | 23 of 118 | 81% |
| Revenue growth | 22.0 | 20.2 | 49 of 113 | 57% |
| Profit growth | 11.7 | 24.4 | 70 of 115 | 40% |
| Market cap | 8440 | 1460 | 29 of 126 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on 6 Nov 2026 to approve Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · Routine compliance certificate for share dematerialisation, Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · DGM-Purchase resigns from Banco Products effective 30 September | management changes | medium | — | — |
| 28 Sept 2026 · Two senior managers resign from Banco Products India | management changes | medium | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 Pending Q2 Results | compliance | minimal | — | — |
| 21 Sept 2026 · AGM results: Rs 8/share dividend confirmed, all resolutions passed | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 65th AGM: 400% dividend declared, new Whole-time Director appointed | board shareholder meetings | medium | — | — |
| 14 Sept 2026 · Banco Products appoints Kshitikesh Parmeshwar as Chief Technology Officer | management changes | medium | — | — |
| 30 Aug 2026 · Notice of 65th AGM and E-Voting Information Published in Newspapers | compliance | minimal | — | — |
| 27 Aug 2026 · AGM Sept 19, 2026: 400% dividend (Rs 8/sh), new WTD, director commission | board shareholder meetings | low | — | — |
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.