BSE: 500270
BARODA RAYON CORPORATION LTD.
Develops a commercial real estate project in Surat called the Surat Textile Bourse. The bulk of revenue in FY26 (period ended March 31, 2026) came from real estate, with FY26 revenue at Rs 61.77 crore and a net profit of Rs 22.21 crore. The Textiles segment has been non-operational since August 2008 and contributes negligible revenue. The company's main cost line is materials/construction at 98.3% of revenue, with employees at 1.9% and other opex at 4.0%. Per filings, total revenue declined to Rs 6,334 lakhs in FY26 from Rs 10,273 lakhs in FY25, and net profit fell to Rs 2,220.62 lakhs from Rs 4,035.03 lakhs. The company carries outstanding borrowings of Rs 175.86 crore (provisional) and a sub-investment grade rating of IVR BB-/Stable; it took a Rs 80 crore secured term loan from Aditya Birla Capital in June 2026 to refinance existing lenders and add fresh debt. Cash flow from operations turned negative at -Rs 397.13 lakhs in FY26 versus +Rs 4,234.41 lakhs in FY25, and cash balances fell to Rs 9.01 lakhs from Rs 86.13 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate, Textiles. Asset-heavy, geographically concentrated (Surat) real estate developer with a non-operational legacy textiles business; cyclical exposure to commercial real estate.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 58 | 77 | 100 | 62 |
| EBITDA (ex other income) | 340 | 254 | 28 | 38 | 21 |
| margin % | — | 435.2 | 36.5 | 38.5 | 34.4 |
| Owners' profit | 375 | 273 | 34 | 40 | 22 |
| EPS, as reported (₹) | 163.49 | 119.04 | 14.94 | 17.61 | 9.69 |
| ROE % · ROCE % | 1498.9 · 152.2 | 91.6 · 58.5 | 10.3 · 7.2 | 10.8 · 8.1 | 5.6 · 4.2 |
| Debt / equity (x) | 11.81 | 0.82 | 0.64 | 0.47 | 0.45 |
| Cash from operations | (85) | 39 | (3) | 42 | (4) |
| Capex | 0 | (0) | (0) | (17) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 17 | 15 | 57 | 22 | 13 | 13 | 14 |
| Profit before tax | 6 | 5 | 4 | 24 | 7 | 6 | 4 | 5 |
| Net profit | 6 | 5 | 4 | 24 | 7 | 6 | 4 | 5 |
| EPS (₹) | 2.75 | 2.37 | 1.86 | 10.63 | 3.10 | 1.98 | 1.67 | 2.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate | 62 | 98.3 |
| Textiles | 1 | 1.7 |
| Total, before eliminations | 63 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.3 | 17.4 | 27 of 61 | 57% |
| P/B | 0.8 | 1.1 | 27 of 70 | 62% |
| ROCE | 4.2 | 1.9 | 33 of 88 | 63% |
| ROE | 5.6 | 1.6 | 21 of 73 | 72% |
| Debt / Equity | 0.5 | 0.3 | 48 of 73 | 35% |
| EBITDA margin | 27.4 | 15.3 | 20 of 59 | 67% |
| Revenue growth | (75.8) | (11.0) | 49 of 64 | 24% |
| Profit growth | (80.2) | (48.8) | 52 of 79 | 35% |
| Market cap | 311 | 30 | 10 of 88 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA submits quarterly dematerialisation certificate for Sept 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Nil report on physical share transfer re-lodgement requests for September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Baroda Rayon 66th AGM voting results: Both resolutions passed with over 99.9 percent | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Outcome of 66th AGM held on September 29, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Newspaper ad on special window to demat physical shares | compliance | minimal | — | — |
| 12 Sept 2026 · No physical share transfer requests received in August 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · 66th AGM notice, book closure Sep 23-29 and e-voting schedule | compliance | minimal | — | — |
| 3 Sept 2026 · Baroda Rayon fixes 66th AGM on Sept 29, 2026; sends notice to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · Baroda Rayon 66th AGM notice, meeting on Sept 29, 2026 | 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.