NSE: BEPL · BSE: 500052
BHANSALI ENG. POLYMERS LT
Makes ABS and SAN resins, the engineering plastics used by downstream manufacturers. The company runs two plants and is expanding capacity at its Abu Road facility from 75,000 to 100,000 MTPA by September 2026, funded entirely by internal accruals at a cost of around Rs 200 crore. FY26 revenue stood at Rs 1,276 crore with EBITDA margins of 20%, while Q1 FY27 revenue rose 53% year-on-year to Rs 472.15 crore. The workforce comprises 451 employees and 311 workers. The company carries no debt on its balance sheet. Raw materials — petrochemical feedstocks — are the dominant cost, at 59.9% of revenue, with employee and other operating costs making up the rest. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. ABS resins, SAN resins. Asset-light, debt-free engineering plastics manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,394 | 1,363 | 1,222 | 1,398 | 1,276 |
| EBITDA (ex other income) | 463 | 177 | 212 | 214 | 216 |
| margin % | 33.2 | 13.0 | 17.4 | 15.3 | 16.9 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 21.06 | 8.24 | 7.21 | 7.23 | 7.24 |
| ROE % · ROCE % | 35.7 · 47.3 | 12.8 · 18.0 | 19.4 · 25.6 | 18.0 · 23.8 | 16.6 · 22.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 298 | 153 | 230 | 109 | 168 |
| Capex | (13) | (5) | (21) | (6) | (35) |
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 | 367 | 346 | 345 | 308 | 325 | 301 | 342 | 472 |
| Profit before tax | 62 | 56 | 54 | 62 | 55 | 58 | 72 | 90 |
| Net profit | 46 | 41 | 39 | 46 | 40 | 42 | 52 | 66 |
| EPS (₹) | 1.86 | 1.64 | 1.59 | 1.84 | 1.63 | 1.70 | 2.07 | 2.64 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT ◆ | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 13.4 | 7 of 12 | 46% |
| P/B | 2.5 | 1.0 | 10 of 11 | 10% |
| ROCE | 22.4 | 6.1 | 2 of 14 | 92% |
| ROE | 16.6 | 6.3 | 2 of 11 | 90% |
| Debt / Equity | 0.0 | 0.2 | 1 of 11 | 80% |
| EBITDA margin | 19.6 | 12.0 | 3 of 12 | 82% |
| Revenue growth | 53.3 | 14.6 | 2 of 12 | 91% |
| Profit growth | 42.9 | 42.9 | 7 of 13 | 50% |
| Market cap | 2719 | 826 | 4 of 14 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Q2 profit up 57 percent; second Rs 1 interim dividend declared | compliance | minimal | — | — |
| 21 Oct 2026 · Q2 and H1 FY27 profit rise; ABS expansion delayed to March 2027 | investor communications | medium | — | — |
| 19 Oct 2026 · Board fixes Oct 24 record date for 2nd interim dividend; Q2 results approved | corporate actions | high | — | — |
| 19 Oct 2026 · 2nd Interim Dividend of Re 1 per share declared; FY27 total now Rs 2 | corporate actions | high | — | — |
| 19 Oct 2026 · 2nd Interim Dividend of Re.1/share declared; Q2 results and expansion delay | corporate actions | high | — | — |
| 19 Oct 2026 · Board declares 2nd interim dividend of Re 1 per share for FY 2026-27 | corporate actions | high | — | — |
| 19 Oct 2026 · Q2 FY27: revenue up 38%, PAT up 48% YoY; Re 1 interim dividend declared | results | high | — | — |
| 19 Oct 2026 · BEPL Q2 results: Revenue up 24% YoY, PAT jumps 57%; Re 1 second interim dividend declared | results | high | — | — |
| 12 Oct 2026 · Board to consider Q2 results and 2nd interim dividend on 19 Oct 2026 | corporate actions | medium | — | — |
| 12 Oct 2026 · Board meeting on 19 Oct to consider Q2 FY27 results and possible 2nd interim dividend | results | 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.