BSE: 540148
Bindal Exports Limited
Manufactures and exports textiles and garments from its base in Surat, Gujarat. The business is led by a promoter family: Managing Director Ravindrakumar Kanhaiyalal Arya, whose two sons, Anupam Ravindra Arya and Apurva Ravindra Arya, also sit on the board. Material related-party transactions of up to Rs 10 crore each per year are conducted with three group entities — Jaybharat Filaments, Bindal Silk Mills, and Bindal Exim. Materials account for 38.8% of revenue, employee costs 16.6%, other operating expenses 40.3%, and capex 0.7% of revenue. The company is listed on the BSE SME platform and is exempted from IND-AS reporting, with the statutory auditor flagging three non-provision items in the FY26 audit — gratuity liability, leave salary, and bonus on accrual basis. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile and garment manufacturing and exports. Small, promoter-family-led textile and garment exporter on the BSE SME platform
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 23 | — | 30 | 27 | 22 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.46 | — | 0.71 | 2.14 | 0.61 |
| ROE % · ROCE % | — · 8.8 | — · — | — · 9.6 | — · (6.6) | — · 3.8 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | (0) | 4 | 3 | 2 |
| Capex | — | — | — | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,198 | 19 | 17 | 13 | 14 | 13 | 13 | 10 |
| Profit before tax | 21 | 0 | 0 | 0 | 0 | (1) | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.35 | 0.53 | 0.28 | 0.48 | 0.47 | 2.62 | 0.53 | 0.08 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 12.9 | 13 of 47 | 74% |
| ROCE | 3.6 | 4.7 | 28 of 50 | 45% |
| Revenue growth | (24.8) | 13.8 | 24 of 36 | 34% |
| Market cap | 13 | 25 | 44 of 54 | 19% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · 19th AGM held on 29 Sept 2026; voting results pending | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Bindal Exports: All 3 AGM resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 19th AGM concluded on 29 Sep 2026; voting results pending | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure for designated persons from October 1, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY25-26 and 19th AGM Notice submitted to BSE | general | medium | — | — |
| 7 Sept 2026 · Notice of 19th Annual General Meeting on September 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves 19th AGM notice and FY26 annual report | board shareholder meetings | low | — | — |
| 30 May 2026 · Bindal Exports Limited has informed the exchange regarding financial result for the financial year ended on 31/03/2026. | results | high | — | — |
| 30 May 2026 · Bindal Exports Limited has informed the exchange regarding outcome of board meeting held on 30/05/2026. | results | high | — | — |
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.