NSE: BIRLANU · BSE: 509675
BIRLANU LIMITED
Manufactures and sells building products across Pipes, Construction Chemicals, Putty, Roofs, Walls and Floors under the unified BirlaNu brand (formerly HIL Limited), running 30 plants in India with about 1,270 employees and 5,200 workers. In FY26, consolidated revenue of Rs. 3,730 crore split across five reported segments: Floors (Rs. 1,286.53 crore, 34.5% of segment revenue, loss-making), Roofs (Rs. 1,139.31 crore, 30.5%), Pipes & Construction Chemicals (Rs. 692.34 crore, 18.5%) and Walls (Rs. 609.6 crore, 16.3%). Roofs and Walls are the profit centres, with Roofs posting Rs. 104.26 crore segment EBIT and Walls Rs. 26.57 crore, while Floors and Pipes & Construction Chemicals reported negative EBIT. The Construction Chemicals sub-line crossed Rs. 100 crore in annual revenue with 45% full-year growth, helped by the November 2025 Clean Coats acquisition, which added Rs. 20 crore in 4.5 months. Walls grew 14% for the year. The Pipes business saw Q4 revenue jump 30% QoQ with 1,300 bps YoY EBITDA margin expansion on resin price moves, with management citing green shoots in government Jal Jeevan Mission water-pipeline spending. The largest drag was the European Parador flooring business, which posted a Q4 operating loss of Rs. 35 crore (including Rs. 19 crore severance) and an Rs. 74 crore impairment on its equity investment after eight years of losses. Raw materials are the dominant cost at 50% of revenue, with employees at 15.7% and other operating expenses at 26.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Floors (35%), Roofs (31%), Pipes & Construction Chemicals (19%), Walls (16%), Others (0%). Diversified Indian building-products manufacturer with a loss-making European flooring exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,520 | 3,479 | 3,375 | 3,615 | 3,730 |
| EBITDA (ex other income) | 391 | 222 | 162 | 140 | 49 |
| margin % | 11.1 | 6.4 | 4.8 | 3.9 | 1.3 |
| Owners' profit | 210 | 97 | 35 | (33) | (120) |
| EPS, as reported (₹) | 280.54 | 129.09 | 46.15 | (43.63) | (158.55) |
| ROE % · ROCE % | 18.0 · 20.6 | 7.8 · 8.5 | 2.8 · 3.8 | (2.7) · 1.4 | (10.8) · (2.7) |
| Debt / equity (x) | 0.25 | 0.33 | 0.44 | 0.59 | 0.77 |
| Cash from operations | 162 | 132 | 173 | 82 | 119 |
| Capex | (86) | (133) | (114) | (124) | (92) |
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 | 774 | 805 | 929 | 1,052 | 810 | 858 | 1,010 | 1,174 |
| Profit before tax | 7 | (51) | (20) | 5 | (49) | (57) | (15) | 25 |
| Net profit | 15 | (35) | (25) | (1) | (43) | (53) | (22) | 9 |
| EPS (₹) | 19.45 | (47.05) | (32.77) | (1.75) | (56.84) | (70.32) | (29.64) | 12.47 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Roofs | 1,139 | 30.5 |
| Walls | 610 | 16.3 |
| Pipes & Construction Chemicals | 525 | 14.1 |
| Floors | 1,287 | 34.5 |
| Others | 6 | 0.2 |
| Pipes & Construction chemicals | 167 | 4.5 |
| Total, before eliminations | 3,734 | 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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED ◆ | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 1.5 | 5 of 20 | 79% |
| ROCE | (6.5) | 2.8 | 20 of 22 | 10% |
| ROE | (10.8) | 2.5 | 18 of 20 | 11% |
| Debt / Equity | 0.8 | 0.1 | 17 of 20 | 16% |
| EBITDA margin | 6.8 | 16.7 | 16 of 16 | 0% |
| Revenue growth | 11.6 | 14.0 | 10 of 18 | 47% |
| Profit growth | 812.1 | 83.2 | 2 of 19 | 94% |
| Market cap | 946 | 49 | 3 of 22 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board Meeting to Approve September 2026 Results | results | low | — | — |
| 7 Oct 2026 · ICRA reaffirms BirlaNu rating at AA- Negative; limits up to Rs 1,050 cr | credit debt | medium | — | — |
| 6 Oct 2026 · NCLT approves merger of Clean Coats with BirlaNu Limited | strategic transactions | high | — | — |
| 5 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Notice on special window for transfer of physical shares | general | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · BirlaNu Limited schedules institutional investor meeting on September 23, 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · BirlaNu to pick 26% stake in FPEL HR5 Energy for solar captive plant | strategic transactions | high | — | — |
| 12 Aug 2026 · Special window open for transfer and dematerialisation of physical shares | compliance | minimal | — | — |
| 12 Aug 2026 · BirlaNu Q1 FY27: Revenue up 11.6%, EBITDA up 35%, margins expand | investor communications | medium | — | — |
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.