NSE: BBTC · BSE: 501425
BOMBAY BURMAH TRADING COR
Earns primarily through consolidated bakery and dairy operations, which accounted for 91.8% of FY26 segment revenue at 19,162.78 crore. An investments segment contributed 6.3% at 1,320.46 crore, reflecting income from stakes in subsidiaries and associates. Standalone operations span auto electrical components at 192.12 crore (supplying the automotive industry), horticulture at 94.88 crore, tea plantations at 69.24 crore, and dental/healthcare products at 37.72 crore. The company has been shrinking its tea business — the Singampatti estate ceased operations in June 2024 and 8,373.57 acres were returned to the government with 534 workers taking voluntary retirement, while the Dunsandle estate was sold for 120 crore in FY26. Materials form the largest cost at 53.8% of revenue, followed by other operating expenses at 19.7% and employee costs at 4.8%. Customers span retail consumers for bakery, dairy and dental products, automotive buyers for electrical components, and wholesale buyers for tea. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Food-bakery and dairy products (92%), Investments (6%), Auto electrical components (1%), Horticulture (1%), Plantations (Tea) (0%), Healthcare (0%). Holding company; consolidated bakery and dairy dominates revenue, while standalone business spans auto components, plantations, horticulture and dental products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,544 | 16,623 | 17,109 | 18,298 | 19,539 |
| EBITDA (ex other income) | 2,230 | 1,308 | 2,994 | 3,124 | 3,539 |
| margin % | 15.3 | 7.9 | 17.5 | 17.1 | 18.1 |
| Owners' profit | 63 | (1,676) | 684 | 1,123 | 1,243 |
| EPS, as reported (₹) | 9.09 | (240.94) | 98.03 | 160.90 | 178.10 |
| ROE % · ROCE % | 11.9 · 22.7 | (9.2) · 14.8 | 26.1 · 40.0 | 28.2 · 35.3 | 26.0 · 34.8 |
| Debt / equity (x) | 0.83 | 1.13 | 0.32 | 0.20 | 0.16 |
| Cash from operations | 1,447 | 2,474 | 2,038 | 2,328 | 2,418 |
| Capex | (575) | (721) | (574) | (388) | (233) |
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 | 4,761 | 4,685 | 4,519 | 4,712 | 4,943 | 5,066 | 4,818 | 5,089 |
| Profit before tax | 682 | 789 | 787 | 677 | 893 | 900 | 894 | 792 |
| Net profit | 516 | 627 | 585 | 498 | 566 | 655 | 781 | 583 |
| EPS (₹) | 36.22 | 48.58 | 44.24 | 34.50 | 34.64 | 45.34 | 63.63 | 41.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plantations (Tea) | 69 | 0.3 |
| Auto electrical components | 192 | 0.9 |
| Investments | 1,320 | 6.3 |
| Healthcare | 38 | 0.2 |
| Horticulture | 95 | 0.5 |
| Food-bakery and dairy products | 19,163 | 91.8 |
| Others | 2 | 0.0 |
| Unallocated | 1 | 0.0 |
| Others* | 1 | 0.0 |
| Total, before eliminations | 20,881 | 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. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR ◆ | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.4 | 29.5 | 7 of 38 | 84% |
| P/B | 0.9 | 2.6 | 8 of 34 | 79% |
| ROCE | 33.5 | 7.4 | 3 of 40 | 95% |
| ROE | 26.0 | 7.7 | 5 of 34 | 88% |
| Debt / Equity | 0.2 | 0.1 | 20 of 33 | 41% |
| EBITDA margin | 17.7 | 9.9 | 6 of 33 | 84% |
| Revenue growth | 8.0 | 14.1 | 22 of 36 | 40% |
| Profit growth | 17.1 | 14.1 | 16 of 33 | 53% |
| Market cap | 8286 | 96 | 5 of 43 | 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 · Promoter transfer of 1.84% stake within Wadia group | ownership changes | low | — | — |
| 22 Oct 2026 · Promoter transfer raises Wadia holding in Bombay Burmah to 50.10% | ownership changes | high | — | — |
| 19 Oct 2026 · Wadia group promoter buys 3.22pct in BBTC, crosses 50pct mark | ownership changes | high | — | — |
| 19 Oct 2026 · Promoter Nusli Wadia sells 3.22% stake via inter-se block deal | ownership changes | high | — | — |
| 12 Oct 2026 · Tamil Nadu Forest Dept notice: Rs 6,462 cr provisional claim against BBTC | regulatory legal | high | — | — |
| 12 Oct 2026 · Promoter inter-se transfer of 3.44% BBTC shares | ownership changes | medium | — | — |
| 11 Oct 2026 · BBTC appoints Mr. Vijay Aditya Raghavan as COO of Electromags Division | management changes | high | — | — |
| 10 Oct 2026 · Promoter inter-se transfer of 3.44% stake in Bombay Burmah Trading | ownership changes | medium | — | — |
| 9 Oct 2026 · Routine quarterly compliance certificate from registrar | compliance | minimal | — | — |
| 30 Sept 2026 · Bombay Burmah Trading Appoints New Company Secretary and Compliance Officer | management changes | 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.