NSE: BONLON · BSE: 543211
BONLON INDUSTRIES LIMITED
Classified under the Metals & Minerals Trading industry, the company reported FY26 revenue of 651.18 crore with an EBITDA margin of 1.25% and net profit margin of 0.40%. In its reported cost structure, materials accounted for 15.0% of revenue, employee cost 0.5%, other operating expenses 1.4%, and depreciation 0.2%, while capex ran at 5.3% of revenue. The filings show limited operational detail on the trading business itself, but FY26 disclosures indicate the company raised Rs 3,978.15 lakh in October 2025 via a preferential allotment of 1,20,55,000 convertible warrants (undersubscribed against the originally planned Rs 5,068.80 lakh), with proceeds earmarked largely for working capital (Rs 3,271.80 lakh) and, in smaller amounts, for capex, general corporate purposes and issue expenses. In May 2026, the board approved disinvestment of its wholly-owned subsidiary SHV Industries Private Limited to promoters Arun Kumar Jain and Smita Jain for Rs 10 lakh at face value; SHV had contributed 0% to consolidated turnover. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Metals & Minerals Trading. Low-margin metals and minerals trading, per industry classification.
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 243 | 158 | 623 | 651 |
| EBITDA (ex other income) | — | — | 7 | 6 |
| margin % | — | — | 1.1 | 1.0 |
| Owners' profit | — | — | 3 | 3 |
| EPS, as reported (₹) | 11.51 | 1.39 | 1.89 | 1.85 |
| ROE % · ROCE % | — · 20.7 | — · 3.9 | 3.3 · 6.5 | 2.6 · 5.6 |
| Debt / equity (x) | — | — | 0.38 | 0.38 |
| Cash from operations | — | (44) | 36 | (3) |
| Capex | — | — | (6) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY21 | Q2 FY22 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 126 | 116 | 138 | 146 | 180 | 242 | 128 | 101 |
| Profit before tax | 1 | (1) | 1 | 1 | 5 | (3) | 1 | 1 |
| Net profit | — | — | 1 | 0 | 4 | (2) | 0 | 1 |
| EPS (₹) | 0.32 | (0.49) | 0.66 | 0.30 | 2.49 | (1.55) | 0.34 | 0.57 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SG MART LIMITED | 10,105 | 81.3 | 6.33 | 47.7 | 7.0 | 8.7 | — | 5.2 |
| LLOYDS ENTERPRISES LTD | 9,442 | 30.8 | 1.74 | 18.2 | 7.7 | 7.5 | 365.3 | 23.2 |
| NUPUR RECYCLERS LIMITED | 1,091 | 63.7 | 7.42 | 40.3 | 11.2 | 12.4 | — | 16.2 |
| BMW VENTURES LIMITED | 550 | 12.9 | 1.24 | — | 8.5 | 11.1 | — | 3.6 |
| EMERGENT INDUSTRIAL SOLUTIONS | 218 | 171.3 | 7.51 | 63.9 | 4.4 | 5.8 | (3.4) | 1.8 |
| La Tim Metal & Industries Limi | 129 | 16.0 | 1.63 | 8.3 | 10.4 | 11.7 | (0.3) | 4.9 |
| BONLON INDUSTRIES LIMITED ◆ | 56 | 18.4 | 0.56 | 11.5 | 2.6 | 3.0 | 32.7 | 2.6 |
| RR METALMAKERS INDIA LIMITED | 39 | — | 6.13 | 41.4 | (4.9) | (5.7) | — | 4.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.4 | 30.8 | 4 of 9 | 63% |
| P/B | 0.6 | 1.7 | 3 of 10 | 78% |
| ROCE | 3.0 | 7.7 | 9 of 10 | 11% |
| ROE | 2.6 | 7.3 | 9 of 10 | 11% |
| Debt / Equity | 0.4 | 0.3 | 6 of 10 | 44% |
| EBITDA margin | 2.6 | 4.7 | 8 of 10 | 22% |
| Revenue growth | (31.1) | 20.0 | 8 of 10 | 22% |
| Profit growth | 93.8 | 61.8 | 4 of 10 | 67% |
| Market cap | 56 | 173 | 7 of 10 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Rights Issue Committee Meeting on Oct 22 Cancelled | fund raising | low | — | — |
| 16 Oct 2026 · Rights Issue Committee meeting on Oct 22 to decide issue price, record date | corporate actions | low | — | — |
| 1 Oct 2026 · AGM 2026: all 7 resolutions passed, share capital hike approved | board shareholder meetings | low | — | — |
| 1 Oct 2026 · NSE approves reclassification of promoter group entity to Public | ownership changes | medium | — | — |
| 1 Oct 2026 · BSE approves reclassification of B.C. Power Controls to Public category | ownership changes | medium | — | — |
| 29 Sept 2026 · 29th AGM held via video conferencing; 7 resolutions including share capital increase | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Company explains non-submission of Q1 FY27 consolidated results | regulatory legal | medium | — | — |
| 24 Sept 2026 · Bonlon Industries gets in-principle nod for up to Rs 49.75 Cr rights issue | corporate actions | medium | — | — |
| 8 Sept 2026 · NSE seeks clarification for missing consolidated financial results | regulatory legal | 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.