NSE: BSL · BSE: 514045
BSL LTD
Manufactures textile products, principally fabrics, from its base in Bhilwara, Rajasthan, with a small wind power operation alongside. The textile segment accounted for 99.7% of segment revenue in the most recent segment disclosure, with wind power at 0.3%. FY26 turnover was Rs 657.04 Cr, down from Rs 667.06 Cr a year earlier, and exports contributed Rs 346.20 Cr (down from Rs 385.56 Cr). A new cotton fabric business commenced in October 2025. The largest cost is materials at 54.5% of revenue, followed by employees at 14.7% and other operating expenses at 20.8%. FY26 capex of Rs 18.67 Cr went into modernisation and a 2.2 MW solar power project. Profit after tax fell to Rs 2.38 Cr from Rs 8.16 Cr, hit by the West Asia war, rising cotton and raw material costs, and elevated freight and logistics expenses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile (100%), Wind Power (0%). Cyclical, asset-light textile manufacturer with a small wind power sideline
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 436 | 472 | 666 | 667 | 657 |
| EBITDA (ex other income) | 40 | 51 | 65 | 60 | 49 |
| margin % | 9.2 | 10.9 | 9.8 | 8.9 | 7.5 |
| Owners' profit | 11 | 17 | 11 | 8 | 2 |
| EPS, as reported (₹) | 11.15 | 16.43 | 10.91 | 7.93 | 2.31 |
| ROE % · ROCE % | 12.9 · 21.3 | 16.2 · 15.3 | 10.0 · 17.4 | 6.8 · 15.7 | 2.0 · 12.1 |
| Debt / equity (x) | 2.08 | 3.32 | 3.88 | 3.53 | 3.66 |
| Cash from operations | 3 | 19 | (39) | 57 | 49 |
| Capex | (16) | (167) | (23) | (12) | (39) |
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 | 178 | 170 | 156 | 158 | 184 | 167 | 148 | 170 |
| Profit before tax | 3 | 4 | 0 | 1 | 2 | 2 | (1) | 2 |
| Net profit | 3 | 3 | 0 | 0 | 2 | 1 | (1) | 2 |
| EPS (₹) | 2.45 | 2.96 | 0.28 | 0.45 | 1.67 | 1.15 | (0.96) | 1.67 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 38,138 | 41.8 | 6.69 | 27.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,358 | 74.0 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 16,067 | 18.6 | 1.52 | 12.2 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,726 | 29.5 | 2.46 | 14.3 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,643 | 57.3 | 3.67 | 20.8 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,821 | 37.8 | 5.77 | 24.5 | 14.7 | 18.7 | 8.1 | 20.5 |
| JINDAL WORLDWIDE LTD | 4,994 | 59.3 | 5.80 | 38.4 | 8.1 | 9.0 | 6.1 | 8.7 |
| FILATEX INDIA LTD | 4,557 | 23.9 | 3.03 | 12.5 | 12.2 | 13.8 | — | 7.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.7 | 14.9 | 159 of 209 | 24% |
| P/B | 1.1 | 1.3 | 87 of 185 | 53% |
| ROCE | 1.0 | 4.2 | 157 of 227 | 31% |
| ROE | 2.0 | 4.8 | 135 of 214 | 37% |
| Debt / Equity | 3.7 | 0.3 | 209 of 214 | 2% |
| EBITDA margin | 8.5 | 9.8 | 116 of 198 | 42% |
| Revenue growth | 7.4 | 6.9 | 94 of 192 | 51% |
| Profit growth | 270.2 | 20.0 | 27 of 203 | 87% |
| Market cap | 130 | 64 | 82 of 226 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Re-Lodgement of Transfer Requests of Physical Shares - August 2026 | compliance | minimal | — | — |
| 17 Sept 2026 · BSL Ltd acquires 26 percent stake in Bhadla Minigrid Solar 5 SPV for Rs 2.35 Crore | strategic transactions | high | — | — |
| 3 Sept 2026 · India Ratings affirms BSL bank loan rating at BBB- with Negative outlook | credit debt | medium | — | — |
| 2 Sept 2026 · BSL Ltd 55th AGM: All 4 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 1 Sept 2026 · BSL Ltd 55th AGM proceedings summary - 4 resolutions tabled | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · BSL Ltd appoints Anurag Mathur as Chief Operating Officer | management changes | high | — | — |
| 22 Aug 2026 · BSL Ltd appoints Anurag Mathur as Chief Operating Officer | management changes | high | — | — |
| 19 Aug 2026 · BSL Ltd reports nil physical share transfer re-lodgements for July 2026 | compliance | minimal | — | — |
| 12 Aug 2026 · BSL submits newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 11 Aug 2026 · BSL Ltd Q1 FY27: Revenue up 7.4% YoY, EBITDA margin expands to 8.5% | results | 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.