BSE: 524514
TULASEE BIO-ETHANOL LTD.
Classified under commodity chemicals and bearing the name 'Bio-Ethanol', this BSE-listed entity has reported zero revenue from operations across multiple recent quarters and the full year ended March 2026. Filings describe it as a non-operating company, with the income statement showing dashes on revenue lines for FY25 and the first three quarters of FY26, and a net loss of Rs 17.94 lakhs for FY26 driven by expenses rather than any sales activity. The balance sheet shows non-current borrowings of Rs 753.96 lakhs against share capital of Rs 583.76 lakhs, eroded by accumulated losses of Rs 528.58 lakhs, with cash and cash equivalents of Rs 85,446 at year-end. It is registered in Khalapur, Raigad, Maharashtra, and falls under SEBI's SME exemption, with long-term borrowings below Rs 100 crore and a credit rating of 'NIL'. Mr. Kapil Nagpal, on the board since January 2002, was reappointed as Managing Director for a five-year term at the September 2025 AGM, and his last drawn remuneration from the company is reported as NIL. AR · MarketPing reader · 2026-08-03
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | (0) | (0) | (0) |
| EPS, as reported (₹) | (0.04) | (0.22) | 0.00 | 0.22 | 0.60 |
| ROE % · ROCE % | (13.0) · (1.8) | (13.3) · (1.6) | (16.2) · (1.7) | (18.6) · (1.6) | (34.6) · (2.1) |
| Debt / equity (x) | 6.39 | 7.39 | 8.74 | 10.58 | 14.60 |
| Cash from operations | (0) | 0 | (0) | (0) | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | 0.00 | 0.00 | 0.07 | 0.12 | 0.01 | (0.01) | 0.12 | 0.22 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 92.2 | 17.4 | 47 of 50 | 6% |
| P/B | 35.6 | 1.4 | 59 of 60 | 2% |
| ROCE | (2.1) | 6.0 | 52 of 62 | 16% |
| ROE | (34.6) | 5.0 | 57 of 60 | 5% |
| Debt / Equity | 14.6 | 0.2 | 60 of 60 | 0% |
| Profit growth | 10.8 | 21.0 | 35 of 64 | 46% |
| Market cap | 18 | 98 | 53 of 66 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board Meeting on Nov 4 to consider Q2 FY27 results | results | low | — | — |
| 14 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 10 Sept 2026 · Tulasee Bio-Ethanol appoints Secretarial Auditor for 5 years | management changes | medium | — | — |
| 10 Sept 2026 · 38th AGM voting results - all 3 resolutions passed unanimously | compliance | minimal | — | — |
| 10 Sept 2026 · 38th AGM concluded: all 3 resolutions passed | board shareholder meetings | low | — | — |
| 20 Aug 2026 · AGM Notice Published in Newspapers - 38th AGM on Sept 10, 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · Book closure for AGM from Sept 3 to Sept 12, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · 38th AGM on 10 Sep 2026; FY26 loss of Rs 17.94 lakh, no dividend | board shareholder meetings | low | — | — |
| 18 Aug 2026 · 38th AGM on 10 Sept 2026 - financials, director re-appointment, new secretarial auditor | board shareholder meetings | low | — | — |
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.