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Bhansali Engineering Polymers Ltd. Investor Presentation 2026
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Investor Presentation
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ABSTRACT
100 100 100
An ISO 9001:2015 Company
SANTIAGO
b
bHANsali ENGINEERING polymers limited
CIN: L27100MH1984PLC032637
Registered Office: 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058.
Tel.: (91-22) 2621 6060/61/62/63/64 • E-mail: [email protected] • Website: www.bhansaliabs.com
BEPL/SEC/2026/154
25th April, 2026
| To
The BSE Limited
Corporate Relationship Department
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai - 400 001
Security Code: 500052 | To
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G,
Bandra-Kurla Complex,
Bandra (E),
Mumbai - 400 051.
Security Code: BEPL |
| --- | --- |
Sub: Investor Presentation for quarter and financial year ended 31st March, 2026.
Dear Sir/Madam,
Please find enclosed investor presentation for quarter and financial year ended March 31, 2026.
The same will be uploaded on the website of the Company at www.bhansaliabs.com
Kindly take the same on record.
Thanking you,
For Bhansali Engineering Polymers Limited
ASHWIN
MANILAL
PATEL
Digitally signed by
ASHWIN MANILAL
PATEL
Date:26.04.26
17:53:32 +00'00'
Ashwin M. Patel
Company Secretary & GM Legal
Encl: As above
Satnoor Plant
: Bhansali Nagar, Taluka - Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108.
Tel.: (07165) 226376/77/78/79 • E-mail: [email protected]
Abu Road Plant
: Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026.
Tel.: (02974) 226781/82/83/84 • E-mail: [email protected]
bH
bhansali engineering polymers limited
An ISO 9001:2015 Company
Bhansali Engineering Polymers Limited
Investor Presentation: FY26
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
bb
About Us
- Bhansali Engineering Polymers Limited is India's leading manufacturer of Acrylonitrile Butadiene Styrene (ABS) and Styrenic Resins, with a strong legacy since 1984.
- Established as a pioneer in international-quality ABS, with a consistent focus on operational efficiency and cost leadership, among the lowest-cost ABS producers in India, with quality standards at par with global benchmarks.
- Operates two manufacturing facilities at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh), supported by an in-house R&D centre at Abu Road.
- Strategic joint venture with Nippon A&L Inc., Japan, strengthening technology, expanding product portfolio, and reinforcing BEPL's position as a key indigenous player.
- Diversified portfolio of high-performance engineering polymers catering to automobiles, consumer durables, electronics, healthcare, and kitchenware.
- Manufacturing operations backed by robust quality systems, with ISO 9001:2015 certification, ensuring consistency and reliability.
- Strong focus on innovation, sustainability, and delivering customer-centric, application-specific solutions in a timely manner.
Diversified end users
| Automobiles | Home Appliances | Electronics | Health Care | Kitchenware |
|---|---|---|---|---|
2
State of the Art Manufacturing Facilities
80+
Variants of ABS & Specialty Polymers
404+
Employees Across Manufacturing Operations
75,000
MTPA
Installed Capacity
1
R&D Centre
620+
Cumulative Dividend Payout*
Vision
- Attain excellence by continuously developing and delivering high-quality products and services.
- Exceed customer expectations through innovative product offerings.
- Build sustainable value for all stakeholders.
- Operate as a value-driven organization.
Mission
- To be the lowest-cost ABS producer in India with quality standards at par with global benchmarks.
- Strengthen organizational capabilities to effectively respond to evolving market challenges.
- Drive continuous improvement and operational efficiency through focused HR and process development.
*Cumulative dividends distributed since FY 2021-22.
4
Journey So Far
- Incorporated and listed on stock exchanges, enabling early capital access
- Initiated collaborations and launched flagship brand ABStron
1984-90
1995-96
Undertook initial capacity expansion
- Acquired a manufacturing facility in Abu Road
- Achieved recognition for quality excellence
- Expanded capacity to 75 KMTPA
- 2004-06
2004-06
- Commissioned Abu Road plant and implemented ERP systems
2011-12
2013-14
- Entered JV with Nippon A&L Inc.
2015-16
Ongoing £200 crore capex for debottlenecking at the existing plant, increasing capacity to 100 KMTPA
2024-27
2017-19
- Strengthened market leadership and set up R&D centre at Abu Road
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
6
Performance Update & Management Commentary - FY26
Financial Highlights
- Revenue decreased by -1.0% YoY in Q4 FY26 to INR 341.6 crores, and by -8.7% in FY26 to INR 1,276.0 crores.
- EBITDA increased by 33.1% YoY in Q4 FY26 to INR 74.3 crores, with margins at 21.8%; for FY26, EBITDA grew by 1.3% to INR 255.2 crores, with margins at 20.0%.
- PAT rose by 30.6% YoY in Q4 FY26 to INR 51.6 crores, with margins at 15.1%; for FY26, PAT grew by 0.1% to INR 180.2 crores, with margins at 14.1%.
Business Updates & Management Commentary
- Capacity expansion from 75,000 MTPA to 100,000 MTPA, with commissioning targeted by September, 2026.
- Capex of ₹200 crore, fully funded through internal accruals, reflects strong balance sheet, financial discipline, and robust free cash flow generation.
- Optimal utilisation of expanded capacity expected by end of FY28.
Capacity (Metric Ton Per Annum)
7
Performance Snapshot – Q4 FY26 & FY26
| | Revenue from Operations | INR 341.6 crores
(-1.0% y-o-y) |
| --- | --- | --- |
| | EBITDA | INR 74.3 crores
(+33.1% y-o-y) |
| | Profit After Tax (PAT) | INR 51.6 crores
(+30.6% y-o-y) |
| | RoCE2 | 37.4%
(-205.0 bps) |
| | Dividend Payout | INR 99.5 crores
(0% y-o-y) |
| | Cashflow from Operations | INR 168.1 crores
(+54.6% y-o-y) |
| --- | --- | --- |
| | EBITDA Margin^{1} | 21.8% margin
(+557.0 bps) |
| | PAT Margin | 15.1% margin
(+365.3 bps) |
| | RoE^{3} | 16.6%
(-133.2 bps) |
| | Gross Debt/Equity | 0.0x
(0% y-o-y) |
- EBITDA contains other income | 2. Return on Capital Employed, Capital Employed is calculated as (total asset – current liability – cash) | 3. Return on Equity
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
9
Product Portfolio
ABS - Acrylonitrile Butadiene Styrene
- ABS is a terpolymer engineering thermoplastic produced by the polymerization of three monomers: Acrylonitrile, Butadiene, and Styrene.
- Acrylonitrile (A) enhances chemical resistance and surface hardness, improving durability in demanding environments.
- Butadiene (B) contributes significantly to impact strength and toughness, enabling resistance to mechanical stress.
- Styrene (S) provides rigidity, processability, and a glossy surface finish, supporting both structural and aesthetic requirements.
Key Properties of ABS
- High impact resistance, making it suitable for applications requiring durability and shock absorption.
- Good tensile strength, supporting structural integrity under load.
- Retains toughness even at low temperatures, ensuring reliability across varying conditions.
- Demonstrates moderate heat resistance, typically within the range of ~80°C to 100°C.
End Industry Use / Key Applications
ASA - Acrylonitrile Styrene Acrylate
- ASA (Acrylonitrile Styrene Acrylate) is a weather-resistant engineering thermoplastic, developed as an advanced alternative to ABS, Produced through the polymerization of three monomers: Acrylonitrile, Styrene, and Acrylate.
- Acrylonitrile (A) provides chemical resistance and improves rigidity, ensuring structural stability.
- Styrene (S) enhances processability and delivers a superior surface finish, contributing to aesthetic appeal.
- Acrylate ester (Acrylate rubber) imparts excellent UV resistance and weather stability, making ASA suitable for outdoor applications.
Key Properties of ASA
- Exceptional UV resistance, making it highly suitable for prolonged outdoor exposure.
- Strong weather resistance, maintaining performance under varying environmental conditions.
- Strong and durable, ensuring long-term reliability.
- High aesthetic quality, with good surface finish and color stability.
End Industry Use / Key Applications
Product Portfolio
P
PC-ABS – Polycarbonate-Acrylonitrile Butadiene Styrene
- PC-ABS is a polymer blend (thermoplastic alloy) formed by combining Polycarbonate (PC) and ABS, thereby integrating the strengths of both materials.
- Polycarbonate (PC) contributes superior strength, enhanced heat resistance, and improved toughness, making the blend suitable for demanding applications.
- ABS, on the other hand, adds excellent processability, strong impact resistance, and an improved surface finish, enabling ease of manufacturing and better aesthetics.
- PC-ABS is considered a high-performance engineering plastic that offers a well-balanced combination of mechanical strength, thermal stability, and processing efficiency.
Key Properties of PC-ABS
- High impact strength, ensuring durability in applications subjected to mechanical stress.
- High heat resistance, making it suitable for components exposed to elevated temperatures.
- Excellent dimensional stability, maintaining shape and performance over time.
- Demonstrates flame retardancy, which is critical for safety-focused applications.
End Industry Use / Key Applications
Specialties
- Specialties consist of tailor-made polymer compounds and blends that are specifically designed to meet unique application and performance requirements.
- These materials are custom-engineered solutions rather than standard resins, enabling enhanced functionality and targeted performance outcomes.
- Base polymers such as ABS, ASA, and PC-ABS are typically used as the foundation for developing these specialized compounds.
- Through modification, compounding, and blending, these base polymers are transformed into advanced material solutions suited for specific industry needs.
Key Properties of Specialties
- High impact strength, ensuring durability across demanding applications.
- Deliver functional performance tailored to specific use cases and operational requirements.
- Strong mechanical strength, supporting structural integrity and long-term reliability.
- Advanced surface engineering capabilities enable improved finish, texture, and aesthetic appeal.
End Industry Use / Key Applications
11
Backward Integration Of ABS
Key raw material manufactured in-house
SAN (Styrene Acrylonitrile)
Copolymer thermoplastic produced by the polymerization of two primary monomers: Styrene and Acrylonitrile.
Styrene (S) provides transparency, rigidity, and good processability, making SAN suitable for applications requiring clarity and structural strength.
Acrylonitrile (A) enhances chemical resistance, strength, and heat resistance, improving durability in more demanding environments.
Properties:
- Highly transparent,
- Heat Resistance,
- High rigidity and strength
HRG (High Rubber Graft)
Modified rubber phase in which a high level of styrenic or acrylonitrile monomers are chemically grafted onto a rubber backbone, typically polybutadiene.
Grafting process improves the compatibility between the rubber phase and the surrounding rigid polymer matrix, resulting in enhanced overall material performance.
Properties:
- Impact Resistance,
- Stiffness & toughness,
- Thermal & Dimensional stability
Automotive
Electronics
Home Appliances
ABS (ACRYLONITRILE BUTADIENE STYRENE) - TERPOLYMER
Healthcare
Packaging
Electrical
12
Production Process Flow Of ABS
Applications - Appliances
13
Major Appliances
- Provides high-performance polymers like ABStron for the major appliances sector, focusing on refrigerators, ACs, and washing machines. These materials balance structural integrity with premium aesthetics.
- Available in various colors and grades like SE-32S for extrusion, they ensure manufacturers achieve high production efficiency while meeting global technical standards for durability and high-quality surface finishes in modern home environments.
END CAP
- IM-14G - General Purpose
- IM-14GL - Chemical Resistance
- IM-17ATT - High Flow
DOOR HANDLE
- AP-8A - High Flow
- AP-78EF - Medium Flow
REFRIGERATOR LINER
- SE-32S - Extrusion Grade
Consumer Electronics
- In the fast-evolving consumer electronics market, BEPL's engineering plastics deliver the high-quality surface finishes and mechanical strength required for laptops and cameras.
- Industry-specific approach focuses on anti-scratch properties and vibrant color options. These solutions enable OEMs to meet rapid design cycles while ensuring that electronic housings remain resilient and visually appealing throughout their life, maintaining a highly competitive edge.
FRONTAND OUTER CASING
- ABS General Purpose : IM17V, IM17AHF
- ABS+PMMA, Antisratch : IPM3000
Kitchen Appliances
- Designed for high-use environments, BEPL's specialized polymers for kitchen appliances including mixers, juicers, and grinders, offer exceptional mechanical strength and chemical resistance.
- These materials provide thermal stability and a premium surface finish that withstands the daily wear of food preparation. By using grades like TIM200, manufacturers can create durable, reliable products that maintain their aesthetic appeal despite frequent cleaning and use.
- General Purpose ABS : IM11B, IM14G
- Transparent ABS : TIM200
Electrical & Electronics
- Safety and performance define BEPL's offerings for the electrical sector, featuring specialized Flame Retardant (FR) grades with UL Certification. Ideal for switches, CCTV cameras, and security systems, these materials offer superior weatherability and high-voltage resistance.
- They provide the critical safety foundation needed for modern electronic infrastructure, ensuring consistent performance and global regulatory compliance in both indoor and outdoor electronic applications.
- ABS General Purpose ABS : IM17A, 5HP30+, IM11B
- Flame Retardant ABS : AK45 SEVM
Miscellaneous
- Versatility extends to miscellaneous applications like luggage, stationery, and toys, where high impact resistance and anti-static properties are essential.
- Many of these grades comply with FDA specifications, ensuring material purity and safety for consumer-facing goods. Whether for industrial textile bobbins or everyday items, Company provides durable, specialized solutions that meet the diverse technical and aesthetic requirements of various niche markets.
- General Purpose ABS : IM14G, IM17V
- Electroplating ABS : AP78EF
- SAN, Transparent : IMS1000, IMS1000M
Applications - Automotives
14
Four-Wheeler
- Premium Interior Aesthetics: High-gloss and heat-resistant grades for dashboards, instrument clusters, center consoles, and decorative trims that demand a superior tactile finish.
- Weather-Resistant Exteriors: Utilization of ASA (Acrylonitrile Styrene Acrylate) for radiator grilles, side pillars, and mirror housings to ensure long-term UV stability and color retention without painting.
- Precision Lighting & Functional Parts: Specialized polymers for rear lamp housings and wheel caps that provide high dimensional stability and impact resistance under varied thermal conditions.
Two-Wheeler
- Durable Body Fairings: Impact-modified grades for front cowls, side covers, and mudguards designed to withstand high vibrations and mechanical stress during transit.
- UV-Stable Lighting Assemblies: Weather-hardy resins for headlight and indicator housings, preventing yellowing and brittleness from prolonged exposure to direct sunlight.
- High-Wear Functional & Utility Components: Specialized resins for high-touch and high-stress areas including speedometer casings, glove boxes, footboards, and engine covers, offering exceptional scratch resistance and dimensional stability.
Manufacturing Units
U
Unit 1 - Satnoor Plant
Setup: 1990
Product: High Rubber Graft (HRG)
- Setup: Established in 1990 in technical collaboration with Sumitomo Chemical Ltd., Japan.
- Product: High Rubber Graft (HRG) Powder (the core intermediate used for manufacturing ABS Resins).
- Capacity: Current capacity is fully utilized for captive consumption in ABS manufacturing
- Focuses exclusively on "back-end" chemical synthesis to ensure the highest quality of raw materials for the final product.
Unit 2 - Abu Road Plant
Setup: 2003
Product: Styrene Acrylonitrile (SAN) & Acrylonitrile Butadiene Styrene (ABS)
- Setup: Advanced automated facility with a world-class R&D Center identical to Nippon A&L, Inc. (Japan).
- Product: ABS & SAN Resins (finished Engineering Thermoplastics) across various grades like Injection Molding, Extrusion, and Blow Molding.
- Capacity: Current capacity stands at 52,000 MTPA for SAN, fully utilized for captive consumption in ABS manufacturing, and 75,000 MTPA for ABS (finished product).
- Strategically located to serve major industrial hubs in North and West India.
Board Of Directors
16
Mr. B. M. Bhansali
Managing Director
Four decades of experience in the ABS and SAN manufacturing industry. He entered the business in 1986 by setting up Bhansali Engineering Polymers Limited. He has been honored with several prestigious awards, including the Udyog Ratan Award by the Institute of Economic Studies, the Indian Achievers Award for Quality Excellence by the All-India Achievers Foundation, and the International Achievers Award for Business Excellence by the International Achievers Conference.
Mr. Dilip K. Shendre
Executive Director - Projects
B.Tech in Chemical Engineering and an MBA in Production Management. He has over 41 years of experience in the chemical, petrochemical, and explosives industries. He is responsible for overseeing project execution and manufacturing operations, with strong expertise in health, safety and environment (HSE), quality management systems, and regulatory compliance.
Mr. Rohinton B. Anklesaria
Independent Director
Fellow Member of the Institute of Chartered Accountants of India (ICAI) and an All-India Rank Holder (1979 batch). He has also qualified as a Cost Accountant (ICMA, 1978 batch) and holds a degree in Law from Mumbai University. He has over 45 years of experience as a practicing professional and has been actively involved in advising senior management and boards of large listed companies. His areas of expertise include financial due diligence, valuations, feasibility studies, and operational and management audits.
Mr. Jayesh B. Bhansali
Joint Managing Director cum CFO
Post Graduate in Commerce and oversees key functions of the Company, including marketing, finance, and general administration. He possesses extensive experience in managing the overall affairs and operations of the company.
Mrs. Taruna N. Kumbhar
Independent Director
Fellow Member (FCS) of the Institute of Company Secretaries of India and holds a degree in Law, along with a PGDM from Welingkar Institute. She has extensive experience in corporate governance, secretarial audits, and advisory services, having been associated for nearly a decade with Kaushik M. Jhaveri & Co., Practicing Company Secretary.
Mr. Firdaus N. Pavri
Independent Director
Commerce and Law graduate from Mumbai University and an experienced legal professional. He has a demonstrated history of working in the legal field, with expertise in document drafting, infrastructure project documentation, litigation, arbitration, and dispute resolution. He is currently associated with Shapoorji Pallonji Real Estate as Additional General Manager - Legal and was previously associated with Mulla & Mulla, Craigie Blunt & Caroe as a Consultant.
17
Key Managerial Personnel
Mr. Rajendra Pratap Singh Raghav
Vice President - Operations
B.E. in Mechanical Engineering from MNIT Jaipur and has 35+ years of industry experience and has successfully led and managed multidisciplinary teams, driving operational excellence through a combination of technical expertise and strategic leadership. His past associations interalia includes Jubilant Ingrevia Limited (Director - Engineering), National Engineering Industries Ltd., Rajasthan Polymers & Resins Limited and Bhansali Engineering Polymers Limited (2002-2018).
Mr. Pawan Kumar Kuya
General Manager - Finance & Accounts
Member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India, has 18+ years of experience in Accounts & Finance, Auditing & Taxation, Commercial and Forex Treasury Operations. He was earlier associated with Chambal Fertilisers and Chemical Limited (Dy. GM - Finance), JSW Steel Limited, Ambuja Cement Ltd. etc.
Mr. Ashwin M. Patel
Company Secretary & General Manager - Legal
Member of the Institute of Company Secretaries of India and a Law Graduate, possesses comprehensive expertise in corporate governance, statutory and regulatory compliance and legal advisory under applicable corporate laws, has 30+ years of experience working with Secretarial & Legal department of Listed entities viz. Multi Commodity Exchange of India Ltd, MT Educare Limited, Khandwala Securities Limited, J.B. Chemicals & Pharmaceuticals Limited etc.
Mr. Kalpesh Patil
Deputy General Manager - Human Resource & Administration
PGDM from Balaji Institute of Management Studies, Diploma in Labour Laws from Bharti Vidyapeeth, Pune and LLB from Mumbai University. He was associated with Wanbury Limited (Asst. GM - HR, IR & Admin Dept.) and bring with him 22+ years of experience.
Mr. Mandar Kulkarni
Deputy General Manager - Global Strategic Sourcing
MBA in Marketing from Pune University and B.E (Production) from SGGS College of Engineering and Technology. He was earlier associated with Apcotex Industries Limited (Head - RM & PM) and has 24+ years of experience in strategic sourcing and supply chain management.
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
Investment Rationale
19
Strategic Moat - JV with Nippon A&L & Technical Superiority
- Long-standing JV (since 2013) with Nippon A&L Inc., Japan, a global leader in advanced resins.
- Provides access to proprietary technologies, formulations, and technical expertise
- Enables shift from commoditized ABS to high-value specialty polymers.
- Creates strong entry barriers due to high R&D intensity and long development cycles.
Innovation Moat - R&D & Rapid Customization
- DSIR-recognized in-house R&D focused on high-margin, application-specific polymer solutions.
- Strong innovation track record with 18 new color grades commercialized in FY25, aligned to evolving OEM requirements.
- Advanced VOC measurement capabilities ensure compliance with stringent global standard.
- Early adopter of BIS (IS 17077) certification across all domestic ABS grades.
Operational Moat - Integrated Manufacturing & High Utilization
- Backward-integrated operations with in-house SAN and HRG production, key inputs for ABS.
- Cost efficiencies driven by elimination of intermediary margins and Nippon A&L-led process improvements.
- Positioned among the lowest-cost producers in India, ensuring resilience to raw material volatility and stable margins.
Economic Moat - Financial Prudence
- Debt-free balance sheet ensures zero financial risk and high resilience.
- Consistent positive operating cash flows (CFO) support self-funded growth without reliance on external capital.
- Healthy dividend payout (~50%*) reflects disciplined capital allocation and shareholder returns.
- Strong liquidity position, providing a cushion against cyclicality and working capital shocks.
*Average dividend payout ratio since FY 2021-22.
20
Driving Future Growth Through Innovation
Innovation Highlights
Product Development: Developed 17 new grades and enhanced the properties of 12 existing grades.
Color Portfolio: Created 112 new color grades to meet specific client aesthetic requirements.
Commercialization: Successfully transitioned 20 new/improved products (including 18 color grades) from R&D to commercial production.
Value Enhancement: Focused on property improvements to drive better margins and long-term customer retention.
R&D
DSIR-Recognized R&D center at Abu road Rajasthan: Modelled on Nippon A&L Inc., Japan's facility, with advanced testing equipment including FT-IR, Gas Chromatography, Xenon Arc Weather-O-Meter and Impact Testers.
1,500+ Colour Portfolio & Licensed Global Brands: Specialised colour lab powered by Nippon A&L colour technology with access to globally recognised brands Kralastic, Technique and Unibrite.
Focused Research Pipeline: Active R&D projects spanning ASA-based weather-resistant materials for automotive applications, non-halogenated flame-resistant PC-ABS blends for electronics and sustainable development of PC/ABS blends using post-consumer recycled materials.
BIS Certified: ABS Grades as per IS 17077 (Part 1) 2022, ensuring products meet the highest national quality and safety standards.
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
Global Demand Contribution
22
Global Demand of ABS Resins (In Million Tonnes)
Global Demand Split (FY28E)
Appliances and Automotive continue to dominate global demand for ABS resins due to their high impact resistance and aesthetic versatility.
EV (Electric Vehicle) adoption is accelerating consumption as manufacturers prioritize lightweight, high-performance plastics for interior trims and battery housings.
The global market is shifting toward specialty & colored grades, moving away from commoditized transparent resins to higher-margin applications.
Robust growth in end-user industries like consumer durables (air conditioners, refrigerators) and automotive will drive the domestic demand for ABS.
Policy protection through the monitoring of imports and potential anti-dumping duties on low-cost Asian imports provides a significant competitive advantage to local producers.
Import substitution is a primary theme, as domestic players expand capacity to capture the ~30-40% of demand currently met by imports.
Source: Prismane Consulting
CONTENTS
01 Company Overview
02 Performance Update
03 Moats
04 Investment Rationale
05 Industry Overview
06 Select Financial Information
Financial Snapshot (1/3)
3
Revenue From Operations (In ₹ Cr.)
EBITDA¹ (In ₹ Cr.)
Profit After Tax (In ₹ Cr.)
Gross Profit (In ₹ Cr.)
EBITDA Margin¹ (In %)
PAT Margin (In %)
- EBITDA contains other income
Financial Snapshot (2/3)
bp
RoE¹ (In %)
FY24
19.4%
18.0%
FY25
16.6%
FY26
RoCE² (In %)
FY24
32.9%
39.4%
37.4%
FY25
FY26
Net D/E (In Times)
FY24
-0.2
-0.4
FY25
FY26
Debtor Days (In Days)
FY24
69
FY25
73
FY26
Creditor Days (In Days)
FY24
40
FY25
65
FY26
Inventory Days (In Days)
FY24
60
FY25
79
FY26
- Return on Equity | 2. Return on Capital Employed, Capital Employed is calculated as (total asset – current liability – cash)
Financial Snapshot (3/3)
bp
Cash Conversion Cycle (In Days)
Working Capital Days (In Days)
Fixed Asset Turnover (In Times)
Dividend Payout (In ₹ Cr.)
CFO¹ (In ₹ Cr.)
CFO¹ to EBITDA (In %)
- Cashflow from Operations | 2. A one-time special dividend of INR 14 per equity share was declared by the company
Income Statement
b
| In crores unless otherwise mentioned | |||
|---|---|---|---|
| Particulars | Q4 FY26 | Q4 FY25 | YoY change (%) |
| Revenue from operations | 341.6 | 344.9 | -1.0% |
| Cost of materials and services consumed, including finished goods and WIP | 215.5 | 242.6 | -11.2% |
| Employee benefits expense | 17.0 | 13.2 | 28.7% |
| Other expenses | 44.9 | 40.9 | 9.9% |
| Other income | 10.2 | 7.7 | 33.4% |
| EBIDTA | 74.3 | 55.8 | 33.1% |
| EBIDTA Margin (%) | 21.1% | 15.8% | +529 bps |
| Finance cost | 0.0 | 0.1 | -11.7% |
| Depreciation | 2.0 | 2.2 | -8.1% |
| Share of net Profit/(loss) from joint venture | -0.1 | 0.3 | PTL |
| Profit before tax | 72.3 | 53.6 | 34.0% |
| Tax expenses | 20.6 | 14.4 | 43.1% |
| Profit after tax | 51.6 | 39.5 | 30.6% |
| PAT Margin (%) | 15.1% | 11.5% | +365 bps |
28
Historic Income Statement
| 5 crores unless otherwise mentioned | ||||||
|---|---|---|---|---|---|---|
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 | 3-year CAGR (%) |
| Revenue from operations | 1,394.0 | 1,362.6 | 1,221.7 | 1,397.7 | 1,276.0 | -2.2% |
| Cost of materials and services consumed, including finished goods and WIP | 748.6 | 985.5 | 831.9 | 988.0 | 848.1 | |
| Employee benefits expense | 72.6 | 46.8 | 54.7 | 59.2 | 62.7 | |
| Other expenses | 109.6 | 153.3 | 123.1 | 136.0 | 149.0 | |
| Other income | 19.0 | 28.9 | 39.5 | 37.4 | 39.0 | |
| EBIDTA | 482.2 | 205.9 | 251.5 | 251.9 | 255.2 | 7.4% |
| EBIDTA Margin (%) | 34.6% | 15.1% | 20.6% | 18.0% | 20.0% | |
| Finance cost | 0.2 | 1.2 | 0.2 | 0.2 | 0.2 | |
| Depreciation | 10.0 | 10.0 | 9.7 | 9.0 | 8.4 | |
| Share of net Profit/(loss) from joint venture | 0.6 | 0.8 | 0.8 | 1.1 | 0.8 | |
| Profit before tax | 472.7 | 195.5 | 242.4 | 243.8 | 247.5 | |
| Tax expenses | 122.6 | 58.9 | 63.0 | 63.8 | 67.3 | |
| Profit after tax | 350.0 | 136.7 | 179.4 | 180.0 | 180.2 | 9.6% |
| PAT Margin (%) | 25.1% | 10.0% | 14.7% | 12.9% | 14.1% |
29
Historic Balance Sheet
8 crores unless otherwise mentioned
| Assets | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Property, Plant and Equipment | 144.5 | 140.0 | 151.5 | 148.5 | 163.4 |
| Non-current financial assets | 42.0 | 147.8 | 76.2 | 8.7 | 23.4 |
| Other non-current assets | 6.0 | 12.6 | 12.0 | 12.0 | 23.0 |
| Inventories | 197.4 | 170.8 | 135.8 | 117.9 | 183.9 |
| Cash and cash equivalents | 208.7 | 279.5 | 207.3 | 404.5 | 441.7 |
| Trade receivables | 282.4 | 238.0 | 229.9 | 255.5 | 253.5 |
| Short terms loans and advances | 217.0 | 154.5 | 222.2 | 141.5 | 175.9 |
| Other current assets | 10.2 | 23.9 | 20.8 | 15.2 | 20.6 |
| Total | 1,108.2 | 1,167.1 | 1,055.8 | 1,103.8 | 1,285.3 |
| Equity and Liabilities | FY22 | FY23 | FY24 | FY25 | FY26 |
| Equity capital and reserves | 981.3 | 1,068.0 | 922.8 | 1,002.1 | 1,083.2 |
| Borrowings | -- | -- | -- | -- | -- |
| Trade payables | 69.8 | 62.3 | 90.3 | 56.5 | 151.7 |
| Other current liabilities | 38.1 | 17.4 | 24.1 | 26.6 | 31.3 |
| other non-current liabilities | 18.9 | 19.4 | 18.6 | 18.6 | 19.1 |
| Total | 1,108.2 | 1,167.1 | 1,055.8 | 1,103.8 | 1,285.3 |
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Historic Cashflow Statement
8 crores unless otherwise mentioned
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net profit before tax | 472.1 | 194.8 | 243.5 | 244.7 | 248.6 |
| Adjustments for: Non-cash items and other investment/financial items | -4.6 | -16.6 | -27.0 | -29.0 | -30.7 |
| Operating profit before working capital changes | 467.5 | 178.2 | 216.5 | 215.7 | 217.9 |
| Changes in working capital | -47.9 | 20.9 | 76.8 | -42.7 | 17.6 |
| Direct taxes paid (net of refund) | -121.8 | -58.9 | -62.3 | -64.2 | -67.3 |
| Cashflow from operations | 297.8 | 140.1 | 231.0 | 108.7 | 168.1 |
| Cashflow from investing activities | -300.2 | -15.3 | 44.0 | 235.2 | -29.9 |
| Cashflow from financing activities | -49.8 | -49.8 | -323.5 | -99.5 | -99.5 |
| Change in cash and cash equivalents | -52.2 | 75.0 | -48.5 | 244.4 | 38.6 |
| Cash and cash equivalents at the beginning of the period | 129.5 | 77.3 | 152.3 | 103.8 | 348.1 |
| Cash and cash equivalents at the end of the period | 77.3 | 152.3 | 103.8 | 348.1 | 386.8 |
Safe Harbor Statement
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This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities ("Securities") of Bhansali Engineering Polymers Limited ("BEPL" or the "Company") in India or any other jurisdiction. Neither this presentation, nor anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. The information contained in this presentation is strictly confidential and is intended solely for your reference and shall not be reproduced (in whole or in part), retransmitted, summarized or distributed to any other persons without Company's prior written consent. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify you or any person of such revision or changes. This presentation may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements assumptions and risks, uncertainties and assumptions. Although Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that your expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India's political and economic status, government policies, applicable laws, international and domestic events having a bearing on Company's business, particularly assumptions and the regulatory changes that are applicable to our sector in India, and such other factors beyond our control. You are cautioned not to place undue reliance on these forward-looking statements, which are based on knowledge, experience and current view of Company's management based on relevant facts and circumstances. The data herein with respect to Bhansali Engineering Polymers Limited is based on several assumptions and is subject to several known and unknown risks, which may cause Bhansali Engineering Polymers Limited actual results or performance to differ materially from any projected future results or performance expressed or implied by such statements. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Company's control. Past performance is not a reliable indication of future performance. This presentation has been prepared by the Company. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice or a recommendation regarding the securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, and you should seek independent financial advice.
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For Any Further Information/Queries, Please Contact:
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BHANSALI ENGINEERING POLYMERS LIMITED
Ashwin Patel
Company Secretary
Raj Shah, CFA
+91 99259 11296