B&B Triplewall Containers Limited

Consumer Cyclical — Packaging & Containers · NSE

₹221.00+₹1.05 (+0.48%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of B&B Triplewall Containers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

B&B Triplewall Containers Limited engages in the manufacture and sale of corrugated boards, boxes, and kraft papers in India.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees912

Annual revenue₹616 Cr

How does it make money?

Turns over ₹616 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 912 employees supports ₹67.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹67.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 18.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +83% while net margin moved -37% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+83%

Margin effect-37%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.04 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

57/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

86/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

3.8x

3Y Median

24.6x

40 monthly readings · mean 25.1x · range 15.8x–33.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 84% below its 3y median of 24.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 94% below the peer median of 69.2x.

vs. its own history

Cheap

24.6x median over 40 months · -84%

vs. sector peers

Cheap

69.2x median of 4 peers · -94%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.8x

PEG

0.80

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 11.6% to 14.7% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 15.3% to 18.8%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 78% over 3 years, from ₹141 Cr to ₹250 Cr.
🔴High leverageFinancial
Debt/Equity of 1.93x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 11.6% to 14.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 84% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 94% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.93x. Interest is payable whether or not the business has a good year.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.3% CAGR
Latest reported year was 18.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 14.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹22 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹453 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

3.8x

Cheap

Cheap against the generic band

P/B Ratio

3.43x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹57.67

Profitable

Profitable on a per-share basis

ROE

15.6%

Strong

Strong capital efficiency

ROCE

18.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.93x

High

High leverage

Revenue Growth (YoY)

18.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

473.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.45%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹22 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

13.7%

Average

Average margins

Net Margin

5.2%

Average

Average bottom-line conversion

Current Ratio

1.16

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

227.1 / 229.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

40.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹337 Cr	₹375 Cr	₹492 Cr	₹616 Cr	+22.3%
EBITDA	₹39 Cr	-₹2 Cr	₹40 Cr	₹90 Cr	+32.2%
EBITDA Margin	11.6%	-0.6%	8.1%	14.7%	—
PAT (Net Profit)	₹18 Cr	₹17 Cr	-₹6 Cr	₹21 Cr	+4.8%
EPS	₹8.74	₹8.37	₹-2.7	₹10.06	+4.8%
ROE	17.2%	14.4%	-5.0%	15.6%	—
ROCE	15.3%	-5.7%	3.6%	18.8%	—
Total Debt	₹141 Cr	₹202 Cr	₹239 Cr	₹250 Cr	+21.2%
Free Cash Flow	-₹64 Cr	-₹49 Cr	-₹16 Cr	₹22 Cr	—

🟢 Revenue has grown at 22.3% a year over 3 years.

🟢 EBITDA has grown at 32.2% a year over 3 years.

🟢 EBITDA Margin has risen from 11.6% to 14.7% over 3 years (+3.0 pts).

🟢 PAT (Net Profit) has grown at 4.8% a year over 3 years.

🟢 EPS has grown at 4.8% a year over 3 years.

🔴 ROE has fallen from 17.2% to 15.6% over 3 years (-1.6 pts).

🟢 ROCE has risen from 15.3% to 18.8% over 3 years (+3.5 pts).

🔴 Total Debt has grown at 21.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹64 Cr to ₹22 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹439 Cr

Total Liabilities

₹309 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹30 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.5%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

18 Sept 2026

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive2 mixed3 general

B&B Triplewall Containers Ltd. Share Price Falls 8.2% Today

Univest, 03 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

B&B Triplewall Containers AGM voting results declared; all resolutions pass

scanx.trade, 30 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

B&B Triplewall Containers Ltd

Equitypandit, 03 Apr

B&B Triplewall Containers: Best Stock in Its Sector? Key Metrics

Univest, 23 Sept

Indo Thai Securities Ltd leads losers in 'B' group

Business Standard, 03 Aug

B&B Triplewall sets Sept 18 record date for FY26 final dividend

scanx.trade, 07 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Profitability · Valuation

MiddlingGrowth

WeakFinancial Health · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x · see Key things to watch ↑