BCC Fuba India Limited

Technology — Electronic Components · BSE

₹296.00−₹1.15 (−0.39%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of BCC Fuba India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

BCC Fuba India Limited manufactures and sells printed circuit boards in India. The company offers single layer, double layer, multilayer, and metal core printed circuit boards. It also provides electronics manufacturing services.

IndustryElectronic Components

SectorTechnology

Employees139

Annual revenue₹73 Cr

How does it make money?

Turns over ₹73 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 139 employees supports ₹52.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹52.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. 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 18.0% 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 ROE32.0%

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 +154% while net margin moved -0% 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+154%

Margin effect-0%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 67.9x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 56.9x
✗ P/B of 13.98x is a steep premium to book

Quality vs. Valuation

Company Quality

71/ 100

Good

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

Valuation

35/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

67.9x

3Y Median

56.9x

40 monthly readings · mean 62.6x · range 37.3x–98.2x

Sector Median

16.5x

median of 4 sector peers

⚠️Current valuation is approximately 19% above its 3y median of 56.9x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 310% above the peer median of 16.5x.

vs. its own history

Fair

56.9x median over 40 months · +19%

vs. sector peers

Expensive

16.5x median of 4 peers · +310%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

55.6x

PEG

1.87

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 11.8% to 14.6% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 167% over 3 years, from ₹7 Cr to ₹18 Cr.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.0% 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 11.8% to 14.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 310% above the peer median. That premium needs a reason that persists, or it closes.
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.

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

1Revenue growth stays above 27% a year✓ 36.4% CAGR
Latest reported year was 63.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 14.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 18.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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

5 good · 3 neutral · 3 weak

Market Cap

₹589 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

67.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

13.98x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹4.36

Profitable

Profitable on a per-share basis

ROE

12.7%

Moderate

Moderate capital efficiency

ROCE

18.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.40x

Low

Conservative leverage

Revenue Growth (YoY)

63.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

131.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

21.2%

Good

Healthy core-business profitability

Net Margin

10.0%

Average

Average bottom-line conversion

Current Ratio

1.73

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.47

Defensive

Steadier than the market

52W Range Position

84%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

292.6 / 257.4

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

49.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹29 Cr	₹32 Cr	₹47 Cr	₹73 Cr	+36.4%
EBITDA	₹3 Cr	₹5 Cr	₹7 Cr	₹11 Cr	+46.5%
EBITDA Margin	11.8%	14.1%	14.5%	14.6%	—
PAT (Net Profit)	₹2 Cr	₹4 Cr	₹4 Cr	₹6 Cr	+36.3%
EPS	₹1.29	₹2.14	₹2.11	₹3.12	+34.4%
ROE	14.7%	19.3%	16.1%	12.7%	—
ROCE	16.9%	19.3%	22.2%	18.0%	—
Total Debt	₹7 Cr	₹9 Cr	₹12 Cr	₹18 Cr	+38.7%
Free Cash Flow	₹1 Cr	₹2 Cr	-₹7 Cr	-₹0 Cr	—

🟢 Revenue has grown at 36.4% a year over 3 years.

🟢 EBITDA has grown at 46.5% a year over 3 years.

🟢 EBITDA Margin has risen from 11.8% to 14.6% over 3 years (+2.8 pts).

🟢 PAT (Net Profit) has grown at 36.3% a year over 3 years.

🟢 EPS has grown at 34.4% a year over 3 years.

🔴 ROE has fallen from 14.7% to 12.7% over 3 years (-2.0 pts).

🟢 ROCE has risen from 16.9% to 18.0% over 3 years (+1.2 pts).

🔴 Total Debt has grown at 38.7% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹84 Cr

Total Liabilities

₹37 Cr

Cash & Equivalents

₹17 Cr

Operating Cash Flow

₹10 Cr

Capex

-₹10 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

62.0%

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

2 positive4 general

BCC Fuba India Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

BCC Fuba India Ltd. 52 Week High Streak: Key Analysis

Univest, 01 Oct

BCC Fuba Q1 Results: Net profit surges 192% YoY on price hike

scanx.trade, 08 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

B C C Fuba India consolidated net profit rises 183.33% in the June 2026 quarter

Business Standard, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

B C C Fuba India Ltd Partly Paidup Share Price

Business Today, 05 May

BCC Fuba India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 21 Sept

Watch Items

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

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability

WeakValuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑