Bhansali Engineering Polymers Limited

Basic Materials — Chemicals · NSE

₹129.00+₹0.97 (+0.76%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Bhansali Engineering Polymers Limited operates a petrochemical company in India and internationally. The company manufactures and sells thermoplastic resins that include acrylonitrile butadiene styrene (ABS) and styrene acrylate (SAN) resins.

IndustryChemicals

SectorBasic Materials

Employees509

Annual revenue₹1,276 Cr

How does it make money?

Turns over ₹1,276 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹20 left at the operating level before interest, tax and depreciation. Each of its 509 employees supports ₹2.51 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.51 Cr

Who are its competitors?

The closest listed comparisons in its industry are PIDILITE INDUSTRIES LTD, SRF LTD, UPL 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 22.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.6% against a peer median of 15.4% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE15.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -6% while net margin moved +41% 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-6%

Margin effect+41%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 2.2% a year
• Profit CAGR of 9.6%

Quality vs. Valuation

Company Quality

70/ 100

Good

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

Valuation

64/ 100

Fair

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

16.0x

3Y Median

17.2x

40 monthly readings · mean 19.3x · range 11.3x–41.1x

Sector Median

33.8x

median of 3 sector peers

🟡Currently trading close to its 3y median of 17.2x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 53% below the peer median of 33.8x.

vs. its own history

Fair

17.2x median over 40 months · -7%

vs. sector peers

Cheap

33.8x median of 3 peers · -53%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.1x

PEG

1.67

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 15.1% to 20.0% over 3 years.
Return on equity is rising
ROE has improved from 12.8% to 16.6%.
Return on capital is rising
ROCE has improved from 18.1% to 22.5%.
High return on capital employed
ROCE of 22.5% is the mark of a business that converts capital into profit efficiently.
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

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.5% 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 15.1% to 20.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 53% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

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

1EBITDA margin holds above 18%✓ 20.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹133 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 19%✓ 22.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 17.2x✓ 16.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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 · 4 neutral · 0 weak

Market Cap

₹3,210 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.0x

Fair

Fairly valued against the generic band

P/B Ratio

2.96x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹8.04

Profitable

Profitable on a per-share basis

ROE

16.6%

Strong

Strong capital efficiency

ROCE

22.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

53.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

43.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

3.10%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹133 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

22.2x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

17.1%

Good

Healthy core-business profitability

Net Margin

13.9%

Good

Strong bottom-line conversion

Current Ratio

5.88

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.20

Defensive

Steadier than the market

52W Range Position

85%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

126.9 / 126.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

54.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,363 Cr	₹1,222 Cr	₹1,398 Cr	₹1,276 Cr	-2.2%
EBITDA	₹206 Cr	₹252 Cr	₹257 Cr	₹255 Cr	+7.3%
EBITDA Margin	15.1%	20.6%	18.4%	20.0%	—
PAT (Net Profit)	₹137 Cr	₹179 Cr	₹180 Cr	₹180 Cr	+9.6%
EPS	₹3.67	₹7.21	₹7.23	₹7.24	+25.5%
ROE	12.8%	19.4%	18.0%	16.6%	—
ROCE	18.1%	25.8%	23.9%	22.5%	—
Free Cash Flow	₹135 Cr	₹210 Cr	₹103 Cr	₹133 Cr	-0.5%

🔴 Revenue has shrunk at 2.2% a year over 3 years.

🟢 EBITDA has grown at 7.3% a year over 3 years.

🟢 EBITDA Margin has risen from 15.1% to 20.0% over 3 years (+4.8 pts).

🟢 PAT (Net Profit) has grown at 9.6% a year over 3 years.

🟢 EPS has grown at 25.5% a year over 3 years.

🟢 ROE has risen from 12.8% to 16.6% over 3 years (+3.8 pts).

🟢 ROCE has risen from 18.1% to 22.5% over 3 years (+4.4 pts).

🟡 Free Cash Flow has been broadly flat over 3 years (-0.5% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,285 Cr

Total Liabilities

₹202 Cr

Total Debt

—

Cash & Equivalents

₹387 Cr

Operating Cash Flow

₹168 Cr

Capex

-₹35 Cr

Shareholding (proxy)

Institutional Holding

1.0%

Insider Holding

63.1%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

23 Jul 2026

Peer Comparison

Company	P/E	ROE
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

2 positive2 mixed2 general

Bhansali Polymers Share Price - Live NSE: BEPL Stock Price & Chart

Upstox, 16 Oct

Dividend Investors: Don't Be Too Quick To Buy Bhansali Engineering Polymers Limited (NSE:BEPL) For Its Upcoming Dividend

Simply Wall Street, 09 JulCapital return

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

Bhansali Engineering Polymers jumps as Q1 PAT rises 43% YoY

Business Standard, 20 JulResults

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

Why Bhansali Engineering Share Price is Rising

Equitymaster, 20 Jul

Bhansali Engineering Polymers profit rises 43% to ₹65.6 crore

scanx.trade, 23 JulResults

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

Bhansali Engineering Polymers Share Price Target 2026 Analyst Forecast Bull and Bear Case

Univest, 28 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingRisk

WeakGrowth

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑