Billwin Industries Limited

Consumer Cyclical — Apparel Manufacturing · BSE

₹54.00₹0.00 (0.00%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Billwin Industries Limited manufactures and trades protective gears in India.

IndustryApparel Manufacturing

SectorConsumer Cyclical

Employees8

Annual revenue₹8 Cr

How does it make money?

Turns over ₹8 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹55 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹1.01 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.01 Cr

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?Little sign of one

Returns on capital of 5.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +68% while net margin moved -62% 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+68%

Margin effect-62%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 48.2x is demanding — it needs sustained high growth to justify
✗ P/E is 143% above its own historical median of 19.8x — expensive by its own standards

Quality vs. Valuation

Company Quality

51/ 100

Average

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

Valuation

56/ 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

48.2x

3Y Median

19.8x

40 monthly readings · mean 20.0x · range 9.0x–34.9x

Sector Median

69.2x

median of 4 sector peers

⚠️Current valuation is approximately 143% above its 3y median of 19.8x. 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 30% below the peer median of 69.2x.

vs. its own history

Expensive

19.8x median over 40 months · +143%

vs. sector peers

Cheap

69.2x median of 4 peers · -30%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

5.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 28.8% to 55.1% over 3 years.
Debt is being paid down
Total debt is down 66% over 3 years.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 13.0% to 3.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 18.3% to 5.4% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 3 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹33 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 37% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 33% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 28.8% to 55.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 66% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 30% 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?

The price already assumes success
The stock trades 143% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 13.0% to 3.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 14% a year✓ 18.8% CAGR
Latest reported year was -4.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 53%✓ 55.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹33 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 5.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 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

2 good · 3 neutral · 6 weak

Market Cap

₹23 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

48.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.55x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.12

Profitable

Profitable on a per-share basis

ROE

3.3%

Weak

Weak capital efficiency

ROCE

5.4%

Weak

Low return on total capital employed

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

-4.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-63.4%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

2.9%

Weak

Assets generate little profit

Operating Margin

8.2%

Average

Average margins

Net Margin

5.8%

Average

Average bottom-line conversion

Current Ratio

4.49

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.56

Defensive

Steadier than the market

52W Range Position

97%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

41.6 / 27.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

84.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5 Cr	₹5 Cr	₹7 Cr	₹8 Cr	+18.8%
EBITDA	₹1 Cr	₹1 Cr	₹5 Cr	₹4 Cr	+47.5%
EBITDA Margin	28.8%	27.2%	72.8%	55.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-14.3%
EPS	₹2.35	₹2.07	₹1.77	—	—
ROE	13.0%	12.0%	4.8%	3.2%	—
ROCE	18.3%	17.3%	7.7%	5.4%	—
Total Debt	₹5 Cr	₹4 Cr	₹0 Cr	₹2 Cr	-30.2%
Free Cash Flow	-₹0 Cr	₹1 Cr	-₹3 Cr	-₹33 Cr	—

🟢 Revenue has grown at 18.8% a year over 3 years.

🟢 EBITDA has grown at 47.5% a year over 3 years.

🟢 EBITDA Margin has risen from 28.8% to 55.1% over 3 years (+26.3 pts).

🔴 PAT (Net Profit) has shrunk at 14.3% a year over 3 years.

🔴 ROE has fallen from 13.0% to 3.2% over 3 years (-9.8 pts).

🔴 ROCE has fallen from 18.3% to 5.4% over 3 years (-12.9 pts).

🟢 Total Debt has shrunk at 30.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19 Cr

Total Liabilities

₹4 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹32 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

60.6%

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

6 general

Compare with RAGHUVIR SYNTHETICS

Equitymaster, 17 Oct

Billwin Industries passes all four resolutions at 13th AGM

scanx.trade, 02 Oct

52 Week High Shares BSE | 52 Week High Today | Shares Trading 52 Week High BSE

Livemint, 16 Oct

Billwin Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 27 Aug

Compare with NANDAN EXIM

Equitymaster, 06 Oct

Billwin Industries Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 02 Sept

Watch Items

Revenue growth is negative (-4.7%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingRisk

WeakBusiness Quality · Growth · Profitability · Valuation

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 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑