Bindal Exports Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹27.80₹0.00 (0.00%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

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

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Bindal Exports Limited manufactures and exports textiles, garments, and made ups under the Fashfun brand in India.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees60

Annual revenue₹22 Cr

How does it make money?

Turns over ₹22 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation. Each of its 60 employees supports ₹37.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹37.2 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?Little sign of one

Returns on capital of 3.6% 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -45% while net margin moved +21% 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-45%

Margin effect+21%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 17.9% a year
✗ Profit has declined at 12.5% a year
✗ Latest-year revenue growth of -23.1% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

43/ 100

Weak

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

Valuation

49/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

45.6x

3Y Median

36.4x

39 monthly readings · mean 32.6x · range 18.4x–39.6x

Sector Median

69.2x

median of 4 sector peers

⚠️Current valuation is approximately 25% above its 3y median of 36.4x. 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 34% below the peer median of 69.2x.

vs. its own history

Expensive

36.4x median over 39 months · +25%

vs. sector peers

Cheap

69.2x median of 4 peers · -34%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

23.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 8.8% to 3.6% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Profit is decliningFinancial
Net profit is down 33% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 34% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 25% 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.
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.

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

1EBITDA margin holds above 0%✓ 2.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 3.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 36.4x✗ 45.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 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

4 good · 3 neutral · 4 weak

Market Cap

₹13 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

45.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.39x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.61

Profitable

Profitable on a per-share basis

ROE

3.1%

Weak

Weak capital efficiency

ROCE

3.6%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-23.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

128.5%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

1.9%

Weak

Assets generate little profit

Operating Margin

0.7%

Weak

Thin margins leave little room for error

Net Margin

1.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.33

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.10

Defensive

Steadier than the market

52W Range Position

89%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

27.8 / 27.8

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹40 Cr	₹30 Cr	₹27 Cr	₹22 Cr	-17.9%
EBITDA	₹1 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-19.1%
EBITDA Margin	2.3%	2.8%	3.1%	2.2%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	-₹1 Cr	₹0 Cr	-12.5%
EPS	₹0.91	₹0.71	₹-2.14	—	—
ROE	4.4%	3.3%	-11.0%	3.0%	—
ROCE	8.8%	9.3%	-6.9%	3.6%	—
Total Debt	₹5 Cr	₹4 Cr	—	—	—
Free Cash Flow	₹2 Cr	₹1 Cr	₹2 Cr	₹2 Cr	-8.4%

🔴 Revenue has shrunk at 17.9% a year over 3 years.

🔴 EBITDA has shrunk at 19.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 2.2% over 3 years.

🔴 PAT (Net Profit) has shrunk at 12.5% a year over 3 years.

🔴 ROE has fallen from 4.4% to 3.0% over 3 years (-1.3 pts).

🔴 ROCE has fallen from 8.8% to 3.6% over 3 years (-5.2 pts).

🔴 Free Cash Flow has shrunk at 8.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.7%

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

Bindal Exports schedules 19th AGM on Sept 29; director polls set

scanx.trade, 07 Sept

PARAMOUNT SYNTEX LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

Bindal Exports Limited Appoints Ms. Samiksha Gupta as Company Secretary & Compliance Officer

scanx.trade, 09 Apr

TNA SOLUTIONS LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 10 Oct

Iran war hits Asia’s polyester suppliers to fast fashion

Arabian Gulf Business Insight | AGBI, 24 Apr

Bank of India Share Price

The Economic Times, 06 Feb

Watch Items

Revenue growth is negative (-23.1%) on the latest reported period — check if this is one-off or a trend.
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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — ROCE stays above 8%; Valuation vs its own median of 36.4x · see Key things to watch ↑