BNR Udyog Limited

Industrials — Specialty Business Services · BSE

₹32.69+₹0.52 (+1.62%)

DalalBaazaar Score

32 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

BNR Udyog Limited engages in the business support service, financial activities, medical transcription/information technology, and information technology enabled services businesses in India.

IndustrySpecialty Business Services

SectorIndustrials

Employees10

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹-47 reaches shareholders as profit, with ₹-45 left at the operating level before interest, tax and depreciation. Each of its 10 employees supports ₹11.3 lakh of revenue a year, the signature of a people-led business.

EBITDA margin-44.6%

Net margin-47.2%

Revenue / employee₹11.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of -9.2% 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.

ROCE-9.2%

ROE-5.7%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -26% while net margin moved -167% 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-26%

Margin effect-167%

DalalBaazaar Score

32/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 9.4% a year

Quality vs. Valuation

Company Quality

27/ 100

Weak

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

Valuation

36/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

1.08x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from -42.2% to -44.6% over 3 years.
Return on equity is falling
ROE has dropped from 18.6% to -5.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 23.0% to -9.2% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🟡Margins are compressingFinancial
EBITDA margin is down 2.4 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from -42.2% to -44.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 18.6% to -5.9%. 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.
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 -47%✓ -44.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ -9.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

2 good · 4 neutral · 5 weak

Market Cap

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.08x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.74

Loss-making

Negative earnings per share — the business is losing money

ROE

-5.7%

Weak

Weak capital efficiency

ROCE

-9.2%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

181.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2.5%

Modest

Slow profit growth

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

CMP

₹32.69

ROA

-4.7%

Weak

Assets generate little profit

Operating Margin

602.0%

Good

Healthy core-business profitability

Net Margin

-36.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

21.42

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.60

Defensive

Steadier than the market

52W Range Position

21%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

36.3 / 37.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-9.4%
EBITDA	-₹1 Cr	₹3 Cr	-₹1 Cr	-₹1 Cr	—
EBITDA Margin	-42.2%	322.7%	-220.6%	-44.6%	—
PAT (Net Profit)	₹1 Cr	₹4 Cr	-₹1 Cr	-₹1 Cr	—
EPS	₹3.59	₹14.36	₹-1.83	₹-1.78	—
ROE	18.6%	42.1%	-5.7%	-5.9%	—
ROCE	23.0%	49.1%	-10.3%	-9.2%	—
Free Cash Flow	-₹2 Cr	-₹1 Cr	-₹2 Cr	₹1 Cr	—

🔴 Revenue has shrunk at 9.4% a year over 3 years.

🔴 EBITDA Margin has fallen from -42.2% to -44.6% over 3 years (-2.4 pts).

🔴 PAT (Net Profit) has turned negative, from ₹1 Cr to -₹1 Cr.

🔴 EPS has turned negative, from ₹3.59 to ₹-1.78.

🔴 ROE has fallen from 18.6% to -5.9% over 3 years (-24.5 pts).

🔴 ROCE has fallen from 23.0% to -9.2% over 3 years (-32.2 pts).

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.0%

Corporate Actions

Ex-Dividend Date

01 Sept 2017

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 negative5 general

SRIT INDIA LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 18 Oct

Lux Industries consolidated net profit declines 8.75% in the March 2026 quarter

Business Standard, 22 MayResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

BNR UDYOG LTD. Share Price

Upstox, 29 Mar

DOVE SOFT LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 08 Oct

MAGNUS Stock Price and Chart — BSE:MAGNUS

TradingView, 22 Jun

Bank of India Share Price

The Economic Times, 06 Feb

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

🔴Business QualityWeak4.7/20

🟡Financial HealthAdequate10.8/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak2.5/15

🟡ValuationFair7.1/15

🔴RiskHigh4/10

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.

This thesis breaks if

✓EBITDA margin holds above -47%-44.6%
✓Free cash flow remains positive₹1 Cr
✗ROCE stays above 8%-9.2%