BPL Limited

Technology — Consumer Electronics · NSE

₹43.17+₹0.28 (+0.65%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

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

What does this company do?

BPL Limited, together with its subsidiaries, manufactures and sells consumer electronics durable products in India.

IndustryConsumer Electronics

SectorTechnology

Employees151

Annual revenue₹78 Cr

How does it make money?

Turns over ₹78 Cr a year. Of every ₹100 of sales, about ₹-11 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 151 employees supports ₹51.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹51.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY 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 0.9% 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 ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +50% while net margin moved -211% 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+50%

Margin effect-211%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 5.7 points over the period

Quality vs. Valuation

Company Quality

39/ 100

Weak

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

Valuation

30/ 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

EV/EBITDA

49.3x

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 Attention2

Return on equity is falling
ROE has dropped from 2.2% to -3.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 3.5% to 0.9% — often a sign of competition or overexpansion.

Red Flags

9 items require attention · 4 high · 5 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1770% over 3 years, from ₹6 Cr to ₹118 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 0.4x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹8 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 22.0 points, from 30.5% to 8.5%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.1x to 0.4x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹86 Cr in the latest year.
🟡Receivables growing faster than salesFinancial
Receivables up 80% against revenue up 50% — sales are being booked faster than they are collected.
🟡Inventory building faster than salesFinancial
Inventory up 100% against revenue up 50% — stock may not be moving.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.72 — near-term obligations exceed near-term assets.

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 30.5% to 8.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 17.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 80% against revenue up 50%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 2.2% to -3.5%. 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.

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

1Revenue growth stays above 11% a year✓ 14.4% CAGR
Latest reported year was 9.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 7%✓ 8.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 17.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹86 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 0.4x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 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

1 good · 4 neutral · 6 weak

Market Cap

₹211 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

0.89x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-3.01

Loss-making

Negative earnings per share — the business is losing money

ROE

-3.9%

Weak

Weak capital efficiency

ROCE

0.9%

Weak

Low return on total capital employed

Debt/Equity

0.85x

Moderate

Moderate leverage

Revenue Growth (YoY)

9.8%

Modest

Modest growth

Profit Growth (YoY)

-3494.8%

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

-₹105 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

0.1%

Weak

Assets generate little profit

Operating Margin

5.0%

Average

Average margins

Net Margin

-18.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.72

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.68

Defensive

Steadier than the market

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

44.3 / 47.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹52 Cr	₹66 Cr	₹78 Cr	₹78 Cr	+14.4%
EBITDA	₹16 Cr	₹23 Cr	₹23 Cr	₹7 Cr	-25.2%
EBITDA Margin	30.5%	35.0%	28.8%	8.5%	—
PAT (Net Profit)	₹5 Cr	₹13 Cr	₹0 Cr	-₹8 Cr	—
EPS	₹14.25	₹2.76	₹-0.04	₹-1.73	—
ROE	2.2%	5.3%	0.1%	-3.5%	—
ROCE	3.5%	4.3%	0.5%	0.9%	—
Total Debt	₹6 Cr	₹13 Cr	₹10 Cr	₹118 Cr	+165.4%
Free Cash Flow	₹2 Cr	₹1 Cr	₹8 Cr	-₹86 Cr	—

🟢 Revenue has grown at 14.4% a year over 3 years.

🔴 EBITDA has shrunk at 25.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 30.5% to 8.5% over 3 years (-22.0 pts).

🔴 PAT (Net Profit) has turned negative, from ₹5 Cr to -₹8 Cr.

🔴 EPS has turned negative, from ₹14.25 to ₹-1.73.

🔴 ROE has fallen from 2.2% to -3.5% over 3 years (-5.7 pts).

🔴 ROCE has fallen from 3.5% to 0.9% over 3 years (-2.6 pts).

🔴 Total Debt has grown at 165.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹86 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹714 Cr

Total Liabilities

₹338 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹86 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.1%

Corporate Actions

Ex-Dividend Date

03 Sept 2001

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

1 mixed5 general

BPL Share Price

Upstox, 16 Oct

BPL Share Price News: today’s gain, fundamentals and sector

Univest, 28 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

BPL Limited (NSE: BPL) Share Price Outlook and Key Triggers

Kalkine India, 10 Sept

This consumer electronics firm shares hit 20% upper circuit after NCLT move; what investors need to know

Upstox, 09 Jul

Burshane LPG issues 20% bonus shares; withheld shares to be credited after tax verification

Investify, 09 Oct

BPL Share Price Forecast: 3 Year Outlook to 2030

Univest, 15 Jul

Watch Items

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

DalalBaazaar Thesis

StrongGrowth

MiddlingValuation

WeakBusiness Quality · Financial Health · Profitability · 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. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑