WEBSITE BSE:526849 NSE: BANARAS BEAD Inc. Year: 1980 Industry: Glass My Bucket: Add Stock
Last updated: 15:41
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1. Business Overview
Banaras Beads Ltd. operates in the glass industry, specializing likely in the manufacturing and sale of glass beads. Given the name "Banaras Beads," the company is expected to produce various types of glass beads, potentially including handcrafted or traditionally inspired designs, catering to uses in jewelry, apparel embellishments, handicrafts, and decorative items. Its core business model revolves around the production of these beads and their distribution to domestic and international markets, making money through direct sales to wholesalers, retailers, designers, or potentially through export channels.
2. Key Segments / Revenue Mix
Specific segmentation and revenue mix data for Banaras Beads Ltd. are not publicly available based on the provided information. However, typical segmentation for a glass bead manufacturer might include categories based on application (e.g., jewelry beads, garment beads, craft beads), material type (e.g., lampwork beads, pressed glass beads), or geographic markets (domestic vs. export).
3. Industry & Positioning
The company operates within the global glass industry, specifically the niche segment of glass beads. This industry is generally fragmented, comprising both large-scale industrial manufacturers and smaller, specialized, or artisanal producers. Competition comes from other glass bead manufacturers, producers of beads from alternative materials (plastic, metal, wood, natural stones), and designers creating their own components. Banaras Beads Ltd., with its name evoking the traditional craft heritage of Banaras (Varanasi), likely positions itself to leverage this cultural association, possibly focusing on unique designs, quality craftsmanship, or specific types of glass beads that appeal to a niche market. Its precise market share and competitive standing against peers are unknown without further data.
4. Competitive Advantage (Moat)
Without specific company details, identifying a strong, durable competitive advantage is challenging. Potential moats could include:
Brand/Reputation: If the "Banaras" name is associated with high quality, unique designs, or traditional craftsmanship, it could command a premium and foster customer loyalty.
Niche Specialization: Expertise in producing particular types of intricate or rare glass beads that are difficult to replicate.
Operational Efficiency: Cost advantages through efficient manufacturing processes, economies of scale, or favorable raw material sourcing, though the latter is less likely given a potentially specialized focus.
Design & Innovation: A continuous ability to introduce new and appealing bead designs that capture evolving fashion and craft trends.
5. Growth Drivers
Key factors that could drive growth for Banaras Beads Ltd. over the next 3-5 years include:
Rising Disposable Incomes: Increasing consumer spending on fashion accessories, jewelry, and decorative items in India and globally.
Growth of Craft & Hobby Markets: A resurgence in DIY crafts and hobbies, driving demand for quality bead supplies.
Fashion & Jewelry Trends: Favorable trends in fashion dictating the use of glass beads as embellishments or primary components.
Export Market Expansion: Tapping into international markets with demand for unique or traditional Indian-made glass beads.
E-commerce Penetration: Leveraging online sales channels to reach a broader customer base for craft supplies and finished products.
Product Diversification: Expanding into related glass products or higher-value-added custom bead designs.
6. Risks
Fashion Volatility: Demand for specific bead types, colors, or materials can fluctuate rapidly with changing fashion trends, requiring agile product development.
Raw Material Price Fluctuations: Volatility in prices of glass-making raw materials (silica, soda ash, lime) and energy costs can impact production profitability.
Competition: Intense competition from domestic and international manufacturers, including cheaper alternatives from other materials (e.g., plastic beads).
Economic Downturns: Reduced consumer discretionary spending on non-essential items like jewelry and decorative crafts during economic slowdowns.
Import/Export Regulations: Changes in trade policies, tariffs, or non-tariff barriers in key export markets.
Skilled Labor Availability: Potential reliance on skilled artisans for specialized bead production.
7. Management & Ownership
Specific details regarding the promoters, management team's quality, and the precise ownership structure of Banaras Beads Ltd. are not publicly available from the given information. Typically, Indian companies of this nature are promoter-led, with family ownership playing a significant role. The management team would likely possess expertise in glass manufacturing, design, and market distribution relevant to the handicraft and fashion accessories sector.
8. Outlook
Banaras Beads Ltd. operates in a niche segment of the glass industry with potential for growth, particularly if it can effectively leverage any associated brand equity from "Banaras" for quality, design, or traditional craftsmanship. The global market for fashion accessories and crafts provides a demand base, but the company faces significant competition and exposure to shifting consumer tastes and raw material price volatility. Its future trajectory will depend on its ability to innovate in design, maintain cost efficiency, strategically expand its market reach (domestically and internationally), and adapt to evolving fashion trends while potentially capitalizing on its unique cultural positioning.
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Market Cap ₹73 Cr.
Stock P/E 23.5
P/B 1.3
Current Price ₹108.7
Book Value ₹ 85.6
Face Value 10
52W High ₹171.9
Dividend Yield 2.07%
52W Low ₹ 97.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 4 | 9 | 7 | 12 | 6 | 7 | 6 | 5 | 8 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 10 | 4 | 9 | 8 | 12 | 6 | 8 | 7 | 5 | 8 |
| Total Expenditure | 8 | 3 | 8 | 7 | 10 | 5 | 6 | 5 | 5 | 7 |
| Operating Profit | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Adjustments | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Adjusted Earnings Per Share | 1.6 | 0.7 | 1.2 | 0.8 | 2.1 | 0.8 | 1 | 0.9 | 0.1 | 0.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 25 | 27 | 24 | 17 | 26 | 20 | 25 | 27 | 28 | 32 | 26 |
| Other Income | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 0 |
| Total Income | 25 | 26 | 29 | 25 | 18 | 27 | 22 | 27 | 29 | 31 | 34 | 28 |
| Total Expenditure | 20 | 22 | 24 | 21 | 15 | 22 | 17 | 22 | 23 | 26 | 27 | 23 |
| Operating Profit | 5 | 4 | 5 | 4 | 3 | 5 | 5 | 5 | 5 | 5 | 6 | 5 |
| Interest | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 6 | 3 | 2 | 2 | 3 | 3 | 4 | 3 | 4 | 4 | 3 |
| Provision for Tax | 1 | 2 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 2 | 4 | 2 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 4 | 2 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| Adjusted Earnings Per Share | 2.4 | 6.5 | 2.5 | 2.1 | 1.7 | 3.5 | 3.6 | 4.4 | 3.8 | 4.2 | 4.7 | 2.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | 9% | 4% | 3% |
| Operating Profit CAGR | 20% | 6% | 4% | 2% |
| PAT CAGR | 0% | 0% | 8% | 4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -15% | 11% | 16% | 9% |
| ROE Average | 6% | 5% | 5% | 5% |
| ROCE Average | 8% | 7% | 7% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 40 | 42 | 44 | 44 | 45 | 48 | 50 | 52 | 53 | 54 | 56 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | 0 | 0 | 0 | -0 | -0 | 1 | 0 | 0 |
| Total Current Liabilities | 19 | 10 | 4 | 5 | 3 | 2 | 6 | 8 | 3 | 5 | 10 |
| Total Liabilities | 58 | 52 | 48 | 49 | 48 | 50 | 56 | 60 | 56 | 60 | 67 |
| Fixed Assets | 14 | 14 | 13 | 11 | 10 | 19 | 18 | 9 | 9 | 8 | 10 |
| Other Non-Current Assets | 4 | 5 | 3 | 12 | 12 | 3 | 7 | 10 | 16 | 5 | 20 |
| Total Current Assets | 40 | 33 | 32 | 26 | 26 | 27 | 31 | 41 | 31 | 47 | 36 |
| Total Assets | 58 | 52 | 48 | 49 | 48 | 50 | 56 | 60 | 56 | 60 | 67 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 10 | 17 | 11 | 13 | 9 | 9 | 8 | 6 | 12 | 1 | 12 |
| Cash Flow from Operating Activities | 1 | 3 | 5 | 4 | 0 | 4 | -9 | -4 | -4 | -3 | 5 |
| Cash Flow from Investing Activities | -7 | 4 | 1 | -8 | 1 | -3 | 3 | 10 | 1 | 13 | -17 |
| Cash Flow from Financing Activities | 13 | -13 | -4 | 0 | -1 | -1 | 4 | -0 | -8 | 1 | 3 |
| Net Cash Inflow / Outflow | 7 | -6 | 2 | -4 | -0 | -0 | -2 | 6 | -11 | 11 | -9 |
| Closing Cash & Cash Equivalent | 17 | 11 | 13 | 9 | 9 | 8 | 6 | 12 | 1 | 12 | 3 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.43 | 6.52 | 2.52 | 2.09 | 1.75 | 3.54 | 3.62 | 4.42 | 3.85 | 4.16 | 4.67 |
| CEPS(Rs) | 5.99 | 9.74 | 5.7 | 4.87 | 4.05 | 5.58 | 5.82 | 6.35 | 5.71 | 5.89 | 6.78 |
| DPS(Rs) | 1 | 2.5 | 1 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 2.25 |
| Book NAV/Share(Rs) | 60.27 | 63.78 | 65.96 | 66.85 | 68.59 | 72.06 | 75.67 | 78.07 | 79.89 | 82.01 | 84.43 |
| Core EBITDA Margin(%) | 16.89 | 11.15 | 13.72 | 13.77 | 14.87 | 14.69 | 16.39 | 12.53 | 13.49 | 9.39 | 13.07 |
| EBIT Margin(%) | 11.96 | 28.01 | 10.85 | 10.07 | 10.92 | 12.97 | 16.49 | 16.16 | 15.59 | 13.99 | 14.96 |
| Pre Tax Margin(%) | 11.16 | 25.29 | 10.29 | 9.75 | 9.18 | 12.54 | 15.51 | 15.15 | 12.66 | 13.06 | 12.84 |
| PAT Margin (%) | 6.82 | 17.44 | 6.11 | 5.82 | 6.67 | 9.08 | 11.69 | 11.63 | 9.43 | 9.75 | 9.78 |
| Cash Profit Margin (%) | 16.8 | 26.04 | 13.81 | 13.55 | 15.46 | 14.32 | 18.81 | 16.72 | 14 | 13.81 | 14.2 |
| ROA(%) | 3.13 | 7.8 | 3.34 | 2.87 | 2.38 | 4.78 | 4.52 | 5.04 | 4.4 | 4.76 | 4.89 |
| ROE(%) | 4.07 | 10.52 | 3.89 | 3.15 | 2.58 | 5.03 | 4.9 | 5.74 | 4.87 | 5.14 | 5.61 |
| ROCE(%) | 5.98 | 13.58 | 6.44 | 5.27 | 4.09 | 7.13 | 6.62 | 7.26 | 7.6 | 7.14 | 7.74 |
| Receivable days | 9.39 | 13.98 | 13.74 | 11.54 | 15.75 | 7.07 | 26.53 | 52.85 | 73.02 | 83.3 | 68.15 |
| Inventory Days | 179.63 | 200.77 | 170.78 | 194.82 | 293.38 | 177.58 | 207.52 | 222.76 | 273.76 | 289.5 | 285.29 |
| Payable days | 17.27 | 23.71 | 24.89 | 18.16 | 18.89 | 8.64 | 14.47 | 37.25 | 36.28 | 25.23 | 10.71 |
| PER(x) | 13.81 | 6.8 | 30.3 | 27.6 | 27.63 | 8.05 | 13.65 | 20.82 | 20.52 | 21.35 | 25.94 |
| Price/Book(x) | 0.56 | 0.7 | 1.16 | 0.86 | 0.7 | 0.4 | 0.65 | 1.18 | 0.99 | 1.08 | 1.43 |
| Dividend Yield(%) | 2.98 | 5.64 | 1.31 | 0 | 0 | 0 | 0 | 2.18 | 2.53 | 2.25 | 1.86 |
| EV/Net Sales(x) | 0.85 | 0.97 | 1.43 | 1.31 | 1.4 | 0.41 | 1.5 | 2.17 | 1.91 | 1.77 | 2.72 |
| EV/Core EBITDA(x) | 3.9 | 5.57 | 7.69 | 7.38 | 7.11 | 2.23 | 6.36 | 10.19 | 9.45 | 9.82 | 14.02 |
| Net Sales Growth(%) | -11.3 | 4.98 | 10.43 | -12.98 | -27.2 | 48.92 | -20.6 | 22.7 | 7.37 | 4.64 | 11.85 |
| EBIT Growth(%) | -37.82 | 145.76 | -57.22 | -19.24 | -21.05 | 76.93 | 0.93 | 20.23 | 3.59 | -6.08 | 19.56 |
| PAT Growth(%) | -37.82 | 168.57 | -61.33 | -17.14 | -16.46 | 102.7 | 2.19 | 22.04 | -12.91 | 8.15 | 12.26 |
| EPS Growth(%) | -37.82 | 168.55 | -61.33 | -17.14 | -16.46 | 102.7 | 2.19 | 22.04 | -12.91 | 8.15 | 12.26 |
| Debt/Equity(x) | 0.37 | 0.12 | 0.03 | 0.04 | 0.02 | 0 | 0.09 | 0.11 | 0.01 | 0.06 | 0.15 |
| Current Ratio(x) | 2.15 | 3.25 | 7.62 | 5.59 | 9.52 | 12.7 | 5.14 | 5.02 | 12.13 | 9.26 | 3.5 |
| Quick Ratio(x) | 1.46 | 1.87 | 4.9 | 2.51 | 4.49 | 7.42 | 3.17 | 2.72 | 3.65 | 4.71 | 0.94 |
| Interest Cover(x) | 14.91 | 10.33 | 19.28 | 31.66 | 6.29 | 30 | 16.78 | 16.14 | 5.33 | 15.06 | 7.07 |
| Total Debt/Mcap(x) | 0.67 | 0.17 | 0.02 | 0.05 | 0.03 | 0 | 0.13 | 0.1 | 0.01 | 0.06 | 0.11 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.14 | 58.14 | 58.14 | 58.14 | 58.14 | 58.14 | 58.14 | 58.14 | 58.14 | 58.48 |
| FII | 0 | 0 | 0 | 0 | 0.04 | 0.04 | 0.04 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.86 | 41.86 | 41.86 | 41.86 | 41.81 | 41.81 | 41.81 | 41.86 | 41.86 | 41.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
* The pros and cons are machine generated.
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