WEBSITE BSE:538546 NSE: BANSAL ROOF Inc. Year: 2008 Industry: Engineering My Bucket: Add Stock
Last updated: 11:31
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1. Business Overview
Bansal Roofing Products Ltd. is primarily engaged in the manufacturing and sale of various roofing solutions. As an engineering company, its core business involves producing a range of roofing materials, likely including corrugated sheets, metal profiles, insulated panels, and related accessories. The company serves diverse customer segments, including industrial, commercial, and residential projects. It generates revenue by selling these manufactured roofing products directly to large clients or through a distribution network to smaller builders, contractors, and individual consumers.
2. Key Segments / Revenue Mix
While specific revenue contribution by product type is not publicly detailed, Bansal Roofing Products Ltd. likely derives its revenue from distinct product categories such as:
Metal Roofing Sheets: Pre-painted galvanized iron (PPGI), galvanized plain (GP), bare metal sheets, and custom-fabricated profiles.
Polycarbonate Sheets: Used for skylights, canopies, and translucent roofing.
Insulated Roofing Panels: For thermal efficiency in industrial and commercial buildings.
Roofing Accessories: Including fasteners, sealants, gutters, and ridge caps.
The company's focus is on providing comprehensive roofing solutions rather than isolated components.
3. Industry & Positioning
The roofing products industry in India is characterized by a mix of organized and unorganized players, with significant competition. It is closely tied to the broader construction and infrastructure development sectors, making it somewhat cyclical. Bansal Roofing Products likely competes on factors such as product quality, price competitiveness, breadth of product offerings, and speed of delivery. Given its presence, it likely holds a regional or niche leadership position, potentially focusing on specific material types or serving particular industrial segments effectively, rather than being a national market leader across all roofing types.
4. Competitive Advantage (Moat)
Bansal Roofing Products Ltd. may possess a narrow competitive advantage (moat) through:
Cost Advantage: Efficient manufacturing processes, economies of scale in procurement of raw materials (steel, polycarbonate resins), and optimized logistics, allowing it to offer competitive pricing.
Distribution Network: A well-established and efficient network of dealers, distributors, and direct sales channels, ensuring product availability and timely delivery across its operational regions.
Product Customization: Capability to offer tailored roofing solutions for specific industrial or commercial projects, providing a value-add beyond standard products.
Brand Reputation: Over time, it may have built a reputation for reliability and quality among its target customer base, fostering repeat business.
5. Growth Drivers
Key factors that can drive growth for Bansal Roofing Products over the next 3-5 years include:
Infrastructure Development: Continued government spending on roads, railways, airports, and industrial corridors in India.
Urbanization & Housing: Growing demand for commercial and residential construction in urban and semi-urban areas.
Industrial Growth: Expansion of manufacturing and warehousing facilities requiring large-scale roofing solutions.
Replacement Demand: Existing roofing structures eventually require repair or replacement, creating a recurring demand cycle.
Product Innovation: Introduction of new materials, designs, or energy-efficient roofing solutions to capture evolving market needs.
6. Risks
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like steel, aluminum, and polycarbonate resins can impact profit margins.
Cyclicality of Construction: A slowdown in the broader economy or construction sector can directly reduce demand for roofing products.
Intense Competition: The fragmented nature of the industry and presence of both organized and unorganized players can lead to price wars and margin pressure.
Regulatory Changes: New building codes, environmental regulations, or import/export policies could affect operations and costs.
Supply Chain Disruptions: Geopolitical events, natural disasters, or logistical challenges can disrupt material supply or product distribution.
7. Management & Ownership
As is common with many Indian companies, Bansal Roofing Products Ltd. is likely promoter-driven, meaning the founding family or individuals hold a significant stake and play a crucial role in its management and strategic direction. The quality of management would depend on their experience in the engineering and construction materials sector, their ability to navigate market cycles, manage raw material costs, and expand market presence. The promoter's vision and long-term commitment are typically central to the company's growth trajectory.
8. Outlook
Bansal Roofing Products operates in a foundational sector driven by India's overall economic growth and infrastructure push. The ongoing urbanization and industrialization trends present a robust demand outlook for roofing materials. The company's ability to maintain cost efficiency, innovate products, and strengthen its distribution network will be crucial for capturing market share. However, it faces inherent challenges from raw material price volatility and intense competition, which can put pressure on profitability. The outlook for the company will largely depend on its execution capabilities in a competitive environment and the resilience of the Indian construction sector.
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Market Cap ₹152 Cr.
Stock P/E 27.4
P/B 3.9
Current Price ₹115.3
Book Value ₹ 29.5
Face Value 10
52W High ₹135.4
Dividend Yield 0.87%
52W Low ₹ 98.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 | 27 | 26 | 24 | 24 | 17 | 26 | 29 | 36 | 34 | 39 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 27 | 26 | 24 | 24 | 17 | 26 | 29 | 36 | 34 | 39 |
| Total Expenditure | 25 | 24 | 23 | 23 | 15 | 23 | 27 | 33 | 32 | 33 |
| Operating Profit | 2 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 | 5 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 2 | 5 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 4 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 4 |
| Adjusted Earnings Per Share | 0.6 | 0.6 | 0.6 | 0.7 | 0.4 | 1.7 | 1.4 | 1.5 | 1.1 | 2.7 |
| #(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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 22 | 27 | 33 | 44 | 41 | 42 | 73 | 93 | 106 | 97 | 138 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 25 | 23 | 27 | 33 | 44 | 41 | 42 | 73 | 93 | 106 | 97 | 138 |
| Total Expenditure | 23 | 21 | 25 | 31 | 41 | 38 | 38 | 67 | 86 | 99 | 87 | 125 |
| Operating Profit | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 6 | 7 | 7 | 9 | 14 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 5 | 6 | 5 | 7 | 13 |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 |
| Profit After Tax | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 4 | 4 | 4 | 6 | 9 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 4 | 4 | 4 | 6 | 9 |
| Adjusted Earnings Per Share | 0.4 | 0.6 | 0.7 | 0.8 | 1.5 | 1.7 | 1.7 | 3 | 3.2 | 2.7 | 4.2 | 6.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -8% | 10% | 19% | 15% |
| Operating Profit CAGR | 29% | 14% | 18% | 25% |
| PAT CAGR | 50% | 14% | 25% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -1% | 19% | 29% | 33% |
| ROE Average | 18% | 17% | 18% | 16% |
| ROCE Average | 22% | 20% | 21% | 19% |
| #(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 | 5 | 5 | 6 | 11 | 12 | 14 | 16 | 20 | 24 | 28 | 33 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 5 | 5 | 3 | 1 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Current Liabilities | 3 | 4 | 3 | 5 | 1 | 1 | 4 | 10 | 8 | 9 | 18 |
| Total Liabilities | 9 | 10 | 11 | 16 | 14 | 16 | 21 | 36 | 37 | 40 | 54 |
| Fixed Assets | 2 | 3 | 4 | 3 | 4 | 5 | 4 | 18 | 25 | 25 | 28 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 1 | 1 | 5 | 3 |
| Total Current Assets | 6 | 6 | 7 | 12 | 10 | 11 | 12 | 16 | 12 | 10 | 23 |
| Total Assets | 9 | 10 | 11 | 16 | 14 | 16 | 21 | 36 | 37 | 40 | 54 |
| #(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 | 0 | 0 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | -2 | 0 | 2 | -2 | 3 | 0 | 4 | 6 | 9 | 8 | 2 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | 0 | -1 | -1 | -5 | -11 | -7 | -6 | -2 |
| Cash Flow from Financing Activities | 2 | 1 | -2 | 4 | -3 | -1 | 2 | 5 | -1 | -3 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 2 | -1 | -2 | 0 | -0 | 1 | -1 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 1 | 0 | 0 |
| # | 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) | 0.44 | 0.59 | 0.72 | 0.82 | 1.55 | 1.7 | 1.71 | 2.99 | 3.16 | 2.69 | 4.2 |
| CEPS(Rs) | 0.6 | 0.76 | 0.95 | 1.01 | 1.78 | 1.98 | 2 | 3.33 | 3.88 | 3.66 | 5.32 |
| DPS(Rs) | 0 | 0 | 0 | 0.13 | 1 | 1 | 1 | 0 | 0 | 0 | 1 |
| Book NAV/Share(Rs) | 4.01 | 4.98 | 5.7 | 8.01 | 9.43 | 10.89 | 12.33 | 15.07 | 18.24 | 20.94 | 25.14 |
| Core EBITDA Margin(%) | 3.15 | 4.81 | 5.61 | 5 | 5.94 | 6.88 | 6.74 | 6.77 | 7.41 | 6.22 | 9.5 |
| EBIT Margin(%) | 3.1 | 4.6 | 4.75 | 4.5 | 5.68 | 6.58 | 6.35 | 6.41 | 6.58 | 5.09 | 8.1 |
| Pre Tax Margin(%) | 2.58 | 3.75 | 3.75 | 3.85 | 5.54 | 6.42 | 6.17 | 6.23 | 5.99 | 4.54 | 7.69 |
| PAT Margin (%) | 1.78 | 2.59 | 2.58 | 2.85 | 3.93 | 4.71 | 4.62 | 4.64 | 4.47 | 3.35 | 5.73 |
| Cash Profit Margin (%) | 2.41 | 3.31 | 3.42 | 3.52 | 4.53 | 5.48 | 5.4 | 5.18 | 5.48 | 4.56 | 7.26 |
| ROA(%) | 6.16 | 6.9 | 7.53 | 8.08 | 13.39 | 14.83 | 12.07 | 13.8 | 11.48 | 9.22 | 11.82 |
| ROE(%) | 14.87 | 13.18 | 13.46 | 12.89 | 17.72 | 16.74 | 14.72 | 21.81 | 19 | 13.73 | 18.24 |
| ROCE(%) | 16.28 | 14.85 | 16.66 | 15.63 | 22.28 | 22.88 | 18.97 | 23.89 | 21.26 | 17.21 | 22.38 |
| Receivable days | 10.8 | 18.29 | 15.5 | 12.3 | 12.81 | 19.59 | 19.46 | 10.75 | 10.06 | 8.4 | 9.09 |
| Inventory Days | 56.77 | 55.39 | 48.32 | 59.03 | 43.86 | 46.79 | 54.46 | 39.23 | 36.51 | 23.63 | 43.08 |
| Payable days | 28.81 | 14.1 | 14.96 | 19.17 | 9.79 | 5.93 | 12.96 | 12.35 | 11.03 | 11.33 | 22.68 |
| PER(x) | 14.95 | 10.59 | 19.42 | 18.31 | 6.79 | 5.29 | 8.56 | 18.89 | 19.58 | 29.58 | 23.49 |
| Price/Book(x) | 1.64 | 1.26 | 2.45 | 1.87 | 1.11 | 0.83 | 1.19 | 3.75 | 3.4 | 3.8 | 3.93 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.83 | 2.38 | 2.78 | 1.71 | 0 | 0 | 0 | 1.01 |
| EV/Net Sales(x) | 0.37 | 0.44 | 0.63 | 0.61 | 0.29 | 0.29 | 0.5 | 1.12 | 0.94 | 1.03 | 1.4 |
| EV/Core EBITDA(x) | 9.07 | 7.5 | 9.5 | 9.6 | 3.71 | 3.3 | 5.93 | 13.82 | 12.34 | 16.33 | 14.49 |
| Net Sales Growth(%) | 27.13 | -7.96 | 21.33 | 19.69 | 35.62 | -7.01 | 1.12 | 74.9 | 28.47 | 13.35 | -8.58 |
| EBIT Growth(%) | -21.04 | 36.97 | 26 | 18.44 | 72.85 | 6.17 | -1.01 | 75.53 | 12.92 | -12.39 | 45.52 |
| PAT Growth(%) | -27.57 | 34.57 | 21.4 | 38.38 | 88.71 | 9.99 | 0.47 | 74.86 | 5.89 | -14.98 | 56.19 |
| EPS Growth(%) | 0 | 34.57 | 21.4 | 13.98 | 88.7 | 9.99 | 0.48 | 74.86 | 5.89 | -14.98 | 56.19 |
| Debt/Equity(x) | 0.49 | 0.65 | 0.35 | 0.27 | 0.05 | 0 | 0.13 | 0.37 | 0.27 | 0.16 | 0.15 |
| Current Ratio(x) | 1.93 | 1.85 | 2.06 | 2.64 | 6.91 | 9.42 | 3.26 | 1.55 | 1.57 | 1.16 | 1.24 |
| Quick Ratio(x) | 0.59 | 0.92 | 0.61 | 1.04 | 3.46 | 3.35 | 1.27 | 0.5 | 0.54 | 0.47 | 0.32 |
| Interest Cover(x) | 5.95 | 5.41 | 4.76 | 6.92 | 40.03 | 40.81 | 33.73 | 36.74 | 10.99 | 9.23 | 19.76 |
| Total Debt/Mcap(x) | 0.3 | 0.52 | 0.14 | 0.15 | 0.04 | 0 | 0.11 | 0.1 | 0.08 | 0.04 | 0.04 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.35 | 73.38 | 73.38 | 73.33 | 73.33 | 73.33 | 73.34 | 73.33 | 73.32 | 73.28 |
| FII | 0.09 | 0.09 | 0.09 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.56 | 26.54 | 26.54 | 26.52 | 26.52 | 26.51 | 26.51 | 26.52 | 26.53 | 26.57 |
| 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 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 |
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