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Bansal Roofing Overview

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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Bansal Roofing Key Financials

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

Bansal Roofing Share Price

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Volume
Price

Bansal Roofing Quarterly Price

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Bansal Roofing Peer Comparison

Bansal Roofing Quarterly Results

#(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

Bansal Roofing Profit & Loss

#(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

Growth Rates

# 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%

Bansal Roofing Balance Sheet

#(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

Bansal Roofing Cash Flow

#(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

Bansal Roofing Ratios

# 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

Bansal Roofing Shareholding Pattern

# 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

Bansal Roofing News

Bansal Roofing Pros & Cons

Pros

  • Company has delivered good profit growth of 24% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 11.33 to 22.68days.
  • Stock is trading at 3.9 times its book value.
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