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Bemco Hydraulics Overview

1. Business Overview

Bemco Hydraulics Ltd. is an Indian company operating in the Engineering - Industrial Equipments sector. Based on its name and industry, the company is primarily involved in the design, manufacture, and sale of hydraulic equipment and systems. This likely includes products such as hydraulic cylinders, power packs, presses, valves, and other customized hydraulic solutions used across various industrial applications. Its core business model is Business-to-Business (B2B), supplying these critical components and systems to manufacturing, construction, material handling, automotive, and other industrial sectors. The company makes money through the sale of its manufactured products, potentially supported by revenue from aftermarket services like spare parts, maintenance, and installation.

2. Key Segments / Revenue Mix

Without specific company data, the exact revenue mix is not available. However, typical segments for a hydraulics company in this sector might include:

Hydraulic Cylinders: Standard and custom-designed cylinders for various applications.

Hydraulic Power Packs: Integrated systems providing hydraulic power.

Hydraulic Presses: Machinery for forming, bending, and cutting materials.

Valves & Controls: Components for managing hydraulic flow and pressure.

Customized Hydraulic Systems: Solutions tailored to specific client requirements.

After-sales Service & Spares: Revenue from maintenance contracts, repairs, and sale of spare parts.

The primary revenue source would generally be the sale of finished hydraulic equipment and components.

3. Industry & Positioning

The "Engineering - Industrial Equipments" sector in India is diverse and generally cyclical, closely tied to industrial capital expenditure (capex) cycles and overall economic growth. The hydraulics segment within this industry is competitive, featuring both domestic and international players. Bemco Hydraulics likely competes with other Indian manufacturers specializing in hydraulic components and systems, as well as potentially larger, more diversified engineering firms or global players with a local presence. Its positioning would depend on its specialization, product quality, customization capabilities, and market share within specific hydraulic product categories.

4. Competitive Advantage (Moat)

Bemco Hydraulics may possess competitive advantages based on:

Product Quality & Reliability: Critical for industrial applications where equipment downtime is costly. A track record of durable and high-performance products can build customer trust.

Customization Capabilities: The ability to design and manufacture tailored hydraulic solutions for specific industrial needs can create switching costs for clients.

Established Customer Relationships: Long-standing relationships with industrial clients built on trust and reliable service.

After-sales Service Network: An efficient service and spare parts network can reduce operational risks for clients and strengthen loyalty.

Technical Expertise: Specialized engineering knowledge in hydraulics, potentially developed over years of operation.

Without specific details, the strength of these advantages (i.e., whether they constitute a durable "moat") cannot be definitively assessed, but these are common areas for competitive differentiation in this industry.

5. Growth Drivers

Key factors that can drive growth for Bemco Hydraulics over the next 3-5 years include:

Government Initiatives: "Make in India" and infrastructure development projects (roads, railways, ports) driving demand for industrial equipment.

Manufacturing Sector Growth: Expansion and modernization across various industries (e.g., automotive, construction equipment, material handling, heavy engineering).

Technological Upgrades: Demand for more energy-efficient, automated, and precision hydraulic systems.

Exports: Tapping into international markets for specialized hydraulic components.

Diversification: Expanding into new application areas or developing advanced hydraulic solutions.

6. Risks

Cyclical Demand: The industrial equipment sector is highly sensitive to economic cycles and capital expenditure trends, leading to volatility in order books.

Raw Material Price Volatility: Fluctuations in prices of key raw materials (e.g., steel, castings, specialized alloys) can impact manufacturing costs and margins.

Intense Competition: Competition from both domestic and international players can lead to pricing pressure and market share erosion.

Technological Obsolescence: Rapid advancements in alternative technologies or more efficient hydraulic designs could require continuous R&D investment.

Skilled Labor Availability: Dependence on skilled engineers and technicians for design, manufacturing, and servicing.

Regulatory Changes: Environmental regulations or changes in industrial policy could impact operations or product requirements.

7. Management & Ownership

Typically, Indian engineering companies like Bemco Hydraulics are promoter-led. The quality of management would hinge on their technical expertise, strategic vision, operational efficiency, and ability to navigate industry cycles. Key aspects would include their focus on R&D, customer relations, and talent retention. Ownership is likely concentrated with the promoter family, with the remaining shares held by public investors and potentially institutional investors.

8. Outlook

Bemco Hydraulics operates in a foundational sector for industrial growth. The outlook is balanced, influenced heavily by macroeconomic conditions in India and global industrial trends. A robust "Make in India" drive, increased infrastructure spending, and expansion of various manufacturing sectors present a favorable backdrop for demand for hydraulic equipment. The company's ability to innovate, maintain high product quality, and offer strong after-sales support will be crucial for capturing market share and defending margins in a competitive environment. Conversely, economic slowdowns, sharp increases in raw material costs, or failure to keep pace with technological advancements pose significant challenges. Sustained growth will depend on consistent operational execution and prudent financial management amidst cyclical industry dynamics.

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Bemco Hydraulics Key Financials

Market Cap ₹374 Cr.

Stock P/E 29.3

P/B 4.7

Current Price ₹85.5

Book Value ₹ 18.1

Face Value 1

52W High ₹188.2

Dividend Yield 0.12%

52W Low ₹ 60

Bemco Hydraulics Share Price

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Volume
Price

Bemco Hydraulics Quarterly Price

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Bemco Hydraulics Peer Comparison

Bemco Hydraulics 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 20 13 28 14 25 22 39 12 22 25
Other Income 0 0 0 0 0 0 0 1 0 0
Total Income 21 14 29 14 25 22 39 12 23 26
Total Expenditure 17 11 24 12 20 17 31 10 17 19
Operating Profit 4 2 5 2 6 6 8 3 6 6
Interest 0 0 1 1 1 1 1 0 1 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 3 2 4 1 5 4 7 2 5 5
Provision for Tax 1 1 2 1 1 1 2 0 1 1
Profit After Tax 3 1 2 0 3 3 5 1 4 4
Adjustments -0 0 0 -0 0 -0 0 0 0 -0
Profit After Adjustments 3 1 2 0 3 3 5 1 4 4
Adjusted Earnings Per Share 0.6 0.3 0.5 0.1 0.8 0.8 1.2 0.3 0.9 0.9

Bemco Hydraulics Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 21 42 42 48 32 64 66 48 84 100 98
Other Income 0 1 0 1 1 0 1 0 1 1 1
Total Income 22 43 43 49 33 65 66 49 86 102 100
Total Expenditure 21 38 38 43 29 55 54 42 71 80 77
Operating Profit 1 5 5 6 4 10 12 7 14 21 23
Interest 3 3 3 3 3 3 3 2 2 2 2
Depreciation 1 1 1 1 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 3 0 0 0 0 0 0 0 0 0
Profit Before Tax -3 4 1 2 1 7 8 5 12 18 19
Provision for Tax 0 -0 0 1 1 3 2 1 4 5 4
Profit After Tax -3 4 1 1 -0 4 6 4 8 13 14
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -3 4 1 1 -0 4 6 4 8 13 14
Adjusted Earnings Per Share -0.8 0.8 0.2 0.2 -0 0.9 1.3 0.9 1.8 2.9 3.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 19% 15% 26% 0%
Operating Profit CAGR 50% 21% 39% 0%
PAT CAGR 63% 29% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -25% 39% 39% 36%
ROE Average 20% 15% 14% 33%
ROCE Average 24% 18% 18% 14%

Bemco Hydraulics Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 4 43 33 34 33 37 43 47 55 70
Minority's Interest 0 0 0 0 0 0 0 0 0 0
Borrowings 5 3 7 6 6 5 3 3 3 3
Other Non-Current Liabilities 0 1 7 7 8 8 9 9 11 5
Total Current Liabilities 33 35 34 34 38 34 35 35 51 57
Total Liabilities 43 81 80 81 85 85 91 94 121 136
Fixed Assets 8 43 44 45 44 44 44 43 57 56
Other Non-Current Assets 1 2 1 2 2 1 1 1 2 4
Total Current Assets 34 37 35 34 39 40 46 50 62 75
Total Assets 43 81 80 81 85 85 91 94 121 136

Bemco Hydraulics Cash Flow

#(Fig in Cr.) 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 0 1 3 9 0 2
Cash Flow from Operating Activities 0 5 6 8 -2 12 12 -7 10 13
Cash Flow from Investing Activities -0 -2 -2 -1 -1 0 -1 1 -14 -4
Cash Flow from Financing Activities 0 -3 -4 -7 3 -10 -6 -2 6 -6
Net Cash Inflow / Outflow 0 0 -0 -0 0 2 6 -9 2 4
Closing Cash & Cash Equivalent 0 0 0 0 1 3 9 0 2 6

Bemco Hydraulics Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.77 0.83 0.19 0.23 -0.02 0.9 1.32 0.89 1.82 2.87
CEPS(Rs) -0.48 1.12 0.36 0.43 0.17 1.09 1.54 1.08 1.99 3.2
DPS(Rs) 0 0 0 0 0 0 0 0 0.1 0.1
Book NAV/Share(Rs) -0.09 0.74 7.47 7.7 7.63 8.54 9.89 10.79 12.59 16.03
Core EBITDA Margin(%) 0.91 9.06 11.19 10.5 10.92 15.32 16.7 13.93 15.47 19.09
EBIT Margin(%) -2.84 13.92 10.46 10.25 9.96 14.79 16.17 13.14 15.82 19.06
Pre Tax Margin(%) -14.18 7.82 2.91 3.98 1.87 10.83 12.18 9.45 13.73 16.84
PAT Margin (%) -14.21 7.82 1.95 2.13 -0.33 6.12 8.75 7.95 9.22 12.04
Cash Profit Margin (%) -8.9 10.54 3.71 3.87 2.27 7.42 10.17 9.68 10.11 13.44
ROA(%) -7.74 5.82 1.02 1.27 -0.13 4.64 6.61 4.21 7.38 9.77
ROE(%) 0 253.65 4.58 3.1 -0.32 11.15 14.38 8.61 15.54 20.03
ROCE(%) -2.71 25.93 11.18 9.46 6.07 17.67 19.75 10.93 19.71 23.9
Receivable days 142.94 86.97 101.76 93.26 141.19 78.56 91.13 126.85 100.33 119.51
Inventory Days 346.65 167.27 172.48 144.68 241.94 115.27 88.12 162.8 107.69 79.15
Payable days 328.52 130.8 344.54 224.96 1298.3 135.24 220.94 1267.08 127.8 169.59
PER(x) 0 8.34 48.73 20.42 0 13.09 9.05 22.71 26.26 27.13
Price/Book(x) -41.33 9.33 1.23 0.62 0.6 1.38 1.21 1.87 3.79 4.85
Dividend Yield(%) 0 0 0 0 0 0 0 0 0.21 0.13
EV/Net Sales(x) 1.87 1.21 1.4 0.77 1.25 0.94 0.82 2.06 2.63 3.5
EV/Core EBITDA(x) 68.16 10.3 11.47 6.4 9.97 5.85 4.63 13.73 15.45 16.44
Net Sales Growth(%) 0 96.29 1.03 14.23 -32.84 98.76 1.64 -26.06 74.45 18.48
EBIT Growth(%) 0 1061.12 -31.58 11.93 -34.73 195.12 12.35 -39.88 111.69 45.66
PAT Growth(%) 0 207.98 -77.31 24.74 -110.57 3729.74 46.97 -32.79 103.95 57.87
EPS Growth(%) 0 208.09 -77.31 24.74 -110.57 3729.74 46.97 -32.79 103.95 57.87
Debt/Equity(x) 7.79 2.88 0.65 0.5 0.67 0.39 0.3 0.3 0.4 0.27
Current Ratio(x) 1.02 1.05 1.01 1.01 1.02 1.17 1.3 1.42 1.21 1.32
Quick Ratio(x) 0.35 0.47 0.43 0.47 0.37 0.7 0.85 0.63 0.76 0.93
Interest Cover(x) -0.25 2.28 1.39 1.63 1.23 3.73 4.06 3.56 7.57 8.58
Total Debt/Mcap(x) 1.39 0.61 0.53 0.8 1.12 0.28 0.25 0.16 0.1 0.06

Bemco Hydraulics Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.69 74.69 74.69 74.69 74.69 74.69 74.69 74.69 74.69 74.69
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 25.31 25.31 25.31 25.31 25.31 25.31 25.31 25.31 25.31 25.31
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Bemco Hydraulics News

Bemco Hydraulics Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 127.8 to 169.59days.
  • Stock is trading at 4.7 times its book value.
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