WEBSITE BSE:538576 NSE: BHANDERI Inc. Year: 2004 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
Bhanderi Infracon Ltd. is an Indian civil construction company primarily engaged in undertaking various construction projects. Its core business involves executing contracts for government, semi-government, and private sector clients. The company constructs roads, bridges, commercial and residential buildings, water supply projects, and other allied infrastructure. It operates on a project-based model, bidding for tenders and generating revenue from the successful completion of project milestones.
2. Key Segments / Revenue Mix
The company's revenue primarily stems from its civil construction activities. While specific breakdowns by project type (e.g., roads vs. buildings) or client segment (government vs. private) are not readily available in public summaries, its operations are concentrated within the infrastructure and construction sector, as it undertakes diverse civil engineering projects.
3. Industry & Positioning
Bhanderi Infracon Ltd. operates in the highly fragmented Indian construction and real estate sector. The industry is characterized by a large number of players, intense competition, and a significant reliance on government spending for infrastructure projects. As an SME listed on the BSE SME platform, Bhanderi Infracon is a relatively smaller player compared to large, established national contractors. Its positioning is likely regional, focusing on specific states (e.g., Gujarat) or districts, where it aims to leverage local understanding and relationships to secure projects.
4. Competitive Advantage (Moat)
For an SME civil construction company like Bhanderi Infracon, traditional moats such as strong brand equity or significant economies of scale are typically limited. Potential advantages might include:
Local Expertise & Relationships: Deep understanding of local regulations, supply chains, and established relationships with regional government bodies or private developers.
Execution Capabilities: A proven track record of timely and quality project delivery within its operating regions.
Cost Competitiveness: Efficient operational management and procurement allowing competitive bidding for projects.
However, these are often less durable moats compared to those of larger, more diversified players.
5. Growth Drivers
Government Infrastructure Push: Continued focus and increased spending by the Indian government on infrastructure development (roads, bridges, urban infrastructure, water supply) under schemes like PM Gati Shakti, Bharatmala Pariyojana.
Urbanization & Housing Demand: Growth in urban populations necessitates new civic infrastructure and residential/commercial constructions.
Industrial & Commercial Development: Expansion of industrial corridors, manufacturing facilities, and commercial hubs can lead to increased demand for construction services.
Regional Expansion: Opportunities to secure projects in new geographical areas or expand within existing strongholds.
6. Risks
Project Execution Risks: Delays, cost overruns, quality issues, or unforeseen circumstances can impact profitability and project timelines.
Intense Competition: The fragmented nature of the construction industry leads to aggressive bidding and pressure on profit margins.
Dependence on Tenders: A significant portion of revenue is likely tied to winning government and semi-government tenders, which can be cyclical and highly competitive.
Raw Material Price Volatility: Fluctuations in prices of key construction materials (cement, steel, bitumen) can erode margins, especially for fixed-price contracts.
Working Capital Intensity: Construction projects often require significant working capital for material procurement and labor, leading to liquidity challenges.
Regulatory & Environmental Risks: Changes in construction norms, environmental regulations, or land acquisition policies can impact project viability.
7. Management & Ownership
Bhanderi Infracon Ltd. is likely promoter-led, common for SME companies in India. The promoter group typically holds a significant stake in the company, indicating strong alignment with its long-term performance. Details regarding the specific promoters, their experience, or a broader management team assessment would require a deeper dive into their latest annual reports and corporate governance filings.
8. Outlook
Bhanderi Infracon operates in a sector with structural tailwinds from India's ongoing infrastructure development and urbanization. The government's consistent push for infrastructure spending provides a steady pipeline of opportunities for civil contractors. However, as an SME player, the company faces significant competition from both local and larger national players, leading to potential margin pressures. Its ability to secure and efficiently execute projects while managing working capital and raw material price volatility will be crucial for sustained growth. The outlook is balanced by opportunities arising from sectoral growth versus the inherent operational and competitive challenges of the construction industry.
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Market Cap ₹36 Cr.
Stock P/E 21.9
P/B 1.4
Current Price ₹140
Book Value ₹ 101.6
Face Value 10
52W High ₹160
Dividend Yield 0%
52W Low ₹ 125.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 15 | 8 | 6 | 5 | 6 | 6 | 4 | 5 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | |
| Total Income | 17 | 16 | 8 | 6 | 5 | 7 | 8 | 5 | 6 | |
| Total Expenditure | 16 | 14 | 7 | 6 | 5 | 6 | 7 | 3 | 4 | |
| Operating Profit | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | |
| Adjustments | 0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | |
| Profit After Adjustments | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | |
| Adjusted Earnings Per Share | 2.6 | 3.1 | 1.6 | 0.9 | 1 | 1.2 | 2.2 | 2.3 | 5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 25% | -6% | -4% | 0% |
| Operating Profit CAGR | 100% | 0% | 0% | 0% |
| PAT CAGR | 100% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 17% | NA% | NA% | 1% |
| ROE Average | 6% | 4% | 3% | 3% |
| ROCE Average | 4% | 3% | 2% | 2% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 16 | 23 | 23 | 23 | 24 | 24 | 24 | 25 | 26 |
| Minority's Interest | 0 | 1 | 0 | 0 | 0 | 0 | 3 | 3 | 3 |
| Borrowings | 0 | 6 | 0 | 7 | 8 | 8 | 18 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Total Current Liabilities | 12 | 18 | 16 | 10 | 9 | 11 | 14 | 33 | 38 |
| Total Liabilities | 28 | 48 | 39 | 40 | 40 | 43 | 59 | 62 | 67 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3 | 13 | 3 | 3 | 3 | 4 | 1 | 0 | 1 |
| Total Current Assets | 25 | 35 | 36 | 37 | 37 | 38 | 58 | 61 | 66 |
| Total Assets | 28 | 48 | 39 | 40 | 40 | 43 | 59 | 62 | 67 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 1 | 1 | 2 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | 0 | -4 | 0 | 1 | -0 | -0 | 3 | 5 | -7 |
| Cash Flow from Investing Activities | -2 | -9 | 9 | -0 | -0 | -1 | -0 | 0 | -0 |
| Cash Flow from Financing Activities | 2 | 12 | -8 | -1 | 1 | -0 | -2 | -5 | 7 |
| Net Cash Inflow / Outflow | 0 | -0 | 1 | -0 | 1 | -2 | 1 | -0 | -0 |
| Closing Cash & Cash Equivalent | 1 | 0 | 1 | 1 | 2 | 0 | 1 | 1 | 1 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.64 | 3.11 | 1.61 | 0.86 | 1.04 | 1.23 | 2.19 | 2.35 | 4.96 |
| CEPS(Rs) | 2.69 | 3.2 | 1.6 | 0.96 | 1.23 | 1.54 | 2.96 | 3.5 | 6.58 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 65.81 | 87.31 | 88.92 | 89.78 | 90.69 | 91.92 | 94.04 | 96.5 | 101.46 |
| Core EBITDA Margin(%) | 4.53 | 6.63 | 6.45 | 4.1 | 4.96 | 2.95 | -6.69 | 17.59 | 21.56 |
| EBIT Margin(%) | 4.47 | 7.05 | 6.95 | 5.59 | 8.47 | 6.21 | 13.69 | 24.58 | 41.03 |
| Pre Tax Margin(%) | 4.47 | 7.05 | 6.95 | 5.59 | 8.47 | 6.21 | 13.69 | 24.58 | 41.03 |
| PAT Margin (%) | 3.17 | 5.33 | 5.36 | 3.85 | 6.2 | 5.43 | 11.15 | 19.76 | 31.68 |
| Cash Profit Margin (%) | 3.23 | 5.38 | 5.42 | 4.02 | 6.61 | 6.21 | 12.26 | 21.93 | 32.63 |
| ROA(%) | 1.89 | 2.17 | 0.95 | 0.6 | 0.74 | 0.85 | 1.37 | 1.36 | 2.58 |
| ROE(%) | 4 | 4.57 | 1.8 | 1.02 | 1.28 | 1.47 | 2.9 | 3.31 | 6.45 |
| ROCE(%) | 3.06 | 3.42 | 1.52 | 1.09 | 1.27 | 1.19 | 2.12 | 2.21 | 4.08 |
| Receivable days | 68.33 | 94.6 | 234.3 | 336.42 | 452.6 | 406.37 | 473.4 | 528.15 | 314.5 |
| Inventory Days | 432.98 | 558.61 | 1291.3 | 1602 | 2025.91 | 1441.58 | 1706.43 | 3209.36 | 2632.67 |
| Payable days | 135.97 | 144.17 | 370.05 | 808.17 | 1491.87 | 364.58 | 188.62 | 923.31 | 851.67 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.09 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.61 | 1.2 | 1.27 | 1.58 | 2.01 | 1.96 | 3.76 | 5.34 | 12.14 |
| EV/Core EBITDA(x) | 13.38 | 16.95 | 18.13 | 27.42 | 22.6 | 28.02 | 25.42 | 19.96 | 28.9 |
| Net Sales Growth(%) | 0 | -8.53 | -50.28 | -19.68 | -21.49 | 33.06 | -2.48 | -33.92 | 26.27 |
| EBIT Growth(%) | 0 | 44.24 | -51.01 | -35.43 | 19.05 | -2.44 | 115 | 18.6 | 110.78 |
| PAT Growth(%) | 0 | 53.92 | -50.06 | -42.2 | 26.23 | 16.67 | 100 | 17.14 | 102.44 |
| EPS Growth(%) | 0 | 18.13 | -48.27 | -46.7 | 20.99 | 18.52 | 78.12 | 7.02 | 111.47 |
| Debt/Equity(x) | 0.66 | 0.72 | 0.36 | 0.35 | 0.39 | 0.43 | 0.91 | 0.82 | 1.26 |
| Current Ratio(x) | 2.01 | 1.95 | 2.3 | 3.7 | 4.37 | 3.64 | 4.24 | 1.84 | 1.74 |
| Quick Ratio(x) | 0.39 | 0.42 | 0.56 | 1.03 | 1.23 | 1.35 | 1.73 | 0.68 | 0.76 |
| Interest Cover(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.07 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 | 56.98 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 | 43.02 |
| 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 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
* The pros and cons are machine generated.
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