Textile - Weaving · Founded 1970 · www.bslltd.com · BSE 514045 · NSE BSL · ISIN INE594B01012
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Business
BSL Ltd. is an Indian textile company primarily engaged in the manufacturing and selling of textile products. Its core business revolves around weaving, with a focus on producing suiting fabrics and other apparel fabrics. The company typically operates an integrated manufacturing facility, converting raw materials (yarn) into finished fabrics, which are then sold to domestic and international markets, including garment manufacturers, retailers, and wholesalers.
Revenue Mix
While specific revenue contributions are not provided, based on its sector and industry, BSL Ltd.'s key segments likely include:
Suiting Fabrics: Manufacturing a range of fabrics suitable for suits, trousers, and blazers.
Apparel Fabrics: Production of fabrics for various other garments.
Potentially Yarn: If it has backward integration into yarn spinning, it might also sell yarn to external customers.
The primary revenue generation comes from the sale of these woven fabrics.
Industry
The Indian textile industry is one of the oldest and largest industries, characterized by its fragmented nature and intense competition. It includes a vast network of large, medium, and small-scale players across spinning, weaving, processing, and garmenting. BSL Ltd. operates within the weaving segment, competing with numerous domestic and international players. Its positioning likely depends on factors such as product quality, design capabilities, price competitiveness, and its market reach (domestic vs. export). Companies in this segment often strive for scale, vertical integration, or specialization in niche fabrics to differentiate themselves.
MOAT
The textile weaving industry generally has weaker moats due to low switching costs and a highly competitive landscape. Potential competitive advantages for BSL Ltd. could include:
Operational Scale & Efficiency: Achieving cost advantages through large-scale, vertically integrated operations (if applicable).
Product Quality & Design: Reputation for consistent quality and ability to offer diverse, trendy designs for specific market segments (e.g., premium suitings).
Established Relationships: Long-standing customer relationships with garment manufacturers or retailers.
Brand Recognition: Within specific product categories like suiting fabrics, developing a recognized brand that commands a premium or ensures repeat business.
Growth Drivers
Rising Domestic Consumption: Increasing disposable incomes and evolving fashion trends in India drive demand for fabrics and apparel.
Export Opportunities: Growing global demand for textiles and India's position as a competitive sourcing hub can drive export growth.
Government Initiatives: Support for the textile sector through schemes like the Production Linked Incentive (PLI) scheme, promoting investment and exports.
Product Diversification & Value Addition: Expanding into higher-value fabrics, technical textiles, or new product lines.
Technological Upgradation: Investment in modern machinery to improve efficiency, reduce costs, and enhance product quality.
Risks
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and other raw materials directly impact production costs and profitability.
Intense Competition: High competition from domestic and international players can lead to pricing pressures and margin erosion.
Fashion Cycle Changes: Rapid shifts in fashion trends can lead to inventory obsolescence and demand fluctuations.
Economic Downturns: Reduced consumer spending during economic slowdowns directly impacts demand for textile products.
Currency Fluctuations: For companies involved in exports or imports, adverse currency movements can impact revenues and costs.
Labor Costs & Availability: Increasing labor costs and potential skill gaps in the workforce.
Management & Ownership
BSL Ltd., like many Indian companies, is likely promoter-driven, meaning a founding family or group maintains significant ownership and management control. The quality of management is crucial in navigating the cyclical and competitive textile industry, requiring strategic vision, operational expertise, and prudent financial management. Specific details about the promoters, key management personnel, or the precise ownership structure are not provided in the prompt.
Outlook
BSL Ltd. operates in a mature yet dynamic textile industry. The company stands to benefit from India's growing domestic market and potential export opportunities, driven by global supply chain realignments and government support. However, it faces significant challenges from raw material price volatility, intense competition, and rapidly changing fashion trends. Its ability to maintain operational efficiency, adapt to market demands, innovate with product offerings, and prudently manage its costs will be key to sustaining profitability and achieving growth in a cyclical and competitive environment.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 171 | 156 | 164 | 178 | 170 | 156 | 158 | 184 | 167 | 148 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 171 | 156 | 164 | 178 | 170 | 156 | 158 | 184 | 167 | 148 |
| Total Expenditure | 153 | 140 | 148 | 162 | 154 | 143 | 146 | 171 | 154 | 138 |
| Operating Profit | 18 | 16 | 16 | 16 | 16 | 12 | 13 | 14 | 13 | 10 |
| Interest | 8 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 8 |
| Depreciation | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 3 | 3 | 3 | 4 | 0 | 1 | 2 | 2 | -1 |
| Provision for Tax | 1 | 0 | 1 | 1 | 1 | -0 | 0 | 0 | 0 | -0 |
| Profit After Tax | 4 | 3 | 2 | 3 | 3 | 0 | 0 | 2 | 1 | -1 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 4 | 3 | 2 | 3 | 3 | 0 | 0 | 2 | 1 | -1 |
| Adjusted Earnings Per Share | 3.8 | 2.4 | 2.2 | 2.5 | 3 | 0.3 | 0.5 | 1.7 | 1.1 | -1 |
| #(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 | 380 | 378 | 440 | 403 | 437 | 390 | 321 | 436 | 472 | 666 | 667 | 657 |
| Other Income | 2 | 3 | 4 | 3 | 4 | 2 | 1 | 2 | 1 | 1 | 1 | 0 |
| Total Income | 382 | 381 | 444 | 406 | 441 | 392 | 323 | 437 | 473 | 667 | 668 | 657 |
| Total Expenditure | 342 | 342 | 404 | 373 | 407 | 361 | 293 | 396 | 418 | 601 | 607 | 609 |
| Operating Profit | 40 | 39 | 40 | 33 | 35 | 31 | 30 | 41 | 54 | 66 | 60 | 50 |
| Interest | 14 | 14 | 15 | 14 | 18 | 18 | 17 | 14 | 19 | 33 | 32 | 31 |
| Depreciation | 20 | 14 | 16 | 17 | 16 | 13 | 12 | 12 | 11 | 18 | 18 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 11 | 9 | 2 | 1 | -1 | 1 | 16 | 23 | 15 | 11 | 4 |
| Provision for Tax | -2 | 4 | 3 | 1 | 0 | -3 | -0 | 5 | 6 | 4 | 3 | 0 |
| Profit After Tax | 7 | 7 | 6 | 1 | 1 | 2 | 1 | 11 | 17 | 11 | 8 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 7 | 7 | 6 | 1 | 1 | 2 | 1 | 11 | 17 | 11 | 8 | 2 |
| Adjusted Earnings Per Share | 7 | 6.9 | 5.8 | 1 | 0.8 | 1.6 | 1.3 | 11.2 | 16.4 | 10.9 | 7.9 | 2.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 15% | 11% | 6% |
| Operating Profit CAGR | -9% | 14% | 14% | 4% |
| PAT CAGR | -27% | -10% | 32% | 1% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -14% | -10% | 23% | 7% |
| ROE Average | 7% | 12% | 10% | 8% |
| ROCE Average | 8% | 10% | 10% | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 67 | 73 | 79 | 78 | 77 | 75 | 78 | 89 | 104 | 113 | 119 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 42 | 43 | 44 | 43 | 29 | 23 | 32 | 45 | 159 | 151 | 139 |
| Other Non-Current Liabilities | 9 | 11 | 13 | 14 | 13 | 8 | 7 | 6 | 7 | 11 | 13 |
| Total Current Liabilities | 136 | 128 | 194 | 203 | 209 | 216 | 173 | 218 | 272 | 343 | 356 |
| Total Liabilities | 254 | 255 | 330 | 337 | 328 | 322 | 290 | 359 | 542 | 618 | 627 |
| Fixed Assets | 94 | 106 | 111 | 115 | 100 | 89 | 78 | 74 | 229 | 231 | 219 |
| Other Non-Current Assets | 5 | 3 | 6 | 2 | 2 | 3 | 2 | 20 | 4 | 4 | 17 |
| Total Current Assets | 155 | 145 | 214 | 221 | 225 | 230 | 210 | 264 | 310 | 383 | 391 |
| Total Assets | 254 | 255 | 330 | 337 | 328 | 322 | 290 | 359 | 542 | 618 | 627 |
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 24 | 44 | 11 | 37 | 20 | 29 | 17 | 3 | 19 | -39 | 57 |
| Cash Flow from Investing Activities | -14 | -26 | -24 | -17 | -0 | -2 | -1 | -15 | -160 | -20 | -11 |
| Cash Flow from Financing Activities | -11 | -18 | 13 | -21 | -20 | -27 | -15 | 13 | 141 | 60 | -46 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | -0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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) | 6.99 | 6.92 | 5.76 | 1 | 0.85 | 1.62 | 1.32 | 11.15 | 16.43 | 10.91 | 7.93 |
| CEPS(Rs) | 26.37 | 20.95 | 21.22 | 17.55 | 16.42 | 14.31 | 13.14 | 22.34 | 26.98 | 28.65 | 25.21 |
| DPS(Rs) | 1.2 | 1.2 | 1.2 | 1 | 0 | 0 | 0 | 1.2 | 1.5 | 1 | 0.8 |
| Book NAV/Share(Rs) | 65.26 | 71.21 | 76.79 | 75.48 | 74.57 | 72.92 | 76.06 | 86.77 | 101.12 | 109.48 | 115.88 |
| Core EBITDA Margin(%) | 7.9 | 7.55 | 6.5 | 5.72 | 5.3 | 5.54 | 6.92 | 7.07 | 8.47 | 8.02 | 7.4 |
| EBIT Margin(%) | 4.13 | 5.17 | 4.32 | 3.01 | 3.21 | 3.34 | 4.31 | 5.3 | 6.56 | 5.87 | 5.28 |
| Pre Tax Margin(%) | 1.16 | 2.28 | 1.66 | 0.34 | 0.2 | -0.16 | 0.29 | 2.83 | 3.58 | 1.84 | 1.33 |
| PAT Margin (%) | 1.48 | 1.48 | 1.08 | 0.2 | 0.15 | 0.32 | 0.33 | 2.03 | 2.68 | 1.38 | 1.01 |
| Cash Profit Margin (%) | 5.6 | 4.48 | 3.99 | 3.46 | 2.91 | 2.81 | 3.24 | 4.07 | 4.41 | 3.63 | 3.22 |
| ROA(%) | 2.79 | 2.8 | 2.02 | 0.31 | 0.26 | 0.51 | 0.44 | 3.54 | 3.75 | 1.94 | 1.31 |
| ROE(%) | 10.73 | 10.14 | 7.78 | 1.31 | 1.13 | 2.19 | 1.77 | 13.7 | 17.49 | 10.36 | 7.03 |
| ROCE(%) | 9.52 | 11.74 | 10.1 | 6.18 | 7.45 | 7.23 | 7.56 | 11.62 | 11.41 | 9.54 | 7.8 |
| Receivable days | 40.81 | 44.91 | 48.76 | 60.54 | 53.7 | 53.38 | 60.6 | 51.31 | 54.08 | 54.15 | 62.27 |
| Inventory Days | 58.37 | 55.19 | 57.44 | 76.42 | 73.69 | 89.61 | 111.67 | 83.2 | 94.63 | 88.85 | 102.17 |
| Payable days | 35.99 | 26.14 | 40.08 | 79.16 | 77.93 | 96.28 | 86.65 | 58.87 | 77.2 | 34.96 | 34.5 |
| PER(x) | 4.29 | 9.6 | 12.76 | 55.16 | 51.5 | 12.01 | 24.88 | 10.03 | 9.41 | 15.01 | 21.38 |
| Price/Book(x) | 0.46 | 0.93 | 0.96 | 0.73 | 0.59 | 0.27 | 0.43 | 1.29 | 1.53 | 1.5 | 1.46 |
| Dividend Yield(%) | 4 | 1.81 | 1.63 | 1.82 | 0 | 0 | 0 | 1.07 | 0.97 | 0.61 | 0.47 |
| EV/Net Sales(x) | 0.46 | 0.55 | 0.57 | 0.57 | 0.49 | 0.46 | 0.61 | 0.69 | 1.07 | 0.91 | 0.89 |
| EV/Core EBITDA(x) | 4.37 | 5.27 | 6.36 | 7.06 | 6.24 | 5.91 | 6.45 | 7.25 | 9.27 | 9.18 | 9.87 |
| Net Sales Growth(%) | 12.35 | -0.42 | 16.29 | -8.46 | 8.6 | -10.81 | -17.59 | 35.59 | 8.24 | 41.27 | 0.09 |
| EBIT Growth(%) | -2.61 | 24.36 | -4.95 | -33.58 | 18.86 | -5.96 | 2.62 | 66.12 | 38.33 | 15.29 | -10.84 |
| PAT Growth(%) | 113.81 | -1.05 | -16.78 | -82.66 | -15.08 | 90.66 | -18.3 | 744.77 | 47.31 | -33.57 | -27.38 |
| EPS Growth(%) | 113.81 | -1.05 | -16.78 | -82.66 | -15.08 | 90.66 | -18.3 | 744.79 | 47.31 | -33.57 | -27.38 |
| Debt/Equity(x) | 2.15 | 1.9 | 2.24 | 2.25 | 2.24 | 2.15 | 2.06 | 2.08 | 3.32 | 3.88 | 3.53 |
| Current Ratio(x) | 1.14 | 1.14 | 1.1 | 1.09 | 1.07 | 1.07 | 1.21 | 1.21 | 1.14 | 1.11 | 1.1 |
| Quick Ratio(x) | 0.58 | 0.59 | 0.57 | 0.52 | 0.51 | 0.42 | 0.54 | 0.56 | 0.46 | 0.5 | 0.42 |
| Interest Cover(x) | 1.39 | 1.79 | 1.62 | 1.13 | 1.07 | 0.95 | 1.07 | 2.15 | 2.2 | 1.46 | 1.34 |
| Total Debt/Mcap(x) | 4.67 | 2.04 | 2.34 | 3.09 | 3.82 | 8.09 | 4.77 | 1.62 | 2.17 | 2.59 | 2.42 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.71 | 56.71 | 56.71 | 56.71 | 56.71 | 56.72 | 56.72 | 56.72 | 56.72 | 56.72 |
| FII | 0 | 0 | 0 | 0.03 | 0.15 | 0.02 | 0.02 | 0 | 0.02 | 0 |
| DII | 2.29 | 2.29 | 2.29 | 1.97 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 |
| Public | 40.99 | 40.99 | 40.99 | 41.28 | 41.77 | 41.9 | 41.9 | 41.92 | 41.9 | 41.92 |
| 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 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.42 | 0.42 | 0.42 | 0.42 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | +15% | +11% | +6% |
| Operating Profit CAGR | -9% | +14% | +14% | +4% |
| PAT CAGR | -27% | -10% | +32% | +1% |
| Share Price CAGR | -14% | -10% | +23% | +7% |
| ROE Average | +7% | +12% | +10% | +8% |
| ROCE Average | +8% | +10% | +10% | +9% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.71 | 56.71 | 56.71 | 56.71 | 56.71 | 56.72 | 56.72 | 56.72 | 56.72 | 56.72 |
| FII | 0 | 0 | 0 | 0.03 | 0.15 | 0.02 | 0.02 | 0 | 0.02 | 0 |
| DII | 2.29 | 2.29 | 2.29 | 1.97 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 |
| Public | 43.29 | 43.29 | 43.29 | 43.29 | 43.29 | 43.28 | 43.28 | 43.28 | 43.28 | 43.28 |
| 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 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
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