Overview

Detailed Summary

BSL Limited is a vertically integrated Indian textile manufacturer producing synthetic, worsted and cotton yarns, suitings and furnishing fabrics with spinning, weaving, processing and finishing capabilities; the company operates ~45 acres of facilities, employs ~2,500 people, and sells into 60+ countries while supplying major global retailers such as IKEA.
Financially, 9M FY26 revenue was ₹509 crore, broadly flat year-on-year, while EBITDA of ₹39 crore (7.7% margin) and PAT of ₹3.4 crore reflect margin compression and higher fixed cost absorption; Q3 FY26 showed slight QoQ margin improvement to 7.9% but profitability remains muted relative to prior years.
BSL has consciously expanded capacity and modernized operations: a Cotton Spinning Project (29,184 spindles producing ~700 tonnes/month) and FY25 process-house upgrades including PNG gas stenter, biological ETP, RO & MEE, plus captive solar capacity (~9.1 MW) that supplies ~13–14% of consumption, reflecting a strategic push on self-sufficiency and sustainability.
The company’s market positioning is reinforced by quality certifications (OEKO-TEX, Vegan certificate), a high recycled-fiber consumption (63% of fiber in FY25), and group strength under the LNJ Bhilwara umbrella; these elements together support BSL’s export competitiveness amid evolving FTAs and global supply-chain realignment.

Sector: Textiles
Industry: Textiles - Weaving
Market Cap: 131 Cr
Volatility: Low Risk
P/E Ratio: 35.8
Industry P/E: 15.5
PEG Ratio: —
P/B Ratio: 1.1
52W High: 208.95
52W Low: 121.30

Sales CAGR

1Y: 0.09%
3Y: 15.24%
5Y: 11.33%
10Y: 6.46%

Profit CAGR

1Y: -27.34%
3Y: -10.76%
5Y: 37.45%
10Y: 1.53%

ROE

TTM: 4.58%
3Y: 10.80%
5Y: 9.76%
10Y: 7.42%

ROCE

TTM: 6.74%
3Y: 16.13%
5Y: 16.73%
10Y: 16.52%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MHLXMIRU	166.80	177 Cr	19.46	1.93	0.00	9.78	11.58	4.26
BSL	127.00	131 Cr	35.77	1.09	0.63	4.58	6.74	0.55
SANTETX	140.00	79 Cr	15.92	2.66	0.95	14.61	17.09	10.12
TUNITEX	0.93	52 Cr	10.33	0.91	0.00	7.30	8.68	1.91
KAMADGIRI	85.23	50 Cr	35.51	1.41	0.00	4.12	10.67	0.95
FLORATX	42.09	50 Cr	-10.50	0.00	0.00	27.32	801.56	-935.29
PARMSILK	94.82	28 Cr	3.02	0.48	0.00	15.29	10.60	3.62

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	179	171	156	164	178	170	156	158	184	167
Expenses	163	153	140	148	162	154	143	146	171	154
Operating Profit	16	18	16	15	16	16	12	12	14	13
OPM %	8.86	10.46	10.50	9.30	8.81	9.56	7.99	7.74	7.44	7.86
Other Income	0.21	0.13	0.06	0.51	0.02	0.13	0.05	0.39	0.03	0.02
Interest	7.78	8.47	9.07	8.13	7.85	7.95	7.88	7.79	7.52	7.38
Depreciation	4.70	4.42	4.40	4.40	4.51	4.48	4.39	4.26	4.16	4.21
Profit Before Tax	3.57	5.13	2.99	3.22	3.35	3.94	0.21	0.57	2.06	1.55
Tax %	29.41	23.59	15.72	28.26	24.78	22.59	-33.33	19.30	16.50	23.23
Net Profit	2.52	3.92	2.52	2.31	2.52	3.05	0.28	0.47	1.72	1.18
EPS in Rs	2.45	3.81	2.45	2.24	2.45	2.96	0.28	0.45	1.67	1.15

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	442	403	437	390	321	436	472	666	667	661
Expenses	404	373	407	361	293	396	418	601	607	605
Operating Profit	38	30	31	29	29	40	53	65	60	57
OPM %	8.56	7.53	7.04	7.45	8.99	9.16	11.33	9.78	8.93	8.56
Other Income	4.00	2.89	3.90	1.54	1.26	1.51	-1.19	0.76	0.72	0.59
Interest	15	14	18	18	17	14	19	33	32	31
Depreciation	16	17	16	13	12	12	11	18	18	18
Profit Before Tax	9.07	1.75	1.16	-0.87	1.23	16	23	15	11	8.07
Tax %	34.69	41.43	24.70	292.11	-10.43	28.19	25.04	24.78	23.87	21.69
Net Profit	5.92	1.03	0.87	1.66	1.36	11	17	11	8.16	6.32
EPS in Rs	5.75	1.00	0.84	1.61	1.32	11.16	16.44	10.92	7.93	3.55
Dividend Payout %	20.83	100.00	0.00	0.00	0.00	10.76	9.13	9.17	10.09	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	10	10	10	10
Reserves	63	69	67	66	65	68	79	94	102	109
Borrowings	118	159	196	157	155	161	186	346	437	421
Other Liabilities	63	88	62	94	90	49	77	89	68	86
Total Liabilities	255	326	335	327	321	288	352	538	618	627
Fixed Assets	106	111	115	100	89	78	74	229	231	219
CWIP	2.26	3.79	0.65	0.87	0.01	0.00	7.19	0.00	0.17	6.25
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	146	211	220	226	231	210	270	309	386	402
Total Assets	255	326	335	327	321	288	352	538	618	627

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	44	11	37	20	30	17	2.58	19	-39	57
Cash from Investing Activity	-26	-24	-17	-0.11	-1.55	-1.34	-15	-160	-20	-11
Cash from Financing Activity	-18	13	-21	-20	-27	-15	13	141	60	-46
Net Cash Flow	0.02	0.13	-0.09	-0.06	1.88	-0.22	0.11	-0.09	-0.05	-0.02

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.71%	56.71%	56.71%	56.71%	56.71%	56.71%	56.71%	56.71%	56.72%	56.72%	56.72%	56.72%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.15%	0.02%	0.02%	0.00%	0.02%
DIIs	2.55%	2.55%	2.55%	2.55%	2.55%	2.55%	2.22%	1.62%	1.62%	1.62%	1.62%	1.62%
Public	40.74%	40.74%	40.74%	40.74%	40.74%	40.74%	41.03%	41.51%	41.65%	41.65%	41.67%	41.65%
Total Shareholders	10,248	10,035	9,704	9,902	9,849	9,881	12,478	12,777	12,726	12,819	12,646	11,795

Market Transactions

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Projection

Documents

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Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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