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Swing Capital

BSL Ltd

NSE: BSL BSE: 514045Textile

Incorporated in 1971, BSL Ltd is a vertically integrated textile company manufacturing Poly Viscose, Worsted, Fashion Fabrics and Yarns[1]

₹115
52W: ₹98 — ₹209
PE 32.4 · Book ₹117 · -2% vs book
Market Cap₹118 Cr
Stock P/E32.4Price to Earnings
ROCE7.73%Return on Capital
ROE6.79%Return on Equity
Div. Yield0.68%Face Value ₹10

Strengths

  • +Stock is trading at 1.05 times its book value

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 11.6% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters56.72%
FIIs0%
DIIs1.61%
Public41.66%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.72%56.72%56.72%56.72%56.72%56.72%56.72%56.72%
FIIs0%0.03%▲0.00.16%▲0.10.02%▼0.10.02%0%▼0.00.02%▲0.00%▼0.0
DIIs2.3%2.22%▼0.11.61%▼0.61.61%1.61%1.61%1.61%1.61%
Public40.99%41.02%▲0.041.52%▲0.541.64%▲0.141.64%41.67%▲0.041.64%▼0.041.66%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales178.69171156.34163.72178.06169.78155.5158.01184.34166.88
Expenses162.85153.11139.93148.49162.36153.54143.07145.78170.63153.76
Operating Profit15.8417.8916.4115.2315.716.2412.4312.2313.7113.12
OPM %8.86%10.46%10.5%9.3%8.82%9.57%7.99%7.74%7.44%7.86%
Net Profit2.523.922.522.312.523.050.280.471.721.18
EPS ₹2.453.812.452.242.452.960.270.461.671.15

AI Insights

Revenue Trend

TTM revenue at ₹665Cr, down 0.3% YoY. OPM at 8%.

Debt Position

Borrowings at ₹441Cr. Debt-to-equity ratio: 4.01x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹19Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.61% (-0.68pp change). FIIs: 0% (+0.00pp change). Promoters hold 56.72%.

Margin & Efficiency

ROCE declining from 10% (Mar 2014) to 8% (Mar 2025). Working capital days: 19.

Valuation

PE 32.4x with 7.73% ROCE. Price is -2% above book value of ₹117. Dividend yield: 0.68%.

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