Industrials stocks · Small cap · NSE
Bhansali Engineering Polymers Limited is India's leading manufacturer of Acrylonitrile Butadiene Styrene (ABS) and Styrenic Resins since 1984. It operates two manufacturing facilities and an in-house R&D centre. A strategic joint venture with Nippon A&L Inc., Japan, strengthens its technology and product portfolio.
MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +24.1% · PAT +56.1% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +24% YoY · PAT +56% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹403.4 Cr | +24.1% | -14.6% |
| EBITDA | ₹78.9 Cr | +61.0% | -4.5% |
| Operating margin | 19.6% | +456 bps | +207 bps |
| PAT | ₹62.5 Cr | +56.1% | -4.8% |
| PAT margin | 15.5% | +317 bps | +159 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term uptrend intact. RSI 38.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
BEPL reported strong Q1 FY27 results with revenue up 53.3% YoY to ₹472.2 crores and PAT up 42.9% YoY to ₹65.6 crores. However, EBITDA and PAT margins saw a slight contraction of 86 bps and 76 bps YoY respectively, to 19.2% and 13.6%.
The company delivered robust top-line and bottom-line growth in Q1 FY27, supported by ongoing capacity expansion fully funded by internal accruals. While margins saw a slight dip, the overall financial health and strategic initiatives suggest the investment thesis remains on track.
Provides access to proprietary technologies, formulations, and technical expertise, enabling shift to high-value specialty polymers.
Ongoing ~₹ 200 crores capex for debottlenecking at the existing plant, increasing capacity to 100 KMTPA.
Developed 17 new grades, enhanced 12 existing grades, and commercialized 20 new/improved products, including 18 color grades.
Domestic players expand capacity to capture the ~30-40% of demand currently met by imports.
Expansion from 75,000 MTPA to 100,000 MTPA.
Commissioning targeted by September, 2026.
Capex of ~₹ 200 crore, fully funded through internal accruals.
Optimal utilisation of expanded capacity expected by end of FY28.
Monitoring of imports and potential anti-dumping duties on low-cost Asian imports provides a significant competitive advantage to local producers.
EV adoption is accelerating consumption as manufacturers prioritize lightweight, high-performance plastics for interior trims and battery housings.
Robust growth in end-user industries like consumer durables (air conditioners, refrigerators) and automotive will drive the domestic demand for ABS.
Company aims for cost efficiencies and is positioned among the lowest-cost producers in India, ensuring resilience to raw material volatility.
Policy protection through monitoring of imports and potential anti-dumping duties is highlighted as a competitive advantage for local producers.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation explicitly compares Q1 FY27 financial results against Q1 FY26, indicating a focus on year-over-year performance to account for potential seasonality in demand or operational cycles.
Increased by +53.3% YoY in Q1 FY27 to ₹ 472.2 crores.
19.2% for Q1 FY27 as compared to 20.0% in Q1 FY26 (-86 bps YoY).
13.6% for Q1 FY27 as compared to 14.4% in Q1 FY26 (-76 bps YoY).
₹ 168.1 crores in FY26 (vs ₹ 108.7 crores in FY25).
Capex of ~₹ 200 crore, fully funded through internal accruals, reflects strong balance sheet, financial discipline, and robust free cash flow generation.
Optimal utilisation of expanded capacity expected by end of FY28.
Strategic JV with Nippon A&L Inc. enables shift from commoditized ABS to high-value specialty polymers.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | 75,000 MTPA capacity, expanding to 100,000 MTPA. | Ramp-up of new capacity and achievement of optimal utilization by end of FY28. |
| EBITDA Margin | 19.2% in Q1 FY27. | Stabilization or improvement in EBITDA margins post-capacity expansion and product mix shift. |
| New Product Commercialization | 20 new/improved products commercialized. | Continued successful commercialization of R&D pipeline, especially ASA-based and non-halogenated FR PC-ABS blends. |
| Working Capital Management | Cash Conversion Cycle at 86 days in FY26. | Efficiency in managing debtor, creditor, and inventory days as capacity and scale increase. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 89th pctile, median 68 · Small: 92nd pctile, median 66
9 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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