Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
BEW Engineering Ltd. (BEWLTD)
SME CapIndustrials stocks · SME cap · NSE
BEW Engineering Ltd. designs and manufactures process equipment for the pharmaceutical and chemical industries, including filters, mixers, and dryers. The company operates an integrated manufacturing facility, offers a diversified product portfolio, and has a growing global footprint with a reported 40% market share in the Indian dryer market.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result20 May, 11:20 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 +18.0% / mo · MACD − · near 52W low
Stock trend: 43
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BEWLTDD candles · FIT view-43.3%TODAY · PROVISIONALLatest price ₹48.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.8%
RSI
36
MACD hist
-1.49
52W pos
1%
2026-10-21O ₹48.90H ₹49.95L ₹47.00C ₹48.00Vol 38,500 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BEWLTDNifty India ManufacturingNifty 500
- BEWLTD
- -17.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -11.8 pp
Chart stats
19 Oct 2026- From 52W high
- -66.8%
- 52W range position
- 1%
- ATR (14)
- 7.3%
- Volume vs 20D
- 0.55x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹48.2 - ₹78
₹147
₹47.7 - ₹147
₹3.6
Latest completed session
20-session average
108.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +78.2% · PAT -122.2% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+46.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 2/100PAT -122% YoY · margin compression · Rev +78% YoY · +13% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹98 Cr | +78.2% | +12.6% |
| EBITDA | ₹-2 Cr | NDF | -116.7% |
| Operating margin | -2.1% | NDF | -1510 bps |
| PAT | ₹-2 Cr | -122.2% | -133.3% |
| PAT margin | -2.0% | NDF | -894 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.90
- P/B
- 0.45
- EV/EBITDA
- 11.52
- Market Cap
- 63.70Cr
Profitability
- ROE
- 2.71%
- ROCE
- 4.43%
- ROA
- 1.49%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -20.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 2.50×
- Altman Z
- 1.97
- Book Value
- 108.00
Cash Flow
- FCF Yield
- 17.27%
- FCF Positive Y
- 5/5
- OCF
- 28.00 Cr
- EPS TTM
- 2.89
Shareholding
- Promoter Hold
- 46.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 186+38.8% vs prev
Net Profit
₹ CrLatest: 4.0-66.7% vs prev
Return on Equity
%Latest: 2.8-67.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~14.8% over last month) — short-term momentum positive.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 4 Downtrend
1M return
-0.8%
3M return
-17.4%
6M return
-46.1%
1Y return
-62.7%
RS 1D
0
RS 20D
0
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 25.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -6.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 35.17-2.36%
RS vs Nifty 50035
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation23/30
Growth11/25
Quality0/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 17.3%.
- Fair-value margin of safety is positive at 46.8%.
- Cash flow contributes 8/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
16.9
PB
0.5
EV/EBITDA
11.5
ROE
2.7%
ROCE
4.4%
FCF Yield
17.3%
Debt/Equity
0.5
MoS
+46.8%
Score movement
Stored run vs live recompute
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+46.8%
Previous: +46.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
41
42
43
42
42
42
43
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹83.8
+42.7% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹90.23
+46.8% MoS
PEG
1.69
Comparable companies
Peers
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PRESSTONIC
SME
Presstonic Engineering Ltd.
Industrial Machinery
match 89
38
25.8
6.5%
+41%
WATCHLIST
TROM
SME
Trom Industries Ltd.
Industrial Machinery
match 86
67
7.3
13.8%
+80%
UNDERVALUED
ISHAN
SME
Ishan International Ltd.
Industrial Machinery
match 79
19
11.1
2.4%
-1026%
OVERVALUED
EEPL
SME
Eppeltone Engineers Ltd.
Industrial Machinery
match 71
53
15.1
18.8%
+64%
FAIR VALUE
HBLENGINE
Small
HBL Engineering Limited
Industrial Machinery
match 64
68
28.8
45.3%
+27%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-23T14:53:39.468Z
Management commentary snapshot
FY26 Total Income grew 38% YoY to ₹185.54 crore, driven by demand and execution. However, EBITDA and PAT margins contracted significantly due to volatile commodity prices and long project cycles.
While revenue growth remains robust, the sharp decline in profitability (EBITDA margin down 1000bps YoY in FY26) due to unhedged commodity price volatility and long project execution cycles puts the investment thesis under stress. The ability to pass on costs and restore margins is critical.
Current business mix
Revenue by Geography (H2 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic99.7%
Export0.3%
Growth engines
Sustained Demand & New Customers
Robust year-on-year growth of 38.09% in FY26 driven by sustained demand for engineered process equipment solutions and onboarding of new customers.
Strengthening Manufacturing Capabilities
Continued investment in strengthening manufacturing capabilities and operational infrastructure, including expansion of production floor space.
Operational Transformation Initiatives
Commenced implementation of SAP systems and engaged specialized consultants for process optimization across manufacturing, inventory, finance, and leadership functions.
Capacity and execution
Production Floor Space Expansion
Strategic investments undertaken towards expansion of production floor space and enhancement of manufacturing capacity to improve throughput and scalability.
Second Manufacturing Facility
Acquired a second facility of 2,768 Sq. mtrs. in 2023, complementing the main 4,560 Sq. mtrs. facility.
Tailwinds
Favorable Industry Demand Trends
Optimistic about opportunities across end-user industries (pharmaceutical, chemical, and allied industries) supported by favorable industry demand trends.
Growing Customer Base
Expanding customer relationships and onboarding of new customers contributed to revenue growth and provides strong visibility.
Headwinds
Volatile Commodity Environment
Company operated in a highly volatile commodity environment, particularly with respect to stainless steel and Hastelloy prices, which witnessed sharp and unprecedented increases.
Input Cost Pressures on Margins
Given the long execution cycle of several projects secured prior to escalation, input cost pressures had an impact on margins during the year.
Risk radar
Commodity Price Volatility
Sharp and unprecedented increases in stainless steel and Hastelloy prices significantly impacted margins due to long project execution cycles.
Ability to Pass on Costs
Company consciously adopted a calibrated and relationship-focused commercial approach to preserve long-term customer partnerships, potentially limiting immediate cost pass-through.
Working Capital Management
Trade receivables increased to ₹63.89 crore in FY26 from ₹40.40 crore in FY25, and Days of Receivables increased to 126 days from 110 days.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential to assess overall growth and annual trends in a project-based business. QoQ comparison (H2 FY26 vs H1 FY26) is crucial to monitor sequential momentum, the immediate impact of commodity price volatility on margins, and execution efficiency.
Sector KPIs management disclosed
Total Income (FY26)
₹185.54 crore, a robust year-on-year growth of 38.09%.
EBITDA Margin (FY26)
5.18%, down from 15.18% in FY25 (1000 Bps decline). H2 FY26 EBITDA margin was (2.12%) compared to 13.43% in H1 FY26.
PAT Margin (FY26)
2.04%, down from 9.05% in FY25 (701 Bps decline). H2 FY26 PAT margin was (2.48%) compared to 7.15% in H1 FY26.
Order Book (as on March 31, 2026)
₹53 crore, providing strong visibility for FY27 growth.
Management forward view
Optimistic Outlook
Management remains optimistic about opportunities across end-user industries, supported by improving operational capabilities and a growing customer base.
SAP B1 Implementation
SAP Business One (SAP B1) implementation is underway, with a target go-live date of July 1, 2026, to enhance operational efficiency and decision-making.
Operational & Financial Process Optimization
Engaged Leap2Excel for operational efficiency and process standardization, and CA Anuj Kanodia for strategic financial management consultancy.
Focus on Quality & Innovation
Continues focus to increase portfolio by addition of new products & innovation in existing products, striving for audit by global pharma and chemical manufacturers.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 5.18% in FY26, (2.12%) in H2 FY26 | Evidence of margin recovery in subsequent quarters, indicating successful cost pass-through or stabilization of commodity prices. |
| Order Book Growth & Execution | ₹53 crore as on March 31, 2026 | Consistent growth in order book and timely execution to convert orders into profitable revenue, especially given past margin pressures. |
| Working Capital Cycle | Days of Receivables at 126 days (FY26), Days of Inventory at 252 days (FY26) | Improvement in receivables and inventory days, reflecting better operational efficiency and cash flow management post SAP implementation. |
| SAP B1 Implementation Success | Target go-live July 1, 2026 | Successful and timely implementation of SAP B1 and other process optimization initiatives, leading to tangible improvements in efficiency and controls. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
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 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
15 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · SME: 51st pctile, median 64
Evidence depth
Financial-only
15 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
18
weak · capital discipline
Results
62
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 17.1%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 1.7%.
- ▸ROCE is low at 4.4%.
- ▸ROE is low at 2.7%.
- ▸ROCE trend is -8.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BEW Engineering Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 4 Sep - BEW Engineering issued FY2025-26 annual report and AGM notice for September 26, 2026.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.