Annual report
Annual Report 2026
Source: Nse
Bulkcorp International Ltd. (BULKCORP)
SME CapIndustrials stocks · SME cap · NSE
Bulkcorp International Limited, incorporated in 2009, manufactures and exports Flexible Intermediate Bulk Containers (FIBC) and woven packaging solutions for food, agriculture, chemicals, and industrial raw materials. It is the only Indian manufacturer of MAP-enabled FIBCs, with a strong global presence and 95% export-driven revenue.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result22 May, 07:31 pm IST
Score20 Oct, 06:00 pm 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
59NeutralSMA20 +7.5% / mo · MACD −
Stock trend: 64
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BULKCORPD candles · FIT view+75.5%Latest close ₹78.90 on 2026-10-19
Bar
+0.0%
RSI
51
MACD hist
-0.76
52W pos
82%
2026-10-19O ₹78.90H ₹78.90L ₹78.90C ₹78.90Vol 12,000 sh
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
BULKCORPNifty India ManufacturingNifty 500
- BULKCORP
- +38.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +44.0 pp
Chart stats
19 Oct 2026- From 52W high
- -16.6%
- 52W range position
- 72%
- ATR (14)
- 2.1%
- Volume vs 20D
- 1.49x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹77 - ₹86
₹94.6
₹38.1 - ₹94.6
₹1.6
Latest completed session
20-session average
35.6% 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 is neutral, 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 · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +17.6% · PAT -20.6% YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model+59.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
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 · 15/100PAT -21% YoY · Rev +18% YoY · margin expansion
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32.4 Cr | +17.6% | -3.0% |
| EBITDA | ₹3.5 Cr | NDF | +8.5% |
| Operating margin | 10.7% | NDF | +114 bps |
| PAT | ₹1.9 Cr | -20.6% | +7.2% |
| PAT margin | 6.0% | NDF | +57 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.80
- P/B
- 1.71
- EV/EBITDA
- 9.15
- Market Cap
- 59.30Cr
Profitability
- ROE
- 11.40%
- ROCE
- 17.20%
- ROA
- 7.29%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 42.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 3.82×
- Altman Z
- 4.87
- Book Value
- 46.20
Cash Flow
- FCF Yield
- 0.89%
- FCF Positive Y
- 2/5
- OCF
- 3.93 Cr
- EPS TTM
- 4.96
Shareholding
- Promoter Hold
- 72.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 65.8+9.0% vs prev
Net Profit
₹ CrLatest: 3.7+6.0% vs prev
Return on Equity
%Latest: 10.7-5.4% 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
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 rising (~7.0% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 10% off 52W high · 107% above 52W low.
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
89
RS percentile
Stage 2 UptrendRecent S2
1M return
-7.2%
3M return
+43.5%
6M return
+61.0%
1Y return
+32.6%
RS 1D
+2
RS 20D
-3
Sector rank
#2
Industry rank
#12
Stage evidence
- Price is 36.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 Sept 2026
S2 age
15 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
190 observations
19 Oct 2026Value 109.87+0.47%
RS vs Nifty 500110
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth21/25
Quality2/20
Balance Sheet9/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.5%.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
15.8
PB
1.7
EV/EBITDA
9.2
ROE
11.4%
ROCE
17.2%
FCF Yield
0.9%
Debt/Equity
0.3
MoS
+59.5%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+59.5%
Previous: +59.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
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
₹71.8
-9.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹194.93
+59.5% MoS
PEG
0.36
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
FLEXITUFF
Small
Flexituff Ventures International Limited
Packaging
match 72
9
—
—
—
OVERVALUED
TIRUPATI
SME
Shree Tirupati Balajee FIBC Ltd.
Packaging
match 69
12
99.1
3.0%
-541%
OVERVALUED
DKEGL
SME
D.K. Enterprises Global Ltd.
Packaging
match 59
66
9.2
18.9%
+77%
UNDERVALUED
UMA
SME
Uma Converter Ltd.
Packaging
match 56
28
10.8
4.1%
-134%
OVERVALUED
EXCELLENT
SME
Excellent Wires and Packaging Ltd.
Packaging
match 56
17
53.3
7.6%
-29%
OVERVALUED
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 intactReviewed 2026-06-23T22:53:35.048Z
Management commentary snapshot
Bulkcorp reported a resilient H1 FY26 with Total Income up 27.61% YoY to ₹3380.47 Lakhs, driven by strong export momentum and higher order inflows. EBITDA grew 23.26% YoY to ₹356.64 Lakhs, while Net Profit rose 29.51% YoY to ₹180.21 Lakhs, reflecting operational efficiencies and margin improvement.
Bulkcorp's H1 FY26 performance indicates robust export-led growth, with significant increases in total income and net profit. Management's focus on value-added products like MAP-enabled FIBCs and planned backward integration could further enhance margins and competitive edge. The high repeat business and global certifications support a strong market position.
Current business mix
Revenue Mix By Product Category (FY25)
Latest issuer-disclosed distribution across 3 reported categories.
FIBC97.0%
Fabric0.9%
Others2.0%
Growth engines
Backward Integration
Planned backward integration from granules to fabric manufacturing, supported by future capex for an owned facility, aims to improve margins, supply chain control, quality, and cost efficiency.
Product Diversification
Diversifying into high-potential industries (pharma, food-grade) with innovative solutions like MAP-enabled FIBCs and conversion of Nylon/LDPE/Aluminium Films.
Export Market Expansion
Expanding international presence through global trade fairs, industry exhibitions, and strategic collaborations to enter new regions like the Middle East, Southeast Asia, and Africa.
rPET-Based Sustainable FIBCs
Developing 100% sustainable FIBCs from rPET fabric, positioned as an eco-friendly alternative with significant export potential in sustainability-focused markets.
Capacity and execution
Manufacturing Capacity Expansion
Expanded capacity by 200 MT per month in 2025.
Solar Power Plant Commissioning
Commissioned a 464 KW Solar power plant in 2024.
Changodhar Facility Capacity
The Changodhar, Gujarat facility has a 4,800 MTPA capacity.
Tailwinds
China Plus One Opportunity
Positions the company as a trusted global supplier, enabling export growth and international client expansion.
Rising Global Demand for FIBCs
Rising demand for bulk packaging, coupled with international clients’ emphasis on certifications, compliance, and socially responsible suppliers.
Government Incentives
Expansion projects may qualify under the upcoming Textile Policy 2024, offering potential subsidies and financial support.
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 YOY
The presentation explicitly provides H1 FY26 results compared to H1 FY25, making year-on-year the direct and most relevant comparison for assessing performance trends over a half-year period.
Sector KPIs management disclosed
Order Inflow
Management noted 'higher order inflows from existing global clients and expansion into new geographies' in H1 FY26.
EBITDA Margin
EBITDA Margin for H1 FY26 was 10.55%, a (37) Bps decline from 10.92% in H1 FY25.
Net Profit Margin
Net Profit Margin for H1 FY26 was 5.33%, an 08 Bps increase from 5.25% in H1 FY25.
Receivable Turnover Ratio
Receivable Turnover Ratio was 4.22 times in FY25, slightly down from 4.25 times in FY24.
Management forward view
Focus on International Footprint
Management remains focused on scaling the international footprint and achieving long-term, export-led growth.
Value-Added Products
There is a continued focus on value-added, sustainable packaging products.
Operational Efficiencies
Performance reflects enhanced operational efficiencies and disciplined cost control.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 10.55% (H1 FY26) | Sustained or improving margins, especially with planned backward integration. |
| Capacity Utilization | 60% | Ramp-up towards optimal utilization with new capacity and order inflows. |
| Receivable Turnover Ratio | 4.22 times (FY25) | Improvement or stability, indicating efficient working capital management. |
| Export Revenue Contribution | 95% (FY25) | Continued high contribution and successful expansion into new geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited 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 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · SME: 81st pctile, median 64
Evidence depth
Financial-only
2 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
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 72.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
Trust risks
- ▸ROCE trend is -9.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bulkcorp International Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.