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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -21% YoY · Rev +18% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32.4 Cr | +17.6% | -3.0% |
| EBITDA | ₹3.5 Cr | +10.5% | +8.5% |
| Operating margin | 10.7% | +154 bps | +114 bps |
| PAT | ₹1.9 Cr | -20.6% | +7.2% |
| PAT margin | 6.0% | -27 bps | +57 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue Mix By Product Category (FY25)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
58NeutralSMA20 +19.9% / mo · RSI overbought · MACD +
Technical chart
BULKCORPdaily · 1Y · AUTO+59.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~16.6% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 105% 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.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 60.3%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 72.3%. Key concern: ROCE trend is -9.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 60th pctile, median 68 · SME: 81st pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 15.70
- P/B
- 1.69
- EV/EBITDA
- 9.09
- Market Cap
- 58.60Cr
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
- 3.81×
- Altman Z
- 4.84
- Book Value
- 46.20
Cash Flow
- FCF Yield
- 0.90%
- 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 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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