Bhansali Engineering Polymers Limited (BEPL)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 19 July 2026

₹113.1 ↓ 2.51% (1Y)

🎯 Key Takeaways

Bhansali Engineering Polymers Limited (BEPL) is in a strategic expansion phase, transitioning from a mature chemical manufacturer to a growth-oriented player with targeted capacity additions. Management is focused on scaling operations to capture domestic demand, supported by internal funding and a disciplined capital allocation approach.
Revenue declined 5.7% QoQ to ₹346 in Q3FY25.
⚠️ Execution risk around capacity expansion: Delays in commissioning the targeted 100,000 MTPA capacity by FY28 could limit growth momentum.

Market Cap

₹2,377

P/E Ratio

13.2

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Bhansali Engineering Polymers Limited (BEPL) is in a strategic expansion phase, transitioning from a mature chemical manufacturer to a growth-oriented player with targeted capacity additions. Management is focused on scaling operations to capture domestic demand, supported by internal funding and a disciplined capital allocation approach. The company maintains a debt-free balance sheet while reinvesting cash flows into debottlenecking initiatives and shareholder returns.

📰 What's Happening

In Q1 FY27, BEPL reported revenue of ₹481.9 crores, up 50.9% YoY, driven by robust operational performance. PAT grew 42.9% YoY to ₹65.6 crores, with EBITDA up 44.5% to ₹92.3 crores. Management confirmed ₹200 crores of debottlenecking capex fully funded through internal accruals, maintaining a debt-free status. An interim dividend of ₹24.9 crores was declared, continuing its shareholder return policy. Management reiterated plans to commission an additional 100,000 MTPA capacity by FY28 to meet rising domestic demand.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q3FY23	Q4FY23	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	339	328	314	292	321	340	367	346
Operating Profit	48	30	67	56	59	73	64	58
OPM %	12.2%	6.7%	18.3%	16.1%	15.9%	18.1%	14.4%	15.0%
Net Profit	34	14	48	40	40	53	46	41
EPS	₹2.02	₹0.86	₹1.94	₹1.62	₹1.62	₹2.14	₹1.86	₹1.64

Revenue and profitability have shown consistent growth over the past four quarters, with Q1 FY27 marking the strongest YoY expansion in revenue (50.9%) and PAT (42.9%). Margins have stabilized after earlier expansion phases, with PAT margin at 13.6% in Q1 FY27, up from 12.2% in Q3 FY23. The company has transitioned from volatile profitability in FY23 (e.g., NP of ₹14 crores in Q4 FY23) to sustained earnings growth, reflecting improved operational efficiency and scale benefits.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance on capacity expansion, targeting the commissioning of 100,000 MTPA by FY28 to capture domestic demand. No specific revenue or margin targets were disclosed in the latest filings, but the focus remains on scaling operations through internal funding. Capex is being deployed entirely from accruals, underscoring a conservative and self-sustaining growth model.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Execution risk around capacity expansion: Delays in commissioning the targeted 100,000 MTPA capacity by FY28 could limit growth momentum. 2. Margin sensitivity: EBITDA and PAT margins declined slightly in Q1 FY27 (down 86 bps and 76 bps YoY), indicating potential pricing or input cost pressures. 3. Lack of formal growth guidance: Absence of specific revenue or margin targets may reduce investor clarity on near-term upside. 4. Commodity and input cost volatility: As a chemicals manufacturer, BEPL is exposed to raw material price swings, which could impact profitability if not passed on to customers.

📋 Recent Filings

🧠 Analyst's Read

BEPL is executing a disciplined, internally funded growth strategy with improving profitability and a commitment to shareholder returns. The key near-term watchpoints are the successful execution of capacity expansion and margin resilience amid competitive market conditions. Investors should monitor management’s ability to translate scale into sustainable earnings growth.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-19.

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