BIL Vyapar Ltd (BILVYAPAR)
🎯 Key Takeaways
- BIL Vyapar Ltd is currently in a distressed turnaround phase under insolvency resolution, with operations suspended and financials prepared on a liquidation basis. Despite a significant YoY revenue increase to ₹1,250 crores in Q1 FY27, the company remains under NCLT CIRP with liabilities exceeding assets by over ₹18,600 crores and accumulated losses of ₹21,790 crores, making recovery for shareholders highly uncertain.
- ⚠️ 1) The company operates under insolvency with no going concern assumption, making recovery of capital for shareholders highly improbable. 2) Financial
📖 The Story
BIL Vyapar Ltd is currently in a distressed turnaround phase under insolvency resolution, with operations suspended and financials prepared on a liquidation basis. Despite a significant YoY revenue increase to ₹1,250 crores in Q1 FY27, the company remains under NCLT CIRP with liabilities exceeding assets by over ₹18,600 crores and accumulated losses of ₹21,790 crores, making recovery for shareholders highly uncertain.
📰 What's Happening
In Q1 FY27, BIL Vyapar reported a 69.9% YoY revenue jump to ₹1,250 crores and a 78.2% YoY net profit rise to ₹50 crores, but these gains occurred within the context of ongoing insolvency proceedings. The 19th Committee of Creditors meeting on August 14, 2026, will review the resolution plan, while the board recently accepted the resignation of TLB & Co. and appointed RNM & Associates as the new auditor pending shareholder approval at the upcoming AGM.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Operating Profit | -1 | -1 | -0 | -0 |
| OPM % | — | — | — | — |
| Net Profit | -1 | -1 | 0 | 1 |
| EPS | ₹-0.22 | ₹-0.26 | ₹0.02 | ₹0.45 |
The company's financial trajectory shows a sharp revenue surge to ₹1,250 crores in Q1 FY27 from near-zero prior periods, but this growth is occurring amid severe structural distress, with liabilities vastly outweighing assets and persistent accumulated losses. The modest net profit of ₹50 crores reflects accounting entries rather than operational sustainability, as financials are prepared under liquidation accounting with unvalued assets and uncertain recoveries.
🔮 Management Outlook & What's Next
Management has not provided forward guidance on profitability or recovery timelines, instead focusing on procedural updates related to the insolvency process. The appointment of a new auditor pending AGM approval signals an effort to maintain compliance, but no strategic recovery plan or timeline for exiting CIRP has been disclosed in the filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 |
| Reserves | -217 | -218 | -219 | -218 |
| Borrowings | 173 | 173 | 175 | 175 |
| Total Liabilities | 16 | 15 | 15 | 25 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 16 | 15 | 15 | 25 |
The balance sheet reveals a severely impaired capital structure, with negative equity reserves and assets far below liabilities, indicating no realistic path to solvency without major restructuring. Borrowings remain stable at ₹175 crores, but there is no evidence of deleveraging or capital infusion, suggesting ongoing operational freeze and reliance on creditor coordination for any potential revival.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -2 |
| Investing | +0 |
| Financing | +1 |
| Net Cash Flow | -0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 51.3% | 51.3% | 51.3% | 51.3% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 1.7% | 1.7% | 1.7% | 1.7% |
| Public | 37.2% | 37.6% | 37.7% | 38.1% |
| # Shareholders | 39,556 | 39,389 | 39,090 | 39,038 |
Promoter holding remains stable at 51.28%, but institutional interest is negligible with FII at 0% and DII at 1.73%, reflecting minimal investor confidence. The shareholder base has slightly contracted over recent quarters, and the lack of trading activity or new investor interest underscores the stock's illiquidity and high perceived risk.
⚖️ Peer Comparison — Miscellaneous
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GMRAIRPORT | 98,198 | 202.2 | 12.1% | -23.5% | -13.08 |
| NBCC | 21,762 | 29.4 | 41.3% | 30.9% | 0.00 |
| CMPDI | 14,516 | 26.3 | 32.4% | 24.2% | 0.00 |
| IGIL | 13,529 | 22.2 | 56.1% | 41.0% | 0.00 |
| HORIZONIND | 13,107 | — | — | — | 1.22 |
| RITES | 9,927 | 23.8 | 23.1% | 17.2% | 0.00 |
| INOXGREEN | 6,934 | 55.5 | 9.4% | 6.7% | 0.10 |
| RAIN | 6,613 | 12.3 | 12.0% | 8.9% | 1.21 |
| SIS | 5,852 | 39.9 | 8.0% | 5.8% | 0.56 |
| THOMASCOOK | 4,866 | 21.4 | 15.8% | 9.2% | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) The company operates under insolvency with no going concern assumption, making recovery of capital for shareholders highly improbable. 2) Financial statements are prepared on liquidation basis with significant unvalued assets and pending litigation, introducing major accounting uncertainties. 3) Creditor claims remain unresolved, and any restructuring outcome depends on complex approvals with no guarantee of shareholder value creation.
📋 Recent Filings
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🟡 Board Meeting 8 September 2026BIL Vyapar announced a book closure from September 24 to 30, 2026, to determine shareholders eligible for its 63rd Annual General Meeting on September...
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🟡 Board Meeting 8 September 2026BIL Vyapar Ltd announced a book closure from September 24 to 30, 2026, to determine shareholders eligible for its 63rd Annual General Meeting on Septe...
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🟡 Board Meeting 8 September 2026BIL Vyapar Limited announced its 63rd Annual General Meeting scheduled for Wednesday, 30th September 2026 at 04:00 PM IST via video conferencing, cond...
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🟡 Board Meeting 8 September 2026BIL Vyapar announced a book closure from September 24 to 30, 2026, to determine shareholders eligible for its 63rd Annual General Meeting on September...
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🔴 Announcement 3 September 2026BIL Vyapar disclosed that its Committee of Creditors approved the resolution plan of Fairplan Distributors Pvt Ltd under the CIRP process, marking a k...
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🔴 Financial Results 14 August 2026BIL Vyapar Limited, formerly Binani Industries, filed unaudited Q1 FY27 results (ended June 2026) under NCLT CIRP. The company reported revenue of **₹...
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🟡 Board Meeting 14 August 2026The Board of BIL Vyapar Limited announced the outcome of its 19th Committee of Creditors meeting held on August 14, 2026, reviewing unaudited Q1 FY202...
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🔴 Announcement 11 August 2026BIL Vyapar Limited announced that the 19th meeting of its Committee of Creditors under the Corporate Insolvency Resolution Process will be held on Aug...
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🔴 Announcement 4 August 2026No summary available
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🟡 Board Meeting 4 August 2026BILVYAPAR announced that the Committee of Creditors accepted the resignation of TLB & Co., Statutory Auditor effective August 4, 2026, and appointed R...
🧠 Analyst's Read
BIL Vyapar remains a high-risk, structurally impaired entity with no clear path to financial recovery or delisting from insolvency proceedings. Investors should monitor the August 14, 2026, CoC meeting outcome and any developments in the resolution plan, but expect limited upside given the scale of losses and asset impairments.
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 2026-09-16.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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