Bengal & Assam Company Ltd.

•

bengalassam.comBSE: 533095NSE: BENGALASM

Market Cap₹ 7,091 Cr.

Current Price

High / Low₹ 7,268 / 5,855

Stock P/E9.3

Book Value₹ 9,432

Price to Book0.58

Dividend Yield0.80 %

ROCE3.9 %

ROE2.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Polymer & Textile: 71.0% • Others: 20.1% • Tyre: 3.3%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 9.2%
Asset quality is healthy - gross NPA of just 0.0%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 16.1% from 10.1%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 25.3% versus prior year
A large part of profit comes from other income (31.4% of PBT)
Company's sales have been declining over the last five years
Company has delivered a poor profit growth of -6.3% over past five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1055.00	32.35	656838.18	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1029.95	21.41	242345.54	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	367.80	28.89	156126.28	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	CHOLAFIN	1824.90	27.10	155858.50	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	JIOFIN	233.50	74.61	154183.36	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11055.60	13.89	123041.65	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2896.70	10.23	116293.37	1.04	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.20	26.43	108461.67	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	308.50	24.30	77320.98	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	668.55	27.96	63622.10	0.37	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.70	26.07	56716.32	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	BENGALASM	6217.95	9.30	7090.89	0.80	196.54	-92.39	632.96	16383.44	3.95	35.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	4,196	4,326	3,734	502	3	112	4	503	4	117	4	607	633
	3,710	3,697	3,224	413	445	432	421	428	472	451	494	576	563
Operating Profit	539	674	6,344	110	83	157	93	93	101	191	17	55	226
OPM %	12.86%	15.58%	169.90%	21.88%	3033.70%	140.03%	2627.04%	18.39%	2624.74%	164.03%	440.16%	9.04%	35.65%
Other Income	13	17	18	29	17	24	27	31	27	39	33	20	25
Interest	129	119	106	10	10	10	11	13	12	13	11	14	12
Depreciation	120	122	114	17	17	17	17	17	16	16	16	17	16
	299	452	3,246	111	73	154	80	93	99	201	33	44	222
Tax %	33.42%	32.18%	11.35%	25.18%	28.30%	20.15%	29.03%	28.04%	27.82%	19.66%	22.34%	41.62%	11.61%
Net Profit	0	0	0	0	2,564	128	1,401	2,305	2,584	226	1,557	2,037	197
	264	284	2,622	275	218	112	117	196	217	192	135	178	16

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,485	1,508	12,508	11,111	10,400	13,576	16,492	12,917	2,128	2,377	1,361
	1,261	1,354	11,154	9,843	8,930	12,278	14,903	11,044	1,727	1,993	2,084
Operating Profit	224	154	1,354	1,269	1,470	1,297	1,589	1,873	401	383	-724
OPM %	15.08%	10.23%	10.82%	11.42%	14.14%	9.56%	9.63%	14.50%	18.85%	16.13%	-53.19%
	39	37	-4	-75	91	60	22	2,975	111	109	106
Interest	52	42	574	609	505	450	488	366	44	50	50
Depreciation	40	42	367	423	428	428	456	373	68	65	65
Profit before Tax	171	108	409	161	629	479	667	4,109	400	377	500
Tax %	23.92%	28.57%	34.07%	-84.95%	37.65%	34.52%	32.12%	15.63%	25.24%	24.61%	18.19%
Net Profit	130	77	269	298	392	314	453	3,467	299	284	409
EPS	0.00	0.00	0.00	0.00	450.07	555.74	830.10	3445.52	648.25	721.96	—
Dividend Payout %	2.65%	4.32%	2.23%	3.72%	1.67%	2.70%	3.01%	1.16%	7.71%	6.93%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: -26%
3 Years:: -48%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 10%
3 Years:: -4%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 14%
3 Years:: 18%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	8	11	11	11	11	11	11	11
Minority Interest	73	147	1,274	1,311	1,501	1,589	1,976	178	199	218
	1,813	2,005	2,991	3,363	3,904	4,533	5,502	9,052	9,750	10,676
	505	380	6,953	6,625	5,860	6,324	6,092	487	622	715
Trade Payables	87	86	1,784	1,853	1,782	2,410	2,019	170	189	251
	151	151	1,201	1,137	1,384	1,358	1,625	539	565	555
Total Liabilities	2,637	2,777	14,211	14,300	14,443	16,226	17,226	10,437	11,336	12,426
	366	391	6,701	6,810	6,647	6,812	6,903	438	457	466
Capital Work in Progress	20	11	280	287	315	130	215	5	8	45
	1,703	1,984	1,819	2,085	2,423	2,749	3,602	9,090	9,869	10,804
	73	80	1,963	1,915	2,105	2,850	2,642	378	364	381
	0	0	0	0	0	0	0	332	373	450
Cash & Bank	6	10	239	232	308	339	313	27	84	104
	469	301	3,209	2,970	2,644	3,347	3,551	168	181	177
Total Assets	2,637	2,777	14,211	14,300	14,443	16,226	17,226	10,437	11,336	12,426

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	162	144	1,121	1,566	1,893	479	1,645	1,817	294	252
Cash from Investing	54	-163	-367	-336	-201	-188	-650	-1,260	-286	-202
Cash from Financing	-172	64	-567	-1,195	-1,542	-144	-778	-590	39	-30
	-5	3	59	-30	31	18	9	-33	48	21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.01	73.01	73.01	73.01	73.11	72.87	72.87	72.87	72.87
	4.31	4.55	4.57	4.55	4.47	4.42	4.43	4.43	4.41
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.67	22.42	22.40	22.42	22.42	22.70	22.69	22.69	22.71

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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