Bengal & Assam Company Ltd.

•

bengalassam.comBSE: 533095NSE: BENGALASM

Market Cap₹ 7,197 Cr.

Current Price

High / Low₹ 7,268 / 5,855

Stock P/E60.1

Book Value₹ 1,050

Price to Book5.19

Dividend Yield0.79 %

ROCE11.7 %

ROE10.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Tyre: 27.3% • Cement: 25.8% • Paper: 21.2%

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

Company has delivered good profit growth of 38.8% CAGR over last 5 years
Solid return on assets for a lender - ROA of 9.2%
Asset quality is healthy - gross NPA of just 0.0%
Company has delivered good sales growth of 38.9% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 47.6%

CONS

Recent results are weak - TTM profit is down 51.5% versus prior year
Company has a low return on capital employed of 12.0%
Operating margins have contracted to 46.9% from 114.5%
Stock is trading at 5.2x its book value
Growth is decelerating - 3Y profit CAGR (-0.6%) trails the 5Y trend (38.8%)

* 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	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	BENGALASM	6310.95	9.44	7196.94	0.79	196.54	-92.39	632.96	16383.44	3.95	35.65

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2	85	2	63	3	121	4	29	4	125	4	86	37
	1	4	2	3	2	4	2	19	23	28	30	75	35
Operating Profit	1	82	0	59	1	118	2	10	3	122	-2	16	3
OPM %	38.99%	95.52%	3.15%	94.50%	49.82%	97.12%	63.10%	34.21%	79.95%	97.54%	-51.30%	18.21%	8.18%
Other Income	2	2	2	2	2	2	3	2	2	2	2	2	2
Interest	3	3	2	2	2	2	1	1	1	1	1	1	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	-1	80	-1	59	2	118	4	11	4	123	1	14	4
Tax %	-10.71%	16.39%	-22.95%	14.81%	-7.56%	15.74%	36.60%	-1.99%	23.97%	13.65%	41.28%	25.89%	22.88%
Net Profit	-1	67	-1	50	2	99	3	11	3	106	1	10	3
	-1	59	-1	44	2	87	2	9	2	93	1	9	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	43	42	71	176	57	103	144	153	157	296	252
	4	6	8	9	6	7	8	11	26	157	169
Operating Profit	39	36	63	167	51	96	136	142	131	139	83
OPM %	89.78%	85.49%	88.63%	94.82%	88.87%	93.14%	94.17%	92.75%	83.36%	46.88%	32.95%
	6	6	6	7	7	8	29	7	9	9	9
Interest	22	13	30	43	34	26	17	11	6	5	5
Depreciation	0	0	0	1	1	1	1	1	1	1	1
Profit before Tax	22	28	38	130	24	76	148	138	134	141	141
Tax %	-2.85%	-0.55%	-1.13%	3.53%	1.48%	19.61%	17.50%	16.04%	14.71%	15.33%	15.29%
Net Profit	23	29	39	125	23	61	122	116	114	120	120
EPS	0.00	0.00	0.00	0.00	20.59	54.24	107.87	102.35	101.27	105.03	—
Dividend Payout %	37.69%	30.41%	20.65%	13.52%	36.42%	27.65%	23.18%	39.08%	49.37%	47.61%	—

COMPOUNDED SALES GROWTH

10 Years:: 22%
5 Years:: 39%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 39%
3 Years:: -1%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 10%
3 Years:: 11%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	367	387	698	791	824	883	989	1,065	1,136	1,183
	185	96	549	432	404	260	168	102	83	87
Trade Payables	0	0	0	0	0	0	0	0	3	48
	13	34	14	17	16	18	19	17	17	16
Total Liabilities	574	526	1,269	1,251	1,256	1,173	1,187	1,196	1,251	1,346
	17	17	26	25	25	1	1	1	1	1
Capital Work in Progress	0	2	0	0	0	0	0	0	0	0
	457	450	1,184	1,188	1,200	1,136	1,150	1,158	1,217	1,271
	0	0	0	0	0	0	0	0	4	49
Cash & Bank	1	1	2	5	4	1	1	0	0	1
	99	55	56	33	28	35	35	37	28	24
Total Assets	574	526	1,269	1,251	1,256	1,173	1,187	1,196	1,251	1,346

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	39	44	72	154	43	100	134	117	117	117
Cash from Investing	-20	46	-231	39	20	91	18	-10	-46	-57
Cash from Financing	-22	-90	160	-187	-62	-179	-126	-107	-72	-59
	-3	0	1	1	-0	-3	0	0	0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	26.53	32.89	48.43	110.97	20.59	54.24	107.87	102.35	101.27	105.03
Book Value (₹)	432.75	455.64	878.75	710.43	739.72	791.41	885.44	953.05	1015.91	1047.39
Dividend per Share (₹)	10.00	10.00	10.00	15.00	7.50	15.00	25.00	40.00	50.00	50.00
Cash EPS (₹)	26.87	33.24	48.81	111.94	21.33	54.83	108.39	103.02	101.90	105.69
PROFITABILITY
Operating Margin %	103.06%	99.55%	96.81%	98.88%	101.51%	100.44%	114.46%	92.75%	83.36%	46.88%
Net Margin %	53.45%	67.75%	54.86%	71.21%	40.67%	59.57%	84.60%	75.56%	72.64%	40.51%
ROE %	6.32%	7.40%	7.07%	16.62%	2.84%	7.09%	12.87%	11.13%	10.29%	10.23%
ROCE %	7.90%	7.64%	7.69%	13.89%	4.63%	8.58%	14.15%	12.65%	11.64%	11.69%
	4.05%	5.19%	4.34%	9.95%	1.86%	5.05%	10.33%	9.70%	9.35%	9.23%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	0	8	32
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	38	64
	0	0	0	0	0	0	0	0	-30	-32
FINANCIAL HEALTH
Debt to Equity (x)	0.52x	0.32x	0.77x	0.54x	0.48x	0.29x	0.17x	0.09x	0.07x	0.07x
Interest Coverage (x)	2.03x	3.14x	2.29x	4.02x	1.70x	3.88x	9.91x	14.05x	24.16x	29.83x
	1.14x	0.69x	8.21x	2.86x	2.82x	1.17x	1.77x	0.14x	0.73x	0.69x
GROWTH
Revenue Growth %	3.07%	-2.20%	68.33%	148.12%	-67.51%	79.86%	40.03%	6.24%	2.92%	87.71%
Operating Profit Growth %	3.71%	-5.53%	63.68%	153.44%	-66.65%	77.97%	59.57%	-9.61%	-5.64%	4.49%
Net Profit Growth %	0.25%	23.96%	36.31%	222.04%	-81.44%	163.44%	98.86%	-5.12%	-1.05%	4.70%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.12%	-1.05%	3.71%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	83.50x	71.18x	51.80x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.97x	7.10x	5.19x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.69%	0.92%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	65.45x	58.47x	42.77x

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

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