Bonlon Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Promoters have been increasing their shareholding - up 7.3pp over 2 years
- Company has delivered good sales growth of 20.8% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Working capital cycle has improved - days down from 51 to 32
- Company maintains a comfortable, low leverage position
CONS
- Company has a low return on capital employed of 4.7%
- Company has a low return on equity of 3.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.84x)
- Operating cash flow has been negative in recent years
- Contingent liabilities are large at 99.0% of net worth
- Equity base is being diluted - shares outstanding up 36.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HINDZINC | 588.00 | 14.56 | 248448.76 | 1.70 | 5469.00 | 144.81 | 13747.00 | 81.10 | 69.83 | 58.56 |
| HINDALCO | 1008.00 | 13.81 | 226520.43 | 0.50 | 7013.00 | 75.15 | 84825.00 | 32.06 | 10.45 | 16.43 |
| VEDL | 270.00 | 5.37 | 105580.48 | 12.59 | 7918.00 | 77.65 | 24205.00 | -35.34 | 18.72 | 35.12 |
| HINDCOPPER | 521.25 | 44.35 | 50406.13 | 0.55 | 352.37 | 162.47 | 936.50 | 81.36 | 39.44 | 54.17 |
| VOGL | 38.34 | 0.00 | 14992.43 | 0.00 | 9450.00 | — | 25070.00 | — | 0.00 | 32.47 |
| GRAVITA | 1749.80 | 32.95 | 12915.00 | 0.00 | 106.37 | 14.30 | 1475.06 | 41.84 | 17.18 | 7.44 |
| JAINREC | 282.40 | 27.00 | 9745.22 | 0.00 | 69.41 | 22.79 | 2724.46 | 75.86 | 25.74 | 3.97 |
| CMRGREEN | 224.60 | 23.16 | 4919.99 | 0.00 | 68.18 | — | 3122.73 | 91.98 | 13.41 | 4.33 |
| POCL | 479.50 | 25.65 | 3657.54 | 0.42 | 358.80 | 42.58 | 9348.90 | 55.08 | 23.32 | 5.97 |
| ARDEE | 56.39 | 20.99 | 1777.42 | 0.00 | 199.03 | — | 3388.11 | — | 49.04 | 9.90 |
| ONIXSOLAR | 347.85 | 22.40 | 1282.45 | 0.00 | 208.97 | — | 945.10 | — | 32.85 | 29.74 |
| BONLON | 40.11 | 25.02 | 65.71 | 0.00 | 0.81 | 93.81 | 100.64 | -31.11 | 5.04 | 1.98 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 93 | 119 | 134 | 205 | 138 | 146 | 180 | 242 | 128 | 101 | |
| 91 | 117 | 132 | 203 | 136 | 145 | 175 | 244 | 127 | 99 | |
| Operating Profit | 2 | 2 | 2 | 2 | 2 | 1 | 5 | -2 | 1 | 2 |
| OPM % | 2.06% | 1.53% | 1.45% | 0.81% | 1.49% | 0.79% | 2.93% | -0.90% | 1.02% | 1.98% |
| Other Income | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 1 | 1 | 1 | 1 | 1 | 5 | -3 | 1 | 1 | |
| Tax % | 26.09% | 24.77% | 25.44% | 25.81% | 25.98% | 22.22% | 24.73% | 24.40% | 30.43% | 29.57% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | 0 | 4 | -2 | 0 | 1 |
| 0 | 1 | 1 | 0 | 1 | 0 | 2 | -2 | 0 | 1 | |
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 16 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 238 | 242 | 215 | 243 | 158 | 431 | 623 | 651 | |
| 238 | 243 | 222 | 248 | 158 | 425 | 616 | 645 | |
| Operating Profit | 1 | -0 | 4 | 13 | 3 | 6 | 7 | — |
| OPM % | 0 | -0 | 2 | 5 | 2 | 1 | 1 | — |
| Other Income | 1 | 1 | 12 | 17 | 3 | 0 | 0 | 2 |
| Interest | 0 | 0 | 1 | 0 | 0 | 1 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 |
| 0 | 0 | 3 | 12 | 3 | 3 | 4 | 4 | |
| Tax % | 33 | 16 | 21 | 3 | 26 | 25 | 25 | 28 |
| Net Profit | 0 | 0 | 3 | 12 | 2 | 2 | 3 | 3 |
| EPS | 1 | 1 | 3 | 12 | 1 | 2 | 2 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 1 | 3 | 12 | 1 | 2 | 2 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 21%
- 3 Years:
- 37%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 57%
- 3 Years:
- -39%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 3%
- Last Year:
- 3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - |
| Equity Capital | 3 | 3 | 10 | 10 | 14 | 14 | 14 |
| 10 | 10 | 38 | 50 | 59 | 65 | 67 | |
| 6 | 0 | 0 | 1 | 3 | 29 | 27 | |
| Trade Payables | 30 | 25 | 12 | 52 | 12 | 23 | 8 |
| 1 | 2 | 4 | 29 | 25 | 2 | 11 | |
| Total Liabilities | 49 | 40 | 64 | 143 | 114 | 132 | 128 |
| ASSETS | - | - | - | - | - | - | - |
| 3 | 2 | 4 | 3 | 8 | 11 | 15 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| 0 | 0 | 5 | 4 | 9 | 9 | 9 | |
| 8 | 14 | 1 | 4 | 10 | 30 | 13 | |
| 0 | 0 | 0 | 0 | 0 | 56 | 37 | |
| Cash & Bank | 2 | 3 | 1 | 8 | 6 | 2 | 30 |
| 36 | 22 | 54 | 125 | 80 | 26 | 24 | |
| Total Assets | 49 | 40 | 64 | 143 | 114 | 132 | 128 |
| Total Debt | 7 | 0 | 3 | 1 | 4 | 30 | 31 |
| Net Working Capital | 9 | 9 | 20 | 4 | 47 | 60 | 60 |
| Contingent Liabilities | 34 | 34 | 0 | 0 | 0 | 13 | 81 |
| Book Value per Share | 42.42 | 43.35 | 46.40 | 57.84 | 51.12 | 55.65 | 57.57 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 2 | 6 | -3 | 59 | -44 | -11 | 36 | |
| Cash from Investing | 1 | 2 | -7 | 5 | -10 | -3 | -19 |
| Cash from Financing | -4 | -7 | 7 | -56 | 52 | 14 | -1 |
| -1 | 1 | -2 | 7 | -2 | 0 | 15 | |
| Free Cash Flow | 2 | 6 | -3 | 59 | -50 | -21 | 30 |
| OCF / Net Profit | 11.27 | 19.87 | -1.06 | 4.89 | -22.34 | -4.93 | 13.26 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -9 | 15 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | 0.59 | 0.93 | 2.59 | 11.51 | 1.39 | 1.64 | 1.89 |
| Book Value (₹) | 42.42 | 43.35 | 46.40 | 57.84 | 51.12 | 55.65 | 57.57 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 2.15 | 2.19 | 2.94 | 11.80 | 1.60 | 2.90 | 3.03 |
| PROFITABILITY | |||||||
| Operating Margin % | 0.49% | -0.11% | 2.07% | 5.27% | 2.00% | 1.45% | 1.02% |
| Net Margin % | 0.07% | 0.11% | 1.25% | 4.93% | 1.24% | 0.54% | 0.40% |
| ROE % | 1.37% | 2.16% | 8.80% | 22.08% | 2.96% | 3.08% | 3.34% |
| ROCE % | 3.61% | 2.85% | 12.72% | 22.23% | 4.17% | 4.95% | 5.04% |
| 0.36% | 0.62% | 5.15% | 11.59% | 1.53% | 1.89% | 2.06% | |
| EFFICIENCY | |||||||
| Debtor Days | 40 | 22 | 10 | 25 | 52 | 32 | 25 |
| Inventory Days | 13 | 17 | 12 | 3 | 16 | 17 | 12 |
| Payable Days | 46 | 41 | 31 | 48 | 77 | 12 | 6 |
| 6 | -3 | -9 | -20 | -9 | 37 | 30 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | 0.52x | 0.00x | 0.06x | 0.01x | 0.05x | 0.38x | 0.38x |
| Interest Coverage (x) | 1.60x | 3.50x | 5.85x | 63.07x | 14.25x | 3.12x | 2.80x |
| 1.24x | 1.34x | 2.56x | 1.04x | 2.15x | 2.14x | 2.39x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | 1.77% | -11.25% | 13.26% | -34.99% | 172.79% | 44.41% |
| Operating Profit Growth % | 0.00% | -123.74% | 1711.51% | 187.28% | -75.35% | 101.27% | 13.07% |
| Net Profit Growth % | 0.00% | 59.02% | 872.47% | 344.17% | -83.62% | 18.51% | 15.24% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 18.51% | 15.24% | |
| VALUATION | |||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.27x | 15.21x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.63x | 0.50x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.26x | 5.78x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-20 - Bonlon Industries Limited has informed the Exchange regarding ''. Cancellation of the Meeting of the Rights Issue Committee of the company which was to be held on Thursday, August 20, 2026"
2026-08-17 - Bonlon Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Bonlon Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-08-14 - Bonlon Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-08-14 - Un-audited Standalone Financial Results for the quarter ended June 30, 2026
2026-08-14 - Bonlon Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-28 - Bonlon Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-04 - Bonlon Industries Limited has informed the Exchange about General Updates
2026-07-02 - Bonlon Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on July 02, 2026.
News
Recent coverage and analyst commentary for BONLON
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