Bindal Exports Ltd

₹ 27.0 4.53%

19 Mar 2025

About

Incorporated in 1987, Bindal Exports
Ltd is engaged in the trading of Fabrics and manufacturing of Garments# https://www.bseindia.com/bseplus/AnnualReport/540148/76755540148.pdf#page=19 #}

Key Points

Business Overview:^[1]
Company is involved in supplying fabrics,
trading grey cloth and finished fabrics,
exports of fabrics and finished garments,
and manufacturing garments for its own
brand FASHFUN. Products are mainly
used by garment houses for manufacturing garments in the apparel industry and are
sold on various marketplaces like Amazon,
Flipkart, Myntra, Ajio, Meesho, Jiomart, etc

Website BSE

Market Cap ₹ 12.4 Cr.
Current Price ₹ 27.0
High / Low ₹ 27.0 / 21.5
Stock P/E 29.6
Book Value ₹ 22.1
Dividend Yield 0.00 %
ROCE 6.61 %
ROE 2.96 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 99.2 to 59.0 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -1.28% over past five years.
Company has a low return on equity of 3.71% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Detailed Comparison with:

Half Yearly Results

Figures in Rs. Crores

	Mar 2019	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024
	16.83	16.42	18.19	9.77	13.51	14.93	22.51	21.98	18.68	17.31	12.93	14.36
	16.37	15.79	17.87	9.37	13.08	14.57	21.98	21.54	18.16	16.87	12.51	13.94
Operating Profit	0.46	0.63	0.32	0.40	0.43	0.36	0.53	0.44	0.52	0.44	0.42	0.42
OPM %	2.73%	3.84%	1.76%	4.09%	3.18%	2.41%	2.35%	2.00%	2.78%	2.54%	3.25%	2.92%
	0.00	0.00	0.07	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.17	0.05
Interest	0.40	0.43	0.39	0.34	0.19	0.20	0.25	0.21	0.25	0.26	0.33	0.17
Depreciation	0.03	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.02	0.02	0.04	0.05
Profit before tax	0.03	0.19	-0.01	0.05	0.24	0.15	0.26	0.22	0.25	0.16	0.22	0.25
Tax %	200.00%	36.84%	-400.00%	20.00%	25.00%	20.00%	15.38%	22.73%	0.00%	25.00%	9.09%	12.00%
	-0.03	0.11	0.02	0.03	0.18	0.12	0.22	0.16	0.24	0.13	0.20	0.22
EPS in Rs	-0.07	0.24	0.04	0.07	0.39	0.26	0.48	0.35	0.52	0.28	0.43	0.48
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	34.87	28.64	27.69	24.68	27.28	35.24	32.25	34.56	23.28	37.44	40.66	30.24	27.29
	33.45	27.46	26.42	23.48	26.15	34.21	31.27	33.60	22.45	36.54	39.71	29.37	26.45
Operating Profit	1.42	1.18	1.27	1.20	1.13	1.03	0.98	0.96	0.83	0.90	0.95	0.87	0.84
OPM %	4.07%	4.12%	4.59%	4.86%	4.14%	2.92%	3.04%	2.78%	3.57%	2.40%	2.34%	2.88%	3.08%
	0.00	0.00	0.24	0.00	0.00	0.07	0.10	0.07	0.01	0.00	0.00	0.17	0.22
Interest	1.10	0.95	1.22	0.92	0.79	0.80	0.83	0.83	0.53	0.45	0.46	0.59	0.50
Depreciation	0.14	0.10	0.29	0.16	0.10	0.06	0.06	0.03	0.03	0.03	0.04	0.06	0.09
Profit before tax	0.18	0.13	0.00	0.12	0.24	0.24	0.19	0.17	0.28	0.42	0.45	0.39	0.47
Tax %	22.22%	53.85%		50.00%	41.67%	37.50%	52.63%	-11.76%	25.00%	19.05%	8.89%	15.38%
	0.13	0.07	0.01	0.05	0.14	0.14	0.09	0.19	0.21	0.34	0.42	0.32	0.42
EPS in Rs	0.66	0.35	0.05	0.25	0.30	0.30	0.20	0.41	0.46	0.74	0.91	0.70	0.91
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	1%
5 Years:	-1%
3 Years:	9%
TTM:	-24%

Compounded Profit Growth
10 Years:	15%
5 Years:	26%
3 Years:	13%
TTM:	14%

Stock Price CAGR
10 Years:	%
5 Years:	27%
3 Years:	%
1 Year:	25%

Return on Equity
10 Years:	2%
5 Years:	3%
3 Years:	4%
Last Year:	3%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	1.97	1.97	1.97	1.97	4.60	4.60	4.60	4.60	4.60	4.60	4.60	4.60	4.60
Reserves	4.34	4.29	4.26	4.36	3.45	3.59	3.90	4.06	4.28	4.63	5.05	5.34	5.56
	13.52	11.03	9.58	8.89	7.98	8.79	8.29	7.68	1.36	6.08	5.06	4.08	4.08
	2.82	5.09	3.86	2.46	5.19	6.02	4.13	4.57	3.11	6.04	5.21	2.83	3.31
Total Liabilities	22.65	22.38	19.67	17.68	21.22	23.00	20.92	20.91	13.35	21.35	19.92	16.85	17.55
	1.97	1.88	1.63	1.50	1.40	1.36	1.45	1.42	1.63	1.60	1.73	3.93	4.01
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.01	0.04	0.06	0.08	0.10	0.12	0.15	0.01	0.03	0.03	0.03	0.00	0.00
	20.67	20.46	17.98	16.10	19.72	21.52	19.32	19.48	11.69	19.72	18.16	12.92	13.54
Total Assets	22.65	22.38	19.67	17.68	21.22	23.00	20.92	20.91	13.35	21.35	19.92	16.85	17.55

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-0.90	3.46	3.50	1.10	-0.28	0.07	1.08	1.35	7.63	-5.61	2.17	3.75
	0.04	-0.03	-0.10	-0.05	-0.02	-0.03	-0.18	0.14	-0.24	0.56	-0.17	-2.20
	0.47	-3.44	-3.21	-1.23	0.32	0.13	-1.09	-1.34	-6.80	4.31	-2.04	-1.57
Net Cash Flow	-0.39	-0.02	0.19	-0.18	0.02	0.17	-0.19	0.15	0.59	-0.73	-0.04	-0.02

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	81.75	138.15	118.50	71.43	142.90	160.75	160.03	124.52	103.48	128.49	110.15	59.02
Inventory Days	103.14	120.62	124.07	174.42	146.27	68.59	72.45	87.89	83.63	67.55	52.97	98.08
Days Payable	24.12	71.60	58.98	41.21	87.61	78.31	61.84	62.29	65.20	60.28	56.29	38.46
Cash Conversion Cycle	160.77	187.17	183.59	204.65	201.56	151.03	170.64	150.12	121.91	135.77	106.83	118.64
Working Capital Days	180.14	204.29	180.46	193.74	178.22	153.19	169.20	144.90	117.75	134.05	112.93	105.61
ROCE %	6.75%	5.82%	7.37%	6.70%	6.59%	6.24%	6.04%	5.61%	6.02%	6.81%	6.06%	6.61%

Shareholding Pattern

Numbers in percentages

	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025
	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%
	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%
No. of Shareholders	80	80	83	81	80	82	82	80	78	76	75	75

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%	72.87%
	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%	27.13%
No. of Shareholders	79	80	83	80	81	82	80	76	75

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Rating update
3 Jun 2019 from brickwork