Baroda Rayon Corporation Ltd (500270)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Baroda Rayon's revenue was ₹18.0 Cr (-19.6% year on year, +31.1% on the previous quarter), and net profit ₹18.5 Cr (+160.2% year on year); the operating margin was 31.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹18.0 | -19.6% | +31.1% |
| Operating profit | ₹5.7 | -23.6% | +63.7% |
| Net profit | ₹18.5 | +160.2% | +281.7% |
| EPS (₹) | 8.06 | +160.0% | +282.0% |
| Operating margin | 31.7% | — | — |
📢 Recent Corporate Announcements
The Baroda Rayon Corporation Ltd has submitted its monthly report regarding physical share transfer requests re-lodged under the SEBI Special Window for the period September 01, 2026, to September 30, 2026. According to the report received from its RTA, MUFG Intime India Private Limited, zero requests were received, processed, or rejected during the month. This is a standard statutory compliance disclosure mandated by SEBI and has no financial or operational impact on the company.
- Nil physical share transfer requests received during September 2026
- Nil requests processed or rejected by the RTA during the reporting period
- Report covers activity from September 01, 2026, till September 30, 2026
- Filing made pursuant to SEBI Circular dated January 30, 2026
Baroda Rayon Corporation Ltd held a board meeting on August 27, 2026, approving the Directors' Report for FY26. The company scheduled its 66th Annual General Meeting (AGM) for Tuesday, September 29, 2026, at Surat, Gujarat. The register of members and share transfer books will remain closed from September 23, 2026 to September 29, 2026. Additionally, Mr. Manish Patel was appointed as the scrutinizer for the e-voting process.
- 66th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 10:00 a.m.
- Book closure period set from September 23, 2026 to September 29, 2026 (both days inclusive)
- Approved Directors' Report and annexures for the financial year ended March 31, 2026
- Appointed Practicing Company Secretary Mr. Manish Patel as Scrutinizer for remote and AGM e-voting
Baroda Rayon Corporation Limited has submitted its monthly compliance report regarding physical share transfer requests re-lodged under SEBI's special window. As per the Registrar and Transfer Agent (MUFG Intime India Private Limited), nil requests were received, processed, or rejected during the period from July 01, 2026, to July 31, 2026. This is a standard procedural filing and has no operational or financial impact on the company.
- Share transfer requests received during July 2026: NIL
- Share transfer requests processed or rejected during the month: NIL
- Reporting period covered: July 01, 2026 till July 31, 2026
- Reported in compliance with SEBI Circular dated January 30, 2026
Baroda Rayon Corporation reported a Q1 FY27 net profit of Rs 18.47 Cr, significantly higher than the Rs 7.10 Cr reported in the same quarter last year. This surge was primarily driven by a Rs 12.00 Cr exceptional gain resulting from the forfeiture of funds from strategic investors who failed to meet rehabilitation scheme stipulations. Revenue from operations declined 19.6% YoY to Rs 17.98 Cr, although it showed a 31% sequential recovery from the March 2026 quarter. Core profit before exceptional items and tax stood at Rs 6.47 Cr, reflecting a slight decline from Rs 7.10 Cr YoY.
- Net Profit of Rs 18.47 Cr includes a one-time exceptional gain of Rs 12.00 Cr from forfeited investor deposits.
- Revenue from operations fell 19.6% YoY to Rs 17.98 Cr compared to Rs 22.36 Cr in June 2025.
- Real Estate segment remains the primary driver, contributing Rs 18.13 Cr to total revenue.
- Inventory work-in-progress increased by Rs 16.04 Cr during the quarter, indicating active construction on project pipelines.
- Earnings Per Share (EPS) jumped to Rs 8.06 from Rs 3.10 YoY, though largely due to the non-recurring gain.
Baroda Rayon Corporation reported a significant jump in Net Profit to Rs 18.47 Cr for Q1 FY27, up from Rs 7.10 Cr in the previous year's corresponding quarter. However, this growth was primarily driven by a Rs 12.00 Cr exceptional item resulting from the forfeiture of funds from strategic investors who failed to meet BIFR rehabilitation stipulations. Core revenue from operations declined 19.6% YoY to Rs 17.98 Cr, reflecting a slower pace of real estate monetization compared to Q1 FY26. The company continues to report zero tax liability due to significant unabsorbed depreciation and brought-forward business losses.
- Net Profit rose to Rs 18.47 Cr in Q1 FY27 from Rs 7.10 Cr in Q1 FY26, a 160% increase.
- Exceptional gain of Rs 12.00 Cr recognized due to forfeiture of deposits from strategic investors.
- Revenue from operations decreased to Rs 17.98 Cr from Rs 22.36 Cr in the same period last year.
- Real Estate segment remains the primary driver with Rs 18.13 Cr in segment revenue (including other income).
- Basic EPS for the quarter stood at Rs 8.06 compared to Rs 3.10 in Q1 FY26.
Baroda Rayon Corporation has scheduled a board meeting on August 14, 2026, to consider and approve standalone unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where revenue declined to ₹62 Cr from ₹100 Cr in FY25. Investors will be looking for a reversal in the declining revenue trend, which saw the March 2026 quarter revenue at ₹13.71 Cr compared to ₹22.36 Cr in June 2025. The trading window for company securities remains closed until 48 hours after the results are declared.
- Board meeting scheduled for August 14, 2026, at the Surat registered office.
- Financial results to be reviewed for the quarter ended June 30, 2026.
- Trading window has been closed since July 01, 2026, per SEBI regulations.
- Company is currently managing a ₹604 Cr land bank monetization strategy.
- TTM revenue stands at ₹62 Cr with a healthy operating profit margin of 31.3%.
Baroda Rayon Corporation Ltd has filed its monthly report regarding physical share transfer requests under the SEBI special window for June 2026. The company reported zero (NIL) requests received, processed, or rejected during the period from June 01, 2026, to June 30, 2026. This is a procedural regulatory filing with no impact on the company's financial performance or operations. Investors should note that the company's core value remains tied to its land bank monetization and the Surat Textile Bourse project.
- Zero (NIL) requests for physical share transfers were received during the month of June 2026.
- Zero (NIL) requests were processed or rejected by the Registrar and Transfer Agent (RTA) during this period.
- The report is in compliance with SEBI Circular No. SEBI/HO/38/13/11(2)2026-MIRSD-POD/1/3750/2026.
- The reporting period covers June 01, 2026, to June 30, 2026.
Financial Performance
Revenue Growth by Segment
The Real Estate segment is the primary revenue driver, with Total Operating Income growing 29.6% YoY from INR 76.83 Cr in FY24 to INR 99.60 Cr in FY25. This growth is driven by the monetization of the company's land bank through projects like Shree Laxminarayan Industrial Park and Surat Textile Bourse.
Geographic Revenue Split
100% of revenue is currently generated from Surat, Gujarat, specifically from the Udhna region where the company's historical land bank is located.
Profitability Margins
Net Profit Margin remained stable but high at 39.28% in FY25 compared to 39.90% in FY24. Operating Profit Margin improved significantly by 38.97%, rising from 21.19% to 29.45% due to higher sales volume and better absorption of fixed costs.
EBITDA Margin
EBITDA margin improved from 12.10% in FY24 to 27.15% in FY25, representing a YoY increase of 124%. Core profitability is bolstered by the low cost-basis of land converted from capital assets to stock-in-trade.
Capital Expenditure
The company is executing a massive Capex program totaling approximately INR 530.18 Cr for real estate. This includes INR 344.83 Cr for Surat Textile Bourse Phase-I (Part-A) and INR 185.35 Cr for Phase-I (Part-B). Additionally, a greenfield textile project in Dahej is planned with a 15,000 MTPA capacity.
Credit Rating & Borrowing
The company holds a credit rating of IVR BB-/ Stable (reaffirmed in September 2025) for its INR 175 Cr bank facilities. Borrowing costs are impacted by the modest credit profile, though liquidity is supported by a current ratio of 3.54x.
Operational Drivers
Raw Materials
The primary 'raw material' is the converted land bank, which represents 100% of the project base. Construction materials like steel and cement constitute the bulk of development costs, though specific percentage splits for these materials are not disclosed.
Import Sources
Land is sourced internally from the company's existing holdings in Udhna, Surat, Gujarat. Construction materials are sourced locally within India.
Key Suppliers
Not specifically disclosed in the documents; however, construction is managed through local contractors in the Gujarat region.
Capacity Expansion
Current real estate capacity includes 503 units in Shree Laxminarayan Industrial Park and 367 units across Surat Textile Bourse Phase-I. Planned expansion includes a 15,000 MTPA viscose filament yarn plant and a 12 MW captive power plant in Dahej.
Raw Material Costs
Land stock-in-trade was valued at approximately INR 604 Cr. Construction costs for ongoing projects have reached INR 249.30 Cr for Part-A (72.3% of project cost) and INR 53.78 Cr for Part-B (29.02% of project cost).
Manufacturing Efficiency
Inventory turnover ratio improved by 25.93% from 0.13 to 0.17, reflecting faster conversion of real estate inventory into sales.
Logistics & Distribution
Not a significant factor for real estate; however, the prime location of the projects in Udhna, Surat, serves as a key distribution advantage for the textile-based clients purchasing the units.
Strategic Growth
Expected Growth Rate
29.6%
Growth Strategy
Growth is being achieved through the phased monetization of a 604 Cr land bank. The strategy involves developing specialized industrial infrastructure (Surat Textile Bourse) to capture demand from the Surat textile cluster and diversifying back into manufacturing with a 15,000 MTPA greenfield plant in Dahej.
Products & Services
Industrial houses, commercial units in the Surat Textile Bourse, open industrial plots, and planned viscose filament yarn (rayon yarn).
Brand Portfolio
Shree Laxminarayan Industrial Park, Surat Textile Bourse.
New Products/Services
Launch of Surat Textile Bourse Phase-I (Part-B) and the upcoming 15,000 MTPA viscose filament yarn production facility.
Market Expansion
Expansion from the Surat (Udhna) real estate market into the Dahej (Bharuch) industrial manufacturing zone.
Market Share & Ranking
Not disclosed; however, the company is a significant local player in the Surat industrial real estate niche due to its massive land holdings.
Strategic Alliances
The company reached settlements with previous strategic investors and has resolved disputes regarding unsecured loans to clear the path for new development.
External Factors
Industry Trends
The real estate sector is seeing a larger share of India's GDP. The industry is evolving from unorganized workshops to organized industrial parks and bourses, positioning TBRCL's 'Surat Textile Bourse' as a modern solution for the cluster.
Competitive Landscape
Faces intense competition from other industrial park developers in the Gujarat region and alternative textile hubs.
Competitive Moat
The company's moat is its 'prime location' land bank in Udhna, Surat, which was acquired historically at low costs. This provides a durable cost advantage over competitors who must purchase land at current market rates of several crores per acre.
Macro Economic Sensitivity
Highly sensitive to India's transition to a middle-income economy; rising household incomes drive demand for textiles, which in turn fuels demand for the company's industrial real estate.
Consumer Behavior
Shift toward organized commercial spaces and 'plug-and-play' industrial units among textile entrepreneurs.
Geopolitical Risks
Trade barriers on textile imports could benefit the company's domestic clients, increasing demand for industrial space in Surat.
Regulatory & Governance
Industry Regulations
Strict adherence to The Real Estate (Regulation and Development) Act, 2016 (RERA) is required for all projects. The company also faces regulatory oversight regarding the settlement of legacy employee dues and statutory government authorities.
Environmental Compliance
The planned Dahej plant will require stringent environmental clearances for chemical processing and the 12 MW power plant.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; however, it benefits from the conversion of capital assets to stock-in-trade for tax planning.
Legal Contingencies
The company has pending settlements for employee dues and statutory authorities. It recently forfeited INR 8.56 Cr from strategic investors due to non-compliance with a BIFR rehabilitation scheme.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'timely completion' of Phase-I (Part-B), which is only 29.02% complete. Any delay could lead to cost overruns and a mismatch in the INR 175 Cr debt repayment schedule starting April 2025.
Geographic Concentration Risk
100% of current projects are located in Surat, making the company highly vulnerable to regional economic shifts or local regulatory changes in Gujarat.
Third Party Dependencies
High dependency on bank lenders for the INR 175 Cr facility and on customer advances for project completion.
Technology Obsolescence Risk
The company's pivot from 1960s-era textile manufacturing to modern real estate development mitigates the risk of its previous obsolete industrial setup.
Credit & Counterparty Risk
Receivables quality is healthy, with Debtors Turnover increasing to 4.73, though the company remains exposed to the credit risk of small-scale textile traders.
