517246 - B C C Fuba India
Financial Performance
Revenue Growth by Segment
Core revenue from Printed Circuit Board manufacturing operations grew 45.89% YoY to ₹47.07 Cr.
Geographic Revenue Split
Not disclosed in available documents.
Profitability Margins
Net Profit ratio declined 31.78% to 8% (0.08) from 12% (0.12) in the previous year. ROE decreased 21.33% to 17% (0.17) from 22% (0.22).
EBITDA Margin
EBIT margin is approximately 12.62% (EBIT of ₹5.94 Cr on ₹47.07 Cr revenue), with EBIT growing 44.99% YoY from ₹4.10 Cr.
Capital Expenditure
Property, Plant and Equipment (PPE) increased by approximately ₹4.45 Cr (44%) to ₹14.54 Cr in FY25, with an additional ₹32.84 Lakhs in Capital Work-in-Progress.
Credit Rating & Borrowing
Not disclosed; however, the company has sanctioned working capital and cash credit limits exceeding ₹5 Cr.
Operational Drivers
Raw Materials
Not disclosed in available documents.
Import Sources
Machinery is imported from Germany, Italy, France, UK, USA, and China.
Key Suppliers
Not disclosed in available documents.
Capacity Expansion
PPE expanded from ₹10.09 Cr to ₹14.54 Cr (a 44% increase in asset base) to support core revenue growth of 45.89%.
Raw Material Costs
Not disclosed in available documents.
Manufacturing Efficiency
Net Capital Turnover Ratio improved 107.72% to 5.34, reflecting significantly higher revenue generation per unit of capital employed.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
The company aims to capture a larger share of the Indian PCB market (projected to reach USD 24.7 billion by 2030) by transitioning into a self-reliant manufacturing hub. This involves technology partnerships for HDI and flexible circuits, leveraging its German technological foundation, and utilizing state-of-the-art machinery imported from Germany and the USA.
Products & Services
Professional-grade Printed Circuit Boards (PCBs).
Brand Portfolio
BCC Fuba.
New Products/Services
HDI and flexible circuits are identified as key technological evolution areas for future revenue contribution.
Market Expansion
Targeting the domestic PCB market, which is projected to grow from USD 6.3 billion to USD 24.7 billion by 2030.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
Joint venture with Fuba Hans Kolbe & Co. (Germany) and DEG (European financial institution).
External Factors
Industry Trends
The Indian PCB industry is entering a transformative phase with the PCBA segment expected to reach USD 87.5 billion by 2030, driven by automotive, healthcare, and industrial automation sectors.
Competitive Landscape
Not disclosed in available documents.
Competitive Moat
Durable competitive advantage through its historical joint venture with Fuba Hans Kolbe & Co. (Europe's largest PCB manufacturer), providing access to unique manufacturing methods and quality control processes sustained by high-end imported machinery.
Macro Economic Sensitivity
Highly sensitive to the Indian government's target of USD 500 billion in electronics manufacturing by 2030, which directly drives demand for PCB and PCBA segments.
Consumer Behavior
Increased demand for smart devices and electronic components across consumer and industrial sectors is accelerating PCB demand.
Geopolitical Risks
Beneficiary of the 'China+1' strategy as global supply chains shift toward India as a trusted manufacturing alternative.
Regulatory & Governance
Industry Regulations
Compliance with Ind AS 133 and Section 143 of the Companies Act 2013; the company is exempt from CSR reporting under Section 135(1) as it does not meet the criteria.
Environmental Compliance
Not disclosed in available documents.
Taxation Policy Impact
Deferred tax assets (net) stood at ₹50.11 Lakhs as of March 31, 2025.
Legal Contingencies
The company has no pending litigations as of March 31, 2025.
Risk Analysis
Key Uncertainties
Technological obsolescence risks if the company fails to adopt HDI/flexible circuits and operational risks related to discrepancies in quarterly reporting to banks, which showed differences of up to ₹85,886 in receivables during FY25.
Geographic Concentration Risk
Not disclosed in available documents.
Third Party Dependencies
Dependency on imported machinery from Germany, Italy, France, UK, USA, and China for manufacturing and quality control.
Technology Obsolescence Risk
High risk if the company fails to transition to HDI and flexible circuit technologies as smart device proliferation accelerates.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio improved 34.95% to 4.35, indicating faster collection cycles and reduced credit risk from customers.