BPL Limited (BPL)
₹42.93 +0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, BPL's revenue was ₹21.4 Cr (+9.8% year on year, +7.0% on the previous quarter), and net profit ₹-3.5 Cr (against a profit a year earlier); the operating margin was 6.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹21.4 | +9.8% | +7.0% |
| Operating profit | ₹1.5 | -55.7% | from loss |
| Net profit | ₹-3.5 | to loss | loss narrowed |
| EPS (₹) | -0.72 | to loss | loss narrowed |
| Operating margin | 6.8% | — | — |
BPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 72.76% of the BPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.96%. That is close to its usual level. Turnover was only ₹13 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 71.0% · 55.7% · 79.9% · 73.0% · 72.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BPL Limited has submitted the scrutinizer's report for its Annual General Meeting held on September 25, 2026. Shareholders approved the audited financial statements for FY 2025-26 with 99.97% of votes cast in favor (2,73,69,658 votes). Additionally, the re-appointment of Mrs. Anju Chandrasekhar as a director retiring by rotation was passed with 99.90% majority (2,73,48,658 votes). All resolutions were passed with the requisite majority through remote e-voting and electronic voting at the AGM.
- Adoption of FY26 Audited Financial Statements approved with 99.97% votes in favor (2,73,69,658 votes) and 0.03% against (7,243 votes)
- Re-appointment of Mrs. Anju Chandrasekhar as director approved with 99.90% votes in favor (2,73,48,658 votes) and 0.10% against (28,243 votes)
- AGM was conducted on September 25, 2026, with cut-off date set as September 18, 2026
- Zero invalid votes were recorded across both ordinary resolutions
BPL Limited has issued the notice for its 62nd Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, via Video Conferencing. The company simultaneously submitted a revised Integrated Annual Report for FY 2025-26 to correct the inadvertent omission of a committee member's name in the Strategic Planning & Operations Review Committee. Key agenda items include adopting the audited standalone and consolidated financial statements for FY26 and the re-appointment of retiring director Mrs. Anju Chandrasekhar.
- 62nd Annual General Meeting scheduled for September 25, 2026, at 4:00 PM IST via VC/OAVM.
- Integrated Annual Report for FY 2025-26 revised to include a omitted committee member in the Strategic Planning & Operations Review Committee.
- Agenda includes adoption of FY26 standalone and consolidated financial statements and re-appointment of Mrs. Anju Chandrasekhar.
BPL Limited has issued the notice and Integrated Annual Report for its 62nd Annual General Meeting (AGM), scheduled for September 25, 2026, via video conferencing. The cut-off date to determine shareholder voting eligibility is September 18, 2026, with remote e-voting open from September 21 to September 24, 2026. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of Mrs. Anju Chandrasekhar as director retiring by rotation.
- 62nd AGM scheduled for Friday, September 25, 2026, at 4:00 PM IST via Video Conferencing
- Cut-off date for e-voting eligibility fixed as Friday, September 18, 2026
- Remote e-voting window active from September 21, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
- Agenda includes adoption of FY26 financial statements and reappointment of director retiring by rotation
BPL Limited has informed the exchanges regarding the outcome of its Board Meeting held on August 31, 2026. The Board approved the notice convening the 62nd Annual General Meeting (AGM) via Video Conferencing/Other Audio-Visual Means. Additionally, the Board approved the Board's Report for FY 2025-26 along with the cut-off date. This is a standard annual compliance and administrative filing.
- Board approved the notice convening the 62nd Annual General Meeting via VC/OAVM
- Approval granted for the Board's Report for FY 2025-26
- Board meeting commenced at 04:45 PM and concluded at 06:00 PM on August 31, 2026
BPL Limited reported a consolidated net loss of ₹3.54 Cr for Q1 FY27, compared to a profit in the same period last year. While consolidated revenue from operations grew 9.8% YoY to ₹21.39 Cr, the high-margin Brand Licensing segment saw a significant revenue decline to ₹2.93 Cr from ₹5.15 Cr YoY. The bottom line was heavily impacted by a non-cash exceptional finance cost of ₹4.31 Cr related to the unwinding of interest on intercompany borrowings. The PCB segment provided a silver lining, with standalone revenue growing 28.8% YoY to ₹18.46 Cr.
- Consolidated Revenue from Operations rose 9.8% YoY to ₹21.39 Cr from ₹19.48 Cr.
- Net Loss of ₹3.54 Cr reported for the quarter, primarily due to ₹4.31 Cr in non-cash exceptional finance costs.
- Brand Licensing revenue (standalone) fell 43% YoY to ₹2.93 Cr, down from ₹5.15 Cr in Q1 FY26.
- PCB segment revenue (standalone) increased to ₹18.46 Cr from ₹14.33 Cr in the year-ago period.
- Consolidated Cash and Cash Equivalents improved slightly to ₹1.59 Cr from ₹1.08 Cr as of March 31, 2026.
BPL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, confirms that share dematerialization and rematerialization requests were processed and reported to the exchanges. This is a standard administrative filing required by SEBI to ensure the integrity of electronic shareholding records. There are no financial or operational updates contained in this disclosure.
- Compliance certificate covers the first quarter ended June 30, 2026
- Certificate issued by RTA KFin Technologies Limited on July 6, 2026
- Confirms compliance with Regulation 74(5) of SEBI (DP) Regulations, 2018
- Details of dematerialized/rematerialized securities furnished to NSE and BSE
BPL Limited has received a favorable order from the National Company Law Tribunal (NCLT), Kochi, which dismissed an insolvency application filed by an unsecured creditor, Morgan Securities Private Limited. The petition, filed under Sections 7 and 9 of the IBC, was related to a payment dispute stemming from a Supreme Court order. The dismissal on July 8, 2026, removes a significant legal threat to the company's control and operations. This is particularly relevant given BPL's current financial position, with a TTM revenue of ₹79 Cr and a total debt of ₹106 Cr.
- NCLT Kochi dismissed the insolvency application CP(IBC)/10/KOB/2026 on July 8, 2026.
- The petition was filed by Morgan Securities Private Limited, an unsecured creditor, under IBC Sections 7 and 9.
- The dispute involves a payment order previously obtained from the Division Bench of the Supreme Court of India.
- BPL reported a TTM net loss of ₹8 Cr and an operating profit margin of -6.1%, making legal stability vital.
- The company maintains a net worth of ₹241 Cr against a debt of ₹106 Cr as per latest context.
BPL Limited has issued a postal ballot notice to re-appoint Mr. C K Sabareeshan as an Independent Director for a second five-year term. The proposed tenure begins on August 12, 2026, and concludes on August 11, 2032 (as per the document's specific dates). Mr. Sabareeshan is a Chartered Accountant and Company Secretary with 31 years of experience, including a former role as CFO of Automotive Axles Ltd. Shareholders can vote electronically from July 8 to August 7, 2026, with results expected by August 10, 2026.
- Proposed re-appointment of Mr. C K Sabareeshan for a 5-year term starting August 12, 2026
- Remote e-voting period scheduled for 31 days, from July 8, 2026, to August 7, 2026
- The director currently holds 1,500 shares in the company
- Mr. Sabareeshan attended 5 board meetings during the previous financial year
BPL Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is in anticipation of the un-audited financial results for the quarter ending June 30, 2026. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are officially declared. This is a standard regulatory procedure followed by listed companies to prevent insider trading during the financial reporting period.
- Trading window closure commences on Wednesday, July 1, 2026.
- Closure is linked to the declaration of un-audited financial results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the financial results are announced to the exchanges.
- Restriction applies to all Designated Persons, including Directors and designated employees as per the Company's Code of Conduct.
BPL Limited reported a net loss of ₹828.29 Lakhs for the fiscal year ended March 31, 2026, a significant downturn from a profit of ₹40.77 Lakhs in FY25. Revenue from operations remained stagnant at ₹7,812.43 Lakhs. The bottom line was severely impacted by a non-cash finance cost of ₹951.58 Lakhs related to the unwinding of interest on intercorporate loans. Additionally, the company's total income fell sharply as the previous year's figures were inflated by one-time asset sales and higher other income.
- Net loss of ₹828.29 Lakhs in FY26 compared to a profit of ₹40.77 Lakhs in FY25.
- Revenue from operations stayed nearly flat at ₹7,812.43 Lakhs vs ₹7,835.86 Lakhs YoY.
- Long-term borrowings increased significantly to ₹9,600 Lakhs from zero in the previous year.
- Profitability was dragged down by a non-cash exceptional finance cost of ₹951.58 Lakhs.
- Mr. C K Sabareeshan re-appointed as an Independent Director for a second 5-year term starting FY27.
BPL Limited has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the company has processed and reported all dematerialization and rematerialization requests for the quarter and financial year ended March 31, 2026. This is a standard regulatory requirement to ensure the integrity of the company's shareholding records. The filing indicates that the company is maintaining its statutory compliance obligations with the stock exchanges.
- Compliance with Regulation 74(5) of SEBI (DP) Regulations, 2018 confirmed.
- Covers the fourth quarter and full financial year ended March 31, 2026.
- Certificate issued by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
- Confirms reporting of dematerialized/rematerialized securities to BSE and NSE.
BPL Limited has received a communication from NCLT Kochi regarding an application filed by a creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application, registered as Case No. KOB C.P. (IB) 10/2026, follows a Supreme Court order, although the company has a pending review petition yet to be heard. The company has been granted an opportunity to file objections and maintains that business operations remain unaffected. This long-standing dispute has been previously disclosed in the notes to the company's quarterly financial results.
- Creditor filed Section 7 IBC application (Case No. KOB C.P. (IB) 10/2026) at NCLT Kochi
- Official communication from the tribunal was received by the company on April 13, 2026
- The company has a pending review petition in the Supreme Court regarding the underlying dispute
- Management states no immediate quantifiable financial or operational impact on current business
- BPL is currently in the process of filing legal objections before the NCLT
BPL Limited reported a standalone net loss of ₹19.70 Lakhs for the quarter ended September 30, 2025, a sharp decline from a profit of ₹408.88 Lakhs in the corresponding quarter last year. Revenue from operations decreased to ₹1,983.90 Lakhs compared to ₹2,091.53 Lakhs YoY. The company is facing significant cash flow pressure due to a long-standing legal dispute, having deposited ₹96 Crores with the Supreme Court in September 2025. Furthermore, brand licensing income from Reliance Retail saw a significant year-on-year decline.
- Standalone net loss of ₹19.70 Lakhs in Q2 FY26 vs a profit of ₹408.88 Lakhs in Q2 FY25
- Deposited ₹96 Crores with the Supreme Court Treasury on September 16, 2025, for an ongoing arbitration dispute
- Brand licensing fee from Reliance Retail dropped 34% YoY to ₹403.35 Lakhs from ₹610.55 Lakhs
- Total expenses rose to ₹2,019.87 Lakhs in Q2 FY26 from ₹1,688.22 Lakhs in Q2 FY25
- Preference shares remain unredeemed as the company lacks sufficient accumulated profits
The Debt Recovery Tribunal (DRT), Delhi, has passed an order allowing ARCIL to invoke a ₹10 crore corporate guarantee against BPL Limited. This guarantee was originally provided in 2003 for its subsidiary, BPL Display Devices Limited, which has been in liquidation since 2008. BPL argues that the claim is time-barred as it was filed by ARCIL only in 2024, and the company intends to appeal the decision. While previously disclosed as a contingent liability, the order now poses a direct financial risk to the company's balance sheet.
- DRT Delhi allows ARCIL to recover dues from BPL Limited under a ₹10 crore corporate guarantee.
- The original loan was taken by subsidiary BPL Display Devices Limited in 2003, which has been in liquidation since 2008.
- BPL received the official order on March 19, 2026, and is now exploring legal remedies and appeals.
- Management contends the claim is legally barred by limitation as ARCIL filed the case only in 2024.
- The company had previously reported this as a contingent liability not acknowledged as debt.
BPL Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the audited financial results are declared. The specific date for the board meeting to approve these results will be communicated at a later stage.
- Trading window closure begins on April 1, 2026, for all insiders and designated persons.
- Closure is related to the audited financial results for the quarter and financial year ending March 31, 2026.
- The window will reopen 48 hours after the public announcement of the financial results.
- The board meeting date for result consideration is yet to be finalized and intimated.
Financial Performance
Revenue Growth by Segment
The PCB segment revenue grew by 8.63% YoY to INR 3,013.30 Lakhs in H1 FY26 compared to INR 2,773.98 Lakhs in H1 FY25. Conversely, the Brand Licensing Fee segment saw a significant decline of 26.90% YoY, falling to INR 918.30 Lakhs from INR 1,256.25 Lakhs in the previous year's corresponding period.
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily based in India with registered offices in Kerala and Karnataka.
Profitability Margins
Profitability saw a sharp decline; Standalone Profit Before Tax (PBT) margin for H1 FY26 was 6.47% (INR 254.48 Lakhs), a massive drop from the 43.47% margin (INR 1,751.86 Lakhs) recorded in H1 FY25. This was largely due to a reduction in other income and higher relative operating costs.
EBITDA Margin
Standalone PBDIT for Q2 FY26 was INR 81.76 Lakhs on a total income of INR 617.46 Lakhs, representing an EBITDA margin of 13.24%. This reflects a contraction compared to the previous year's performance where higher brand licensing fees supported margins.
Capital Expenditure
Historical capital work-in-progress was recorded at INR 1,490.34 Lakhs as of September 30, 2025, compared to INR 805.35 Lakhs as of March 31, 2025, indicating an investment of INR 684.99 Lakhs in ongoing projects during the half-year.
Credit Rating & Borrowing
Brickwork Ratings previously assigned a rating of BWR B/Stable/A4 for bank loan facilities of INR 28.00 Cr. As of June 21, 2021, the rating was moved to an advisory status due to being overdue for surveillance, indicating potential transparency or information-sharing risks.
Operational Drivers
Raw Materials
Raw materials primarily consist of components for Printed Circuit Boards (PCBs), representing 59.15% of total revenue at a cost of INR 2,325.47 Lakhs in H1 FY26.
Raw Material Costs
Cost of materials consumed rose to INR 2,325.47 Lakhs in H1 FY26 from INR 2,096.47 Lakhs in H1 FY25, an increase of 10.92% YoY. This increase outpaced revenue growth in the PCB segment, suggesting rising input costs or a shift in product mix.
Logistics & Distribution
Other expenses, which include distribution and administrative costs, were INR 747.18 Lakhs for H1 FY26, representing 19.00% of revenue from operations.
Strategic Growth
Growth Strategy
The company is leveraging its legacy brand through a licensing agreement with Reliance Retail Limited (RRL) for consumer durables. This strategy aims to generate high-margin royalty income without the capital intensity of manufacturing, while the company focuses its internal manufacturing capabilities on the PCB segment.
Products & Services
The company manufactures Printed Circuit Boards (PCBs) and provides brand licensing services for consumer durable products including televisions and household appliances.
Brand Portfolio
BPL
Market Expansion
The company is utilizing the distribution reach of Reliance Retail Limited to expand the market presence of BPL-branded consumer durables across India.
Strategic Alliances
A key strategic alliance exists with Reliance Retail Limited (RRL) for the usage of the 'BPL' brand for consumer durable products, where BPL receives a fee based on RRL's sales performance.
External Factors
Industry Trends
The Indian consumer electronics industry is shifting toward large-format organized retail partnerships. BPL's positioning as a brand licensor to Reliance Retail aligns with this trend, though it makes the company dependent on the partner's retail execution and market share.
Competitive Landscape
The company competes with other domestic and international PCB manufacturers and faces competition in the consumer durables space from brands like Samsung, LG, and various private labels.
Competitive Moat
BPL's moat is its multi-decadal brand recognition in the Indian consumer electronics space. This allows it to generate revenue through licensing (INR 918.30 Lakhs in H1 FY26) with minimal operational overhead, though the moat's value depends on the brand's continued relevance to modern consumers.
Macro Economic Sensitivity
The brand licensing revenue is highly sensitive to Indian consumer discretionary spending and retail inflation, as fees are calculated as a percentage of sales revenue from consumer durables.
Consumer Behavior
Shifts toward online and organized retail purchasing benefit the company's partnership with Reliance Retail.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies Act, 2013, specifically Section 55 regarding the redemption of preference shares, which currently restricts the company from redeeming shares due to insufficient accumulated profits.
Taxation Policy Impact
The company has not made provisions for deferred tax or current tax for the period ended September 30, 2025, stating these will be addressed at the end of the financial year.
Legal Contingencies
The company faces a significant constraint regarding the redemption of Preference Shares (valued at INR 6,878.87 Lakhs as of Sep 30, 2025). Under Section 55 of the Companies Act, 2013, these can only be redeemed out of profits, which the company currently lacks.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'sudden outflow of funds' mentioned in disclosures, which poses a risk to liquidity and the ability to fund future expansion projects.
Geographic Concentration Risk
Operations are concentrated in India, particularly in Kerala (Palakkad) and Karnataka (Bangalore).
Third Party Dependencies
High dependency on Reliance Retail Limited for the brand licensing revenue stream, which accounted for nearly a quarter of total income in H1 FY26.
Technology Obsolescence Risk
The PCB manufacturing segment faces constant technology shifts; failure to upgrade manufacturing facilities (INR 11,288.24 Lakhs in PPE) could lead to loss of competitiveness.
Credit & Counterparty Risk
Trade receivables stood at INR 805.35 Lakhs as of September 30, 2025, up from INR 638.82 Lakhs in March 2025, representing a 26.07% increase and indicating a potential slowdown in collections.
