BANCOINDIA

Banco Products (I) share price & financials

Price
₹663.05
Market cap
₹8.7k Cr
Sector
Automobile and Auto Components

What Banco Products (I) Limited does

Banco Products (India) Limited designs and manufactures engine cooling modules (radiators, charge-air coolers, fuel/oil coolers, AC condensers, de-aeration tanks) and sealing products (metal-layered and elastomeric moulded gaskets) for passenger vehicles, commercial vehicles, tractors, motorcycles, construction/mining equipment, locomotives, industrial compressors and gensets. It sells to OEMs directly and to the automotive aftermarket through its own distribution network, and also holds long-term supply contracts with global OEMs. Its wholly owned Dutch subsidiary NRF Holding B.V. extends the group into the European automotive and industrial cooling aftermarket, while sister units Banco Gaskets (India) Limited and Banco New Energy Cooling Systems Limited handle dedicated gasket manufacturing and EV/alternative-energy thermal systems respectively.

Segments

  • OEM Segment
  • Aftermarket Segment
  • Export Markets
Domestic (BPIL) manufacturing plants
4 — Vadodara (Bhaili & Waghodia), Rudrapur (Uttarakhand), Zaheerabad (Telangana)
Wholly owned subsidiaries
3
NRF (Europe) production plants
3
NRF (Europe) distribution warehouses
8
NRF country presence (aftermarket)
80+ countries
NRF aftermarket product range
13,000+ components, covering 90%+ of the European car parc in core categories
Founded 1961Headquarters Vadodara, Gujarat, India Company website

Quarterly results

Q1 FY27: revenue up 22.1%, net profit up 10.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue895 639 875 970 1,038 +16%789 +23%1,099 +26%1,184 +22%
EBITDA206 58 214 182 149 −28%125 +116%225 +5%213 +17%
Net profit139 31 154 110 139 +0%86 +177%147 −5%122 +11%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −0.8% 1Y

₹500₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹620.2 on 10 Sept 2025 → ₹615. High ₹875.05 (6 Oct 2025), low ₹504.35 (30 Mar 2026).

Financials, as filed

Revenue grew 18.7% a year over 3 years, FY23 to FY26. Operating margin widened to 17.5%.

Year endingFY23FY24FY25FY26
Revenue₹2.3k Cr₹2.8k Cr₹3.2k Cr₹3.9k Cr
Operating profit₹364 Cr₹422 Cr₹611 Cr₹681 Cr
Operating margin15.6%15.2%19.0%17.5%
Interest₹13 Cr₹22 Cr₹26 Cr₹23 Cr
Depreciation₹57 Cr₹76 Cr₹94 Cr₹135 Cr
Net profit₹236 Cr₹271 Cr₹393 Cr₹482 Cr
Net margin10.1%9.8%12.2%12.4%
Cash from operations₹-41 Cr₹458 Cr₹164 Cr₹380 Cr
Free cash flow₹-135 Cr₹363 Cr₹121 Cr₹267 Cr
ROCE26.0%27.0%32.0%31.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹29 Cr₹29 Cr
Reserves₹814 Cr₹967 Cr₹987 Cr₹1.0k Cr₹1.6k Cr₹1.7k Cr
Borrowings₹14 Cr₹115 Cr₹418 Cr₹423 Cr₹729 Cr₹614 Cr
Other liabilities₹344 Cr₹405 Cr₹435 Cr₹508 Cr₹714 Cr₹760 Cr
Total liabilities₹1.2k Cr₹1.5k Cr₹1.9k Cr₹2.0k Cr₹3.1k Cr₹3.1k Cr
Fixed assets₹190 Cr₹297 Cr₹359 Cr₹454 Cr₹484 Cr₹472 Cr
Capital work in progress₹1 Cr₹15 Cr₹18 Cr₹10 Cr₹16 Cr₹11 Cr
Investments₹1 Cr₹1 Cr₹0 Cr₹0 Cr₹76 Cr₹79 Cr
Other assets₹995 Cr₹1.2k Cr₹1.5k Cr₹1.5k Cr₹2.5k Cr₹2.5k Cr
Total assets₹1.2k Cr₹1.5k Cr₹1.9k Cr₹2.0k Cr₹3.1k Cr₹3.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.19 pp while the public added +0.13 pp. The shareholder count grew 10% to 76,328.

Promoters
67.9%
FIIs
3.9%
DIIs
0.2%
Public
28.0%

Since Jun 2025

  • DIIs −0.19 pp
  • Public +0.13 pp
  • FIIs +0.09 pp

How it drifted, 12 quarters

Over this window the public fell from 30.0% to 28.0% — −2.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.9%, FIIs 2.1%, DIIs 0.0%, Public 30.0%.Dec '23: Promoters 67.9%, FIIs 2.4%, DIIs 0.1%, Public 29.7%.Mar '24: Promoters 67.9%, FIIs 3.0%, DIIs 0.1%, Public 29.0%.Jun '24: Promoters 67.9%, FIIs 3.2%, DIIs 0.1%, Public 28.8%.Sep '24: Promoters 67.9%, FIIs 3.1%, DIIs 0.2%, Public 28.9%.Dec '24: Promoters 67.9%, FIIs 3.8%, DIIs 0.2%, Public 28.1%.Mar '25: Promoters 67.9%, FIIs 3.9%, DIIs 0.2%, Public 28.1%.Jun '25: Promoters 67.9%, FIIs 3.8%, DIIs 0.4%, Public 27.9%.Sep '25: Promoters 67.9%, FIIs 4.4%, DIIs 0.3%, Public 27.4%.Dec '25: Promoters 67.9%, FIIs 4.0%, DIIs 0.2%, Public 27.9%.Mar '26: Promoters 67.9%, FIIs 4.1%, DIIs 0.2%, Public 27.8%.Jun '26: Promoters 67.9%, FIIs 3.9%, DIIs 0.2%, Public 28.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Banco Products (I) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mehul Kanubhai Patel 55.59%unchanged
Samir Kanubhai Patel 7.01%unchanged
Hasumati Kanubhai Patel 2.07%unchanged
Monal Samirbhai Patel 1.83%unchanged
Ashit Chandubhai Patel 1.17%unchanged
Banco Aluminium Private Limited 0.81%unchanged
Sharan Mehul Patel 0.28%unchanged
Pritty Vimal Patel 0.18%unchanged
Shivam Mehul Patel 0.09%unchanged
Gayatri Mehul Patel 0.01%unchanged
Overseas Pearl Ltd 0.00%unchanged
Vimal Kanubhai Patel 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹615, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹982 — upside of 60%.

Growth the price implies
13.4% a year
for 7 years, fading to 4%
It has actually compounded at
22.4% a year
net profit, FY23–FY26 · EPS 22.4%
The gap
-0.1 pp
60% downside if it only repeats history
Price today ₹615 Value at the reference growth ₹981.95

Change the assumptions yourself →

Learn to analyse Banco Products (I) Limited

Guides on how to read this kind of business and the numbers that matter.