BSL
BSL financials
- Market cap
- ₹124 Cr
- Sector
- Textiles
What BSL Limited does
BSL Limited is an integrated textile manufacturer running spinning, weaving and process-house (dyeing/finishing) operations at a single works in Mandpam, Bhilwara, Rajasthan. It manufactures yarn (poly-wool, cotton, poly-viscose and vortex), premium suiting fabrics in PV, PW and TR blends sold to domestic and export markets, and furnishing fabrics including curtains, upholstery and silk fabric. In October 2025 it added a new Cotton Fabric business line.
Segments
- Yarn
- Suiting
- Furnishing
- Cotton Fabric
- Manufacturing site
- Single integrated works (spinning, weaving, process house) at Mandpam, Bhilwara, Rajasthan
- Fabric production
- 182.76 lakh metres (FY25)
- Yarn production
- 10,553 MT (FY25)
- Business verticals
- 4 (Yarn, Suiting, Furnishing, Cotton Fabric)
- Process-house Stenter capacity added
- PNG gas-based wider-width Stenter, 15 lac metres p.a.
- Cotton spinning capacity
- 29,184 spindles, ~700 tonnes/month
Quarterly results
Q1 FY27: revenue up 7.4%, net profit up 266.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 178 | 170 | 156 | 158 | 184 +4% | 167 −2% | 148 −5% | 170 +7% |
| EBITDA | 16 | 16 | 12 | 12 | 14 −13% | 13 −19% | 10 −19% | 14 +17% |
| Net profit | 3 | 3 | 0 | 0 | 2 −32% | 1 −61% | -1 −454% | 2 +266% |
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 −25.7% 1Y
1Y: ₹162.07 on 10 Sept 2025 → ₹120.39. High ₹203.29 (11 Nov 2025), low ₹102.79 (30 Mar 2026).
Financials, as filed
Revenue fell 0.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 7.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹666 Cr | ₹667 Cr | ₹657 Cr |
| Operating profit | ₹65 Cr | ₹60 Cr | ₹49 Cr |
| Operating margin | 9.8% | 8.9% | 7.5% |
| Interest | ₹33 Cr | ₹32 Cr | ₹30 Cr |
| Depreciation | ₹18 Cr | ₹18 Cr | ₹17 Cr |
| Net profit | ₹11 Cr | ₹8 Cr | ₹2 Cr |
| Net margin | 1.7% | 1.2% | 0.4% |
| Cash from operations | ₹-39 Cr | ₹57 Cr | ₹49 Cr |
| Free cash flow | ₹-60 Cr | ₹46 Cr | ₹10 Cr |
| ROCE | 9.0% | 8.0% | 6.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹68 Cr | ₹79 Cr | ₹94 Cr | ₹102 Cr | ₹110 Cr | ₹110 Cr |
| Borrowings | ₹161 Cr | ₹186 Cr | ₹346 Cr | ₹437 Cr | ₹441 Cr | ₹439 Cr |
| Other liabilities | ₹49 Cr | ₹77 Cr | ₹89 Cr | ₹68 Cr | ₹99 Cr | ₹81 Cr |
| Total liabilities | ₹288 Cr | ₹352 Cr | ₹538 Cr | ₹618 Cr | ₹660 Cr | ₹640 Cr |
| Fixed assets | ₹78 Cr | ₹74 Cr | ₹229 Cr | ₹231 Cr | ₹217 Cr | ₹231 Cr |
| Capital work in progress | ₹0 Cr | ₹7 Cr | ₹0 Cr | ₹0 Cr | ₹19 Cr | ₹17 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹210 Cr | ₹270 Cr | ₹309 Cr | ₹386 Cr | ₹425 Cr | ₹393 Cr |
| Total assets | ₹288 Cr | ₹352 Cr | ₹538 Cr | ₹618 Cr | ₹660 Cr | ₹640 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
The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 11,732.
- Promoters
- 56.7%
- DIIs
- 1.6%
- Public
- 41.7%
Since Jun 2025
- Public +0.04 pp
- FIIs −0.02 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 56.7%, DIIs 2.3%, Public 41.0%.Dec '23: Promoters 56.7%, DIIs 2.3%, Public 41.0%.Mar '24: Promoters 56.7%, DIIs 2.3%, Public 41.0%.Jun '24: Promoters 56.7%, DIIs 2.3%, Public 41.0%.Sep '24: Promoters 56.7%, FIIs 0.0%, DIIs 2.2%, Public 41.0%.Dec '24: Promoters 56.7%, FIIs 0.2%, DIIs 1.6%, Public 41.5%.Mar '25: Promoters 56.7%, FIIs 0.0%, DIIs 1.6%, Public 41.6%.Jun '25: Promoters 56.7%, FIIs 0.0%, DIIs 1.6%, Public 41.6%.Sep '25: Promoters 56.7%, DIIs 1.6%, Public 41.7%.Dec '25: Promoters 56.7%, FIIs 0.0%, DIIs 1.6%, Public 41.6%.Mar '26: Promoters 56.7%, DIIs 1.6%, Public 41.7%.Jun '26: Promoters 56.7%, DIIs 1.6%, Public 41.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of BSL Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Arun Kumar Churiwal | 9.97% | unchanged |
| Sudha Churiwal | 9.78% | unchanged |
| Nivedan Churiwal | 7.38% | unchanged |
| Akunth Textile Processors Private Limited | 6.78% | unchanged |
| Redrose Vanijya Llp | 6.39% | unchanged |
| Shubha Churiwal | 6.08% | unchanged |
| Churiwala Properties and Investments Pvt. Ltd. | 5.00% | unchanged |
| Sangeetha S . | 3.99% | unchanged |
| Investor Education and Protection Fund (IEPF) | 2.64% | unchanged |
| Naravi Infra And Utilities Private Limited | 1.92% | unchanged |
| Rekha Choudhary | 1.67% | unchanged |
| Ravi Jhunjhunwala | 1.53% | 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
- Growth the price implies
- 13.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse BSL Limited
Guides on how to read this kind of business and the numbers that matter.