BULKCORP
Bulkcorp International financials
- Market cap
- ₹64 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
BULKCORP Q2 FY26
What went well
- Total income increased by 28% YoY to Rs. 3,385.47 lakhs in H1 FY'26, driven by higher volumes and improved realizations.
- Profit After Tax (PAT) grew by 29.51% YoY to Rs. 180.21 lakhs in H1 FY'26.
- EBITDA rose by 23.26% YoY to Rs. 356.64 lakhs in H1 FY'26, benefiting from process efficiency and cost optimization.
What to watch
- Pharma grade FIBCs are currently in development and not yet revenue-generating.
- A slight discrepancy was noted in the reported product mix percentages (80% food grade + 24% chemical = 104%).
What Bulkcorp International Ltd does
Bulkcorp International manufactures Flexible Intermediate Bulk Containers (FIBC) and woven polypropylene fabric/bags at its facility in Changodhar, Gujarat, serving the food, agriculture, chemicals, pharmaceutical and industrial raw-materials sectors. It is the only Indian manufacturer of MAP (Modified Atmosphere Packaging)-enabled FIBCs, a technology licensed from a Netherlands-based patent holder that extends the shelf life of bulk-packed food products. The company sells on a 100% B2B, largely custom-designed basis (bag sizes, liners, coatings and printing to client specification) to a global customer base spanning the USA, Europe, Australia and Latin America, shipping mainly on FOB terms through Mundra, Pipavav and Nhava Sheva ports.
Segments
- FIBC (Flexible Intermediate Bulk Containers)
- Fabric
- Others
- Installed production capacity
- 4,800 MTPA
- Capacity utilisation
- 60%
- Manufacturing facility
- Changodhar, Gujarat (plus a new facility being set up in Banaskantha, Gujarat)
- Product categories
- 8
- Bag safe working load range
- 250 – 2,000 Kgs
- Export presence
- 5+ countries (USA, Spain, Netherlands, Chile, Australia, and others)
Guidance record · Q2 FY26
what the last two calls moved 4 tracked 0 delivered 0 missed 4 open- Revenue contribution from PET sustainable FIBC products open said Q2 FY26 Promised: 10% to 15% of contribution from this kind of product in the next three years' time. Q2 FY26: Target set for 10-15% in 3 years.
All 4 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 17.6%, net profit down 20.6% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 18 | 28 | 26 | 34 | 33 +90% | 32 +18% |
| EBITDA | 1 | 3 | 3 | 3 | 3 +151% | 3 +3% |
| Net profit | 1 | 2 | 1 | 2 | 2 +68% | 2 −21% |
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 +12.2% 1Y
1Y: ₹76 on 9 Sept 2025 → ₹85.25. High ₹86.5 (4 Nov 2025), low ₹38.95 (11 Jun 2026).
How the price took the results
close before → close after
- Q2 FY26
- +4.7%
- 20 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹6 Cr | ₹8 Cr | ₹8 Cr |
| Reserves | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹4 Cr | ₹25 Cr | ₹27 Cr |
| Borrowings | ₹6 Cr | ₹9 Cr | ₹5 Cr | ₹6 Cr | ₹10 Cr | ₹11 Cr |
| Other liabilities | ₹11 Cr | ₹9 Cr | ₹7 Cr | ₹17 Cr | ₹7 Cr | ₹6 Cr |
| Total liabilities | ₹20 Cr | ₹22 Cr | ₹18 Cr | ₹32 Cr | ₹50 Cr | ₹51 Cr |
| Fixed assets | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹8 Cr | ₹11 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹14 Cr | ₹16 Cr | ₹12 Cr | ₹25 Cr | ₹38 Cr | ₹39 Cr |
| Total assets | ₹20 Cr | ₹22 Cr | ₹18 Cr | ₹32 Cr | ₹50 Cr | ₹51 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 Mar 2026
The ownership split has held steady since Mar 2025. The shareholder count shrank 15% to 516.
- Promoters
- 72.3%
- DIIs
- 8.9%
- Public
- 18.8%
Since Mar 2025
- Promoters 0.00 pp
- FIIs 0.00 pp
- DIIs 0.00 pp
How it drifted, 4 quarters
Over this window DIIs went from 6.9% to 8.9% — +2.0 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 72.3%, FIIs 1.0%, DIIs 6.9%, Public 19.9%.Mar '25: Promoters 72.3%, DIIs 8.9%, Public 18.8%.Sep '25: Promoters 72.3%, DIIs 8.9%, Public 18.8%.Mar '26: Promoters 72.3%, DIIs 8.9%, Public 18.8%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Bulkcorp International Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Punit Mahendra Gopalka | 22.57% | unchanged |
| Anup Mahendra Gopalka | 22.57% | unchanged |
| Sanjay Pandurang Sadavarte | 19.68% | unchanged |
| Chanakya Opportunities Fund I AIF | 5.04% | unchanged |
| Steptrade Revolution Fund AIF | 3.00% | unchanged |
| Preeti Sanjay Sadavarte | 2.00% | unchanged |
| Vishakha Anshul Shah | 2.00% | unchanged |
| Anupriya Punit Gopalka | 2.00% | unchanged |
| Ankit Fogla | 1.45% | unchanged |
| Care Wealth Advisors LLP | 1.21% | unchanged |
| Alka Foglat | 0.00% | unchanged |
| Paarth Punit Gopalkat | 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
- Growth the price implies
- 0.1% 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 Bulkcorp International Ltd
Guides on how to read this kind of business and the numbers that matter.