Ballarpur Industries financials and balance sheet

BSE: 500102Paper, Forest & Jute Products

Trading suspended since 23 Jun 2023

Last traded ₹0.85 on 22 Jun 2023

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Ballarpur Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue77
Materials and goods−43
Employee costs−23
Other expenses−147
Operating profit−135
Depreciation−7.7
Other income+48
One-off items+18
Finance costs−178
Profit before tax−255
Tax0.0
Joint ventures−34
Net profit−289

What the company owns

Plant, investments and other assets₹7,224 Cr
Receivables₹449 Cr
Inventory₹41 Cr
Cash and bank₹8 Cr

What pays for it: net worth and liabilities

Other liabilities₹5,096 Cr
Borrowings₹2,261 Cr
Net worth₹296 Cr
Owed to suppliers₹69 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Ballarpur Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 22 Mar	Mar 2021Filed 10 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 10 Jun	Mar 2024Filed 17 Jun	Mar 2025Filed 11 Nov	Mar 2026Filed 22 May
Revenue from operations	2,121	2,505	3,596	3,275	2,055	0	0	9	19	77
	2,322	2,220	3,016	2,723	2,230	302	144	161	167	212
Materials and goods bought	1,362	1,288	1,885	1,724	1,076	0	0	−2	6	43
Employee costs	–	–	272	252	249	6	1	7	10	23
Other expenses	–	–	859	747	904	296	143	155	152	147
Operating profit before depreciation	−200	284	580	551	−175	−302	−144	−152	−149	−135
Operating margin	−9.4%	11.4%	16.1%	16.8%	−8.5%	−79,407.9%	–	−1,653.4%	−799.2%	−175.9%
Materials, % of revenue	–	–	52.4%	52.7%	52.4%	0.0%	–	−18.6%	29.8%	55.6%
Employee costs, % of revenue	–	–	7.6%	7.7%	12.1%	1,657.9%	–	80.0%	51.1%	29.9%
Other expenses, % of revenue	–	–	23.9%	22.8%	44.0%	77,850.0%	–	1,692.0%	818.3%	190.4%
Depreciation and amortisation	274	277	266	233	227	53	38	11	10	8
Operating profit after depreciation	−474	8	314	318	−402	−354	−182	−163	−159	−143
Other income	111	67	95	82	212	123	133	146	154	48
Finance costs	901	916	843	1,121	1,183	551	563	136	194	178
Profit before one-off items and tax	−1,264	−840	−433	−721	−1,373	−782	−612	−153	−199	−273
One-off items	−306	−190	−369	−1,335	−5	1,247	4,982	−200	−4	18
Profit before tax	−1,570	−1,031	−803	−2,056	−1,379	466	4,370	−352	−203	−255
	−135	−166	–	36	−7	0	0	0	0	0
Current tax	–	0	–	0	−7	0	0	0	0	0
Deferred tax	–	−167	–	36	0	0	0	0	0	0
Share of profit of joint ventures and associates	–	–	1	0	−18	12	234	23	−44	−34
Profit from discontinued businesses	–	–	–	−395	–	–	–	–	–	–
	−1,862	−2,036	−1,072	−2,487	−1,390	478	4,604	−329	−247	−289
Belonging to the company's shareholders	−1,862	−2,036	−931	−1,890	−1,105	−103	4,605	−329	−250	−289
Belonging to outside owners of subsidiaries	–	–	−141	−597	−285	580	−1	0	3	0
Other comprehensive income	–	–	−139	−184	−6	−21	−16	−9	−31	−186
Total comprehensive income	–	–	−1,211	−2,671	−1,396	457	4,588	−339	−278	−475
Net margin	−87.8%	−81.3%	−29.8%	–	−67.6%	1,25,676.3%	–	−3,584.7%	−1,326.8%	−376.0%
Net margin without joint ventures and associates	–	–	−29.8%	–	−66.8%	1,22,521.1%	–	−3,838.2%	−1,091.3%	−331.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Tax is left blank for the year to Mar 2019: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 22 Mar	Mar 2021Filed 10 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 10 Jun	Mar 2024Filed 17 Jun	Mar 2025Filed 11 Nov	Mar 2026Filed 22 May
	−1,117	−3,287	−2,448	−2,191	2,235	1,633	1,034	296
	−738	−2,263	−3,416	−3,656	833	351	−119	−711
Share capital	259	259	259	259	259	55	55	55
Reserves	−996	−2,522	−3,675	−3,915	575	296	−174	−766
Belonging to outside owners of subsidiaries	−379	−1,024	968	1,465	1,402	1,283	1,153	1,007
	5,497	6,521	3,920	3,943	1,854	1,960	2,054	2,261
Repayable after a year	4,271	5,126	251	259	0	608	583	392
Repayable within a year	1,225	1,395	3,669	3,684	1,854	1,352	1,471	1,869
	7,574	6,699	7,970	8,872	4,922	4,845	5,562	6,952
Trade payables	958	677	208	213	92	14	7	69
Other financial liabilities	329	4,169	3,517	4,395	2,594	3,060	3,680	4,610
Other liabilities	4,920	303	491	495	382	405	402	397
Provisions	71	78	25	24	0	14	3	7
Tax owed	72	78	60	60	0	0	0	0
	4,403	5,263	1,247	1,249	0	613	630	474
Other financial liabilities	41	31	966	966	0	0	42	79
Other liabilities	0	0	0	0	0	0	0	0
Provisions	90	106	29	23	0	6	5	3
Liabilities going with businesses held for sale	146	1,603	–	–	–	–	–	–
	11,006	10,278	6,769	7,929	7,157	7,091	7,227	7,722
Held for sale or for a demerger	2,787	2,242	–	–	590	508	495	444
	6,945	6,659	4,498	5,649	5,615	5,573	5,733	5,776
Plant in use, after depreciation	6,512	6,353	1,737	1,237	610	598	588	744
Plant being built	6	17	–	–	0	0	83	0
Intangible assets	19	26	0	0	0	0	0	1
Intangible assets being developed	0	0	–	–	0	0	0	1
Property held to earn rent	0	0	–	–	0	0	0	0
Investments	89	0	0	0	4,498	4,580	4,642	5,021
Stakes in joint ventures and associates	0	0	2,139	3,935	0	0	0	0
Loans given	10	0	498	353	383	389	399	0
Other financial assets	43	12	5	5	5	5	5	1
Deferred tax	168	132	119	119	119	0	0	–
Other assets	97	119	0	0	0	1	15	7
	1,274	1,377	2,271	2,280	952	1,010	999	1,503
Inventories	447	422	17	17	17	17	11	41
Trade receivables	158	483	450	449	449	444	444	449
Cash and cash equivalents	270	65	2	2	2	5	10	3
Other bank balances	18	22	0	0	0	26	0	5
Current investments	0	2	0	0	0	0	0	0
Loans given	45	7	1,503	1,509	205	208	214	673
Other financial assets	5	208	255	260	266	306	305	297
Tax paid in advance	0	0	0	0	0	0	0	0
Other assets	331	168	43	43	13	5	15	35
Net debt	5,208	6,432	3,918	3,941	1,852	1,929	2,043	2,253

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2020Filed 22 Mar	Mar 2021Filed 10 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 10 Jun	Mar 2024Filed 17 Jun	Mar 2025Filed 11 Nov	Mar 2026Filed 22 May
	977	563	73	−827	3	−102	−24
	980	574	73	−827	3	39	−24
	294	289	97	−812	19	−15	130
Receivables	−362	33	1	0	6	0	−6
Inventories	23	405	0	0	−2	6	−29
Other working capital	634	−148	96	−812	15	−21	165
Tax paid	−6	−11	0	0	0	0	0
Capital spending	148	35	0	0	0	88	78
Free cash flow	829	528	73	−827	3	−190	−102
	−509	4,666	−193	−387	−279	−221	−634
Plant and property sold	0	0	0	0	0	0	65
Interest received	3	−465	−21	5	−88	−28	−128
	−512	−5,458	102	1,147	262	325	686
Borrowings raised	0	0	23	659	109	128	207
Borrowings repaid	−167	−3,775	0	0	0	0	0
Interest paid	−452	−1,683	79	488	123	196	479
Lease payments	0	0	0	0	0	0	0
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−44	−230	−18	−67	−13	2	28

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018 and Mar 2019.

Consolidated, ₹ per share, years to March.Ballarpur Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 22 Mar	Mar 2021Filed 10 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 10 Jun	Mar 2024Filed 17 Jun	Mar 2025Filed 11 Nov	Mar 2026Filed 22 May
Earnings per share	−₹28.40	−₹12.77	−₹7.20	−₹14.89	−₹8.54	−₹0.79	₹35.60	–	−₹45.39	−₹52.58
Diluted earnings per share	−₹28.40	−₹12.77	−₹7.20	−₹14.89	−₹8.54	−₹0.79	₹35.60	–	−₹45.39	−₹52.58
Book value per share	–	–	−₹5.70	−₹17.50	−₹26.41	−₹28.27	₹6.44	₹2.71	−₹21.71	−₹129.28
Shareholder yield	–	–	–	0.4%	0.0%	0.0%	0.0%	–	–	–
Market cap at the year end (₹ crore)	–	–	382	45	136	149	78	–	–	–

Earnings per share is left blank for the year to Mar 2024: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 22 Mar	Mar 2021Filed 10 Jun	Mar 2022Filed 10 Jun	Mar 2023Filed 10 Jun	Mar 2024Filed 17 Jun	Mar 2025Filed 11 Nov	Mar 2026Filed 22 May
Revenue growth	−49.3%	18.1%	43.6%	–	−37.2%	−100.0%	−100.0%	–	102.7%	313.6%
Operating profit growth	–	–	103.9%	–	–	–	–	–	–	–
Net profit growth	–	–	–	–	–	–	864.1%	–	–	–
	–	–	–	–	–	2.9%	–	−55.5%	−215.9%	69.6%
	–	–	–	–	–	–	–	–	−160.3 pts	285.5 pts
From the net margin	–	–	–	–	–	–	–	–	34.7 pts	155.4 pts
From asset turnover	–	–	–	–	–	–	–	–	−21.2 pts	−179.0 pts
From borrowing	–	–	–	–	–	–	–	–	−173.9 pts	309.1 pts
Return on capital employed	–	–	–	–	−27.3%	−20.2%	−4.4%	−4.5%	−5.2%	−5.6%
Cash conversion	–	–	–	–	–	15.3%	−18.0%	–	–	–
Interest cover	–	0.0	0.4	0.3	–	–	–	–	–	–
Debt to equity	–	–	–	–	–	–	0.83	1.20	1.99	7.63
Receivable days	–	–	–	–	80	4,31,593	–	17,635	8,699	2,130
Inventory days	–	–	–	–	6	–	–	−3,703	732	346
Payable days	–	–	–	–	70	–	–	−2,922	457	586
Cash conversion cycle, days	–	–	–	–	15	–	–	16,854	8,974	1,890
Working capital days	–	–	–	–	−361	−27,94,997	–	−99,907	−60,865	−17,015
Asset turnover	–	–	–	–	–	0.00	0.00	0.00	0.00	0.01
Assets per rupee of net worth	–	–	–	–	–	−2.08	−5.34	12.03	61.90	−18.00
Sales per rupee of plant	–	–	0.55	0.52	1.18	0.00	0.00	0.02	0.03	0.10
Capital spending to depreciation	–	–	–	0.64	0.15	0.00	0.00	0.00	8.45	10.11
Plant being built, % of plant in use	–	–	0.1%	0.3%	–	–	0.0%	0.0%	14.2%	0.0%

Interest cover is left blank for the years to Mar 2017, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019, Mar 2020 and Mar 2021: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2019, Mar 2020, Mar 2021 and Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2019 and Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the years to Mar 2021 and Mar 2022: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −3.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−32.9%	−48.2%	–
Return on equity, average	–	−49.7%	−67.3%
Return on capital employed, average	–	−8.0%	−5.1%
Operating margin, average	−9,112.2%	−20,509.1%	−876.2%
Net margin, average	–	30,097.2%	−1,762.5%
Asset turnover, average	–	0.00	0.00
Cash conversion cycle, days, average	–	–	9,239
Debt to equity, average	–	2.91	3.60

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−878	−123	−24
Cash from investing	−1,713	−1,133	−634
Cash from financing	2,522	1,273	686
Capital spending	166	166	78
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,127	445	207
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	7	6	–	–	5	5
Altman Z-scorePublished threshold 1.81	–	–	−1.26	1.73	–	–	–
Beneish M-scorePublished threshold −1.78	−1.85	−3.79	4,717.83	–	–	−1.63	−0.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	−27.77	−77.65	8.14	77.13	−0.75	1.06	4.93
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	−0.05	−0.16	−0.23	–
Receivables growth less revenue growthOur threshold 0 percentage points	214.04	30.46	99.77	100.00	–	−102.73	−312.29
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	2.91	−58.49	101.15	–	–	−460.07	−407.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	1.24	−3.80	1,092.11	–	343.68	52.38	16.02
Assets under construction, years of additionsOur threshold 2 years of additions	0.23	–	–	–	0.00	615.49	0.00
Effective tax ratePublished threshold 17.16 per cent	–	–	0.00	0.00	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	0.00	0.00	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Aug 2026	Acuite Ratings & Research Limited (opens in a new tab)	Debentures	ACUITE BNew, New	Stable	100
19 Aug 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilitiesLong and short-term scales	WD; WDWithdrawn		332.07
19 Aug 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debenturesLong-term scale	IND D(ISSUER NOT COOPERATING)Maintained in the non-cooperating category		84.03

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.