Bengal & Assam Company financials and balance sheet

NSE: BENGALASMBSE: 533095FinanceSmall Cap

₹5,621.00₹204.00 (3.50%)BSE ₹5,636.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹5,825.00.

52-week range of BSE trades to 23 Oct 2026

₹5,312.00Low, 30 Mar 2026₹8,324.90High, 23 Oct 2025

Market cap: ₹6,410 Cr665th largest listed
P/E: 8.4
P/B: 0.6
Dividend yield: 0.89%
ROE: 7.5%
ROCE: 2.7%
Debt to equity: 0.06
Volume, NSE: 15693.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bengal & Assam Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹16,492 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,377
Materials and goods−1,150
Employee costs−308
Other expenses−535
Operating profit383
Depreciation−65
Other income+118
One-off items−9.8
Finance costs−50
Profit before tax377
Tax−93
Joint ventures+559
Net profit843

What the company owns

Plant, investments and other assets₹11,506 Cr
Receivables₹450 Cr
Inventory₹381 Cr
Cash and bank₹114 Cr

What pays for it: net worth and liabilities

Net worth₹10,905 Cr
Other liabilities₹907 Cr
Borrowings₹638 Cr

Bengal & Assam Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Bengal & Assam Company segment results by quarter

Revenue by segment

₹2,659 CrTotal

Polymer & Textile₹1,905 Cr71.6% of total
Others₹528 Cr19.9% of total
Tyre₹83 Cr3.1% of total
Cement₹79 Cr3.0% of total
Paper₹64 Cr2.4% of total

Profit by segment

Polymer & Textile₹292 Cr68.3% of total
Others₹24 Cr5.7% of total
Tyre₹40 Cr9.3% of total
Cement₹33 Cr7.8% of total
Paper₹38 Cr8.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Polymer & Textile
Revenue, ₹ crore
1,846
1,905
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
311
292
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
316
319
301
583
602
439
528
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
9
−1
−23
−37
27
24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tyre
Revenue, ₹ crore
10,448
8,753
9,145
12,020
14,681
46
83
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
773
537
1,007
734
874
45
40
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Cement
Revenue, ₹ crore
33
79
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
23
33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Paper
Revenue, ₹ crore
45
64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
38
38
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	12,734	11,294	10,588	13,883	16,835	–	2,409	2,659
Company revenue, as in its results	12,505	11,111	10,400	13,576	16,492	12,917	2,128	2,377
Revenue	–	–	–	–	–	–	1,846	1,905
Revenue growth	–	–	–	–	–	–	–	3.2%
Profit	–	–	–	–	–	–	311	292
Profit growth	–	–	–	–	–	–	–	−6.2%
Margin	–	–	–	–	–	–	16.8%	15.3%
Return on capital	–	–	–	–	–	–	24.0%	21.7%
Assets	–	–	–	–	–	–	2,053	2,207
Liabilities	–	–	–	–	–	–	757	860
Capital employed	–	–	–	–	–	–	1,295	1,347
Revenue	316	319	301	583	602	–	439	528
Revenue growth	–	0.7%	−5.6%	93.9%	3.2%	–	–	20.2%
Profit	26	9	−1	−23	−37	–	27	24
Profit growth	–	−64.6%	–	–	–	–	–	−10.9%
Margin	8.3%	2.9%	−0.3%	−3.9%	−6.2%	–	6.2%	4.6%
Return on capital	–	7.6%	−0.6%	−11.3%	−19.4%	–	11.9%	6.4%
Assets	–	284	332	515	517	–	615	758
Liabilities	–	162	182	313	326	–	384	376
Capital employed	–	123	150	202	192	–	231	382
Revenue	10,448	8,753	9,145	12,020	14,681	–	46	83
Revenue growth	–	−16.2%	4.5%	31.4%	22.1%	–	–	79.0%
Profit	773	537	1,007	734	874	–	45	40
Profit growth	–	−30.5%	87.6%	−27.1%	19.0%	–	–	−10.8%
Margin	7.4%	6.1%	11.0%	6.1%	6.0%	–	96.1%	47.9%
Return on capital	–	24.0%	38.0%	25.8%	25.7%	–	1.0%	0.8%
Assets	–	11,043	10,814	12,117	12,332	–	4,749	5,337
Liabilities	–	8,803	8,166	9,271	8,935	–	263	300
Capital employed	–	2,240	2,648	2,846	3,396	–	4,486	5,037
Revenue	–	–	–	–	–	–	33	79
Revenue growth	–	–	–	–	–	–	–	140.1%
Profit	–	–	–	–	–	–	23	33
Profit growth	–	–	–	–	–	–	–	45.3%
Margin	–	–	–	–	–	–	69.8%	42.3%
Return on capital	–	–	–	–	–	–	1.5%	2.0%
Assets	–	–	–	–	–	–	1,541	1,683
Liabilities	–	–	–	–	–	–	2	4
Capital employed	–	–	–	–	–	–	1,539	1,679
Revenue	–	–	–	–	–	–	45	64
Revenue growth	–	–	–	–	–	–	–	44.2%
Profit	–	–	–	–	–	–	38	38
Profit growth	–	–	–	–	–	–	–	−0.8%
Margin	–	–	–	–	–	–	85.5%	58.8%
Return on capital	–	–	–	–	–	–	1.6%	1.5%
Assets	–	–	–	–	–	–	2,411	2,466
Liabilities	–	–	–	–	–	–	2	6
Capital employed	–	–	–	–	–	–	2,409	2,460
Revenue	92	197	79	122	181	–	–	–
Revenue growth	–	–	−60.0%	–	–	–	–	–
Profit	24	131	14	60	129	–	–	–
Profit growth	–	–	−89.6%	–	–	–	–	–
Margin	26.1%	66.5%	17.3%	49.1%	71.4%	–	–	–
Return on capital	–	6.8%	0.6%	2.4%	4.0%	–	–	–
Assets	–	2,163	2,404	2,694	3,370	–	–	–
Liabilities	–	253	243	163	121	–	–	–
Capital employed	–	1,910	2,161	2,531	3,249	–	–	–
Revenue	829	780	814	1,159	1,370	–	–	–
Revenue growth	–	−5.9%	4.4%	42.3%	18.3%	–	–	–
Profit	121	79	103	157	189	–	–	–
Profit growth	–	−34.2%	29.8%	51.9%	20.8%	–	–	–
Margin	14.6%	10.2%	12.7%	13.5%	13.8%	–	–	–
Return on capital	–	24.1%	25.8%	28.2%	28.9%	–	–	–
Assets	–	723	800	1,007	1,141	–	–	–
Liabilities	–	393	401	452	488	–	–	–
Capital employed	–	330	399	555	653	–	–	–
Revenue	–	–	249	–	–	–	–	–
Profit	–	–	10	–	–	–	–	–
Margin	–	–	3.9%	–	–	–	–	–
Return on capital	–	–	16.6%	–	–	–	–	–
Assets	–	–	163	–	–	–	–	–
Liabilities	–	–	105	–	–	–	–	–
Capital employed	–	–	59	–	–	–	–	–
Revenue	1,049	1,245	–	–	–	–	–	–
Revenue growth	–	18.7%	–	–	–	–	–	–
Profit	17	14	–	–	–	–	–	–
Profit growth	–	−19.5%	–	–	–	–	–	–
Margin	1.6%	1.1%	–	–	–	–	–	–
Return on capital	–	17.0%	–	–	–	–	–	–
Assets	–	188	–	–	–	–	–	–
Liabilities	–	107	–	–	–	–	–	–
Capital employed	–	82	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Bengal & Assam Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 17 Sep	Mar 2021Filed 29 May	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 12 Jun	Mar 2025Filed 26 Sep	Mar 2026Filed 29 May
Revenue from operations	1,485	1,508	12,505	11,111	10,400	13,576	16,492	12,917	2,128	2,377
	1,261	1,354	–	9,842	8,930	12,278	14,903	11,044	1,727	1,993
Materials and goods bought	979	1,035	8,068	6,923	6,140	8,838	10,936	7,621	972	1,150
Employee costs	–	–	–	1,123	1,116	1,283	1,451	1,279	289	308
Other expenses	–	–	–	1,797	1,673	2,158	2,516	2,144	466	535
Operating profit before depreciation	224	154	–	1,269	1,470	1,297	1,589	1,874	401	383
Operating margin	15.1%	10.2%	–	11.4%	14.1%	9.6%	9.6%	14.5%	18.9%	16.1%
Materials, % of revenue	–	–	–	62.3%	59.0%	65.1%	66.3%	59.0%	45.7%	48.4%
Employee costs, % of revenue	–	–	–	10.1%	10.7%	9.4%	8.8%	9.9%	13.6%	13.0%
Other expenses, % of revenue	–	–	–	16.2%	16.1%	15.9%	15.3%	16.6%	21.9%	22.5%
Depreciation and amortisation	40	42	–	423	428	428	456	373	68	65
Operating profit after depreciation	184	112	–	846	1,043	869	1,133	1,501	333	319
Other income	39	37	82	35	56	55	84	76	99	118
Finance costs	52	42	569	609	504	449	488	364	44	50
Profit before one-off items and tax	171	108	482	271	595	475	729	1,212	388	386
One-off items	0	0	–	−110	34	4	−62	2,897	12	−10
Profit before tax	171	108	392	161	629	479	667	4,109	400	377
	41	31	–	−137	237	165	214	642	101	93
Current tax	–	–	–	72	174	220	232	344	92	84
Deferred tax	–	–	–	−209	63	−54	−17	298	9	9
Share of profit of joint ventures and associates	211	130	182	224	293	417	618	726	456	559
Profit from discontinued businesses	–	–	–	–	−7	–	–	–	–	–
	328	201	348	522	678	731	1,071	4,194	755	843
Belonging to the company's shareholders	328	201	348	455	508	628	938	3,892	732	823
Belonging to outside owners of subsidiaries	–	–	–	67	170	103	133	302	23	20
Other comprehensive income	–	–	–	−86	47	19	89	−36	−49	34
Total comprehensive income	–	–	–	437	725	750	1,159	4,158	706	877
Net margin	22.1%	13.3%	2.8%	4.7%	6.5%	5.4%	6.5%	32.5%	35.5%	35.5%
Net margin without joint ventures and associates	7.9%	4.7%	1.3%	2.7%	3.7%	2.3%	2.7%	26.8%	14.1%	11.9%

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. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2019: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 17 Sep	Mar 2021Filed 29 May	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 12 Jun	Mar 2025Filed 26 Sep	Mar 2026Filed 29 May
	4,100	4,685	5,416	6,134	7,490	9,241	9,961	10,905
	2,798	3,374	3,915	4,545	5,513	9,055	9,762	10,687
Share capital	11	11	11	11	11	11	11	11
Reserves	2,787	3,363	3,904	4,533	5,502	9,044	9,750	10,676
Belonging to outside owners of subsidiaries	1,302	1,311	1,501	1,589	1,976	186	199	218
	5,859	5,945	4,949	5,388	5,063	414	549	638
Repayable after a year	3,660	–	–	–	–	–	–	–
Repayable within a year	2,199	–	–	–	–	–	–	–
Total assets	14,613	14,402	14,513	16,333	17,360	10,471	11,368	12,450
Plant in use, after depreciation	6,983	6,565	6,390	6,577	6,640	426	410	416
Plant being built	–	287	315	130	215	5	8	45
Inventories	1,963	1,915	2,106	2,850	2,642	378	364	381
Trade receivables	2,240	2,037	1,801	2,283	2,559	332	373	450
Cash and cash equivalents	239	117	154	172	184	19	66	86
Other bank balances	0	115	155	167	129	14	23	28
Current investments	0	–	–	–	–	–	–	–
Net debt	5,620	5,713	4,640	5,049	4,749	382	460	524

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 2021Filed 29 May	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 12 Jun	Mar 2025Filed 26 Sep	Mar 2026Filed 29 May
Cash from operations	1,775	351	1,437	1,817	294	252
Capital spending	233	356	568	591	103	100
Free cash flow	1,542	−5	869	1,226	192	153
Cash from investing	−201	−188	−650	−1,260	−286	−202
Cash from financing	−1,542	−144	−778	−590	39	−30
Dividends paid	10	38	38	55	49	61
Shares bought back	0	0	0	0	9	0
Shares issued	4	0	0	492	0	0
Net change in cash	31	18	9	−33	48	21

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, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Bengal & Assam Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 17 Sep	Mar 2021Filed 29 May	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 12 Jun	Mar 2025Filed 26 Sep	Mar 2026Filed 29 May
Earnings per share	₹377.20	₹230.41	₹308.18	₹402.92	₹450.08	₹555.74	₹830.10	₹3,444.99	₹642.14	₹721.96
Diluted earnings per share	₹377.20	₹230.41	₹308.18	₹402.92	₹450.08	₹555.74	₹830.10	₹3,444.99	₹642.14	₹721.96
Dividend per share	₹10.00	₹10.00	₹10.00	₹15.00	₹7.50	₹15.00	₹25.00	₹40.00	₹50.00	₹50.00
Book value per share	–	–	₹2,477.05	₹2,986.91	₹3,465.69	₹4,023.21	₹4,880.69	₹8,016.33	₹8,559.91	₹9,371.54
Dividend payout	2.7%	4.3%	3.2%	3.7%	1.7%	2.7%	3.0%	1.2%	7.8%	6.9%
Shareholder yield	–	–	–	–	0.4%	1.4%	0.9%	−4.5%	0.7%	1.0%
Market cap at the year end (₹ crore)	1,485	1,823	1,485	1,356	1,552	2,662	4,129	9,655	8,144	6,204

Ratios

Consolidated, years to March.Bengal & Assam Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 17 Sep	Mar 2021Filed 29 May	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 12 Jun	Mar 2025Filed 26 Sep	Mar 2026Filed 29 May
Revenue growth	–	1.6%	729.1%	−11.2%	−6.4%	30.5%	21.5%	−21.7%	−83.5%	11.7%
Operating profit growth	–	−31.1%	–	–	15.9%	−11.8%	22.5%	17.9%	−78.6%	−4.4%
Net profit growth	–	−38.7%	73.3%	50.0%	29.8%	7.8%	46.5%	291.7%	−82.0%	11.7%
Earnings per share growth	–	−38.9%	33.8%	30.7%	11.7%	23.5%	49.4%	315.0%	−81.4%	12.4%
	–	–	12.4%	14.7%	14.0%	14.8%	18.6%	53.4%	7.8%	8.1%
	–	–	–	2.3 pts	−0.8 pts	0.9 pts	3.8 pts	34.8 pts	−45.6 pts	0.3 pts
From the net margin	–	–	–	5.9 pts	2.9 pts	−0.8 pts	3.4 pts	80.1 pts	7.6 pts	0.1 pts
From asset turnover	–	–	–	−1.9 pts	−1.1 pts	3.0 pts	2.0 pts	−5.1 pts	−48.2 pts	0.2 pts
From borrowing	–	–	–	−1.6 pts	−2.6 pts	−1.3 pts	−1.6 pts	−40.3 pts	−5.0 pts	0.0 pts
Return on capital employed	–	–	–	8.0%	10.1%	7.5%	9.0%	15.5%	3.2%	2.8%
Cash conversion	–	–	–	–	261.7%	48.0%	134.2%	43.3%	39.0%	29.9%
Interest cover	3.6	2.7	–	1.4	2.1	1.9	2.3	4.1	7.6	6.3
Debt to equity	–	–	1.43	1.27	0.91	0.88	0.68	0.04	0.06	0.06
Receivable days	–	–	65	67	63	61	57	9	64	69
Inventory days	–	–	89	101	125	118	88	18	137	121
Asset turnover	–	–	0.86	0.77	0.72	0.88	0.98	0.93	0.19	0.20
Assets per rupee of net worth	–	–	5.22	4.70	3.97	3.65	3.35	1.91	1.16	1.16
Sales per rupee of plant	–	–	1.79	1.69	1.63	2.06	2.48	30.33	5.19	5.71
Capital spending to depreciation	–	–	–	–	0.54	0.83	1.25	1.58	1.50	1.54
Plant being built, % of plant in use	–	–	–	4.4%	4.9%	2.0%	3.2%	1.2%	2.0%	10.8%

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: 6.9%
Cash from operations against operating profit: 65.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−25.6%	−47.6%
Profit growth, yearly rate	–	10.1%	−4.2%
Return on equity, average	–	20.5%	23.1%
Return on capital employed, average	–	7.6%	7.2%
Operating margin, average	13.3%	13.7%	16.5%
Net margin, average	16.5%	23.1%	34.5%
Asset turnover, average	–	0.64	0.44
Interest cover, average	3.6	4.5	6.0
Debt to equity, average	–	0.34	0.05

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	4,152	2,364	252
Cash from investing	−2,586	−1,747	−202
Cash from financing	−1,504	−581	−30
Capital spending	1,718	793	100
Dividends paid	243	166	61
Shares bought back	9	9	0
Shares issued for cash	492	492	0

Accounting checks

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

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.19	3.69	1.68	26.13	6.83	6.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.44	0.60	0.59	0.41
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	11.79	21.25	−8.62	−31.03	−55.38	83.45	−13.65
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	1.25	0.21	0.41	–	0.16	0.63
Effective tax ratePublished threshold 17.16 per cent	23.92	28.57	35.00	−84.95	37.65	34.52	32.12	15.63	25.24	24.61
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.70	1.05	8.23	4.62	6.55

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
23 Sep 2025	CARE Ratings Limited (opens in a new tab)	Issuer RatingLong-term scale	WithdrawnWithdrawn

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