B & A financials and balance sheet

NSE: BNALTDBSE: 508136Agricultural Food & other ProductsSmall Cap

₹360.05₹15.00 (4.00%)

Share price at the NSE close on 22 Oct 2026. Previous close ₹375.05.

52-week range of BSE trades to 12 Oct 2026

₹312.30Low, 13 Jul 2026₹554.40High, 17 Jul 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹112 Cr2,801st largest listed
P/E: Earlier quarters restated in the year
P/B: 0.8
Dividend yield: Nonein the last 12 months
ROCE: 3.9%
Debt to equity: 0.68
Volume, NSE: 468

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.B & A annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹292 Cr, year to Mar 2023A loss in the year to Mar 2026, −₹1.94 Cr

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

Revenue283
Materials and goods−112
Employee costs−101
Other expenses−59
Operating profit11
Depreciation−6.9
Other income+4.9
One-off items0.0
Finance costs−7.1
Profit before tax2.4
Tax−4.4
Net profit−1.9

What the company owns

Plant, investments and other assets₹203 Cr
Inventory₹54 Cr
Cash and bank₹35 Cr
Receivables₹29 Cr

What pays for it: net worth and liabilities

Net worth₹162 Cr
Borrowings₹111 Cr
Owed to suppliers₹28 Cr
Other liabilities₹20 Cr

B & A 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. A segment at a loss has no share of profit.B & A segment results by quarter

Revenue by segment

₹283 CrTotal

TEA₹142 Cr50.2% of total
PAPER SACKS₹87 Cr30.6% of total
FLEXIBLE LAMINATES₹54 Cr19.2% of total

Profit by segment

PAPER SACKS₹7.38 Cr68.3% of total
FLEXIBLE LAMINATES₹3.43 Cr31.7% of total

Segment results by year

Consolidated from the year to Mar 2021, standalone before, ₹ crore, years to March.

TEA
Revenue, ₹ crore
150
163
161
162
134
142
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
26
10
6
6
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
PAPER SACKS
Revenue, ₹ crore
87
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
FLEXIBLE LAMINATES
Revenue, ₹ crore
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
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	–	–	247	290	292	290	264	283
Company revenue, as in its results	121	132	247	290	292	290	264	283
Revenue	–	–	150	163	161	162	134	142
Revenue growth	–	–	–	8.9%	−1.2%	0.4%	−17.1%	5.9%
Profit	–	–	12	26	10	6	6	−1
Profit growth	–	–	–	113.7%	−62.2%	−36.6%	−7.6%	–
Margin	–	–	8.0%	15.7%	6.0%	3.8%	4.2%	−0.9%
Return on capital	–	–	21.4%	34.6%	12.6%	7.8%	6.9%	−1.8%
Assets	–	–	112	113	123	160	171	185
Liabilities	–	–	55	38	45	81	88	115
Capital employed	–	–	56	74	77	80	83	70
Revenue	–	–	–	–	–	–	–	87
Profit	–	–	–	–	–	–	–	7
Margin	–	–	–	–	–	–	–	8.5%
Return on capital	–	–	–	–	–	–	–	15.7%
Assets	–	–	–	–	–	–	–	76
Liabilities	–	–	–	–	–	–	–	29
Capital employed	–	–	–	–	–	–	–	47
Revenue	–	–	–	–	–	–	–	54
Profit	–	–	–	–	–	–	–	3
Margin	–	–	–	–	–	–	–	6.3%
Return on capital	–	–	–	–	–	–	–	7.8%
Assets	–	–	–	–	–	–	–	57
Liabilities	–	–	–	–	–	–	–	13
Capital employed	–	–	–	–	–	–	–	44
Revenue	–	–	97	127	131	128	130	–
Revenue growth	–	–	–	31.4%	3.1%	−2.1%	1.6%	–
Profit	–	–	17	14	15	16	14	–
Profit growth	–	–	–	−16.4%	0.5%	6.8%	−11.4%	–
Margin	–	–	17.9%	11.4%	11.1%	12.1%	10.6%	–
Return on capital	–	–	36.1%	26.0%	23.2%	21.1%	16.8%	–
Assets	–	–	74	86	94	92	103	–
Liabilities	–	–	26	31	32	18	21	–
Capital employed	–	–	48	56	63	74	82	–
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	4
Liabilities	–	–	–	–	–	–	–	3

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

Profit and loss

Consolidated, ₹ crore, years to March.B & A quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 25 May	Mar 2024Filed 26 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Revenue from operations	156	191	191	207	247	290	292	290	264	283
	139	167	173	190	215	247	269	273	255	272
Materials and goods bought	55	70	73	81	103	124	130	123	98	112
Employee costs	–	–	60	65	66	74	83	90	100	101
Other expenses	–	–	40	44	46	49	57	60	57	59
Operating profit before depreciation	16	23	18	17	32	43	23	18	9	11
Operating margin	10.5%	12.3%	9.5%	8.1%	12.8%	14.9%	7.9%	6.0%	3.5%	4.1%
Materials, % of revenue	–	–	38.0%	39.3%	41.8%	42.9%	44.3%	42.3%	37.2%	39.4%
Employee costs, % of revenue	–	–	31.7%	31.2%	26.8%	25.5%	28.3%	31.0%	37.8%	35.6%
Other expenses, % of revenue	–	–	20.8%	21.4%	18.6%	16.7%	19.5%	20.6%	21.5%	20.9%
Depreciation and amortisation	4	4	5	5	5	5	5	5	6	7
Operating profit after depreciation	13	20	13	12	27	39	18	12	3	5
Other income	1	1	1	1	2	2	3	9	16	5
Finance costs	5	5	6	6	5	4	4	5	6	7
Profit before one-off items and tax	9	15	9	8	24	36	17	17	13	2
One-off items	0	0	0	0	0	0	4	0	0	0
Profit before tax	9	15	9	8	25	36	21	17	13	2
	3	5	2	2	7	9	7	4	2	4
Current tax	3	4	2	−1	7	9	5	5	1	5
Deferred tax	0	0	0	3	0	0	2	−1	1	−1
	5	11	6	6	17	27	14	13	11	−2
Belonging to the company's shareholders	5	9	–	–	14	24	11	10	8	−4
Belonging to outside owners of subsidiaries	–	–	–	–	3	3	2	3	–	2
Other comprehensive income	–	–	–	–	0	−1	−3	0	0	0
Total comprehensive income	–	–	–	–	18	26	11	13	11	−2
Net margin	3.4%	5.6%	3.3%	3.0%	7.0%	9.2%	4.7%	4.6%	4.2%	−0.7%

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. Belonging to the company's shareholders is left blank for the years to Mar 2019 and Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 25 May	Mar 2024Filed 26 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
	104	130	140	153	164	162
	91	114	122	132	141	137
Share capital	3	3	3	3	3	3
Reserves	88	111	119	129	138	134
Belonging to outside owners of subsidiaries	13	16	18	21	23	25
	33	24	30	49	67	111
Repayable after a year	5	5	2	14	16	29
Repayable within a year	28	19	28	35	51	82
	61	48	58	64	85	123
Trade payables	15	16	20	13	17	28
Other financial liabilities	13	7	8	11	11	5
Other liabilities	5	5	2	4	3	1
Provisions	0	0	0	2	3	7
Tax owed	–	1	–	–	–	0
	20	21	19	35	24	36
Other financial liabilities	–	–	–	–	–	2
Other liabilities	1	1	1	1	1	–
Provisions	12	13	12	18	4	2
Deferred tax	2	2	3	2	4	3
Total assets	186	199	217	252	274	321
	103	105	103	136	144	180
Plant in use, after depreciation	84	85	87	116	117	130
Plant being built	5	6	6	10	15	19
Intangible assets	0	1	1	1	0	0
Goodwill	1	1	1	1	1	1
Intangible assets being developed	0	0	–	–	0	0
Investments	0	0	0	0	1	1
Other financial assets	1	3	3	3	4	12
Other assets	13	11	6	5	6	17
	82	94	114	116	129	141
Inventories	33	35	47	32	42	54
Trade receivables	21	24	23	24	23	29
Cash and cash equivalents	11	6	4	2	9	12
Other bank balances	3	7	14	30	25	23
Loans given	2	2	2	2	4	0
Other financial assets	0	0	0	1	1	5
Tax paid in advance	0	–	4	6	6	4
Other assets	12	19	20	19	20	15
Net debt	19	11	13	17	33	75

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, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 25 May	Mar 2024Filed 26 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
	23.3	25.7	10.7	32.7	−2.8	−0.4
	29.8	32.7	22.3	39.0	1.6	2.2
	−2.9	−8.8	−5.3	19.1	−12.2	−11.0
Receivables	−4.7	−2.2	0.2	−2.1	−0.4	−6.5
Inventories	−7.9	−2.5	−11.7	14.9	−9.5	−11.5
Payables	1.1	1.0	4.3	−6.7	3.9	9.5
Other working capital	8.5	−5.1	1.8	13.1	−6.3	−2.5
Tax paid	−6.5	−6.9	−11.6	−6.3	−1.8	−2.6
Capital spending	6.1	5.9	7.9	38.1	11.2	25.0
Free cash flow	17.2	19.9	2.8	−5.4	−14.0	−25.4
	−6.0	−8.6	−16.0	−50.2	−2.5	−31.9
Plant and property sold	0.0	0.0	0.2	6.0	0.0	0.1
Interest received	0.2	0.4	0.6	1.4	2.6	3.3
	0.0	−5.3	−6.0	8.7	−4.6	34.0
Borrowings raised	5.5	2.3	0.0	12.1	1.7	42.6
Borrowings repaid	0.0	−2.4	−3.0	0.0	0.0	−1.3
Interest paid	−4.8	−4.2	−3.7	−4.5	−6.1	−7.1
Dividends paid	0.0	0.3	0.8	0.4	0.3	0.1
Shares bought back	0.0	0.0	0.0	0.0	0.0	0.0
Shares issued	0.0	0.0	0.0	0.0	0.0	0.0
Net change in cash	17.4	11.8	−11.2	−8.8	−10.0	1.7

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.B & A dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 25 May	Mar 2024Filed 26 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Earnings per share	₹17.02	₹29.96	₹16.20	₹13.09	₹46.18	₹77.72	₹36.83	₹33.03	₹26.58	−₹12.71
Diluted earnings per share	₹17.02	₹29.96	₹16.20	₹13.09	₹46.18	₹77.72	₹36.83	₹33.03	₹26.58	−₹12.71
Dividend per share	₹3.00	₹3.00	₹1.00	–	₹1.00	₹2.00	₹0.50	–	–	–
Book value per share	–	–	–	–	₹293.78	₹368.82	₹393.74	₹426.19	₹454.76	₹442.43
Dividend payout	17.6%	10.0%	–	–	2.2%	2.6%	1.4%	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.4%	1.1%	0.3%	0.2%	0.1%
Market cap at the year end (₹ crore)	76	79	50	29	46	78	76	138	146	106

Ratios

Consolidated, years to March.B & A PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 25 May	Mar 2024Filed 26 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Revenue growth	–	22.7%	0.1%	8.4%	19.2%	17.7%	0.6%	−0.7%	−8.9%	7.1%
Operating profit growth	–	42.8%	−22.2%	−7.9%	88.8%	36.4%	−46.6%	−24.1%	−46.6%	22.6%
Net profit growth	–	101.8%	−40.1%	−3.0%	179.3%	54.3%	−48.2%	−2.4%	−18.2%	–
Earnings per share growth	–	76.0%	−45.9%	−19.2%	252.8%	68.3%	−52.6%	−10.3%	−19.5%	–
	–	–	–	–	15.7%	23.5%	9.7%	8.1%	6.0%	−2.9%
	–	–	–	–	–	7.7 pts	−13.8 pts	−1.6 pts	−2.1 pts	−8.9 pts
From the net margin	–	–	–	–	–	6.8 pts	−12.4 pts	−0.9 pts	−1.0 pts	−8.7 pts
From asset turnover	–	–	–	–	–	3.1 pts	−0.8 pts	−1.0 pts	−1.3 pts	0.1 pts
From borrowing	–	–	–	–	–	−2.1 pts	−0.6 pts	0.4 pts	0.2 pts	−0.3 pts
Return on capital employed	–	–	–	–	19.7%	25.0%	10.5%	6.1%	1.5%	1.7%
Cash conversion	–	–	–	–	134.7%	96.5%	77.6%	242.7%	−25.7%	–
Interest cover	2.7	3.9	2.4	2.2	5.6	9.3	4.8	2.7	0.6	0.6
Debt to equity	–	–	–	–	0.32	0.19	0.22	0.32	0.41	0.68
Receivable days	–	–	–	–	32	30	28	30	32	37
Inventory days	–	–	–	–	116	104	133	96	155	178
Payable days	–	–	–	–	54	47	56	38	62	91
Cash conversion cycle, days	–	–	–	–	94	86	105	88	124	123
Working capital days	–	–	–	–	51	65	83	70	85	84
Asset turnover	–	–	–	–	1.33	1.51	1.40	1.24	1.01	0.95
Assets per rupee of net worth	–	–	–	–	2.04	1.87	1.76	1.85	1.93	2.14
Sales per rupee of plant	–	–	–	–	2.95	3.43	3.34	2.50	2.26	2.18
Capital spending to depreciation	–	–	–	–	1.34	1.30	1.53	7.42	1.89	3.64
Plant being built, % of plant in use	–	–	–	–	6.2%	6.5%	6.5%	8.6%	12.5%	14.9%

No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, 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: −1.3%
Cash from operations against operating profit: −3.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	2.8%	−1.0%
Return on equity, average	–	8.9%	3.7%
Return on capital employed, average	–	9.0%	3.1%
Operating margin, average	9.0%	7.3%	4.5%
Net margin, average	4.4%	4.4%	2.7%
Asset turnover, average	–	1.22	1.06
Cash conversion cycle, days, average	–	105	112
Interest cover, average	3.5	3.6	1.3
Debt to equity, average	–	0.36	0.47

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	66	30	0
Cash from investing	−109	−85	−32
Cash from financing	27	38	34
Capital spending	88	74	25
Dividends paid	2	1	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	59	56	43
Borrowings repaid	7	1	1

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
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	5	5	3	2
Altman Z-scorePublished threshold 1.81	–	–	–	–	2.99	3.87	3.38	3.23	2.90	2.03
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−2.25	−2.63	−2.77	−2.34	−2.12
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	4.95	9.16	13.18	6.23	10.19
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.03	1.28	1.06	1.31
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	−7.69	−4.30	5.67	5.02	18.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	−13.01	28.96	−26.31	49.48	16.64
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	2.50	1.82	0.48	0.43	−1.46
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.96	0.72	0.30	2.18	0.97
Effective tax ratePublished threshold 17.16 per cent	28.85	29.85	26.40	20.01	29.49	25.99	32.77	21.42	17.73	179.67
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.74	−23.49	−15.30	4.23	73.30

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
4 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	WithdrawnReview, Others
4 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	WithdrawnWithdrawn
4 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	WithdrawnWithdrawn
4 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	WithdrawnReview, Others
20 Apr 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Rating	IVR BBBNew, New	Stable	77.36

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