Bansal Roofing FY26: Revenue Jumps 59.7% to ₹154 Cr, EPS Doubles to ₹8 as a Steel-Shed Maker Finally Fills Its Order Book
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1 — At a Glance
Bansal Roofing Products, a Vadodara maker of pre-engineered steel buildings and roofing sheets, closed FY26 with revenue of ₹154.3 crore, up 59.7% over the ₹96.63 crore of FY25. Net profit reached ₹10.54 crore against ₹5.54 crore a year earlier — a 90.2% rise. Earnings per share came in at ₹8.00, up from ₹4.20, on a share count that did not change during the year.
The market currently pays 15.3x earnings here, against an industry figure of 21.8x and a peer median near 22.5x. ROCE stands at 34.4% and ROE at 28.0%, both the highest the company has posted in the data on record. Borrowings sit at ₹2.97 crore against a net worth of ₹42.2 crore.
The tension is size versus momentum: this is a ₹161 crore company whose PEB order-book visibility is stated at 2.75 months, whose sales are 86.9% inside Gujarat, and which is simultaneously building two new factory phases and entering the solar-structure business. A company that grew profit at a 35.8% five-year CAGR now has to keep the plant fed. The record for FY26 says it did. What FY27 asks is whether a 2.75-month order book can carry an 800 MT-a-month plant.
2 — Introduction
Incorporated in 2008, the company began making roofing sheets in 2011, listed on the BSE SME platform after a 2014 IPO that raised ₹204 lakh, and brought pre-engineered building manufacturing in-house following a 2016 rights issue. It migrated to the BSE main board in 2021. The business is run out of two units near Savli, Vadodara: Unit I, an 18,000 sq. ft. original facility now leased out on monthly rent, and Unit II, a 300,000 sq. ft. integrated plant across seven acres that houses everything from CNC plasma cutting to shot blasting.
The FY26 story is a capacity story. Phase 4 construction lifted PEB capacity to 1,000 MT per month by December 2024, and Phases 5 and 6 are under construction with an expected operational date of August 2026 — with Phase 6 prioritised for June 2026. Alongside, the company has ordered roll-forming machinery from a Chinese supplier to manufacture ground-mounted solar module mounting structures, its stated entry into the renewable-energy infrastructure segment.
The FY26 audited results, approved on May 22, 2026, carried an unmodified audit opinion. The same board meeting re-appointed Chairman and Managing Director Kaushalkumar Gupta for five years from August 1, 2026, subject to shareholder approval.
3 — Business Model: WTF Do They Even Do?
They make the building you drive past and never look at. Warehouses, factory sheds, showroom shells — the grey steel skeletons behind chain-link fences. The company designs, fabricates, and installs pre-engineered buildings, then also sells the trim: color-coated roofing sheets, purlins in Z, C and sigma profiles, decking sheets, perforated sheets, PUF-insulated panels, polycarbonate sheets, louvers, and ground-mounted solar structures.
Two product lines carry the volume. PEB structures shipped 7,763 MT in FY26, more than double the 3,862 MT of FY25. Roll-forming products shipped 6,901 MT. By quantity, the mix is roughly split between the two, and by geography the whole thing is deeply local: 86.9% of FY26 sales stayed inside Gujarat, with exports at 1%. This is a regional fabricator that happens to be listed.
The utilisation table tells on itself. Purlins ran at 85.2% of capacity, PEB structures at 80.9%, but decking sheets managed 9.2% — a machine that mostly waits. Management’s stated view is that decking and the older roofing line carry no significant fixed cost, so low utilisation there doesn’t hurt. It’s an honest line: not every machine needs to be busy if it was cheap to idle.
A company that ships 7,763 MT of steel buildings from one Gujarat plot is one large local infrastructure cycle away from either a very good year or a very quiet one.
4 — Financials Overview
Figures are standalone, in ₹ crore.
Metric
FY26
FY25
YoY
Revenue
154.3
96.63
+59.7%
Operating Profit
15.8
9.2
+72%
PAT
10.54
5.54
+90.2%
EPS (₹)
8.00
4.20
+90.5%
The jump is real and it’s operating: operating margin sat at 10.2% for FY26, up from roughly 9.5% the prior year, and other income was ₹0.13 crore — a rounding error, not a
