1. At a Glance
   Bombay Dyeing & Mfg Co Ltd has pivoted from sagging textile sales to plotting real estate and polyester plays. FY25 consolidated sales slipped to ₹1,605 Cr, but a one-off ₹680 Cr “other income” turned a core loss into a ₹490 Cr profit. At 83× earnings, fair value is ₹300–350.
2. Introduction with Hook
   Imagine your fabric mill losing money sewing bedsheets, then selling land to buy a yacht—and suddenly you’re a ₹3,300 Cr “textile” firm printing green. That’s Bombay Dyeing: from thread count to land count, with enough one-off income to make any accountant blush.
3. Business Model (WTF Do They Even Do?)

• Textiles: Polyester staple fibre and retail (bed & bath linen).
• Real Estate: Land sales & development (₹4,675 Cr land sale in Jul ’23).
• One-Off Income: Land deals, investment gains—accounted as “other income.”
• Diversification: Minimal debt & hope that property and polyester bail out textiles.

4. Financials Overview – Profit, Margins, ROE, Growth

• FY25 Sales: ₹1,605 Cr (–5% YoY) | 5-Yr CAGR: –3%
• EBITDA Margin: –2% (FY25) vs 8% (FY24)
• PAT: ₹490 Cr (includes ₹680 Cr other income) vs –₹517 Cr in FY23
• ROE: 1.9% | ROCE: 3.2%
• Core operations are blood-red; real estate injections supply the CPR.

5. Valuation – Is It Cheap, Meh, or Crack?

• CMP: ₹160 | P/E: 84× FY25 | P/B: 1.4× (BV ₹115)
• Peer Median: P/E ~27×, P/B ~2×
• Fair Value Range:
  • Earnings Approach: 20–25× FY26E EPS (~₹12) → ₹240–300
  • Book-Value Approach: 2–3× BV → ₹230–345
  • Blended: ₹300–350
• At current multiples, you’re betting that real estate and polyester dark horses outrun textile tortoises.

6. What’s Cooking – News, Triggers, Drama

• 16 Oct ’23: Sold land for ₹4,675 Cr—your grandma’s bedspread just paid off half the debt.
• 1 Mar ’25: GST demand of ₹440 Cr slapped by authorities—reminder that one-offs can bite back.
• 22 Nov ’24: Invested ₹4.95 Cr in AMP Energy—because green is the new black.
• 8 Jan ’25: Manager Rahul Anand resigns—CFO roulette continues.
• 19 Mar ’25: Board commented on exchange fines—compliance comedy or tragedy?

7. Balance Sheet – How Much Debt, How Many Dreams?

• Net Debt: negligible—textile debt is down, but real estate advances may lurk off-book.

8. Cash Flow – Sab Number Game Hai

• Operating CF: –₹17 Cr (FY25)
• Investing CF: +₹35 Cr (land sale proceeds)
• Financing CF: –₹41 Cr (dividends & lease payments)
• Net Cash Flow: –₹23 Cr

9. Ratios – Sexy or Stressy?

• Debtor Days: 10 | Inventory Days: 78 | Payable Days: 87 | CCC: 2 days
• Debt/Equity: 0.0× | Dividend Yield: 0.75% | Interest Coverage: ~30×

10. P&L Breakdown – Show Me the Money

• Profit swing driven by “other income” rollercoaster, not textile triumphs.

11. Peer Comparison – Who Else in the Game?

12. Miscellaneous – Shareholding, KMP

• Promoters: 53.6% | FIIs: 1.6% | DIIs: 1.4% | Public: 43.4%
• Key Managerial:
  • Chairman: Nusli Wadia
  • CFO/CRO: Khiroda Jena (appointed Aug ’24)
• ESG: Land monetization raises questions on sustainability vs. balance-sheet alchemy.

13. EduInvesting Verdict™
    Bombay Dyeing is now more real-estate and other-income wizard than textile titan. With textiles in the ICU, lives depend on ₹680 Cr land sales and polyester’s second act. At 84× earnings for a core-loss business, you need miracles or more mega land deals to justify today’s price. Fair value sits around ₹300–350—pay ₹160 only if you believe in property magic and other-income spells.

✍️ Written by Prashant | 12 July 2025

Tags: Bombay Dyeing, Textiles, Real Estate, Other Income, Stock Analysis, Fair Value, EduInvesting