1. At a Glance – The PCB Comeback Kid or Overheated Chip?
BCC Fuba India Ltd is currently trading at ₹168 with a market cap of ₹256 Cr. The stock is up 55.2% in one year, but down 4.31% in the last 3 months. Classic smallcap mood swing.
Let’s talk numbers.
- Stock P/E: 52.3
- Book Value: ₹16.9
- Price to Book: 9.89x
- ROCE: 18.7%
- ROE: 17.4%
- TTM Sales: ₹62.52 Cr
- TTM PAT: ₹4.90 Cr
- Q3 FY26 Sales: ₹17.29 Cr
- Q3 FY26 PAT: ₹1.17 Cr
- Debt: ₹14.77 Cr
Sales are growing. Profits are growing. ROCE is improving.
But the market is valuing this ₹4.90 Cr profit company at ₹256 Cr.
And now management wants to raise ₹35 Cr via rights issue.
So question is simple:
Is this a turnaround story just getting started?
Or is the valuation already pricing in future Mars colony PCB demand?
Let’s open the motherboard and see.
2. Introduction – From Loss-Making Dinosaur to Techy Survivor
Back in 2014–2018, this company was bleeding.
Negative profits. Negative operating margins. Cash flow stress.
Fast forward to FY25:
- Sales: ₹47.07 Cr
- PAT: ₹3.74 Cr
- OPM: 14.30%
And TTM numbers look even better.
It manufactures Printed Circuit Boards (PCBs). Not sexy. Not trending on Instagram. But essential.
Every telecom device, defence equipment, automotive system, power infrastructure board — PCB lagta hai bhai.
Interestingly, this company was originally a German collaboration with Fuba Hans Kolbe & Co. Machinery imported from Germany, Italy, France, UK and USA.
But today? No foreign technical dependency.
Full desi now.
That’s a nice evolution.
But then… why is promoter holding only 32.8%?
And why is it trading at 52x earnings?
See where this is going?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
They manufacture:
- Multilayer PCBs (up to 10 layers)
- Double-sided PCBs (8,000 m² per month capacity)
- Single-sided PCBs (10,000 m² per month capacity)
They also deal in:
- Cable manufacturing
- AC coils
- Switch gears
- LED lights
So basically… electronics ecosystem supplier.
Industries served:
- Space
- Defence
- Telecom
- Automotive
- Power
Which sounds premium.
But here’s the thing:
Total revenue is just ₹62.52 Cr TTM.
So either:
- They are niche and high margin
OR
- They are still small in scale
Given OPM at 14.88% TTM — decent but not extraordinary.
So are we looking at a hidden defence electronics play?
Or a small PCB manufacturer trying to level up?
Keep reading.
4. Financials Overview – Numbers Don’t Lie (But They Can Scare)
Q1 FY26 EPS = ₹0.86
Q2 FY26 EPS = ₹0.95
Q3 FY26 EPS = ₹0.76
Average = (0.86 + 0.95 + 0.76) / 3 = 0.8567
Annualised EPS
