1. At a Glance – Blink and You’ll Miss the Plot
Bhilwara Spinners Ltd (BSL), a once-forgotten BIFR patient from the Bhilwara Group, suddenly woke up and decided to trend on spreadsheets. Current market cap stands at ₹108 Cr, stock price ₹119, and book value ₹47.6—meaning the market is valuing this coma patient at 2.5× book. Q3 FY26 revenue exploded to ₹24.73 Cr, up 1,390% QoQ, while PAT jumped 1,533% QoQ to ₹0.49 Cr. Sounds heroic, right? But zoom out and the picture gets spicier: TTM PAT is still negative ₹2.4 Cr, ROCE is a sleepy 2.39%, debt has ballooned to ₹94 Cr, and interest coverage is a nervous 0.78×. This is not a turnaround Netflix documentary yet—more like a teaser trailer with dramatic background music. Curious already?
2. Introduction – From BIFR Files to Excel Fame
Incorporated in 1980, Bhilwara Spinners has lived many lives—manufacturer, loss-maker, BIFR resident, and now… trader with ambitions. Years of accumulated losses wiped out net worth, pushing the company into survival mode. Manufacturing units went silent; looms gathered dust. Instead of fighting yarn cycles head-on, the company quietly pivoted into trading of yarn, cotton, guar seeds, and earning interest income.
Fast forward to FY25–FY26, and suddenly the quarterly numbers look alive. But is this revival driven by sustainable operations or just aggressive balance sheet gymnastics? That’s the real question. And no, this is not a fairy tale where every weak textile company magically becomes KPR Mill overnight. Let’s dissect calmly—with a little sarcasm.
3. Business Model – WTF Do
They Even Do?
Let’s be honest: Bhilwara Spinners is not really “spinning” anymore. Manufacturing operations remain largely dormant. The current avatar is closer to a commodity trader + interest-income collector.
Revenue in FY22 came from:
- Guar Seeds – 48%
- Interest Income – 23%
- Yarn – 17%
- Cotton Seeds Lenters – 12%
So if you imagined giant spinning machines humming in Rajasthan—sorry. This is more spreadsheet trading than textile engineering. Recently, denim weaving production has been announced, which hints at a comeback attempt. But until volumes, margins, and consistency show up, this remains a trading-first, manufacturing-maybe-later model. Would you call this diversification or desperation?
4. Financials Overview – Numbers That Suddenly Started Talking
Quarterly Comparison (Figures in ₹ Crore)
| Metric | Latest Q3 FY26 | YoY Q3 FY25 | Prev Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 24.73 | 1.66 | 12.51 | 1,390% | 97.7% |
| EBITDA | 4.44 | 0.08 | 3.34 | Massive | 33% |
| PAT | 0.49 | 0.03 | -0.12 | 1,533% | Turned + |
| EPS (₹) | 0.54 | 0.03 | -0.13 | — | — |
Annualised EPS (Q3 Rule): Average of Q1–Q3 EPS × 4
Q1 EPS = -0.36, Q2 EPS = -0.13, Q3 EPS = 0.54
Average = 0.017 → Annualised EPS ≈ ₹0.07
Yes, annualised EPS is still basically chai money. But
