1. At a Glance – Blink and You’ll Miss the Business
Bloom Dekor Ltd (BDL) currently trades at ₹12, with a market cap of ₹8.21 Cr, which is roughly the price of a decent 2BHK in Ahmedabad outskirts — except this one comes with negative net worth, ₹12.6 Cr debt, and a full-blown CIRP badge.
Latest Q3 FY26 (Dec-25) numbers look like a bad mock test score:
- Revenue: ₹0.60 Cr (-28.6% YoY)
- PAT: ₹-0.51 Cr (-59.4% YoY)
- EPS: ₹-0.74
- OPM: -98.3% (yes, almost everything burned)
Five-year sales CAGR is -35.4%, ROCE is -13.9%, and book value stands proudly at ₹-9.81. That’s not undervaluation — that’s capital erosion with confidence.
The stock is not “cheap”. It’s cheap for a reason.
Question: At what point does “turnaround story” officially become “corporate hospice care”?
2. Introduction – Once Upon a Time, There Were Laminates
Bloom Dekor was incorporated in 1994, back when laminated sheets and doors were a respectable, boring, cash-flowing business. Interior decor was simple: plywood, laminate, done. No Instagram reels. No Italian kitchens.
Fast forward to FY25–FY26 and Bloom Dekor is no longer competing with Supreme, Astral, or Greenlam — it is competing with time itself.
Sales have collapsed from ₹63.5 Cr (FY14) to ₹4.8 Cr (TTM). That’s not a cyclical downturn. That’s a structural evacuation of customers, distributors, and probably morale.
The company now:
- Manufactures doors (barely)
- Trades laminates (occasionally)
- Focuses on “cost reduction” (translation: survival mode)
And since October 11, 2023, it operates under Corporate Insolvency Resolution Process (CIRP). This is not optional. This is court-mandated adult supervision.
So before asking “can this be a multibagger?”, ask a simpler question:
Can this company stay alive long enough to laminate another door?
3. Business Model – WTF Do They Even Do?
Officially, Bloom Dekor:
- Manufactures laminated sheets and doors
- Sells mostly in India (95% domestic)
- Exports a token 5% (probably to remind themselves they’re “global”)
Unofficially, the business model since FY20 has been:
“Reduce scale every year and hope creditors blink first.”
Revenue mix FY25:
- Sale of products: ~92%
- Services: ~6%
- Interest & other income: ~2%
No diversification.
No premium branding.
No moat.
No volume leverage.
The doors division is still operational, but laminates have effectively become a trading activity, not a manufacturing strength. When a manufacturing company starts trading its own category, it usually means capacity utilization has gone on permanent vacation.
Let’s be honest: this is not a growth business explanation — this is a post-mortem narrative in progress.
Question: If laminates were such a great business, why did everyone else scale up while Bloom Dekor scaled down to ₹0.60 Cr quarterly sales?
4. Financials Overview – Numbers Don’t Lie, They Scream
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.60 | 0.84 | 1.12 | -28.6% | -46.4% |
| EBITDA | -0.59 | -0.25 | -0.09 | NA | NA |
| PAT | -0.51 | -0.32 | -0.18 | -59.4% | -183% |
| EPS (₹) | -0.74 | -0.47 | -0.26 | -57% | -185% |
Annualised EPS (Q3 rule NOT applied blindly):
Average of Q1–Q3 FY26 EPS × 4 → still deeply negative.
Witty summary:
Revenue fell. Loss increased. Margins vanished.
This is not volatility — this is consistency in destruction.
5. Valuation Discussion – When Valuation Becomes Philosophical
Let’s still do the exercise, because education > hope.
P/E Method
- EPS (TTM): ₹-1.47
