BPL Ltd Q1 FY26 – From TV Superstar to PCB Side Hustler, and Now Pledging Shares for ₹96 Cr
1. At a Glance
Remember when “BPL” meant TVs in every living room of the 90s? Fast forward to 2025, and now it’s a PCB (printed circuit board) factory with a soap-opera level balance sheet. Current market cap: ₹378 Cr. CMP: ₹77.2. The stock is 29% down in a year, proving nostalgia alone doesn’t pay dividends (also, they literally don’t pay dividends). Sales for FY25: ₹78.5 Cr, PAT: loss of ₹10 Cr, EPS: –₹2.1. Debt? Barely ₹9.4 Cr. But wait—the promoters just pledged shares for a ₹96 Cr loan. Matlab company toh “almost debt free,” par promoters are doing their own EMI ka jugad. ROE: –8.15%. ROCE: 7.85%.
2. Introduction
BPL’s story is basically every 90s Bollywood hero who couldn’t make it past Y2K. Once a household brand in TVs, washing machines, and landlines, it now sells… PCBs. Yes, the boring green boards inside electronics. From Shah Rukh in DDLJ to a character role in CID.
The company hasn’t been able to cash in on brand nostalgia. While Dixon became the iPhone of contract manufacturing, BPL is still stuck trying to sell “dual-layer PCBs” like it’s a new iPod launch. Its FY23 revenue breakup: 68% products, 16% licensing fees (aka rent from its old name), and 14% dividend income. Imagine a company that earns almost as much from licensing its brand name as it does from actual business.
And in FY25? Supreme Court orders, exceptional expenses of ₹66 Cr, resignations of CFOs and Company Secretaries like musical chairs, and now promoters pledging shares. If corporate drama was a Netflix genre, BPL would be a daily soap with infinite episodes.
3. Business Model – WTF Do They Even Do?
Today’s BPL is like that uncle who claims he “still does business” but you only see him at weddings. Officially, they manufacture:
PCBs for lighting and automotive (capacity: 6 lakh sqm, production: just 2 lakh sqm).
Defense-grade sealed panel meters.
Medical products like ECG machines.
Random consumer electronics (TVs, home theatres, washing machines, ACs).
Un-officially, their money comes from licensing the BPL brand to others who slap the logo on appliances. Basically, franchising nostalgia.
New initiatives? Double-sided PCBs, lean manufacturing, and industry certifications (IATF, MACE) to pitch to auto customers. In plain English: “We’re trying to look serious so Maruti and Bosch will return our calls.”
Question: Do you think an old consumer brand can reinvent itself in B2B electronics, or is this just cosmetic rebranding?
4. Financials Overview
Source table
Metric
Latest Qtr (Q1 FY26)
Same Qtr LY
Prev Qtr
YoY %
QoQ %
Revenue
₹19.5 Cr
₹19.4 Cr
₹18.7 Cr
0.5%
4.1%
EBITDA
₹3.35 Cr
₹4.83 Cr
₹1.88 Cr
-30.7%
78.2%
PAT
₹2.74 Cr
₹13.4 Cr
–₹17.4 Cr
-79.6%
Swinged positive
EPS (₹)
0.56
2.74
–3.56
-79.6%
NA
Commentary: Revenue flat like hostel mess rotis. EBITDA jumped QoQ, but PAT collapsed YoY thanks to one-off last year. EPS annualized = ₹2.2 → P/E ~35x real (not 6.8x), because FY25 losses distort the denominator.
