Bhansali Engineering Polymers Ltd(BEPL)

NSE: BEPLBSE: 500052

₹ 108-3.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,688 crWebsite: bhansaliabs.comUpdated: 24 Oct 2026

About

Bhansali Engineering Polymers Ltd manufactures and sells ABS and SAN resins - classified as Highly Specialized Engineering Thermoplastics - and trades in Styrene and related raw materials, operating plants at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh) with an installed capacity of 75,000 MTPA. The company reported revenue of ₹1,276.0 crores in FY26 and is debt-free, funding all growth through internal accruals. BEPL is a joint venture with Nippon A&L Inc. of Japan, which provides recipe and application development support.^[1]

Business segments

BEPL operates as a single reportable segment - Highly Specialized Engineering Thermoplastics - comprising manufactured ABS and SAN resins and trading in Styrene and raw materials used in ABS/SAN production.^[2]

Products and R&D

Core products are ABS and SAN resins; strategy focuses on specialty grades for the automotive and appliances sectors with technical support from JV partner Nippon A&L Inc. (Japan).^[3]
R&D Centre at Abu Road, Rajasthan is recognised by DSIR, Government of India; Nippon A&L Inc. provides continuous support for new recipe and application development.^[2]
As reported in Q2 FY27, R&D developed 17 new grades and 112 new colours, and moved 20 new/improved products (including 18 colour grades) into commercial production.^[4]
As of Q2 FY27, R&D focus areas are ASA, non-halogenated FR PC-ABS and recycled PC/ABS.^[4]

Operations and capacity

Plants are located at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh); installed ABS capacity is 75,000 MTPA as of Q2 FY27.^[2][4]
FY25 production was 74,681 TPA against installed capacity of 75,000 TPA; sales volume was 74,381 TPA (vs 75,143 TPA in FY24).^[2]
FY24 achieved highest-ever production of 75,152 TPA, representing 100.2% capacity utilisation; sales volume grew 2.36% to 75,143 TPA.^[3]
A 1,300 KW DC ground-mounted solar power plant was commissioned at the Satnoor, Madhya Pradesh unit in October 2026 at a capex of Rs. 642 lacs.^[5]

Key operating numbers

RoCE (TTM): 41.8% in H1 FY27 vs 42.9% in FY26.^[4]
Fixed asset turnover: 10.2x in FY26. Debtor days: 65 days in FY26. Inventory days: 44 days in FY26.^[6]
CFO/EBITDA conversion improved to 66% in FY26 from 43% in FY25, driven by working capital management.^[7]

Raw materials and supply chain

Over 85% of key raw materials - Styrene and Acrylonitrile monomers - are import-dependent with no domestic producer; only Butadiene (~15%) is sourced domestically.^[2]
The company intentionally holds low inventories of imported raw materials to limit price-fluctuation risk and maintains long-term supply contracts.^[2]

Customers and end-markets

Key end-market segments are automotive and consumer electronics/appliances.^[3]
As of Q2 FY27, imports meet about 30-40% of domestic ABS demand; domestic producers are adding capacity to capture that share, and possible anti-dumping duties would help them.^[4]
Global ABS demand is projected to grow to 11.4 million tonnes by FY28E from 8.5 million tonnes in FY23, with EV adoption cited as a driver.^[6]

Expansion and capex

About ₹200 cr debottlenecking to lift ABS capacity from 75,000 to 100,000 TPA has slipped from the earlier September 2026 target; as of Q2 FY27 the reactor is expected in Nov-2026 and commissioning targeted for March 2027.^[4][6]
The debottlenecking is funded through internal accruals.^[6]
Optimal utilisation of the expanded 100,000 MTPA capacity is expected by end of FY28 (as stated in Q1 FY27).^[6]
Earlier plan (as of FY24 annual report) envisaged a larger expansion to 200,000 TPA at Abu Road and Satnoor with Toyo Engineering India appointed for FEED and capex estimation.^[3]

Recent developments

Q2 FY27: revenue from operations rose 24.1% YoY to ₹403.4 crores from ₹325.1 crores; H1 FY27 revenue was up 38.3% YoY to ₹875.5 crores.^[4]
Q2 FY27: EBITDA margin (including other income) was 21.4% vs 17.1% in Q2 FY26.^[4]
October 2026: 1,300 KW DC ground-mounted solar power plant commissioned at the Satnoor, Madhya Pradesh unit; capex of Rs. 642 lacs.^[5]

Market Cap

₹2,688 Cr

High / Low

₹139 / 76

Stock P/E

12.1

Price / Book

2.3

Book Value

₹44

EPS

₹7.2

No. of Shares

24.89 Cr

ROCE

23.8%

ROE

17.3%

OPM

18.8%

Debt / Equity

0.00

Sales

₹1,276 Cr

Net Profit

₹180 Cr

Promoter holding

57.5%

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