How has been the historical performance of BLS Internat.?

Revenue and Profit Growth

Over the seven-year period ending March 2025, BLS Internat. has seen its net sales surge from ₹803.83 crores in 2019 to ₹2,193.30 crores in 2025. This represents a compound growth trajectory, with particularly sharp increases from 2021 onwards, where sales more than quadrupled from ₹478.37 crores to over ₹2,100 crores by 2025. The absence of other operating income throughout this period indicates that the company’s revenue growth is primarily driven by its core operations.

Operating profit margins have improved markedly, with the operating profit (PBDIT) excluding other income rising from ₹108.42 crores in 2019 to ₹629.33 crores in 2025. Correspondingly, the operating profit margin expanded from 13.49% in 2019 to an impressive 28.69% in 2025, reflecting enhanced operational efficiency and cost management. Profit after tax (PAT) also followed a strong upward trend, climbing from ₹105.17 crores in 2019 to ₹539.65 crores in 2025, with the PAT margin increasing from 13.08% to 24.6% over the same period.

Cost Structure and Expenditure

The company’s total expenditure excluding depreciation rose in line with revenue growth, from ₹695.41 crores in 2019 to ₹1,563.97 crores in 2025. Notably, employee costs increased steadily from ₹66.79 crores in 2019 to ₹323.48 crores in 2025, reflecting workforce expansion or wage inflation. Manufacturing expenses also rose significantly, reaching ₹986.02 crores in 2025 from ₹538.11 crores in 2019. Despite rising costs, the company managed to improve profitability, indicating effective cost control and scaling benefits.

Interest expenses remained relatively low, though they increased to ₹27.78 crores in 2025 from ₹10.25 crores in 2019, coinciding with the company’s introduction of unsecured long-term borrowings amounting to ₹179.61 crores in 2025. Depreciation expenses also increased, consistent with the company’s expanding asset base.

Balance Sheet and Asset Growth

BLS Internat.’s total assets have expanded substantially, from ₹463.73 crores in 2020 to ₹2,795.11 crores in 2025. This growth is underpinned by a significant increase in gross block assets, which rose from ₹88.09 crores in 2020 to ₹1,363.11 crores in 2025, indicating considerable capital expenditure and asset acquisition. Net block assets similarly increased, reflecting ongoing investment in fixed assets.

Shareholders’ funds have more than tripled from ₹428.46 crores in 2020 to ₹1,730.83 crores in 2025, supported by rising reserves and retained earnings. The book value per share has also improved markedly, from ₹5.23 in 2020 to ₹42.04 in 2025, signalling enhanced shareholder value. Minority interest has grown as well, reaching ₹287.95 crores in 2025, which may reflect consolidation of subsidiaries or joint ventures.

Cash Flow and Liquidity

Operating cash flow has shown strong improvement, with cash flow from operating activities increasing from ₹115 crores in 2020 to ₹828 crores in 2025. However, cash flow from investing activities has been consistently negative, reflecting ongoing capital investments, with a significant outflow of ₹1,118 crores in 2025. Financing activities have contributed positively in recent years, with ₹158 crores inflow in 2025, likely linked to new borrowings.

Despite these outflows, the company maintained a healthy cash and bank balance of ₹740.77 crores in 2025, though this was lower than the previous year’s ₹962.13 crores, indicating some utilisation of cash reserves. The net cash inflow/outflow was negative ₹131 crores in 2025, a reversal from positive inflows in prior years, but the overall liquidity position remains strong.

Summary and Outlook

In summary, BLS Internat. has exhibited strong historical performance characterised by rapid revenue growth, expanding profitability, and a solidifying balance sheet. The company’s operating and net profit margins have improved significantly, reflecting operational efficiencies and effective cost management. Its asset base and shareholder equity have grown substantially, supported by strategic capital investments and retained earnings.

While the company has increased its debt levels recently, the interest burden remains manageable relative to earnings. Cash flow from operations is robust, though capital expenditure continues to absorb significant funds. The improving book value per share and earnings per share underscore the company’s value creation for shareholders over the years.

Investors analysing BLS Internat.’s historical performance can note a consistent upward trajectory in key financial metrics, positioning the company well for sustained growth, provided it continues to manage costs and capital allocation prudently.

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