B C C Fuba India Limited is a pioneer in the Indian **Printed Circuit Board (PCB)** industry. Established in **1985** as a joint venture with **Fuba Hans Kolbe & Co. (Germany)** and **DEG**, the company leverages a deep technological foundation with machinery imported from **Germany, Italy, France, the UK, the USA, and China**. Today, the company is a critical player in the "Make in India" electronics ecosystem, specializing in professional-grade PCBs for high-growth sectors. --- ### **Core Product Portfolio & Manufacturing Infrastructure** The company manufactures a diverse range of PCBs tailored to stringent customer specifications, adhering to **DIN**, **US MIL** standards, and **IPC** specifications. * **Product Range:** * **Single-sided PCBs** * **Double-sided PCBs** * **Multilayer PCBs (up to 8 layers)** * **Operational Base:** * **Manufacturing Plant:** Located in Nalagarh, District Solan, **Himachal Pradesh**. * **Corporate Office:** Bahadurshah Zafar Marg, **New Delhi**. * **Quality Benchmarks:** The company is **UL approved** (Underwriters Laboratories, USA) and holds the **IATF 16949:2016** certification, essential for automotive and industrial supply chains. --- ### **Strategic Expansion & The "E-Mobility" Pivot** The company is currently executing a "massive expansion drive" to capitalize on the Indian PCB market, which is projected to reach **₹24.7 billion by 2033**. * **Capacity Doubling:** Current initiatives involve enlarging the working area to **double the factory's operational space**, with a long-term goal of **doubling total production capacity** through plant renovation and new machinery installation. * **Sector Focus:** While serving **5G infrastructure**, **Telecom**, and **Consumer Electronics**, the primary strategic focus has shifted to **E-mobility (EVs)**. * **Market Leadership Target:** The company is already a regular supplier to many of India’s **major Electric Vehicle (EV) manufacturers** and aims to become a market leader in this segment by **2030**, supported by the **Production Linked Incentive (PLI)** and **SPECS** schemes. --- ### **Financial Performance & Revenue Streams** B C C Fuba generates **100% of its revenue** from the sale of PCBs within the Indian domestic market. | Particulars (INR in '00) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue from Contracts** | **47,00,429.20** | **32,21,300.42** | **28,65,199.16** | | **Revenue Growth (YoY)** | **45.89%** | **12.60%** | — | | **Net Profit (PAT)** | **3,73,819.65** | **3,75,621.32** | **2,30,116.11** | | **Earnings Per Share (EPS)** | **INR 2.41** | **INR 2.48** | **INR 1.47** | *Note: The marginal decline in PAT/EPS in FY25 was due to the reduction of a **Deferred Tax Asset** rather than operational performance. **EBIT** for FY25 rose **44.99%** to **INR 5,94,22,536**.* --- ### **Capital Infusion & Inorganic Growth Strategy** To fund its aggressive growth, the company has moved toward significant capital raising and technological diversification. * **Rights Issue (March 2026):** The Board approved an issue of up to **4,593,015 partly paid-up Equity Shares** at **₹75 per share** (including a **₹65 premium**), seeking to aggregate **₹34.45 crore**. * **Equity Structure:** Post-issue, total fully paid-up equity shares will increase from **1,53,10,050** to **1,99,03,065**. * **Acquisition of IOGEMS Technologies (ITPL):** * Acquired a **51% majority stake** in **ITPL** on **January 23, 2026**. * Invested **₹45.90 lakh** in a February 2026 rights issue to maintain the **51%** holding. * Allotted **Optionally Convertible Debentures (OCDs)** of **₹8.00 crore** in **ITPL** in **April 2026** to fund the subsidiary's operations. --- ### **Capital Structure & Liquidity Management** Operations are supported by a mix of equity, bank facilities, and inter-corporate loans. * **Banking Facilities:** Secured through the State Bank of India via **term loans** and **Cash Credit facilities**. * **GECL 1.0:** 60-month tenure (24-month moratorium). * **Working Capital Loans:** 48-month tenure (12-month moratorium). * **Interest Rates:** Bank loans are secured at approximately **8.50% P.A.**, while **Inter-Corporate Loans** range between **6.0% and 7.5% P.A.** * **Credit Policy:** Offers a non-interest-bearing credit period of **60 to 90 days**. * **Shareholding:** **89.29%** of the company’s shares are held in **dematerialized form**. --- ### **Risk Factors & Mitigation Challenges** Investors should note several operational and financial headwinds: * **Supply & Technology Gaps:** High reliance on **imported copper laminates** and a lack of advanced **High-Density Interconnect (HDI)** or flexible circuit capabilities. * **Legal & Recovery Risks:** The company is litigating significant outstanding receivables: * **INR 6,876.16 (in Lakhs)** from **PCB Delhi** (fully provided for). * **INR 4,742.83 (in Lakhs)** from **Rehaan International** (dishonored cheques). * **Promoter Encumbrances:** In **December 2023**, **1,000,000 pledged shares** (**6.53%** of total shareholding) belonging to a Director were invoked by **Sony Financial Services**. * **Actuarial Risks:** The **Defined Benefit Plan (Gratuity)** is sensitive to **Interest Rate Risk** (discount rate changes), **Salary Risk**, and **Mortality Risk** (benchmarked against **IALM 2012-14**). * **Operational Vulnerability:** A **fire on May 08, 2022**, previously impacted production, highlighting the need for robust disaster recovery. --- ### **Governance & Regulatory Compliance** The company operates under the **Factories Act, 1948**, and the **Air and Water (Prevention and Control of Pollution) Acts**. * **Board Composition:** As of March 31, 2025, the Board consists of **six members**: * **One Executive Director** * **Five Non-Executive Directors** (including **two Independent Directors** and **three Women Directors**). * **Subsidiaries:** As of March 31, 2025, the company had no subsidiaries, though the **ITPL** acquisition was finalized subsequently in early **2026**.