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Bengal & Assam Company Ltd

BENGALASM

NSE

₹5,920.00+0.20%19 Oct 2026

Reports

Finance and Investments Others

Bengal & Assam Company Ltd

BENGALASM

NSE

₹5,920.00

+0.20%

19 Oct 2026

SOICxStockScans Reports

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Finance and Investments Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Bengal & Assam Company Limited is fundamentally a holding company - a listed entity that owns controlling stakes in a collection of operating businesses rather than running factories or selling products itself. Incorporated in 1947 as part of the century-old JK Group, it was built to hold and manage strategic equity across industries like tyres, cement and paper, earning its keep almost entirely from the dividends those companies paid out. That pure-holding-company model held for decades, but in the last quarter of FY25 the company added a direct trading arm, buying and selling the very industrial products its group companies make - a shift that turns its deep sector knowledge into a second, transaction-based revenue stream.

Business segments

Two engines at different stages - a decades-old investment portfolio that collects dividends from some of India's largest industrial companies, and a newly launched trading desk that buys and sells the same products those companies manufacture.

1. Strategic investment portfolio: the dividend engine

BACL holds large minority or majority stakes in five major JK Group operating companies, and its income rises and falls with the dividends those companies declare - a structure that makes it a proxy for the industrial businesses it does not run.

A stake, not a factory - the company owns 47.60% of JK Tyre & Industries, 44.35% of JK Lakshmi Cement, 47.00% of JK Paper, 67.56% of JK Agri Genetics, and 55.30% of Umang Dairies, with these holdings accounting for roughly 94% of its total assets. It has no manufacturing operations, no plants, and only five permanent employees across two offices in Kolkata and New Delhi.
Dividends are the paycheck - income is recognised the moment the right to receive a dividend is established, and historically this has been the company's primary revenue source, making its fortunes directly dependent on the cyclical cement, tyre and paper industries its investee companies operate in.
Regulated by the central bank - BACL is registered with the Reserve Bank of India as a Core Investment Company that is Non-Deposit Taking and Systemically Important (CIC-ND-SI), which means it can hold controlling stakes across group companies but cannot take public deposits and must meet RBI norms on capital and leverage.
The portfolio shifts shape - when JK Tyre raised capital through a Qualified Institutional Placement in December 2023, BACL's holding dropped from 52.80% to 49.86%, and JK Tyre ceased to be a subsidiary, becoming an associate instead - a reminder that the portfolio is not static even though the holding-company structure is.

2. Trading operations: the new transaction engine

Launched in the final quarter of FY25, this business buys and sells paper, tyres, cement, textiles and related products directly - turning the company's group-level industry knowledge into a commercial trading desk that generates revenue from transactions rather than dividends.

Bought and sold, not just held - the Board approved the new trading activity on 19 March 2024, and with RBI clearance the company began dealing in paper and paper-related products, tyres and tubes, rubber and polymer products, cement and building materials, and textile and yarn products.
Knowledge as working capital - the trading desk operates in the same sectors where BACL's group companies have decades of manufacturing experience, so the company enters these markets with an insider's understanding of pricing, demand cycles and supplier networks, even though it trades directly rather than through its investee entities.
Services, not just goods - alongside physical product trading, the company also renders services in these product areas, adding a fee-based layer to the transaction business.

Group structure and partners

BACL sits at the top of a multi-layered web of subsidiaries, associates and step-down entities that stretches from Indian manufacturing to international holding companies, with a single promoter entity holding the controlling block of BACL shares.

The promoter anchor - Hari Shankar Singhania Holdings Pvt. Ltd. holds more than 20% of BACL's equity shares, making it the entity with the largest single influence over the holding company.
Associates are the big industrial names - JK Lakshmi Cement (44.35%), JK Paper (47.00%) and JK Tyre & Industries (47.60%) are all associates, alongside a cluster of smaller entities including an insurance broker, an elastomer research institute, and several energy and technology companies.
The dairy business was restructured - a composite Scheme of Arrangement effective 17 June 2025 demerged Umang Dairies' dairy business into Panchmahal Properties Limited (a wholly-owned BACL subsidiary) and amalgamated the residual Umang Dairies business into BACL itself, with Umang Dairies shareholders receiving BACL shares in exchange - a move designed to attract strategic partners for the dairy operation while simplifying the overall holding structure.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹6,751Cr

Close Price

₹5,920.00

Industry

Finance and Investments Others

Price To Earnings

8.85

Price To Sales

2.77

Revenue

₹2,437Cr

Rev Gr TTM

Revenue Growth TTM

12.13%

PAT Gr TTM

PAT Growth TTM

-11.56%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4,377	3,777	523	528	590	489	521	573	642	531	630	633
Growth YoY Revenue Growth YoY%	3.5	-5.4	-87.3	-87.5	-86.5	-87.0	-0.3	8.6	8.9	8.6	20.9	10.4
Expenses ExpensesCr	3,697	3,224	413	445	432	421	428	472	451	494	576	535
Operating Profit Operating ProfitCr	680	553	110	83	157	68	93	101	191	38	54	98
OPM OPM%	15.5	14.6	21.0	15.7	26.7	14.0	17.8	17.6	29.8	7.1	8.6	15.5
Other Income Other IncomeCr	17	18	29	17	24	27	31	27	39	33	20	25
Interest Expense Interest ExpenseCr	119	106	10	10	10	11	13	12	13	11	14	12
Depreciation DepreciationCr	122	114	17	17	17	17	17	16	16	16	17	16
PBT PBTCr	452	3,431	111	73	154	80	93	99	201	33	44	95
Tax TaxCr	146	369	28	21	31	23	26	28	39	7	18	26
PAT PATCr	307	3,062	83	52	123	56	67	72	161	25	26	69
Growth YoY PAT Growth YoY%	46.2	1,027.1	-75.9	-73.7	-59.8	-98.2	-19.3	36.5	30.9	-55.0	-61.7	-3.5
NPM NPM%	7.0	81.1	15.9	9.9	20.9	11.5	12.9	12.5	25.1	4.8	4.1	10.9
EPS EPS₹	283.7	2,622.1	275.6	217.8	111.8	2,622.1	195.7	217.0	191.9	135.0	178.1	163.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4,377	3,777	523	528	590	489	521	573	642	531	630	633
Growth YoY Revenue Growth YoY%	3.5	-5.4	-87.3	-87.5	-86.5	-87.0	-0.3	8.6	8.9	8.6	20.9	10.4
Expenses ExpensesCr	3,697	3,224	413	445	432	421	428	472	451	494	576	535
Operating Profit Operating ProfitCr	680	553	110	83	157	68	93	101	191	38	54	98
OPM OPM%	15.5	14.6	21.0	15.7	26.7	14.0	17.8	17.6	29.8	7.1	8.6	15.5
Other Income Other IncomeCr	17	18	29	17	24	27	31	27	39	33	20	25
Interest Expense Interest ExpenseCr	119	106	10	10	10	11	13	12	13	11	14	12
Depreciation DepreciationCr	122	114	17	17	17	17	17	16	16	16	17	16
PBT PBTCr	452	3,431	111	73	154	80	93	99	201	33	44	95
Tax TaxCr	146	369	28	21	31	23	26	28	39	7	18	26
PAT PATCr	307	3,062	83	52	123	56	67	72	161	25	26	69
Growth YoY PAT Growth YoY%	46.2	1,027.1	-75.9	-73.7	-59.8	-98.2	-19.3	36.5	30.9	-55.0	-61.7	-3.5
NPM NPM%	7.0	81.1	15.9	9.9	20.9	11.5	12.9	12.5	25.1	4.8	4.1	10.9
EPS EPS₹	283.7	2,622.1	275.6	217.8	111.8	2,622.1	195.7	217.0	191.9	135.0	178.1	163.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,372	1,485	1,508	12,505	11,111	10,400	13,576	16,492	12,917	2,128	2,377	2,437
Growth Revenue Growth%	4.8	8.3	1.6	729.2	-11.2	-6.4	30.5	21.5	-21.7	-83.5	11.7	12.1
Expenses ExpensesCr	1,224	1,261	1,354	11,152	9,842	8,930	12,278	14,903	11,044	1,727	1,994	2,056
Operating Profit Operating ProfitCr	148	224	154	1,354	1,269	1,470	1,297	1,589	1,873	401	383	381
OPM OPM%	10.8	15.1	10.2	10.8	11.4	14.1	9.6	9.6	14.5	18.9	16.1	15.6
Other Income Other IncomeCr	33	39	37	86	35	56	55	84	77	99	118	116
Interest Expense Interest ExpenseCr	53	52	42	574	609	504	449	488	364	44	50	50
Depreciation DepreciationCr	37	40	42	367	423	428	428	456	373	68	65	65
PBT PBTCr	90	171	108	409	161	629	479	667	4,109	400	377	372
Tax TaxCr	22	41	31	139	-137	237	165	214	642	101	93	91
PAT PATCr	68	130	77	269	298	392	314	453	3,467	299	284	282
Growth PAT Growth%	14.3	90.2	-40.8	250.2	10.7	31.4	-20.0	44.4	665.7	-91.4	-5.1	-11.6
NPM NPM%	5.0	8.8	5.1	2.1	2.7	3.8	2.3	2.8	26.8	14.1	11.9	11.6
EPS EPS₹	279.0	377.2	230.4	319.2	402.9	450.1	555.7	830.1	3,445.0	642.1	722.0	668.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,372	1,485	1,508	12,505	11,111	10,400	13,576	16,492	12,917	2,128	2,377	2,437
Growth Revenue Growth%	4.8	8.3	1.6	729.2	-11.2	-6.4	30.5	21.5	-21.7	-83.5	11.7	12.1
Expenses ExpensesCr	1,224	1,261	1,354	11,152	9,842	8,930	12,278	14,903	11,044	1,727	1,994	2,056
Operating Profit Operating ProfitCr	148	224	154	1,354	1,269	1,470	1,297	1,589	1,873	401	383	381
OPM OPM%	10.8	15.1	10.2	10.8	11.4	14.1	9.6	9.6	14.5	18.9	16.1	15.6
Other Income Other IncomeCr	33	39	37	86	35	56	55	84	77	99	118	116
Interest Expense Interest ExpenseCr	53	52	42	574	609	504	449	488	364	44	50	50
Depreciation DepreciationCr	37	40	42	367	423	428	428	456	373	68	65	65
PBT PBTCr	90	171	108	409	161	629	479	667	4,109	400	377	372
Tax TaxCr	22	41	31	139	-137	237	165	214	642	101	93	91
PAT PATCr	68	130	77	269	298	392	314	453	3,467	299	284	282
Growth PAT Growth%	14.3	90.2	-40.8	250.2	10.7	31.4	-20.0	44.4	665.7	-91.4	-5.1	-11.6
NPM NPM%	5.0	8.8	5.1	2.1	2.7	3.8	2.3	2.8	26.8	14.1	11.9	11.6
EPS EPS₹	279.0	377.2	230.4	319.2	402.9	450.1	555.7	830.1	3,445.0	642.1	722.0	668.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	11	11	11	11	11	11	11	11
Reserves ReservesCr	1,514	1,813	2,005	2,991	3,363	3,904	4,533	5,502	9,052	9,750	10,676
Current Liabilities Current LiabilitiesCr	319	311	347	4,830	5,143	4,561	5,901	5,587	660	778	941
Non Current Liabilities Non Current LiabilitiesCr	390	385	270	5,175	4,574	4,535	4,298	4,283	570	629	604
Total Liabilities Total LiabilitiesCr	2,294	2,591	2,777	14,282	14,402	14,512	16,333	17,360	10,471	11,368	12,450
Current Assets Current AssetsCr	300	410	347	5,372	5,104	5,041	6,500	6,460	864	961	1,082
Non Current Assets Non Current AssetsCr	1,994	2,181	2,430	8,910	9,298	9,471	9,832	10,900	9,607	10,407	11,368
Total Assets Total AssetsCr	2,294	2,591	2,777	14,282	14,402	14,512	16,333	17,360	10,471	11,368	12,450

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	11	11	11	11	11	11	11	11
Reserves ReservesCr	1,514	1,813	2,005	2,991	3,363	3,904	4,533	5,502	9,052	9,750	10,676
Current Liabilities Current LiabilitiesCr	319	311	347	4,830	5,143	4,561	5,901	5,587	660	778	941
Non Current Liabilities Non Current LiabilitiesCr	390	385	270	5,175	4,574	4,535	4,298	4,283	570	629	604
Total Liabilities Total LiabilitiesCr	2,294	2,591	2,777	14,282	14,402	14,512	16,333	17,360	10,471	11,368	12,450
Current Assets Current AssetsCr	300	410	347	5,372	5,104	5,041	6,500	6,460	864	961	1,082
Non Current Assets Non Current AssetsCr	1,994	2,181	2,430	8,910	9,298	9,471	9,832	10,900	9,607	10,407	11,368
Total Assets Total AssetsCr	2,294	2,591	2,777	14,282	14,402	14,512	16,333	17,360	10,471	11,368	12,450

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	144	113	102	993	1,500	1,780	351	1,437	1,817	294	252
Investing Cash Flow Investing Cash FlowCr	-102	55	-163	-367	-347	-181	-188	-650	-1,260	-286	-202
Financing Cash Flow Financing Cash FlowCr	-37	-172	64	-567	-1,184	-1,567	-144	-778	-590	39	-30
Net Cash Flow Net Cash FlowCr	4	-5	3	59	-30	33	18	9	-33	48	21
Free Cash Flow Free Cash FlowCr	88	70	52	669	1,158	1,582	-5	957	1,246	267	161
CFO To PAT CFO To PAT%	210.5	86.6	132.0	368.7	502.9	454.0	111.8	317.4	52.4	98.4	88.9
CFO To EBITDA CFO To EBITDA%	97.2	50.3	65.8	73.4	118.3	121.1	27.0	90.5	97.0	73.4	65.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	144	113	102	993	1,500	1,780	351	1,437	1,817	294	252
Investing Cash Flow Investing Cash FlowCr	-102	55	-163	-367	-347	-181	-188	-650	-1,260	-286	-202
Financing Cash Flow Financing Cash FlowCr	-37	-172	64	-567	-1,184	-1,567	-144	-778	-590	39	-30
Net Cash Flow Net Cash FlowCr	4	-5	3	59	-30	33	18	9	-33	48	21
Free Cash Flow Free Cash FlowCr	88	70	52	669	1,158	1,582	-5	957	1,246	267	161
CFO To PAT CFO To PAT%	210.5	86.6	132.0	368.7	502.9	454.0	111.8	317.4	52.4	98.4	88.9
CFO To EBITDA CFO To EBITDA%	97.2	50.3	65.8	73.4	118.3	121.1	27.0	90.5	97.0	73.4	65.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	413	1,485	1,823	1,485	1,356	1,552	2,662	4,129	9,655	8,144	6,204	6,751
Price To Earnings Price To Earnings	1.7	4.5	9.1	5.4	3.0	3.0	4.2	4.4	2.5	11.2	7.5	8.8
Price To Sales Price To Sales	0.3	0.9	1.2	0.1	0.1	0.1	0.2	0.3	0.7	3.7	2.5	2.8
Price To Book Price To Book	0.3	0.8	0.9	0.6	0.4	0.4	0.6	0.8	1.1	0.8	0.6	0.6
EV To EBITDA EV To EBITDA	5.2	8.2	13.3	5.7	5.7	4.3	6.0	5.7	5.4	21.5	17.6	19.1
Profitability Ratios Profitability Ratios
GPM GPM%	33.9	36.6	33.4	38.7	40.2	43.7	34.3	36.3	45.3	60.0	60.1	60.1
OPM OPM%	10.8	15.1	10.2	10.8	11.4	14.1	9.6	9.6	14.5	18.9	16.1	15.6
NPM NPM%	5.0	8.8	5.1	2.1	2.7	3.8	2.3	2.8	26.8	14.1	11.9	11.6
ROCE ROCE%	7.6	10.3	6.6	10.4	8.1	12.6	9.2	10.8	47.2	4.3	3.8	3.8
ROE ROE%	4.5	7.1	3.8	9.0	8.8	10.0	6.9	8.2	38.3	3.1	2.7	2.7
ROA ROA%	3.0	5.0	2.8	1.9	2.1	2.7	1.9	2.6	33.1	2.6	2.3	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	413	1,485	1,823	1,485	1,356	1,552	2,662	4,129	9,655	8,144	6,204	6,751
Price To Earnings Price To Earnings	1.7	4.5	9.1	5.4	3.0	3.0	4.2	4.4	2.5	11.2	7.5	8.8
Price To Sales Price To Sales	0.3	0.9	1.2	0.1	0.1	0.1	0.2	0.3	0.7	3.7	2.5	2.8
Price To Book Price To Book	0.3	0.8	0.9	0.6	0.4	0.4	0.6	0.8	1.1	0.8	0.6	0.6
EV To EBITDA EV To EBITDA	5.2	8.2	13.3	5.7	5.7	4.3	6.0	5.7	5.4	21.5	17.6	19.1
Profitability Ratios Profitability Ratios
GPM GPM%	33.9	36.6	33.4	38.7	40.2	43.7	34.3	36.3	45.3	60.0	60.1	60.1
OPM OPM%	10.8	15.1	10.2	10.8	11.4	14.1	9.6	9.6	14.5	18.9	16.1	15.6
NPM NPM%	5.0	8.8	5.1	2.1	2.7	3.8	2.3	2.8	26.8	14.1	11.9	11.6
ROCE ROCE%	7.6	10.3	6.6	10.4	8.1	12.6	9.2	10.8	47.2	4.3	3.8	3.8
ROE ROE%	4.5	7.1	3.8	9.0	8.8	10.0	6.9	8.2	38.3	3.1	2.7	2.7
ROA ROA%	3.0	5.0	2.8	1.9	2.1	2.7	1.9	2.6	33.1	2.6	2.3	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AIIL	BENGALASM	MUFIN	NSIL	ALGOQUANT	GCSL	GRANDOAK
Market CapitalizationMkt CapCr	46,618	6,751	2,813	2,722	2,047	1,832	1,713
Close PriceClose₹	548.95	5,920.00	141.94	5,299.00	72.83	732.75	33.01
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	22.17	8.85	68.24	47.26	44.96	47.46	418.00
Price To SalesPS	16.28	2.77	11.34	27.65	7.91	9.44	6.99
RevenueRevenueCr	2,863	2,437	248	98	259	194	245
Revenue Growth TTMRev Gr TTM%	-34.6%	12.1%	28.3%	-19.8%	15.8%	-19.6%	1,63,186.7%
PAT Growth TTMPAT Gr TTM%	-48.8%	-11.6%	109.4%	35.3%	102.8%	1,039.8%	-95.2%

	AIIL	BENGALASM	MUFIN	NSIL	ALGOQUANT	GCSL	GRANDOAK
Market CapitalizationMkt CapCr	46,618	6,751	2,813	2,722	2,047	1,832	1,713
Close PriceClose₹	548.95	5,920.00	141.94	5,299.00	72.83	732.75	33.01
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	22.17	8.85	68.24	47.26	44.96	47.46	418.00
Price To SalesPS	16.28	2.77	11.34	27.65	7.91	9.44	6.99
RevenueRevenueCr	2,863	2,437	248	98	259	194	245
Revenue Growth TTMRev Gr TTM%	-34.6%	12.1%	28.3%	-19.8%	15.8%	-19.6%	1,63,186.7%
PAT Growth TTMPAT Gr TTM%	-48.8%	-11.6%	109.4%	35.3%	102.8%	1,039.8%	-95.2%

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