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BEW Engineering Ltd

BEWLTD·NSE
72.90+18.83%Wed, 23 Sept '26

BEW Engineering Ltd

BEWLTD
NSE
72.90
+18.83%
|Wed, 23 Sept '26
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
95Cr
Close
Close Price
72.90
Industry
Industry
Engineering - Light - General
PE
Price To Earnings
25.14
PS
Price To Sales
0.51
Revenue
Revenue
186Cr
Rev Gr TTM
Revenue Growth TTM
38.09%
PAT Gr TTM
PAT Growth TTM
-68.85%

Quarterly Results

Standalone
Numbers
Percentage
QuarterSep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Revenue
RevenueCr
194146534858665551838798
Growth YoY
Revenue Growth YoY%
150.929.52.69.437.5-4.7-22.150.870.518.2
Expenses
ExpensesCr
1635414740515739417375101
Operating Profit
Operating ProfitCr
265677816111012-2
OPM
OPM%
11.313.710.711.315.612.212.528.520.711.813.4-2.1
Other Income
Other IncomeCr
000101000000
Interest Expense
Interest ExpenseCr
222222233231
Depreciation
DepreciationCr
000000001111
PBT
PBTCr
143555613999-3
Tax
TaxCr
01111123222-1
PAT
PATCr
02244449666-2
Growth YoY
PAT Growth YoY%
1,187.565.877.21.114.5155.644.0-34.63.5-139.8
NPM
NPM%
0.95.34.46.87.76.36.417.011.87.47.2-2.5
EPS
EPS
0.00.010.614.114.114.214.332.218.44.74.8-1.9
QuarterSep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Revenue
RevenueCr
194146534858665551838798
Growth YoY
Revenue Growth YoY%
150.929.52.69.437.5-4.7-22.150.870.518.2
Expenses
ExpensesCr
1635414740515739417375101
Operating Profit
Operating ProfitCr
265677816111012-2
OPM
OPM%
11.313.710.711.315.612.212.528.520.711.813.4-2.1
Other Income
Other IncomeCr
000101000000
Interest Expense
Interest ExpenseCr
222222233231
Depreciation
DepreciationCr
000000001111
PBT
PBTCr
143555613999-3
Tax
TaxCr
01111123222-1
PAT
PATCr
02244449666-2
Growth YoY
PAT Growth YoY%
1,187.565.877.21.114.5155.644.0-34.63.5-139.8
NPM
NPM%
0.95.34.46.87.76.36.417.011.87.47.2-2.5
EPS
EPS
0.00.010.614.114.114.214.332.218.44.74.8-1.9

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
4451595999106121134186
Growth
Revenue Growth%
16.517.00.167.36.214.311.338.1
Expenses
ExpensesCr
40465551889197114176
Operating Profit
Operating ProfitCr
45481115242010
OPM
OPM%
8.09.27.413.811.013.819.815.25.2
Other Income
Other IncomeCr
001011010
Interest Expense
Interest ExpenseCr
233335544
Depreciation
DepreciationCr
111111111
PBT
PBTCr
111481018165
Tax
TaxCr
000222541
PAT
PATCr
11126714124
Growth
PAT Growth%
2.9-6.7257.2139.729.985.1-10.4-68.9
NPM
NPM%
1.61.41.14.05.76.911.29.12.0
EPS
EPS
5.14.82.115.621.928.446.69.32.9
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
4451595999106121134186
Growth
Revenue Growth%
16.517.00.167.36.214.311.338.1
Expenses
ExpensesCr
40465551889197114176
Operating Profit
Operating ProfitCr
45481115242010
OPM
OPM%
8.09.27.413.811.013.819.815.25.2
Other Income
Other IncomeCr
001011010
Interest Expense
Interest ExpenseCr
233335544
Depreciation
DepreciationCr
111111111
PBT
PBTCr
111481018165
Tax
TaxCr
000222541
PAT
PATCr
11126714124
Growth
PAT Growth%
2.9-6.7257.2139.729.985.1-10.4-68.9
NPM
NPM%
1.61.41.14.05.76.911.29.12.0
EPS
EPS
5.14.82.115.621.928.446.69.32.9

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
11123331313
Reserves
ReservesCr
3448172464121128
Current Liabilities
Current LiabilitiesCr
1929405568908168118
Non Current Liabilities
Non Current LiabilitiesCr
121715861214139
Total Liabilities
Total LiabilitiesCr
3551607394129166220269
Current Assets
Current AssetsCr
2339495980115133169202
Non Current Assets
Non Current AssetsCr
121212131414325067
Total Assets
Total AssetsCr
3551607394129166220269
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
11123331313
Reserves
ReservesCr
3448172464121128
Current Liabilities
Current LiabilitiesCr
1929405568908168118
Non Current Liabilities
Non Current LiabilitiesCr
121715861214139
Total Liabilities
Total LiabilitiesCr
3551607394129166220269
Current Assets
Current AssetsCr
2339495980115133169202
Non Current Assets
Non Current AssetsCr
121212131414325067
Total Assets
Total AssetsCr
3551607394129166220269

Cash Flow

Standalone
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
2-42820-8-3128
Investing Cash Flow
Investing Cash FlowCr
0-100-1-1-19-19-17
Financing Cash Flow
Financing Cash FlowCr
-150-9-122750-8
Net Cash Flow
Net Cash FlowCr
111-100112
Free Cash Flow
Free Cash FlowCr
2-5182-2-22-508
CFO To PAT
CFO To PAT%
360.4-532.4252.6342.036.1-6.5-58.2-257.1730.7
CFO To EBITDA
CFO To EBITDA%
70.5-80.537.898.218.6-3.3-33.0-153.2287.7
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
2-42820-8-3128
Investing Cash Flow
Investing Cash FlowCr
0-100-1-1-19-19-17
Financing Cash Flow
Financing Cash FlowCr
-150-9-122750-8
Net Cash Flow
Net Cash FlowCr
111-100112
Free Cash Flow
Free Cash FlowCr
2-5182-2-22-508
CFO To PAT
CFO To PAT%
360.4-532.4252.6342.036.1-6.5-58.2-257.1730.7
CFO To EBITDA
CFO To EBITDA%
70.5-80.537.898.218.6-3.3-33.0-153.2287.7

Ratios

Standalone
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2061834381928595
Price To Earnings
Price To Earnings
36.625.032.315.822.625.1
Price To Sales
Price To Sales
2.11.73.61.40.50.5
Price To Book
Price To Book
10.76.96.51.40.60.7
EV To EBITDA
EV To EBITDA
21.315.521.012.215.014.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
15.416.915.921.017.020.328.124.712.612.6
OPM
OPM%
8.09.27.413.811.013.819.815.25.25.2
NPM
NPM%
1.61.41.14.05.76.911.29.12.02.0
ROCE
ROCE%
15.414.313.219.424.120.817.610.54.34.3
ROE
ROE%
16.712.911.824.229.227.520.29.12.72.7
ROA
ROA%
2.01.41.13.26.05.78.25.51.41.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2061834381928595
Price To Earnings
Price To Earnings
36.625.032.315.822.625.1
Price To Sales
Price To Sales
2.11.73.61.40.50.5
Price To Book
Price To Book
10.76.96.51.40.60.7
EV To EBITDA
EV To EBITDA
21.315.521.012.215.014.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
15.416.915.921.017.020.328.124.712.612.6
OPM
OPM%
8.09.27.413.811.013.819.815.25.25.2
NPM
NPM%
1.61.41.14.05.76.911.29.12.02.0
ROCE
ROCE%
15.414.313.219.424.120.817.610.54.34.3
ROE
ROE%
16.712.911.824.229.227.520.29.12.72.7
ROA
ROA%
2.01.41.13.26.05.78.25.51.41.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
BEW Engineering is an engineer-led manufacturer of the giant, custom-built machines that pharmaceutical and chemical companies use to filter, mix and dry their most sensitive products - a business that began in a 1974 partnership making simple tanks and evolved, over five decades, into a single-location specialist with a near-40% share of its core Indian market. The company was consolidated under one roof in 2011 and taken fully private by the founding Lade family in 2018, before listing on the NSE in 2021. Its recurring approach is to solve the hardest containment and purity problems its customers face - sterile cleanrooms, corrosive chemicals, potent active ingredients - with ever-larger, more automated equipment that European rivals would charge far more to build and Chinese rivals cannot yet match on trust. # Business segments A single engine - the design and manufacture of process equipment for the pharmaceutical and chemical industries - where every order is a bespoke engineering project built to the customer’s specification. ## 1. Process equipment: the custom-built heart of a pharma or chemical plant **BEW designs and fabricates the large stainless-steel and exotic-alloy vessels that filter, dry and blend high-value powders and compounds, earning revenue project by project from a concentrated base of repeat Indian customers.** - **Nine product families, one core job** - the company makes six types of dryer and three types of filtration system, with dryers alone contributing roughly half of revenue; the flagship product is the Agitated Pressure Nutsche Filter Dryer (ANFD), which combines filtration and drying in a single sealed vessel. - **Built for extreme conditions** - equipment is fabricated from stainless steel, Hastelloy, titanium and duplex steel, with roughly half of all orders using exotic metals, and lined with chemically resistant coatings such as Halar or PFA when the product inside is corrosive. - **Size is a selling point** - the company has manufactured what it describes as the world’s largest ANF with drying option at 32,000 litres, and routinely delivers vessels with capacities up to 35,000 litres, which means a single machine can process tonnes of material per batch. - **Every order is a five-to-six-month project** - because equipment is made to order against a confirmed purchase contract, the company carries a visible order book (₹53 crore as of March 2026) and collects almost the full payment before delivery, which protects it from bad debts but makes margins sensitive to sudden metal-price spikes during execution. - **Repeat customers drive the pipeline** - roughly 40% of revenue comes from buyers who have been with the company for years, including most of India’s large pharma and agrochemical names such as Sun Pharma, Dr. Reddy’s, Cipla, UPL and Aarti Industries. ## 2. Exports: a small but credential-building window to the world **International sales are tiny - under 1% of revenue in FY26 - but serve as a stamp of quality that reinforces the domestic brand and opens doors with global buyers diversifying away from China.** - **ASME and CE stamps unlock foreign buyers** - the company’s Dombivali plant holds American (ASME U & R) and European (CE) pressure-vessel certifications, and it shipped its first CE-marked order in 2015 and its first ASME-marked filter to the USA a decade later. - **Competing on trust, not just price** - in international tenders, BEW positions itself between low-cost Chinese fabricators and high-cost European specialists, benefiting from a post-COVID shift among global pharma and chemical companies that now prefer Indian suppliers as a China-plus-one alternative. - **A thin but wide geographic spread** - equipment has been shipped to Japan, Germany, Israel, the USA, Brazil, Saudi Arabia, Thailand and over a dozen other countries, with overseas sales networks established in Bangladesh, Israel, Russia, the USA and Indonesia since 2016. # Group structure and partners **BEW Engineering is a standalone Indian public company with no subsidiaries, controlled entirely by the founding Lade family and recently strengthened by a ₹55 crore strategic equity raise.** - The company is a single listed entity on the NSE with no subsidiaries, associates or joint ventures, and the Lade family holds full management control. - In FY25, it raised roughly ₹55 crore through a preferential share issue to 11 non-promoter strategic investors, and also issued a 3:1 bonus to existing shareholders. - The Managing Director, Rohan Prakash Lade, is the founder’s son with over two decades of engineering and production experience; the board comprises him and three independent directors. - The company sources labour services from two related entities - the original partnership firm Bifriends Engineering Works and Sterling Fabricating Engineers - where directors and shareholders have an interest.

Documents — BEW Engineering Ltd

  • Q4 FY2026 Earnings Call Transcript (Mar 2026, PDF): https://www.stockscans.in/document/yhscjrf1ueyu6ujphai8sspk.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/f344auccp4eaj86yt2rhgx08.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/5p0w8dsbcoup90yqn5wq3udg.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/u0v8i2odzf1wrrflhdivg4bx.pdf
  • Q4 FY2024 Earnings Call Transcript (Mar 2024, PDF): https://www.stockscans.in/document/b6nyw3opifn36fhrzhsl69tj.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/ttwhsaceakdqt1mf7c8ru2oz.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/pg2f0xogq3uxg8h1ajifugad.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/p18j2fu5ek5fm55p6c2mpra3.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/zjpc700f1t7jo8o3txm7sclx.pdf
  • Q4 FY2024 Quarterly Result (Mar 2024, PDF): https://www.stockscans.in/document/dyr17n18jwyl8mi5yjmhqo7o.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/zry70kc61jd8hn4z63q08am2.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/fspr3waygonqzujm9f8xq9o2.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/pbbx639qlhzny9jgf4yqkk51.pdf
  • Q4 FY2024 Investor Presentation (Mar 2024, PDF): https://www.stockscans.in/document/50fi7705mn5mmg2ovtumdzq0.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/657wu0os9coftyjqf4h2ipch.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/ynhqkoiwhss1fmpb19vl4yx6.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/fumltydvhxsovnv3yebvs757.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/hyngkuh89xgkwa2g7yt21k5f.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/wqoug5gl5yquzddj4mx3qi3s.pdf

Concall Transcript Summaries — BEW Engineering Ltd

  • Q4 FY2026 Concall Transcript Summary (Mar 2026): https://www.stockscans.in/company/NSE%3ABEWLTD/transcript-notes/202603/yhscjrf1ueyu6ujphai8sspk.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3ABEWLTD/transcript-notes/202509/f344auccp4eaj86yt2rhgx08.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3ABEWLTD/transcript-notes/202503/5p0w8dsbcoup90yqn5wq3udg.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3ABEWLTD/transcript-notes/202409/u0v8i2odzf1wrrflhdivg4bx.pdf
  • Q4 FY2024 Concall Transcript Summary (Mar 2024): https://www.stockscans.in/company/NSE%3ABEWLTD/transcript-notes/202403/b6nyw3opifn36fhrzhsl69tj.pdf