Financial Performance Q1 FY27

Revenue: ₹45.89 crore, representing 26.8% year-on-year growth compared to Q1 FY26 revenue of ₹36.20 crore.

EBITDA: ₹4.12 crore, showing 35% year-on-year growth from Q1 FY26 EBITDA of ₹3.01 crore.

EBITDA Margin: 9% compared to 8% in Q1 FY26.

Profit After Tax (PAT): ₹2.67 crore, representing 31.9% year-on-year growth from Q1 FY26 PAT of ₹2.02 crore.

Diluted EPS: ₹2.02 compared to ₹1.53 in the corresponding previous year.

Company Background and Business Model

Bansal Roofing Products Limited (BRPL) is an integrated metal building solution company engaged in design, engineering, manufacturing, supply and installation of pre-engineered buildings (PEB) along with roofing and cladding systems and various allied building components including solar structures.

Business Evolution:

  • Incorporated in 2008
  • Commenced commercial production of roofing sheets and accessories in 2011
  • Completed IPO and listed on BSE SME platform in 2014
  • Commenced commercial production of PEB in 2016
  • Migrated from SME platform to main board of BSE in 2021

Current Product Portfolio: Color-coated roofing sheets, accessories, decking sheets, purlins, insulated panels, polycarbonate sheets, louvers, and ground-mounted solar structures.

Manufacturing Infrastructure and Capacity

Primary Facility: Unit 2 located in Pratap Nagar, Savli, Vadodara, Gujarat with built-up area of approximately 3 lakh square feet spread across 7 acres.

Production Capacity and Utilization (Previous Financial Year):

  • Roofing Sheet: Capacity 10,000 MT per annum, Production 5,072 MT (50.72% utilization)
  • Decking Sheet: Capacity 6,000 MT per annum, Production 552 MT (9.2% utilization)
  • Purlin: Capacity 1,500 MT per annum, Production 1,278 MT (85.20% utilization)
  • PEB Structure: Capacity 9,600 MT per annum, Production 7,773 MT (80.86% utilization)

Post-Expansion Capacity:

  • Roofing Sheet: Increased from 10,000 to 15,000 MT per annum
  • Purlin: Increased from 1,500 to 3,600 MT per annum
  • PEB Structure: Increased from 9,600 to 15,000 MT per annum

Current Expansion Initiatives

Phase 5 and Phase 6 Expansion: Both phases under construction and expected to be completed by mid-September 2026. Phase 6 is expected to contribute approximately 200 metric tons per month of additional light fabrication PEB capacity.

Q1 FY27 Machinery Capex: Approximately ₹5 crores invested in new machinery including:

  • CNC Drone Forming Machine
  • CNC Plasma Cutting Machine
  • Roofing Sheet Drone Forming Machine
  • Overhead Cranes and Mobile Cranes

New Business Segment: Solar Module Mounting Structures

Entry into Solar MMS: Formal entry into Solar Module Mounting Structure manufacturing with advanced high-speed roll-forming machinery installed and operational during Q2 FY27.

Machinery Added: High-speed C&U Purlin roll-forming machine and high-speed HAT roll-forming machines specifically for solar MMS production.

Capacity Potential: 25,000 tons per month production capacity

Revenue Potential: Approximately ₹20 crore per month (calculated at ₹80 per kg)

Margin Profile: Gross margin 4-5%, Net margin 2.5-3%

Operational Updates

Production Model: Currently operates on partial two-shift production model (8-12 hours) with potential to extend to 16 hours.

Solar Power Capacity: Added 100 kW of rooftop solar capacity in Q1 FY27, taking total installed rooftop capacity to approximately 300 kW. Currently meeting approximately 45% of electricity consumption through solar power.

Employee Strength: Total 300 employees (100 full-time, 200 contract)

Financial Evolution

Historical Growth (5-year CAGR):

  • Revenue: Approximately 30%
  • EBITDA: Approximately 36%
  • PAT: Approximately 36%

Revenue Growth: From ₹41.7 crore in FY2021 to ₹154.3 crore in FY2025-26

PAT Growth: From ₹2.2 crore in FY2021 to ₹10.4 crore in FY2025-26

Current Financial Position

Debt Level: Approximately ₹6 crore as of June 30, 2026

Return Metrics: ROE of 24% and ROCE of 35%

Receivable Days: Historically less than two weeks, but expected to increase to 30-45 days with solar business

Order Book and Projections

Current Order Book: Approximately 2 months of orders in hand

FY27 Revenue Target: ₹180-200 crore (25.32% growth projection)

Average Order Size: ₹3-5 crore, with capability to handle larger orders (recent ₹24 crore single order)

Growth Strategy and Priorities

1. Capacity Utilization: Aggressively increase throughput across existing manufacturing infrastructure

2. Execution Capability: Focus on faster execution while maintaining safety as top priority

3. In-house Value Addition: Increase proportion of manufacturing process happening internally

4. Product Basket Expansion: Extend capabilities into adjacent opportunities using existing manufacturing expertise

5. Financial Discipline: Monitor margins, working capital, capital utilization, and balance sheet carefully

Management Commentary

The management emphasized that the solar business revenue potential has not been fully considered in current conservative projections of 25.32% growth. The company has no immediate requirement for external funding for current expansion phases, but may require term loans for future projects like sandwich panel manufacturing. The three lakh square foot facility acquired in 2020 is now fully packed with current expansion phases.