Company Overview
BPL Limited, a public listed company incorporated in 1963 and engaged in printed circuit board (PCB) manufacturing, convened its 62nd Annual General Meeting on September 25, 2026, through video conferencing. The meeting addressed the adoption of standalone and consolidated financial statements for FY 2025-26 and the re-appointment of director Mrs. Anju Chandrasekhar.
Financial Performance
Standalone Results: The company reported revenue from operations of ₹7,963.26 lakh with a net loss of ₹828.29 lakh, primarily attributable to a non-cash finance cost of ₹951.58 lakh on intercompany borrowing under Ind AS 109. This compares to a net profit of ₹40.77 lakh in FY25.
Consolidated Results: The Group reported profit before tax of ₹260.19 lakh (significantly higher than FY25's ₹17.09 lakh) with profit after tax of ₹163.61 lakh. Key expenses included employee benefits (₹1,206.67 lakh), finance costs (₹143.77 lakh), and directors' remuneration (₹122.88 lakh).
Operational Highlights: The PCB manufacturing business grew 15.20% YoY, outperforming industry averages, with manufacturing capacity of ~6 lakh square meters and customer base spanning 200+ customers across 7 industrial verticals. However, Q1 FY27 margins compressed to 8% EBITDA due to input cost inflation and geopolitical supply chain pressures.
Legal and Regulatory Disputes
The company faces significant legal challenges including:
- Supreme Court Matter: An unsecured creditor obtained an arbitral award against the company. Following Supreme Court directions, the company paid ₹72 crore in November 2024, with a further ₹96 crore deposit requirement. The Special Leave Petition was dismissed in December 2025, with a review petition pending.
- NCLT Proceeding: The same creditor filed an insolvency application under IBC before NCLT Cochin, which remains pending with company objections filed.
- ARCIL/DRT Matter: ARCIL has lodged a claim based on a corporate guarantee for BPL Display Devices Limited (in liquidation), pending with DRT.
- Multiple tax disputes with estimated liability of ₹653.43 crore.
Corporate Structure and Capital
- Subsidiaries: Bharat Energy Ventures Private Limited (82.46% holding), Ramagundam Power Generation Private Limited (indirect through BEVPL), with Kleer Industries Inc., USA in process of closure.
- Preference Shares: 1,69,58,682 non-convertible preference shares worth ₹1,695.87 crore remain unredeemed since August 2019, with the company evaluating lawful redemption means subject to approvals.
- Borrowings: ₹96 crore borrowed from promoter group company for operational requirements, along with banking facilities from Union Bank of India secured by mortgage of assets.
Corporate Governance and Disclosures
The Board comprises 6 directors with 7 meetings held during FY26. Auditor MKUK & Associates provided qualified opinion on non-redemption of preference shares and emphasis on going concern assessment of BPL Power Projects (AP) Private Limited. The company maintains various board committees and disclosed related party transactions with group entities.
Quantitative Data
PCB production reached 276,835 sqm (FY25: 257,987 sqm) with sales of 286,814 sqm valued at ₹6,186.48 lakh. Foreign exchange outflow on raw materials was ₹3,241.42 lakh, primarily for manufacturing inputs, reflecting increased international procurement costs.