BVG India Limited (BVG India) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
BVG India Limited

BVG India Limited Consolidated Balance Sheet (Rs. in Crores)

Particulars	31-03-2026	31-03-2025
Non-current assets
Plant, property and equipment	285.60	251.57
Capital work in progress	6.65	1.55
Right of use assets	15.61	20.77
Investment property	6.78	6.86
Goodwill	0.01	0.01
Other Intangible assets	3.09	1.98
Investment accounted for using equity method	1.24	0.83
Investment	0.12	0.12
Other financial assets	75.61	41.27
Non Current tax assets	31.30	22.65
Deferred tax assets	13.02	12.17
Other non current assets	52.23	50.84
Current assets
Inventories	41.07	41.74
Investment	-	4.39
Trade receivables	1,269.52	1,033.03
Cash and cash equivalent	238.04	159.67
Bank balances other than above	17.12	10.30
Loans	1.51	1.31
Other current financial assets	548.59	581.00
Other current assets	126.64	82.54
Assets classified as held for sale	7.45	-
Total assets	2,858.38	2,434.18
Equity
Equity share capital	25.71	25.71
Instrument entirely equity in nature	15.52	14.83
Other equity	1,578.59	1,327.19
Non-controlling interest	4.66	1.13
Non-Current liabilities
Borrowing	93.98	75.41
Lease liabilities	12.22	15.90
Provisions	70.17	89.07
Current liabilities
Borrowing	550.08	407.80
Lease liabilities	5.14	6.47
Trade payables – total outstanding dues of micro and small enterprises	29.28	19.16
Trade payables – total outstanding dues other than above	143.93	115.14
Other financial liabilities	241.67	215.74
Other current liabilities	70.48	107.30
Provisions	16.40	12.73
Current tax liabilities	0.54	0.57
Total equity and liabilities	2,858.38	2,434.18

BVG India Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Income
Revenue from Operations	4,128.27	3,301.80
Other Income	10.96	17.74
Total Income	4,139.23	3,319.54
Expenses
Cost of material consumed	707.04	355.34
Changes in inventories of finished goods	7.57	2.90
Employee benefits expense	2,319.91	2,089.65
Finance costs	102.45	91.56
Depreciation & amortization expense	36.55	29.38
Other expenses	561.43	489.76
Total Expenses	3,806.97	3,058.59
Profit before tax	332.26	260.94
Current tax	-60.47	-48.94
Tax relating to earlier years	0.98	3.93
Deferred tax	11.38	6.11
Profit after tax	284.15	222.05
Share of profit after tax if joint venture	0.41	0.32
Discontinued operations
(loss) from discontinued operation	-39.13	-23.24
Tax benefit form above	5.82	8.07
Total profit for the year	251.25	207.21
Other comprehensive income for the year
Items not to be classified to P/L account
Remeasurement of defined benefit plan	25.02	-13.39
Income tax relating to above	-8.74	4.68
Items that will be reclassified to P/L account
Exchange difference in translating the financial statement of foreign operation	0.49	0.03
Income tax relating to above	-	-
Total comprehensive income for the year	268.01	198.53
Earning per share
Basic	21.61	17.13
Diluted	21.36	16.69

BVG India Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	293.13	237.70
Adjustment for -:
Depreciation and amortisation	36.58	29.38
Sale of fixed assets	-0.14	0.03
Provisions for doubtful assets	47.45	30.76
Interest income	-7.59	-6.23
Profit on sale of investment	-0.26	-
Finance costs	102.68	91.56
Other non cash items	-	-0.34
Exchange difference in translating the financial statement of foreign operation	0.50	0.03
Adjustment for change in working capital
Inventories	0.67	-10.31
Trade receivables	-281.79	-125.61
Loans	-0.20	-0.12
Other financial assets	-4.70	-132.32
other assets	-44.26	9.91
Margin money deposit	-10.22	-29.23
Trade payables	38.91	13.97
Other financial liabilities	22.88	30.77
Other current liabilities	-36.82	55.22
Provision	9.79	6.94
Cashflow generated from operations	166.59	202.08
Income tax paid (refund)	-68.18	15.92
Net Cash from/(used in) Operating Activities	98.42	218.00
Cash Flow from Investing Activities
Purchase of fixed assets	-70.02	-43.91
Proceeds from sale for fixed assets	0.20	0.10
(purchase)/sale of investment	4.65	-0.81
(investment in)/maturity of bank deposits	-3.19	-1.80
Interest received	7.37	5.43
Payment for acquisition of non-controlling interest in subsidiary	-	-0.14
Net Cash from / (used in) Investing Activities	-61.00	-41.13
Cash Flow from Financing Activities
Proceeds from long term borrowing	49.88	12.29
Repayment of long term borrowing	-30.94	-41.24
Proceeds from short term borrowing	142.27	52.12
Payment of lease liabilities	-7.00	-5.21
Dividend paid	-16.07	-7.71
Issue of equity shares to non-controlling interest	3.30	0.89
Interest paid	-100.47	-89.88
Net Cash from/(used in) Financing Activities	40.96	-78.75
Net Increase/decrease in Cash & cash equivalents	78.38	98.12
Cash and cash equivalents at the beginning of the year	159.67	61.54
Cash and cash equivalents at the end of the year	238.04	159.67

Summary of the Cash Flow Statement for the years 2026 and 2025:

Cash Flow from Operating Activities

BVG India Limited generated net cash from operating activities of ₹98.42 crore in FY2025-26, compared with ₹218.00 crore in FY2024-25, reflecting a significant decline despite higher profitability. Profit before tax increased to ₹293.13 crore from ₹237.70 crore, supported by strong business performance. Non-cash adjustments such as depreciation (₹36.58 crore), provisions for doubtful assets (₹47.45 crore), and finance costs (₹102.68 crore) contributed positively to operating cash flows. However, the company 's working capital requirements increased substantially during the year. Trade receivables rose sharply, resulting in a cash outflow of ₹281.79 crore, while other assets, financial assets, and margin money deposits also consumed cash. Although trade payables and other financial liabilities provided some support, they were insufficient to offset the large working capital absorption. Consequently, cash generated from operations declined to ₹166.59 crore from ₹202.08 crore. After payment of income taxes amounting to ₹68.18 crore, net operating cash flow stood at ₹98.42 crore, indicating that the growth in earnings was accompanied by a significant increase in funds tied up in receivables and other current assets.

Cash Flow from Investing Activities

Net cash used in investing activities increased to ₹61.00 crore during FY2025-26 compared with ₹41.13 crore in the previous year, reflecting higher capital expenditure and continued investment in business expansion. The company invested ₹70.02 crore in fixed assets, significantly higher than the ₹43.91 crore spent in FY2024-25, indicating ongoing capacity enhancement and infrastructure development. This outflow was partially offset by proceeds from the sale of fixed assets (₹0.20 crore), net sale/redemption of investments (₹4.65 crore), and interest income received (₹7.37 crore). Additional funds were deployed in bank deposits amounting to ₹3.19 crore. Overall, the investing cash flows suggest that the company continued to prioritize long-term growth and operational capability expansion through sustained capital investments.

Cash Flow from Financing Activities

The company reported net cash inflow from financing activities of ₹40.96 crore in FY2025-26, compared with a net outflow of ₹78.75 crore in FY2024-25. Financing inflows were driven by fresh borrowings, including ₹49.88 crore of long-term borrowings and ₹142.27 crore of short-term borrowings. These inflows helped fund capital expenditure and working capital requirements. The company simultaneously repaid ₹30.94 crore of long-term debt, paid lease liabilities of ₹7.00 crore, distributed dividends of ₹16.07 crore, and incurred interest payments of ₹100.47 crore. Equity infusion from non-controlling interests contributed ₹3.30 crore. The positive financing cash flow indicates increased reliance on external funding, particularly short-term borrowings, to support business growth and bridge the cash absorbed in working capital.

Net Increase/decrease in Cash & Cash Equivalents

Despite lower operating cash generation and higher investment spending, BVG India Limited recorded a net increase in cash and cash equivalents of ₹78.38 crore during FY2025-26. This was primarily supported by positive financing inflows that compensated for the reduction in operating cash flows and the higher cash outflows from investing activities. As a result, cash and cash equivalents increased from ₹159.67 crore at the beginning of the year to ₹238.04 crore at the end of the year. The closing cash balance reflects a comfortable liquidity position; however, the sharp increase in receivables and dependence on borrowings to fund growth will remain important areas to monitor in future periods.