The Bombay Burmah Trading Corporation Ltd
The Bombay Burmah Trading Corporation Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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31 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 26.2% CAGR over last 5 years
Weaknesses
1- The company has delivered a poor sales growth of 7.84% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Bombay Burmah Trading Corporation (BBTC) is a Wadia Group holding company that indirectly controls a 50.5% majority stake in Britannia Industries. It trades at a PE of 4.4x against an industry PE of ~35x, reflecting a steep holding company discount, while delivering 26.8% CAGR profit growth over five years on modest 7-8% sales growth.
- Trades at a PE of just 4.4x versus the FMCG industry PE of ~35x, implying a significant valuation discount
- Holds a 50.5% majority stake in Britannia Industries (market cap ~₹1.13 lakh crore), providing substantial underlying asset value relative to BBTC's own ₹10,766 crore market cap
- Compounded profit growth of 27% CAGR over 5 years and 31% CAGR over 3 years, demonstrating strong earnings momentum
- Return on equity improved sharply to 19% in the last year and 3-year average, up from negative 5-year average, signaling operational turnaround
- ROCE of ~40% (TTM) indicates efficient capital deployment across the consolidated business
- Low debt-to-equity ratio of 0.22-0.23x suggests a conservatively leveraged balance sheet
- Stock has compounded at 14% CAGR over 10 years despite recent 22% correction in the last year, indicating long-term value creation track record
- Dividend yield of 1.09% provides a small but steady income stream to shareholders
- Poor revenue growth of only 7-8% CAGR over 5 and 10 years, indicating limited top-line expansion in core operations
- Stock has declined 22% over the past 1 year, underperforming broader markets significantly
- 5-year ROE average is negative at -5%, reflecting historical periods of poor profitability before the recent recovery
- Holding company structure means the stock may continue to trade at a persistent discount to its underlying asset value with no clear catalyst for re-rating
- Promoter holding at 75.25% limits free float to ~25%, resulting in lower liquidity and potentially higher volatility
- Core standalone businesses (tea, coffee plantations) are commodity-exposed with cyclical earnings and limited pricing power
- Beta of ~1.5 indicates the stock is significantly more volatile than the broader market, amplifying downside risk in corrections
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Unpaid dividend transfer to IEPF Jun 2
Bombay Burmah will transfer unpaid dividends for FY 2018-19 and corresponding shares to IEPF on September 18, 2026. Shareholders must claim dues by September 4.
- No promoter share encumbrance in FY26 May 28
Promoters confirm no shares were encumbered during FY26, disclosed under Regulation 31(4) of SAST Regulations.
TL;DR: BBTC has had a quiet news cycle with only routine regulatory disclosures. The absence of promoter share encumbrance is a mild governance positive, while the IEPF transfer is standard compliance. No material headwinds or catalysts are visible in recent coverage, leaving the near-term outlook driven by broader sector and subsidiary performance.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,087 | 4,524 | 4,337 | 4,162 | 4,333 | 4,761 | 4,685 | 4,519 | 4,712 | 4,943 | 5,066 | 4,818 | 5,089 |
| Expenses | 3,748 | 3,737 | 3,538 | 3,399 | 3,598 | 4,037 | 3,811 | 3,717 | 3,988 | 4,007 | 4,123 | 3,991 | 4,275 |
| Operating Profit | 339 | 787 | 799 | 763 | 736 | 724 | 873 | 802 | 724 | 936 | 943 | 827 | 814 |
| OPM % | 8% | 17% | 18% | 18% | 17% | 15% | 19% | 18% | 15% | 19% | 19% | 17% | 16% |
| Other Income | 97 | 66 | 269 | 105 | 29 | 187 | 81 | 109 | 74 | 85 | 78 | 174 | 83 |
| Interest | 127 | 155 | 53 | 29 | 31 | 37 | 51 | 39 | 34 | 41 | 39 | 24 | 27 |
| Depreciation | 74 | 75 | 81 | 84 | 77 | 80 | 86 | 84 | 86 | 89 | 88 | 89 | 83 |
| PBT | 235 | 624 | 934 | 756 | 656 | 794 | 818 | 788 | 678 | 891 | 893 | 889 | 787 |
| Tax % | 71% | 34% | 22% | 27% | 28% | 35% | 23% | 26% | 27% | 36% | 27% | 12% | 26% |
| Net Profit | 68 | 412 | 731 | 549 | 472 | 516 | 627 | 585 | 498 | 566 | 655 | 781 | 583 |
| EPS in Rs | -22.38 | 17.49 | 65.46 | 40.73 | 31.86 | 36.22 | 48.58 | 44.24 | 34.5 | 34.64 | 45.34 | 63.63 | 41.3 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,197 | 8,762 | 9,434 | 10,238 | 11,423 | 11,889 | 13,396 | 14,544 | 16,623 | 17,109 | 18,298 | 19,539 | 19,915 |
| Expenses | 7,335 | 7,558 | 8,164 | 8,919 | 9,741 | 10,138 | 11,247 | 12,939 | 14,897 | 14,242 | 15,162 | 16,107 | 16,395 |
| Operating Profit | 861 | 1,204 | 1,270 | 1,319 | 1,683 | 1,751 | 2,150 | 1,605 | 1,726 | 2,867 | 3,136 | 3,432 | 3,520 |
| OPM % | 11% | 14% | 13% | 13% | 15% | 15% | 16% | 11% | 10% | 17% | 17% | 18% | 18% |
| Other Income | 295 | 161 | 186 | 201 | 391 | 440 | 338 | 376 | -781 | 290 | 406 | 409 | 419 |
| Interest | 41 | 44 | 43 | 55 | 60 | 124 | 151 | 252 | 425 | 364 | 159 | 138 | 131 |
| Depreciation | 155 | 126 | 131 | 153 | 172 | 200 | 213 | 215 | 239 | 313 | 326 | 352 | 349 |
| PBT | 961 | 1,195 | 1,282 | 1,312 | 1,841 | 1,868 | 2,124 | 1,514 | 281 | 2,479 | 3,057 | 3,351 | 3,460 |
| Tax % | 28% | 34% | 33% | 41% | 35% | 31% | 40% | 47% | 290% | 32% | 28% | 25% | — |
| Net Profit | 696 | 792 | 858 | 773 | 1,189 | 1,280 | 1,278 | 809 | -534 | 1,689 | 2,199 | 2,499 | 2,584 |
| EPS in Rs | 51.15 | 55.36 | 60.45 | 39.76 | 89 | 85.75 | 52.96 | 9.09 | -240 | 91.24 | 161 | 178 | 185 |
| Div. Payout % | 2% | 2% | 2% | 3% | 1% | 1% | 2% | 13% | 0% | 1% | 11% | 10% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 1,552 | 1,899 | 3,664 | 3,950 | 4,403 | 5,080 | 5,462 | 5,483 | 4,018 | 4,614 | 5,618 | 7,028 |
| Borrowings | 883 | 793 | 1,014 | 1,024 | 956 | 2,045 | 2,670 | 5,880 | 6,542 | 2,161 | 1,574 | 1,590 |
| Other Liabilities | 2,043 | 2,442 | 2,699 | 3,344 | 4,054 | 4,190 | 4,271 | 3,874 | 5,103 | 5,121 | 5,514 | 5,904 |
| Total Liabilities | 4,493 | 5,148 | 7,391 | 8,332 | 9,427 | 11,329 | 12,418 | 15,251 | 15,677 | 11,911 | 12,721 | 14,536 |
| Fixed Assets | 1,878 | 1,989 | 2,217 | 2,373 | 2,717 | 2,889 | 2,802 | 2,763 | 3,638 | 3,751 | 3,880 | 3,814 |
| CWIP | 49 | 91 | 33 | 207 | 108 | 51 | 131 | 561 | 108 | 189 | 90 | 42 |
| Investments | 779 | 1,071 | 2,365 | 2,832 | 3,221 | 4,998 | 4,638 | 3,818 | 4,795 | 4,281 | 5,332 | 6,751 |
| Other Assets | 1,786 | 1,997 | 2,776 | 2,920 | 3,381 | 3,391 | 4,847 | 8,109 | 7,136 | 3,690 | 3,419 | 3,928 |
| Total Assets | 4,493 | 5,148 | 7,391 | 8,332 | 9,427 | 11,329 | 12,418 | 15,251 | 15,677 | 11,911 | 12,721 | 14,536 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 656 | 786 | 411 | 1,213 | 1,104 | 1,409 | 1,692 | 1,447 | 2,475 | 1,935 | 2,239 | 2,419 |
| Investing | -435 | -667 | -357 | -967 | -772 | -1,643 | -393 | -2,993 | -1,819 | 3,912 | -866 | -924 |
| Financing | -59 | -304 | -26 | -221 | -368 | 267 | -866 | 1,494 | -705 | -5,648 | -1,781 | -1,132 |
| Net Cash Flow | 162 | -185 | 27 | 26 | -35 | 33 | 433 | -52 | -50 | 199 | -409 | 363 |
| Free Cash Flow | 694 | 503 | 64 | 796 | 694 | 1,152 | 1,441 | 886 | 1,884 | 1,678 | 1,979 | 2,287 |
| CFO/OP | 112 | 99 | 64 | 130 | 101 | 110 | 115 | 135 | 190 | 97 | 97 | 98 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 10 | 9 | 13 | 15 | 11 | 9 | 10 | 9 | 10 | 10 | 10 |
| Inventory Days | 39 | 39 | 47 | 43 | 48 | 43 | 56 | 59 | 47 | 47 | 44 | 45 |
| Days Payable | 56 | 58 | 50 | 60 | 64 | 56 | 64 | 54 | 55 | 63 | 61 | 63 |
| Cash Conversion Cycle | -8 | -9 | 5 | -4 | -1 | -1 | 1 | 14 | 1 | -6 | -7 | -8 |
| Working Capital Days | -19 | -13 | 21 | 14 | 21 | -11 | -24 | -39 | -56 | -35 | -27 | -30 |
| ROCE % | 28% | 36% | 27% | 21% | 27% | 24% | 24% | 16% | 16% | 28% | 36% | 33% |
Documents
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Company Information
Founded in the year 1863, Bombay Burmah Trading Corporation Limited (BBTCL) is a flagship Company of Wadia Group. Originally BBTCL was formed as a public company to carry out Teak business of William Wallace and was catering to domestic demands. Later in 1913 BBTCL turned to tea plantations by investing in Tea estates in South India. Currently BBTCL has its presence in diversified business of Tea, Coffee, other plantation products, Biscuits, Dairy products, Auto electric and White goods, weighing products, horticulture, Healthcare products, Dental, orthopedic and ophthalmic products. [1]