---
title: "Bell Ceramics Ltd(merged) (BELLCERATL) — Share Price, Financials & Analysis"
symbol: "BELLCERATL"
company: "Bell Ceramics Ltd(merged)"
canonical: "https://tapetide.com/stocks/BELLCERATL"
generated_at: "2026-10-13T11:01:10.913Z"
---

# Bell Ceramics Ltd(merged) (BELLCERATL)

Canonical page: https://tapetide.com/stocks/BELLCERATL

## Company

- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** bellceramic.com

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.17 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -26.1% over last 3 years.
- Earnings include an other income of Rs.5.89 Cr.
- Debtor days have increased from 28.9 to 35.7 days.

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | — | -3% |
| revenue growth | -45% | -15% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 8.63 | 7.18 | 6.86 | 5.84 | 6.84 | 6.29 | 4.7 | 8.17 | 7.77 | 2.65 | 4.86 | 3.49 |
| Expenses | 5.97 | 7.51 | 7.71 | 6.57 | 4.97 | 5.75 | 4.86 | 4.76 | 7.15 | 5.89 | 4.33 | 4.15 |
| Operating Profit | 2.66 | -0.33 | -0.85 | -0.73 | 1.87 | 0.54 | -0.16 | 3.41 | 0.62 | -3.24 | 0.53 | -0.66 |
| OPM % | 30.82 | -4.6 | -12.39 | -12.5 | 27.34 | 8.59 | -3.4 | 41.74 | 7.98 | -122.26 | 10.91 | -18.91 |
| Other Income | 0.28 | 0.3 | 0.31 | 19.66 | -3.77 | 4.43 | 1.6 | 3.71 | -2.32 | 6.56 | 0.55 | 1 |
| Interest | 3.98 | 4.53 | 4.62 | 1.3 | 0.02 | 0.02 | 0.11 | 0.1 | 0.07 | 0.05 | 0 | 0.02 |
| Depreciation | 1.76 | 1.79 | 1.8 | 1.8 | 2.14 | 0.12 | 0.13 | 0.13 | 0.12 | 0.1 | 0.14 | 0.12 |
| Profit before tax | -2.8 | -6.35 | -6.96 | 15.83 | -4.06 | 4.83 | 1.2 | 6.89 | -1.89 | 3.17 | 0.94 | 0.2 |
| Tax % | 3.21 | -7.56 | -6.75 | -187.18 | 2.22 | 21.12 | 34.17 | 42.96 | -115.87 | 21.45 | 89.36 | 20 |
| Net Profit | -2.9 | -5.86 | -6.5 | 45.45 | -4.14 | 3.82 | 0.8 | 3.93 | 0.3 | 2.49 | 0.1 | 0.16 |
| EPS in Rs | -0.02 | -0.05 | -0.05 | 0.69 | -0.06 | 0.06 | 0.01 | 0.07 | 0.01 | 0.07 | 0 | 0.01 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Dec 2010 9m |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 158 | 169 | 161 | 189 | 153 | 104 |
| Expenses | 135 | 154 | 158 | 167 | 141 | 99 |
| Operating Profit | 23 | 15 | 3 | 22 | 13 | 4 |
| OPM % | 14 | 9 | 2 | 12 | 8 | 4.1 |
| Other Income | 2 | 2 | -2 | 2 | 2 | 6 |
| Interest | 11 | 12 | 13 | 12 | 11 | 12 |
| Depreciation | 11 | 11 | 11 | 11 | 11 | 8 |
| Profit before tax | 3 | -7 | -23 | 1 | -7 | -11 |
| Tax % | 66 | 2 | -4 | 54 | -14 | -25 |
| Net Profit | 1 | -7 | -22 | 0 | -6 | -8 |
| EPS in Rs | — | — | — | — | — | -6.52 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Dec 2010 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 22 | 22 | 22 | 22 | 22 | 12 |
| Reserves | 25 | 18 | -4 | -4 | -10 | 73 |
| Borrowings | 108 | 108 | 110 | 107 | 106 | 93 |
| Other Liabilities | 52 | 54 | 50 | 49 | 40 | 41 |
| Total Liabilities | 206 | 201 | 177 | 174 | 157 | 218 |
| Fixed Assets | 143 | 137 | 126 | 119 | 108 | 166 |
| CWIP | 1 | 0 | 0 | 0 | 0 | 0 |
| Investments | 4 | 4 | 0 | 0 | 0 | 0 |
| Other Assets | 58 | 59 | 51 | 55 | 49 | 52 |
| Total Assets | 206 | 201 | 177 | 174 | 157 | 218 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Dec 2010 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 24 | 18 | 9 | 15 | 18 | 7 |
| Cash from Investing Activity | -15 | -5 | -2 | -3 | 0 | 0 |
| Cash from Financing Activity | -13 | -11 | -11 | -10 | -15 | -8 |
| Net Cash Flow | -5 | 2 | -4 | 2 | 3 | -1 |
| Free Cash Flow | 9 | 13 | 7 | 12 | 18 | 7 |
| CFO/OP | 103 | 128 | 298 | 72 | 149 | 169 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Dec 2010 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 21 | 21 | 27 | 24 | 30 | 36 |
| Inventory Days | 317 | 267 | 174 | 256 | 211 | 371 |
| Days Payable | 245 | 213 | 171 | 213 | 185 | 297 |
| Cash Conversion Cycle | 94 | 75 | 30 | 66 | 56 | 110 |
| Working Capital Days | 16 | 12 | 0 | 10 | 16 | 19 |
| ROCE % | — | 4 | -4 | 10 | 3 | 1 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.91% | 62.91% | 60.71% | 60.71% | 0.01% | 0.01% | 0.01% | 94.97% | 93.79% | 74.96% |
| FIIs | 0.26% | 0.01% | 0.01% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 1.27% | 0.2% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 35.56% | 36.87% | 39.27% | 39.28% | 99.99% | 99.99% | 99.99% | 5.04% | 6.22% | 25.04% |
| No. of Shareholders | 35737 | 47380 | 45366 | 45310 | 80058 | 136128 | 128111 | 58064 | 52854 | 50248 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 0.01% | 0.01% | 0.01% | 0.01% | 94.97% | 94.97% | 93.79% | 93.79% | 93.79% | 89.98% | 89.98% | 74.96% |
| Public | 99.99% | 99.99% | 99.99% | 100% | 5.04% | 5.04% | 6.22% | 6.22% | 6.22% | 10.02% | 10.02% | 25.04% |
| No. of Shareholders | 128111 | 125981 | 125070 | 126183 | 58064 | 55551 | 53701 | 53245 | 52854 | 51663 | 50847 | 50248 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 9.59 | Sell |
| EMA (10) | 9.5 | Sell |
| SMA (20) | 10 | Sell |
| EMA (20) | 9.88 | Sell |
| SMA (50) | 10.73 | Sell |
| EMA (50) | 10.64 | Sell |
| SMA (100) | 11.68 | Sell |
| EMA (100) | 11.59 | Sell |
| SMA (200) | 13.52 | Sell |
| EMA (200) | 12.61 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 32.11 | Neutral |
| MACD (12,26,9) | -0.47 | Sell |
| Stochastic (14,3,3) | 4.55 | Buy |
| ADX (14) | 29.53 | Buy |
| Williams %R (14) | -98.82 | Buy |
| ATR (14) | 0.75 | High Volatility |
| ROC (12) | -9.35 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 31.14 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-21 | [Board Meeting Outcome for Outcome Of Board Meeting Held On February 21, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/052cf089-73d5-4e7a-8fc5-d8bfcbb92e9c.pdf) |
| 2026-02-07 | [Clarification On Price Movement In Equity Shares Of Ujaas Energy Limited.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a13ed462-696f-48bd-824f-4f2a58b94f90.pdf) |
| 2026-02-02 | [Announcement under Regulation 30 (LODR)-Demise](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f73dc447-3747-4d87-a44a-1ecb5cc4ff3e.pdf) |
| 2026-01-22 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/aa13bfcf-d40d-4246-92f9-6fb98c7f3664.pdf) |
| 2026-01-20 | [Financial Results For The Quarter And Nine Months Ended On December 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e230d456-4905-44d4-8156-99e3c6aceda7.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/60b1a27e-e8fe-4a01-9336-06e9c71cf4f4.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8e1751ce-aaa4-4f4c-895b-60882608cedb.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/982b340c-7bb0-4ff1-9805-be72156a73db.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/533644/76603533644.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/533644/71956533644.pdf) |
| 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/533644/68144533644.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/533644/5336440319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/533644/5336440318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/533644/5336440317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/533644/5336440316.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/3a57a589-9f03-41de-b554-10380a59b267.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/e4d23e40-8992-480a-b2d3-74454a2e8117.pdf) |
| Feb 2018 | [Concall - Feb 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/2/b86ff11d-0532-4f8a-a85c-af947087b2bd.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/58a4f455-4aa4-4110-9827-daa71e027242.pdf) |
| Sep 2017 | [Concall - Sep 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/9/eaa25183-b6ba-4356-9fcd-b27dc3e4e4b2.pdf) |
| Aug 2017 | [Concall - Aug 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/8/6d424255-f3dc-4f06-aeeb-0854a07aa622.pdf) |
| Jun 2017 | [Concall - Jun 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/6/851b330c-3a0a-4950-b089-daaa36dee539.pdf) |
| Mar 2017 | [Concall - Mar 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/3/35effb6c-0dcc-4ceb-ab3b-33f35afeacf8.pdf) |
| Feb 2017 | [Concall - Feb 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1FC8969B_B906_45EA_842D_D07FA3DB96AF_172903.pdf) |
| Nov 2016 | [Concall - Nov 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=438F97D0_5E85_4E17_A330_1971868A8DB7_152732.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-03-28 | Credit rating update — CRISIL |
| 2024-01-31 | Credit rating update — CRISIL |
| 2022-11-30 | Credit rating update — CRISIL |
| 2021-09-29 | Credit rating update — CRISIL |
| 2020-10-07 | Credit rating update — CRISIL |
| 2020-09-28 | Credit rating update — CRISIL |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:01:10.913Z.