---
title: "Bhuwalka Steel Industries Ltd (BUWALKASTL) — Share Price, Financials & Analysis"
symbol: "BUWALKASTL"
company: "Bhuwalka Steel Industries Ltd"
canonical: "https://tapetide.com/stocks/BUWALKASTL"
generated_at: "2026-10-13T10:59:36.521Z"
---

# Bhuwalka Steel Industries Ltd (BUWALKASTL)

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

## Company

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

## About

Bhuwalka Steel Industries (BSIL) is one of the largest manufacturers of steel rolled products in south India with plants at Bangalore kanchipuram and Mumbai.

## Latest Price

## Key Insights

### Strengths

- Debtor days have improved from 138 to 107 days.

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -2.61% over past five years.
- Contingent liabilities of Rs.56.4 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 56% | — | — |
| revenue growth | -50% | -15% | -3% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 154.05 | 146.17 | 180.42 | 76.1 | 92.08 | 137.6 | 117.68 | 81.89 | 55.4 | 31.37 | 44.47 |
| Expenses | 144.9 | 141.4 | 176.14 | 74.01 | 105.09 | 134.81 | 115.08 | 83.11 | 73.68 | 37.44 | 48.78 |
| Operating Profit | 9.15 | 4.77 | 4.28 | 2.09 | -13.01 | 2.79 | 2.6 | -1.22 | -18.28 | -6.07 | -4.31 |
| OPM % | 5.94 | 3.26 | 2.37 | 2.75 | -14.13 | 2.03 | 2.21 | -1.49 | -33 | -19.35 | -9.69 |
| Other Income | 2.65 | 0.11 | 0.12 | 0.13 | 0.08 | 0.05 | 13.26 | 0 | 0.09 | 0 | 0 |
| Interest | 7.86 | 4.97 | 5.51 | 4.37 | 7.14 | 4.91 | 7.99 | 5.01 | -17.85 | 0 | 0 |
| Depreciation | 1.53 | 1.33 | 1.53 | 1.43 | 1.61 | 1.32 | 1.33 | 1.34 | 1.23 | 1.31 | 1.31 |
| Profit before tax | 2.41 | -1.42 | -2.64 | -3.58 | -21.68 | -3.39 | 6.54 | -7.57 | -1.57 | -7.38 | -5.62 |
| Tax % | 28.63 | 0 | 1.89 | 0 | -27.49 | 0 | 0 | 0 | -593.63 | 0 | 0 |
| Net Profit | 1.72 | -1.42 | -2.68 | -3.57 | -15.72 | -3.39 | 6.55 | -7.57 | 7.74 | -7.38 | -5.62 |
| EPS in Rs | 1.66 | -1.37 | -2.58 | -3.44 | -15.15 | -3.27 | 6.31 | -7.3 | 7.46 | -7.11 | -5.42 |

### Profit & Loss

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

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Sep 2013 18m | Mar 2014 6m | Mar 2015 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 478 | 516 | 492 | 448 | 528 | 638 | 853 | 168 | 393 | 213 |
| Expenses | 468 | 494 | 485 | 430 | 499 | 612 | 813 | 178 | 406 | 243 |
| Operating Profit | 9 | 23 | 7 | 19 | 28 | 27 | 40 | -10 | -14 | -30 |
| OPM % | 1.9 | 4.4 | 1.4 | 4.2 | 5 | 4.2 | 4.7 | -6 | -3.5 | -14 |
| Other Income | 13 | 0 | 3 | 1 | 1 | 1 | 6 | 0 | 13 | 0 |
| Interest | 11 | 14 | 17 | 14 | 21 | 25 | 37 | 12 | 0 | -13 |
| Depreciation | 3 | 4 | 4 | 3 | 3 | 6 | 8 | 3 | 5 | 5 |
| Profit before tax | 8 | 6 | -12 | 3 | 5 | -3 | 1 | -25 | -6 | -22 |
| Tax % | 5 | 37 | -32 | 33 | 37 | -36 | 60 | -24 | -156 | — |
| Net Profit | 7 | 4 | -8 | 2 | 3 | -2 | 0 | -19 | 3 | -13 |
| EPS in Rs | — | — | — | — | — | -2.13 | 0.48 | -18.59 | 3.21 | -12.37 |
| Dividend Payout % | 22 | 36 | 0 | 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 | Mar 2011 | Mar 2012 | Sep 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 6 | 6 | 6 | 6 | 6 | 12 | 12 | 12 | 12 |
| Reserves | 16 | 20 | 24 | 16 | 19 | 22 | 14 | 15 | -4 | -1 |
| Borrowings | 75 | 88 | 101 | 113 | 129 | 139 | 131 | 215 | 197 | 235 |
| Other Liabilities | 52 | 45 | 48 | 74 | 103 | 91 | 109 | 51 | 80 | 39 |
| Total Liabilities | 147 | 160 | 180 | 210 | 257 | 258 | 266 | 292 | 284 | 285 |
| Fixed Assets | 40 | 43 | 44 | 43 | 41 | 76 | 77 | 68 | 64 | 59 |
| CWIP | 2 | 4 | 16 | 34 | 40 | 5 | 0 | 0 | 0 | 0 |
| Investments | 14 | 4 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 10 |
| Other Assets | 91 | 109 | 106 | 120 | 162 | 163 | 175 | 211 | 206 | 216 |
| Total Assets | 147 | 160 | 180 | 210 | 257 | 258 | 266 | 292 | 284 | 285 |

### Cash Flow

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Sep 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 17 | -9 | 31 | 24 | 2 | 20 | 36 | -64 | 34 | -66 |
| Cash from Investing Activity | -7 | 8 | -27 | -21 | -7 | -4 | -2 | 6 | 0 | 17 |
| Cash from Financing Activity | -11 | 3 | -4 | -1 | 4 | -13 | -34 | 54 | -31 | 43 |
| Net Cash Flow | -2 | 3 | 0 | 2 | 0 | 3 | 0 | -4 | 4 | -6 |
| Free Cash Flow | 11 | -16 | 14 | 3 | -4 | 16 | 34 | -58 | 34 | -66 |
| CFO/OP | 116 | -98 | 143 | 360 | 13 | 71 | 134 | -162 | -335 | 478 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Sep 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 20 | 36 | 13 | 29 | 53 | 13 | 29 | 24 | 170 | 107 |
| Inventory Days | 44 | 37 | 57 | 49 | 73 | 82 | 64 | 62 | 212 | 65 |
| Days Payable | 19 | 18 | 10 | 50 | 80 | 52 | 62 | 17 | 133 | 27 |
| Cash Conversion Cycle | 46 | 55 | 59 | 27 | 46 | 43 | 31 | 68 | 249 | 145 |
| Working Capital Days | 35 | 51 | 44 | 32 | 48 | -19 | -23 | 8 | -21 | 5 |
| ROCE % | — | 12 | 16 | 4 | 12 | 16 | 14 | 17 | — | -8 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Dec 2018 |
| --- | --- | --- | --- |
| Promoters | 70.33% | 68.77% | 68.77% |
| FIIs | 3.21% | 5.05% | 4.63% |
| DIIs | 14.71% | 13.18% | 14.59% |
| Government | 0.01% | 0.01% | 0% |
| Public | 11.74% | 12.99% | 12.01% |
| No. of Shareholders | 251759 | 252697 | 251490 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 70.33% | 70.33% | 70.33% | 70.33% | 70.33% | 63.3% | 63.3% | 68.77% | 68.77% | 68.77% | 68.77% |
| FIIs | 2.3% | 2.35% | 2.43% | 3.21% | 3.65% | 5.72% | 5.91% | 5.05% | 5% | 4.91% | 4.63% |
| DIIs | 14.38% | 14.46% | 14.46% | 14.71% | 14.65% | 19.63% | 16.7% | 13.18% | 13.29% | 14.06% | 14.59% |
| Government | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0% | 0% | 0% |
| Public | 12.98% | 12.84% | 12.77% | 11.74% | 11.36% | 11.35% | 14.09% | 12.99% | 12.94% | 12.26% | 12.01% |
| No. of Shareholders | 271080 | 266035 | 261796 | 251759 | 245323 | 248834 | 255890 | 252697 | 251411 | 252358 | 251490 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 6 / 10

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 4.72 | Buy |
| EMA (10) | 4.79 | Sell |
| SMA (20) | 4.96 | Sell |
| EMA (20) | 4.93 | Sell |
| SMA (50) | 5.43 | Sell |
| EMA (50) | 5.53 | Sell |
| SMA (100) | 6.75 | Sell |
| EMA (100) | 6.48 | Sell |
| SMA (200) | 8.04 | Sell |
| EMA (200) | 7.9 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.38 | Neutral |
| MACD (12,26,9) | -0.22 | Buy |
| Stochastic (14,3,3) | 44.44 | Neutral |
| ADX (14) | 31.37 | Buy |
| Williams %R (14) | -51.43 | Neutral |
| ATR (14) | 0.52 | High Volatility |
| ROC (12) | -8.08 | Sell |
| Stoch RSI (14) | 78.14 | Neutral |
| UO (7,14,28) | 48.39 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2019-02-28 | [Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fd9770c1-507e-4eeb-ad02-fbd1def2d764.pdf) |
| 2019-02-21 | [Record Date for Scheme of Amalgamation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/C1742186_3563_4CAC_989B_5D91802E7FCF_153411.pdf) |
| 2019-02-21 | [Amalgamation Of Vijaya Bank And Dena Bank With Bank Of Baroda- Intimation Of Record Date](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5170e00f-2d97-4ac4-976c-454db1848686.pdf) |
| 2019-02-21 | [Scheme Of Amalgamation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d2fbae54-0a6e-4d6b-92d9-45c881206bc4.pdf) |
| 2019-02-13 | [Loss of Share Certificate / Issue of Duplicate Share Certificate](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2019/2/952D2123_8057_4F21_AEF8_5618F1C57533_182439.pdf) |
| 2015-11-14 | [Financial Results & Limited Review Report for June 30, 2015 (Standalone)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=462A0708_0B7F_416C_B933_F38D3A35C978_161607.pdf) |
| 2015-11-14 | [Financial Results & Limited Review Report for Sept 30, 2015 (Standalone)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9A6F8BB6_41E5_416B_BB58_7A3469C2F9AB_161702.pdf) |
| 2015-11-14 | [Financial Results & Limited Review Report for June 30, 2015 (Standalone)](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/11/462A0708_0B7F_416C_B933_F38D3A35C978_161607.pdf) |
| 2015-11-14 | [Financial Results & Limited Review Report for Sept 30, 2015 (Standalone)](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/11/9A6F8BB6_41E5_416B_BB58_7A3469C2F9AB_161702.pdf) |
| 2015-11-04 | [Shareholding Pattern for September 30, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8706173F_6778_4439_8844_9FC3967BF0C0_104320.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010316.pdf) |
| Mar 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport/513333/5133330315.pdf) |
| Mar 2015 | [Financial Year 2015](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010315.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/513333/5133330314.pdf) |
| Mar 2014 | [Financial Year 2014](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010314.pdf) |
| Sep 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/513333/5133330913.pdf) |
| Mar 2013 | [Financial Year 2013](https://www.bseindia.com/bseplus/AnnualReport/532401/5324010313.pdf) |
| Mar 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/513333/5133330312.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/10/7c057285-f7ca-4922-a544-9e994e08726d.pdf) |
| Jul 2017 | [Concall - Jul 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/7/8125ffe4-d231-46ba-9cd7-f38aaa2b1489.pdf) |
| Jul 2017 | [Concall - Jul 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/7/4ba7355f-36ae-4499-a1ae-e99bc7e5d23a.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2018-10-22 | Credit rating update — India Ratings |
| 2018-09-28 | Credit rating update — ICRA |
| 2018-09-26 | Credit rating update — CARE Ratings |
| 2018-08-06 | Credit rating update — ICRA |
| 2018-01-12 | Credit rating update — CARE Ratings |
| 2017-10-31 | Credit rating update — India Ratings |

---

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 2026-10-13T10:59:36.521Z.