Beezaasan ExplotechShare price, financial results, shareholding and management
- Market cap
- ₹1,171 cr
- Stock P/E
- 87.2peers 12.4
- Book value
- ₹102
- Price to book
- 7.56
- EV / operating profit
- -
- Market cap to sales
- 5.54
- ROCE · FY26
- 12.2%
- ROE · FY26
- 10.7%
- ROE, 3-year average
- 20.0%
- Operating margin · FY26
- 9.8%peers 5.3%
- Sales growth, 3 years
- -2.5%
- Profit growth, 3 years
- 64.8%
- Debt to equity
- 0.24peers 0.34
- Borrowings
- ₹37 cr
- Interest cover
- 11.6×
- Cash from business / op. profit
- 10%
- Debtor days
- 22
- Pledged
- 0.00%
- Promoter holding
- 75.00%
- Change in promoter holding
- +4.32 pts
- Shareholders
- 937
- 52-week high / low
- ₹819 / ₹177
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Beezaasan Explotech share price chart
Close on 6 Nov 2026 · -2.53% on the day · Vol 9,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +0.5%
- 3 months
- +89.9%
- 6 months
- +227.2%
- 1 year
- +220.4%
- Traded a day, 20 days
- ₹1.08 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -2% | -3% |
| 3 years, a year | -3% | +65% |
| Latest half, H2 FY26 | -2% | -8% |
About Beezaasan Explotech: business, products and customers
Beezaasan Explotech makes explosives and detonating cord used to blast rock in mines, quarries and building projects, at its plant in Gujarat. Its shares trade on BSE SME.
Beezaasan Explotech makes cartridge explosives, slurry and emulsion, and detonating fuse, the cord that carries a blast from one charge to the next, at Bhanthala village in Mahisagar district, Gujarat. The main raw material is ammonium nitrate, bought mainly from public sector companies. Making and storing explosives is licensed by PESO, and the licence caps how much the company may produce.
Most sales go through dealers who supply small users near them; the rest go to public sector companies through tenders on the GeM portal, to infrastructure projects and to private companies. In the half year to March 2025, Gujarat gave 46.94% of revenue, Rajasthan 15.66%, Maharashtra 10.95% and Madhya Pradesh 9.02%.
Read more about the business
The promoters' family began trading explosives in Himatnagar in 1976; the company was set up in 2013 and started making slurry explosives in 2018. It has two subsidiaries, Asawara Industries, made wholly owned after FY25, and Beezaasan Defence Industries, and listed on BSE SME in March 2025.
What is new: a cast booster plant, a second detonating fuse plant, about ₹30 cr from the IPO for a third emulsion unit and a detonator plant, plans for bulk explosives, and first export shipments.
From the offer document, the FY25 annual report and the June 2025 investor presentation.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.24.
- The promoters own a large part of the company: 75.00%.
To watch
- The extraordinary general meeting of 13 October 2026 on a proposed preferential issue, whose notice was corrected a second time on 6 October 2026 (Announcements, 22 Sep 2026 and 6 Oct 2026).
- The new detonating fuse plant, which the company said would start after September 2025, and the cast booster plant, with production scheduled for October 2025 (Investor presentation, Jun 2025, p.15; Annual report FY25, p.5).
- About ₹30 cr of IPO money for a third emulsion explosives unit and a detonator plant (Investor presentation, Jun 2025, p.15).
- Exports: the company aimed to supply over 200 metric tons by the year end after first shipments of 30 metric tons (Investor presentation, Jun 2025, p.16).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Beezaasan Explotech revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Beezaasan Explotech half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 101 | 101 | 113.56 | 100.46 | 111.12 |
| Expenses | 95 | 87 | 104.26 | 87.82 | 103.10 |
| Operating profit | 7 | 14 | 9.30 | 12.64 | 8.02 |
| OPM | 6.0% | 14.0% | 8.2% | 12.6% | 7.2% |
| Interest | 2 | 2 | 1.93 | 0.56 | 1.10 |
| Depreciation | 1 | 1 | 1.32 | 1.53 | 1.58 |
| Profit before tax | 4 | 11 | 7.45 | 11.25 | 6.29 |
| Net profit | 3 | 8 | 5.43 | 8.41 | 5.01 |
Beezaasan Explotech profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 36 | 58 | 141 | 228 | 188 | 215 | 211.58 |
| Expenses | 34 | 55 | 135 | 220 | 176 | 191.71 | 190.92 |
| Operating profit | 2 | 3 | 6 | 8 | 12 | 23.29 | 20.66 |
| OPM | 5.0% | 5.0% | 4.1% | 3.4% | 7.0% | 10.8% | 9.8% |
| Other income | 0 | 0 | 1 | 1 | 0 | 1.40 | 1.65 |
| Interest | 1 | 1 | 2 | 3 | 3 | 3.67 | 1.66 |
| Depreciation | 0 | 1 | 1 | 2 | 2 | 2.62 | 3.11 |
| Exceptional and other items | -1 | 1 | · | · | · | · | · |
| Profit before tax | 0 | 2 | 4 | 4 | 7 | 18.40 | 17.54 |
| Tax rate | 94.0% | 50.0% | 25.0% | 25.0% | 28.6% | 24.4% | 23.4% |
| Net profit | 0 | 1 | 3 | 3 | 5 | 13.91 | 13.43 |
| EPS ₹ | 0.02 | 1.75 | 4.06 | 3.98 | 5.38 | 13.42 | 10.13 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY21 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Beezaasan Explotech profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 5.0% | 4.1% | 3.4% | 7.0% | 10.8% | 9.8% |
| Tax rate | 94.0% | 50.0% | 25.0% | 25.0% | 28.6% | 24.4% | 23.4% |
| ROCE | · | 14.3% | 19.7% | 15.1% | 16.9% | 24.1% | 12.2% |
| ROE | · | 18.2% | 31.6% | 23.1% | 26.3% | 23.0% | 10.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Beezaasan Explotech debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Beezaasan Explotech balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 6 | 7 | 7 | 10 | 13 | 15 |
| Reserves | 0 | 1 | 5 | 7 | 14 | 84 | 140 |
| Net worth | 4 | 7 | 12 | 14 | 24 | 97 | 155 |
| Borrowings | 13 | 18 | 24 | 43 | 37 | 25 | 37 |
| Other liabilities | 4 | 3 | 6 | 5 | 10 | 6 | 11 |
| Total liabilities | 21 | 28 | 42 | 62 | 71 | 128 | 203 |
| Fixed assets | 8 | 16 | 19 | 24 | 32 | 37 | 50 |
| Capital work in progress | 5 | 0 | 0 | 3 | 2 | 12 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 53 |
| Other assets | 8 | 12 | 23 | 35 | 37 | 79 | 97 |
Beezaasan Explotech cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 2 | 0 | -1 | 2 | 7 | 6 | 2 |
| Cash from investing | -5 | -3 | -5 | -10 | -9 | -56 | -12 |
| Cash from financing | 4 | 3 | 6 | 14 | -2 | 47 | 10 |
| Net cash flow | 1 | 0 | 0 | 6 | -4 | -3 | 0 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 51 | 36 | 28 | 17 | 13 | 11 | 22 |
| Inventory days | 31 | 49 | 33 | 25 | 48 | 54 | 83 |
| Days payable | 43 | 19 | 13 | 3 | 4 | 1 | 3 |
| Cash conversion cycle | 39 | 66 | 49 | 39 | 58 | 64 | 101 |
| Working capital days | -24 | -2 | 12 | -13 | -2 | 40 | 49 |
Beezaasan Explotech peers and competitors
Listed SME companies in the same industryBy sales, Beezaasan Explotech is number 10 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Nexxus Petro Industries | 45 | 7.5 | 262 | 6 | 4.6% | 0.54 |
| AMBANI ORGOCHEM | 137 | 102.9 | 241 | 1.3 | 5.6% | 1.35 |
| Dhariwalcorp | 240 | 27.9 | 236 | 8.6 | 2.6% | 0.12 |
| Beezaasan Explotech | 1,171 | 87.2 | 212 | 13.4 | 9.8% | 0.24 |
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Sacheerome | 1,030 | 36.8 | 152 | 28 | 24.0% | 0.00 |
| Aureate Tradde | 62 | 12.4 | 150 | 5 | 6.0% | 1.89 |
| Unilex Colours and Chemicals | 42 | 5.1 | 145 | 8.2 | 2.6% | 0.31 |
| Ushanti Colour Chem | 278 | - | 139 | -5 | 0.2% | 1.08 |
| Patel Chem Specialities | 385 | 29.7 | 137 | 13 | 12.0% | 0.15 |
| Median of the 10 others | 105 | 12.4 | 154 | 7.1 | 5.3% | 0.34 |
Beezaasan Explotech shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Beezaasan Explotech shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 70.66% | 70.68% | 75.00% |
| Foreign investors (FIIs) | 6.01% | 2.85% | - |
| Indian institutions (DIIs) | 3.29% | 3.94% | - |
| Number of shareholders | 1,118 | 1,002 | 937 |
Beezaasan Explotech study: the business from its own documents
Read from 3 of the company's own documentsBeezaasan Explotech so far
From the company's own record
- August 2013Company formed
- 31 March 2026Promoters at 75.00%
- 6 Nov 2026Highest close since listing, ₹772.95
Beezaasan Explotech key facts from the filings
Each figure with the document it comes from
- Licensed capacity
- 45,000 MT slurry
- Yearly licence limit for slurry explosives; emulsion is licensed for 11,400 MT and detonating fuse for 5.1 crore metres.Offer document, p.171 and p.202
- Licence used
- 75.05%
- Share of the slurry licence used in FY24; emulsion used 64.00% and detonating fuse 22.76%.Offer document, p.202
- FY25 volumes
- 36,182 MT slurry
- Slurry explosives sold in FY25, with 7,739 MT of emulsion and 345 lakh metres of detonating fuse.Investor presentation, Jun 2025, p.21
- Order book
- ₹84.48 cr
- Orders in hand in June 2025, about two fifths of a year's sales; 71% of it was from retail dealers.Investor presentation, Jun 2025, p.19; our arithmetic
- Top ten customers
- 53.90%
- Share of revenue from the ten largest customers in the half year to September 2024; 56.70% in FY24.Offer document, p.188
Show 5 more facts
- Top ten suppliers
- 80.07%
- Share of purchases from the ten largest suppliers in the half year to September 2024, with no long term agreements.Offer document, p.173
- Government sales
- 9.84%
- Share of revenue from government buyers in the half year to September 2024; the rest came from private buyers.Offer document, p.189
- Home state
- 46.94% Gujarat
- Share of revenue from Gujarat in the half year to March 2025; the plant sits near the Rajasthan and Madhya Pradesh mining belts.Investor presentation, Jun 2025, p.14 and p.20
- Subsidiary bought out
- 51% to 100%
- After FY25 the company bought the remaining 49% of Asawara Industries, making it wholly owned.Annual report FY25, p.5 and p.15
- Expansion from IPO
- ₹30 cr
- Planned spending from the IPO on a third emulsion explosives unit and a detonator plant.Investor presentation, Jun 2025, p.15
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company said it had orders in hand of ₹84.48 cr in June 2025. In its June 2025 presentation it said a new detonating fuse plant would start after September 2025, that cast booster production was scheduled for October 2025, that it planned about ₹30 cr of IPO money for a third emulsion unit and a detonator plant, and that it aimed to export over 200 metric tons by the year end after first shipments of 30 metric tons. Shareholders are to vote on a special resolution for a proposed preferential issue at an extraordinary general meeting on 13 October 2026; on 6 October 2026 the company issued a second corrigendum to the notice with additional disclosures, clarifications and corrections. The terms of the issue are not in the subject lines available.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Beezaasan Explotech earns its money mixing chemicals into explosives and selling them, mostly through dealers, to mines and quarries close to its Gujarat plant.
Its weak spots are thin control over prices, a few large customers and suppliers, and margins that have moved a lot from one period to the next.
WatchCan it set its own prices?Not much. The company keeps prices low enough for its dealers, government orders come through tenders, and its main raw material changes price often.
AverageHow strong is it against rivals?It faces bigger rivals, but explosives need a government licence and the plant is the only large one in its area, which keeps freight costs down.
WatchWho are its customers?Mostly dealers and private buyers, and the ten largest bring in over half of sales.
AverageDoes it need a lot of money?The business holds stocks of raw material and needs new plants to grow, but the IPO money cut its borrowings.
AverageCan it keep finding new work?Explosives are used up in every blast, so customers keep coming back, but orders in hand cover only a few months and there is spare licence for more.
WatchDo good and bad years swing a lot?Yes. Sales fell in one year and margins have jumped and dropped between halves.
Who runs Beezaasan Explotech?
Promoters, directors and officers; tap a name for the background
NRNavneetkumar Radheshyam SomaniPromoter, Chairman and Managing Director
Completed higher secondary education in 1995. A partner in Rajan Enterprise since 2007 and associated with Asawara Earthtech since 2007; a director of the company since September 2014 and Managing Director since May 2024, responsible for logistics and overall operations. Has 17 years in logistics and transport management, including 10 years in this industry. The offer document states that Navneetkumar Radheshyam Somani and Sunilkumar Radheshyam Somani are brothers.
Offer document, p.230, p.232 and p.234SRSunilkumar Radheshyam SomaniPromoter and Whole Time Director
Bachelor of Engineering in Industrial Production from Karnatak University, Dharwad (1995). A partner in Rajan Enterprise since 2007; Whole Time Director since August 2024, overseeing finance matters and the buying of raw materials. Has 17 years of experience, including 10 years in this industry. The offer document states that Sunilkumar Radheshyam Somani is the father of Rajan Sunilkumar Somani.
Offer document, p.230, p.233 and p.234; Annual report FY25, p.15RSRajan Sunilkumar SomaniPromoter and Director
Bachelor of Engineering with Honours in Mechanical Engineering from Anglia Ruskin University (2020) and an MSc in Management from Imperial College London (2021). Joined in July 2022 as plant and production supervisor and became Executive Director in May 2024, responsible for production planning and quality control; the FY25 annual report lists the role as Non-Executive Director.
Offer document, p.231 and p.233; Annual report FY25, p.10MKMukesh Kumar RathiIndependent Director
A Fellow member of the Institute of Chartered Accountants of India, also an associate of the cost accountants' and company secretaries' institutes, and a registered valuer. Proprietor of M Rathi & Co, Chartered Accountants, since August 2011, with 13 years in accounts, finance and tax. Joined the board in September 2024.
Offer document, p.233KBKamleshkumar Bhikhabhai PanchalChief Financial Officer
B.Com from North Gujarat University (1995). Worked as an accountant at R. Satyanarayan & Co and as senior accountant at Rajan Enterprise from 2002 to 2018, then joined the company in November 2018 as finance and accounts head; Chief Financial Officer since July 2024, with 25 years in accountancy.
Offer document, p.244Beezaasan Explotech latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹111 cr (-2%), net profit ₹5 cr (-8%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 70.68% to 75.00%.
Beezaasan Explotech announcements
13 on record, latest first; each opens the filing on the exchange
- AGM/EGMThe Extra-Ordinary General Meeting of the Company was held on Tuesday, 13 October, 2026 at 3.02 PM through video conferencePDF ↗
- Company UpdateWe submit herewith confirmation certificate received from Kfin Technologies Limited, Registrar and Share Transfer Agent (RTA)PDF ↗
- Company UpdateWe are enclosing herewith copies of newspaper advertisement published in Free Press Gujarat (English) and Lokmitra (Gujarati) in connection with second corrigenPDF ↗
- AGM/EGMThe company hereby issues second corrigendum to provide certain additional disclosures, clarifications and corrections in relation to the special resolution perPDF ↗
- Insider Trading / SASTThe Trading window for dealing in securities of the Company for all Designated Persons and their immediate relatives will remain closed from October 1, 2026 tilPDF ↗
- Board MeetingWith reference to our earlier intimation dated 26th September, 2026, we wish to inform you that the Board of Directors of Beezaasan Explotech Limited has considPDF ↗
- Board MeetingBeezaasan Explotech Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/09/2026 ,inter alia, to consider and approvPDF ↗
- AGM/EGMAddendum to the Notice dated September 18, 2026 convening the Extra-Ordinary General Meeting of the company to be held on Tuesday, October 13, 2026PDF ↗
- Company UpdateWe are enclosing herewith copies of newspaper advertisement published in the newspaper namely Free Press Gujarat (English) and Lokmitra(Gujarati)PDF ↗
- AGM/EGMNotice is hereby given that an Extra-Ordinary General Meeting of the members of the company will be held on Tuesday, 13th October, 2026 at 3 PM through video coPDF ↗
- AGM/EGMPursuant to Regulation 44(3) of SEBI LODR Regulation, 2015, please find attached consolidated outcome of voting held through remote e-voting and e-voting duringPDF ↗
- Board MeetingPursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing RegulatiPDF ↗
Beezaasan Explotech annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2025 ↗read
Beezaasan Explotech share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Beezaasan Explotech's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,51,51,774 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Beezaasan Explotech
What does Beezaasan Explotech do?
Beezaasan Explotech makes explosives and detonating cord used to blast rock in mines, quarries and building projects, at its plant in Gujarat. Its shares trade on BSE SME.
What is the share price of Beezaasan Explotech?
₹773 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Beezaasan Explotech?
₹1,171 cr at the close on 6 Nov 2026, on 1,51,51,774 shares.
What is the P/E of Beezaasan Explotech?
87.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Beezaasan Explotech's revenue and profit?
Revenue ₹212 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Beezaasan Explotech?
Navneetkumar Radheshyam Somani, Sunilkumar Radheshyam Somani, Rajan Sunilkumar Somani; promoters held 75.00% at 31 March 2026.
What is Beezaasan Explotech's website?
www.beezaasan.com
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Built from 1 offer document, 1 investor presentation, 1 annual report, 13 exchange announcements, 3 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.