Billwin IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹21 cr
- Stock P/E
- 45.4
- Book value
- ₹34.9
- Price to book
- 1.46
- EV / operating profit
- -
- Market cap to sales
- 2.63
- ROCE · FY26
- 5.4%
- ROE · FY26
- 3.3%
- ROE, 3-year average
- 7.6%
- Operating margin · FY26
- 10.8%
- Sales growth, 3 years
- 18.8%
- Profit growth, 3 years
- -14.0%
- Debt to equity
- 0.11
- Borrowings
- ₹1.5 cr
- Interest cover
- 5.5×
- Cash from business / op. profit
- -114%
- Debtor days
- 357
- Pledged
- 0.00%
- Promoter holding
- 40.57%
- Change in promoter holding
- +0.15 pts
- Shareholders
- 252
- 52-week high / low
- ₹55 / ₹16
- 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.
Billwin Industries share price chart
Close on 27 Oct 2026 · -2.00% on the day · Vol 12,000
Daily prices to 27 Oct 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 27 Oct 2026
- 1 month
- +46.9%
- 3 months
- +132.1%
- 6 months
- +82.4%
- 1 year
- +53.8%
- Traded a day, 20 days
- ₹0.09 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +15% | -31% |
| 3 years, a year | +19% | -14% |
| Latest half, H2 FY26 | -5% | -53% |
About Billwin Industries: business, products and customers
Billwin Industries stitches rainwear, life jackets, inflatable boats and other protective gear from coated fabric at a small unit in Mumbai, and sells it in India. Its shares trade on BSE SME.
The company buys coated fabric, then cuts, stitches, finishes, checks and packs it into rain coats and jackets, winter jackets, life jackets, river rafts and inflatable boats, sleeping bags, school bags and rucksacks. All of this is made at one unit of about 5,190 square feet at Vishal Industrial Estate in Bhandup, Mumbai, which is also the registered office. It reports a single business segment and sells only in India; it bought some raw material from abroad in FY26 but had no export sales.
During FY26 the company received the technology transfer of a hydrosuit and a breathing apparatus from the Defence Research and Development Organisation, which it says strengthens its place in technical garments and defence products. The annual report does not name customers, competitors or order values, so there is no named peer group to compare it with.
Read more about the business
The way it sells shapes the numbers more than the stitching does. Money owed by customers and stock on hand are each about as large as a full year of sales, so profit turns into cash slowly: operating cash flow was negative in both FY25 and FY26, and FY26 was funded by a bank overdraft. The auditor named both the stock and the long unpaid bills as key audit matters.
The business began in 2006 as a proprietary firm, Billwin Industries, set up by promoter Smita Subrata Dey in Nahur, Mumbai. Smita Subrata Dey and Subrata Dey formed Billwin Waterproof Private Limited in 2014, which took over the firm's business in 2020; a rights issue in FY25 brought in fresh equity.
From the FY26 annual report (revised version filed September 2026): directors' report, management discussion and analysis, auditor's report and financial statements.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.11.
To watch
- Recovery of the ₹2.8 cr of customer bills outstanding for more than two years, for which no provision has been made (Annual report FY26, p.71).
- Whether the stock built up in FY26 turns into sales and cash (Annual report FY26, p.50).
- Products and sales from the DRDO hydrosuit and breathing apparatus technology transfer (Annual report FY26, p.20).
- Use of the State Bank of India cash credit line, already drawn to ₹1.5 cr at March 2026 (Annual report FY26, p.68).
- Customers take longer to pay than before: 357 days in FY26, against 0 in FY16.
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.
Billwin Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less from each rupee of 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.
Billwin Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1.68 | 3.15 | 3.31 | 1.60 | 2.83 | 4.20 | 4.08 | 4 |
| Expenses | 1.02 | 2.40 | 2.39 | 1.15 | 2.12 | 3.77 | 3.57 | 3.65 |
| Operating profit | 0.66 | 0.75 | 0.92 | 0.44 | 0.71 | 0.44 | 0.51 | 0.36 |
| OPM | 39.1% | 23.8% | 27.7% | 27.8% | 25.0% | 10.4% | 12.6% | 8.9% |
| Interest | 0.19 | 0.20 | 0.16 | 0.20 | 0.10 | 0.02 | 0.06 | 0.09 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.03 |
| Profit before tax | 0.46 | 0.54 | 0.75 | 0.29 | 0.51 | 0.46 | 0.43 | 0.24 |
| Net profit | 0.35 | 0.40 | 0.56 | 0.22 | 0.38 | 0.30 | 0.32 | 0.14 |
Billwin Industries profit and loss
Full years to March, FY16 to FY26 · ₹ crore, consolidated where reported
| FY16 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 0.04 | 0.61 | 2.85 | 4.39 | 4.82 | 4.91 | 7.03 | 8.09 |
| Expenses | 0.04 | 0.47 | 2.43 | 3.74 | 3.42 | 3.54 | 5.89 | 7.21 |
| Operating profit | 0 | 0.14 | 0.42 | 0.65 | 1.41 | 1.36 | 1.15 | 0.87 |
| OPM | 0.0% | 22.9% | 14.7% | 14.8% | 29.1% | 27.7% | 16.3% | 10.8% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.02 | 0 |
| Interest | 0 | 0 | 0.33 | 0.34 | 0.39 | 0.36 | 0.12 | 0.15 |
| Depreciation | 0 | 0 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.05 |
| Profit before tax | 0 | 0.14 | 0.08 | 0.30 | 1 | 1.05 | 0.97 | 0.67 |
| Tax rate | · | 28.6% | 25.0% | 26.7% | 26.0% | 24.8% | 29.9% | 29.9% |
| Net profit | 0 | 0.10 | 0.06 | 0.22 | 0.74 | 0.79 | 0.68 | 0.47 |
| EPS ₹ | · | 10 | 0.14 | 0.51 | 3.48 | 3.68 | 1.77 | 1.12 |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
Billwin Industries profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY16 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 0.0% | 22.9% | 14.7% | 14.8% | 29.1% | 27.7% | 16.3% | 10.8% |
| Tax rate | · | 28.6% | 25.0% | 26.7% | 26.0% | 24.8% | 29.9% | 29.9% |
| ROCE | · | 127.3% | 8.8% | 7.0% | 14.3% | 13.4% | 8.6% | 5.4% |
| ROE | · | 100.0% | 2.4% | 4.5% | 13.9% | 13.0% | 6.6% | 3.3% |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Billwin Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Billwin Industries balance sheet
At each 31 March · ₹ crore
| FY16 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.06 | 2.13 | 2.13 | 2.13 | 2.13 | 4.18 | 4.18 |
| Reserves | 0 | 0.13 | 2.61 | 2.83 | 3.57 | 4.35 | 9.95 | 10.42 |
| Net worth | 0.01 | 0.19 | 4.74 | 4.96 | 5.70 | 6.48 | 14.13 | 14.60 |
| Borrowings | 0.01 | 0.01 | 4.37 | 4.23 | 4.53 | 4.40 | 0.29 | 1.54 |
| Other liabilities | 0.03 | 0.14 | 1.37 | 1.11 | 1.72 | 2.11 | 1.85 | 2.45 |
| Total liabilities | 0.05 | 0.34 | 10.48 | 10.30 | 11.95 | 12.99 | 16.27 | 18.59 |
| Fixed assets | 0 | 0 | 0.04 | 0.03 | 0.02 | 0.02 | 0.11 | 0.19 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0.11 | 0.13 | 0.15 | 0.04 | 0.12 | 0.12 |
| Other assets | 0.05 | 0.34 | 10.33 | 10.14 | 11.78 | 12.93 | 16.04 | 18.28 |
Billwin Industries cash flow
₹ crore
| FY16 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0.11 | -1.60 | 1.25 | -0.11 | 0.63 | -2.54 | -0.99 |
| Cash from investing | 0 | -0.02 | -0.25 | -0.06 | -0.03 | 0.09 | -0.21 | -0.13 |
| Cash from financing | 0 | -0.09 | 1.85 | -1.20 | 0.17 | -0.70 | -1.45 | 5.29 |
| Net cash flow | 0 | 0 | 0 | -0.01 | 0.03 | 0.02 | -4.20 | 4.17 |
Working capital
Days
| FY16 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 0 | 185 | 681 | 338 | 419 | 462 | 466 | 357 |
| Inventory days | · | 0 | 878 | 576 | 657 | 653 | 417 | 576 |
| Days payable | · | · | 189 | 79 | 107 | 169 | 63 | 136 |
| Cash conversion cycle | 0 | 185 | 1,370 | 836 | 968 | 947 | 820 | 797 |
| Working capital days | -274 | 102 | 825 | 478 | 531 | 560 | 701 | 628 |
Billwin Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less 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.
Billwin Industries 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.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 39.28% | 39.28% | 39.71% | 40.21% | 40.42% | 40.42% | 40.42% | 40.57% |
| Foreign investors (FIIs) | 1.94% | 0.65% | 0.36% | 0.36% | 0.00% | 0.00% | 0.00% | - |
| Number of shareholders | 268 | 276 | 263 | 266 | 263 | 259 | 258 | 252 |
Billwin Industries study: the business from its own documents
Read from 2 of the company's own documentsBillwin Industries key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹8.1 cr
- Up about 15% from ₹7.0 cr, all of it domestic sales of finished goods.Annual report FY26, p.63 and p.71
- Profit after tax
- ₹0.47 cr
- Down from ₹0.68 cr as material and staff costs rose faster than sales.Annual report FY26, p.20 and p.63
- Money owed by customers
- ₹7.9 cr
- Close to a full year of sales; ₹2.8 cr of it had been due for more than two years, with no provision made.Annual report FY26, p.50 and p.71
- Stock on hand
- ₹8.6 cr
- Up from ₹5.5 cr, mostly work in progress and finished goods; about 46% of total assets.Annual report FY26, p.50 and p.62
- Cash from operations
- ₹0.99 cr outflow
- A second year of outflow after ₹2.5 cr in FY25, as stock built up.Annual report FY26, p.64
Show 5 more facts
- Bank overdraft
- ₹1.5 cr
- Up from ₹0.26 cr; the only borrowing at March 2026, under a State Bank of India cash credit line of ₹2.3 cr.Annual report FY26, p.68
- DRDO technology
- Hydrosuit and breathing apparatus
- Technology transfer received from the Defence Research and Development Organisation during FY26.Annual report FY26, p.20
- Promoter group holding
- 40.00%
- At March 2026, with Smita Subrata Dey alone holding 36.95%.Annual report FY26, p.67
- Rights issue
- ₹7.0 cr
- 20,49,000 shares issued at ₹34 each in FY25. Reported figures; our arithmetic.Annual report FY26, p.67
- Plant
- 5,190 sq ft
- One stitching and finishing unit in Bhandup, Mumbai.Annual report FY26, p.43
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.
The company earns by stitching coated fabric into rainwear, life jackets and boats and selling them in India.
Its weak spot is cash: customers pay very slowly and a large stock is carried, so profit rarely reaches the bank.
WatchCan it set its own prices?Profit fell while sales grew, which suggests higher costs were not passed on in full.
WatchHow strong is it against rivals?It is a small single unit; the annual report points to promoter experience and service quality but names no lasting edge or rival.
WatchWho are its customers?Customers are not named, sales are only in India, and a large share of bills stay unpaid for years.
WatchDoes it need a lot of money?The plant costs little, but stock and unpaid bills soak up more money than the year's sales.
AverageCan it keep finding new work?The defence technology transfer opens new products, but the company gives no order book or dated plan.
AverageDo good and bad years swing a lot?Sales grew in the latest year, but profit fell and cash has gone out for two years running.
Who runs Billwin Industries?
Promoters, directors and officers; tap a name for the background
SDSubrata DeyPromoter, Chairman and Managing Director · holds 2.44%
Associated with the textile industry for more than a decade; began as lead marketing and sales manager at a textile company and was part of the Billwin Industries firm before forming the company with Smita Subrata Dey in 2014. Remuneration of ₹9.6 lakh in FY26.
Annual report FY26, p.5, p.43 and p.74SSSmita Subrata DeyPromoter · holds 36.95%
Set up the proprietary firm Billwin Industries in 2006 with a unit in Nahur, Mumbai, and formed the company in 2014. Not on the board; the largest shareholder, and received rent from the company in FY26.
Annual report FY26, p.43, p.67 and p.74PSPritish Subrata DeyWhole Time Director · holds 0.53%
Bachelor of Engineering in electrical and electronic engineering, with six years of experience in marketing, finance, AI and machine learning, and garment and soft goods product development; on the board since January 2019. The annual report states Pritish Subrata Dey is related to Subrata Dey.
Annual report FY26, p.13 and p.14AKAnand Kumar JhaIndependent Director
Company Secretary with a master's degree in business law from the National Law School of India University and a commerce degree; over eight years of experience in corporate governance, secretarial compliance, FEMA, due diligence and IPO readiness. Appointed from July 2026.
Annual report FY26, p.12 and p.13ARAnita RamchandaniNon-Executive Director
Company Secretary who has worked in compliance and secretarial roles at Aaswa Trading and Exports, Mehta Integrated Finance and Mehta Housing Finance. Appointed from April 2026.
Annual report FY26, p.11 and p.13Billwin Industries 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 ₹4 cr (-5%), net profit ₹0.1 cr (-53%) on H2 FY25.
- Shareholding, 30 June 2026: promoters 40.42% to 40.57%.
Billwin Industries announcements
3 on record, latest first; each opens the filing on the exchange
- AGM/EGMProceeding of the 13th Annual General Meeting(AGM) of the CompanyPDF ↗
- Insider Trading / SASTNotice of Closure of Trading WindowPDF ↗
- Company UpdateThe Exchange has sought clarification from Billwin Industries Ltd on September 23, 2026, with reference to Movement in Price. <BR><BR>The reply is awaited
Billwin Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Billwin Industries 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 Billwin Industries' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 118 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (41,79,724 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 changes basis between FY19 (₹10.00) and FY21 (₹0.14) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY16 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Billwin Industries
What does Billwin Industries do?
Billwin Industries stitches rainwear, life jackets, inflatable boats and other protective gear from coated fabric at a small unit in Mumbai, and sells it in India. Its shares trade on BSE SME.
What is the share price of Billwin Industries?
₹51.1 at the close on 27 Oct 2026, from the exchange's daily figures.
What is the market cap of Billwin Industries?
₹21 cr at the close on 27 Oct 2026, on 41,79,724 shares.
What is the P/E of Billwin Industries?
45.4 times FY26 profit at the close on 27 Oct 2026 (our arithmetic).
What are Billwin Industries' revenue and profit?
Revenue ₹8 cr and profit after tax ₹0 cr in FY26.
Who are the promoters of Billwin Industries?
Subrata Dey, Smita Subrata Dey; promoters held 40.57% at 30 June 2026.
What is Billwin Industries' website?
www.billwinindustries.com
Built from 2 annual reports, 3 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.