B C C Fuba India - B C C Fuba India

📊 BSE: 517246 🏢 Computers Hardware & Equipments 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Core revenue from Printed Circuit Board manufacturing operations grew 45.89% YoY to ₹47.07 Cr.

Profitability Margins

Net Profit ratio declined 31.78% to 8% (0.08) from 12% (0.12) in the previous year. ROE decreased 21.33% to 17% (0.17) from 22% (0.22).

EBITDA Margin

EBIT margin is approximately 12.62% (EBIT of ₹5.94 Cr on ₹47.07 Cr revenue), with EBIT growing 44.99% YoY from ₹4.10 Cr.

Capital Expenditure

Property, Plant and Equipment (PPE) increased by approximately ₹4.45 Cr (44%) to ₹14.54 Cr in FY25, with an additional ₹32.84 Lakhs in Capital Work-in-Progress.

Credit Rating & Borrowing

Not disclosed; however, the company has sanctioned working capital and cash credit limits exceeding ₹5 Cr.

⚙️ Operational Drivers

Import Sources

Machinery is imported from Germany, Italy, France, UK, USA, and China.

Capacity Expansion

PPE expanded from ₹10.09 Cr to ₹14.54 Cr (a 44% increase in asset base) to support core revenue growth of 45.89%.

Manufacturing Efficiency

Net Capital Turnover Ratio improved 107.72% to 5.34, reflecting significantly higher revenue generation per unit of capital employed.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

The company aims to capture a larger share of the Indian PCB market (projected to reach USD 24.7 billion by 2030) by transitioning into a self-reliant manufacturing hub. This involves technology partnerships for HDI and flexible circuits, leveraging its German technological foundation, and utilizing state-of-the-art machinery imported from Germany and the USA.

Products & Services

Professional-grade Printed Circuit Boards (PCBs).

Brand Portfolio

BCC Fuba.

New Products/Services

HDI and flexible circuits are identified as key technological evolution areas for future revenue contribution.

Market Expansion

Targeting the domestic PCB market, which is projected to grow from USD 6.3 billion to USD 24.7 billion by 2030.

Strategic Alliances

Joint venture with Fuba Hans Kolbe & Co. (Germany) and DEG (European financial institution).

🌍 External Factors

Industry Trends

The Indian PCB industry is entering a transformative phase with the PCBA segment expected to reach USD 87.5 billion by 2030, driven by automotive, healthcare, and industrial automation sectors.

Competitive Moat

Durable competitive advantage through its historical joint venture with Fuba Hans Kolbe & Co. (Europe's largest PCB manufacturer), providing access to unique manufacturing methods and quality control processes sustained by high-end imported machinery.

Macro Economic Sensitivity

Highly sensitive to the Indian government's target of USD 500 billion in electronics manufacturing by 2030, which directly drives demand for PCB and PCBA segments.

Consumer Behavior

Increased demand for smart devices and electronic components across consumer and industrial sectors is accelerating PCB demand.

Geopolitical Risks

Beneficiary of the 'China+1' strategy as global supply chains shift toward India as a trusted manufacturing alternative.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Ind AS 133 and Section 143 of the Companies Act 2013; the company is exempt from CSR reporting under Section 135(1) as it does not meet the criteria.

Taxation Policy Impact

Deferred tax assets (net) stood at ₹50.11 Lakhs as of March 31, 2025.

Legal Contingencies

The company has no pending litigations as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Technological obsolescence risks if the company fails to adopt HDI/flexible circuits and operational risks related to discrepancies in quarterly reporting to banks, which showed differences of up to ₹85,886 in receivables during FY25.