BCP - B.C. Power

📊 NSE: BCP 🏢 Trading 📅 Last Updated: 12/13/2025 18:50

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by approximately 1% YoY to INR 96.2 Cr in FY25 from INR 95.27 Cr in FY24. The business is split between Manufacturing (70% of sales) and Trading (30% of sales). Q1FY26 revenue was INR 16.91 Cr.

Geographic Revenue Split

100% of manufacturing operations are based in Bhiwadi, Rajasthan, India. The company sources goods from the Indian market and imports from various countries.

Profitability Margins

Net Profit Margin (NPM) was 0.82% in FY25, compared to 0.75% in FY24. Operating Profit Margin (OPM) was 0.17% in FY25. The Net Profit Ratio decreased by 20% YoY from 0.54% to 0.43% according to management reports.

EBITDA Margin

Operating Profit Margin (OPM) was 0.17% in FY25. Core profitability is extremely thin, with Q1FY26 OPM reported at -1.49%.

Credit Rating & Borrowing

The company is rated 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' due to management's failure to provide financial performance or strategic intent information. Interest expense for Q4 FY24 was INR 1.03 Cr.

⚙️ Operational Drivers

Raw Materials

Copper (Ingots, Rod, Scrap), Zinc, Tin, and Nickel. Copper is the primary raw material for the manufacturing of wires and cables (70% of sales).

Import Sources

Sourced from the Indian market and imported from various countries (specific countries not named).

Capacity Expansion

Current manufacturing facility is located in Bhiwadi, Rajasthan. Specific installed capacity and expansion plans are not disclosed.

Raw Material Costs

Raw material costs are a significant portion of the cost structure given the low OPM of 0.17%. Procurement involves both open market purchases and imports.

Manufacturing Efficiency

Return on Capital Employed (ROCE) improved by 19.67% to 6.76% in FY25 from 5.65% in FY24.

📈 Strategic Growth

Growth Strategy

The company focuses on trading ferrous and non-ferrous metals on the MCX platform and manufacturing copper wires and cables. However, it has delivered a poor sales growth of -13.0% over the past five years.

Products & Services

Copper wires, cables, Zinc, Copper Ingots, Copper Rod, Tin Ingots, Copper Scrap, and Nickel.

🌍 External Factors

Industry Trends

The cables and electricals industry is evolving with infrastructure growth, but the company is currently struggling with a -13% five-year sales CAGR.

Competitive Landscape

Operates in the highly competitive electrical cables and metal trading sector.

Competitive Moat

The company's moat is based on its ability to trade and take physical delivery of metals on the MCX platform, though this has not translated into high profitability (ROE of 1.92%).

Macro Economic Sensitivity

Sensitive to global metal price trends and industrial demand for electrical cables.

Geopolitical Risks

Trade barriers or fluctuations in international metal markets could impact the 30% trading business and raw material sourcing.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013 and SEBI (LODR) Regulations 2015 for financial reporting and internal controls.

Taxation Policy Impact

Tax rate is approximately 25% based on quarterly standalone results.

Legal Contingencies

The company faces significant contingent liabilities amounting to INR 159 Cr, which is more than 10 times its current market capitalization of INR 14.9 Cr.

⚠️ Risk Analysis

Key Uncertainties

The 'Issuer Not Cooperating' status from CRISIL indicates a lack of transparency. Contingent liabilities of INR 159 Cr represent a critical financial risk.