BSL Ltd

BSL Limited trading window closure from 1 October 2026 and will end 48 (Forty Eight) hours after announcement of Un-audited financial results for the quarter and half year ended 30 September 2026.

Relodgement of physical shares – August 2026

• MCS Share Transfer Agent Limited reported zero August 2026 relodgement requests; none processed, approved, or rejected.

Acquisition details

• Target: Bhadla Minigrid Solar 5 Private Limited, an India-based SPV for a captive solar project.
• Acquisition: 23,50,000 equity shares, 26% of Bhadla Minigrid's equity capital.
• Consideration: cash; total investment Rs 2.35 crore.
• Purpose: augment captive renewable energy capacity for Mandpam, Bhilwara plants.
• Industry: Power Generation; Sector: Renewable Energy; Country: India.
• Time to completion: indicative 4 months.
• Regulatory approvals: not applicable.
• Related party: not a related party; promoter group no interest.
• Background: Incorporated 31 Jan 2025; NIL turnover; SPV for Setrawa, Phalodi, Rajasthan.
• Target has not yet commenced operations.

Rating action

• Affirmed bank loan facilities rating IND BBB-/Negative, with Outlook Negative.
• Rating agency: India Ratings & Research (Ind-Ra).

Facilities & outstanding

• Total outstanding bank facilities: ₹5,199.50 million.
• Fund-based limits across SBI, PNB, Bank of Maharashtra rated IND BBB-/Negative/IND A3.
• Non-fund-based limits rated IND A3 (SBI, PNB).
• Some term loans shown as WD across multiple banks.

Rationale & Outlook

• Outlook/Watch: Negative.
• Rationale relies on issuer-provided information and standard methodologies; detailed strengths/weaknesses not disclosed.

AGM Details

• AGM held on 01-09-2026, 04:00 PM–05:12 PM via VC/OAVM.
• Postal ballot receipt deadline: 01-09-2026.
• Remote e-voting window: Aug 28–31, 2026.

Key Resolutions

• Item 1: Adopt audited financials for year ended 31 March 2026; reports.
• Status: Passed; 99.9992% in favour.
• Item 2: Reappointment of Arun Kumar Churiwal as Wholetime Director and Chairman; retires by rotation.
• Status: Passed; 99.9990% in favour.
• Item 3: Reappointment of Ravi Jhunjhunwala as Non-Executive Non-Independent Director; retires by rotation.
• Status: Passed; 99.9991% in favour.
• Item 4: Ratify remuneration to Cost Auditors for FY 2026-27.

Director Changes

• Arun Kumar Churiwal reappointed as Wholetime Director and Chairman.
• Ravi Jhunjhunwala reappointed as Non-Executive Non-Independent Director.

Auditors

• Remuneration to Cost Auditors for FY 2026-27 ratified.

AGM details

• 55th AGM on 1 September 2026 at 4:00 PM via VC/OAVM.
• Deemed venue: Registered Office, Bhilwara, Rajasthan.
• Quorum confirmed; meeting commenced as scheduled.

Resolutions presented

• Adopt audited financial statements for year ended 31 March 2026.
• Re-appoint Arun Kumar Churiwal as Director (Chairman) on rotation.
• Re-appoint Ravi Jhunjhunwala as Director on rotation.
• Ratify remuneration to Cost Auditors for FY 2026-27.

Voting results

• Results to be announced within two days after AGM.
• Results will be on company website and NSDL; exchanges will be informed.

Directors & auditors

• Directors to be re-appointed: Arun Kumar Churiwal and Ravi Jhunjhunwala.
• Statutory Auditor present: Shri Satish Somani of M/s SSMS & Associates.

Other approvals

• Material related party transactions not disclosed in filing.
• No ESOP or other schemes disclosed.

Appointment: COO

• Appointed Shri Anurag Mathur as Chief Operating Officer (SMP) with effect from 22 August 2026.
• Reason: based on Nomination and Remuneration Committee recommendation.
• Professional profile not disclosed in filing.

Relodgement status July 2026

• July 2026 relodgement: 0 requests received, processed, approved, or rejected; average processing time not applicable.

Financial highlights

• Q1 FY27 revenue ₹169.7 crore, up 14.8% QoQ and 7.4% YoY.
• Gross profit ₹75.4 crore, up 10.9% QoQ and 9.4% YoY; margin 44.4%.
• EBITDA ₹14.4 crore; margin 8.5%, up 39.4% QoQ and 14.2% YoY.
• PAT ₹1.7 crore; margin 1.0%, up from ₹0.5 crore YoY.

Outlook & strategic focus

• Exports demand, especially Africa, improving; scope to expand international business.
• US tariff environment clarity expected; India-NZ FTA and India-Oman CEPA support outlook.
• Priorities: higher capacity utilization, better product mix, cost efficiency.

Operational capacity and product mix

• Cotton Fabric business commenced in October 2025.
• Annual fabric production capacity over 20 million metres.