BEW Engineering Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

BEW Engineering Ltd trades at ₹65.0, in a downtrend and 94 weeks into that stage. That is −37.9% against its own 200-day average. It sits at 27% of a 52-week range of ₹61 to ₹75. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 94 of stage 4, confirmed. At ₹65.0 it trades −37.9% versus its 200-day average and sits at 27% of its 52-week range (₹61–₹75).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved −14% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

BEW Engineering Ltd trades at 22.5× P/E, near the bottom of its own range — cheaper only 35% of the time. Its long-run median P/E is 29.7×, measured across 4.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 22.5× is near the bottom of its own range — cheaper only 35% of the time, against a long-run median of 29.7× measured over 4.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

BEW Engineering Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +18.1% (single-quarter readings) while profit growth is falling at −133.3% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Revenue Revenue is the top line: everything the company billed its customers in the period.

BEW Engineering Ltd reported ₹98.0 Cr of revenue in the Mar 26 quarter, +18.1% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 17.3% a year. The last full year, FY26, came in at ₹186 Cr. The last four reported quarters add to ₹319 Cr.

FY26 revenue came in at ₹186 Cr (+38.8% on the year), capping 8 years at 17.3% compound. The latest quarter (Mar 26) printed ₹98.0 Cr, +18.1% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +29.2% growth against the decade's 17.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +40.5% over the last 4 quarters against +41.6%/yr over the last 8 — stabilising; TTM profit −23.8% vs +41.4%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

BEW Engineering Ltd's operating margin is −2.0% in the Mar 26 quarter, −14.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −30.0 percentage points. Across 9 fiscal years the operating margin has ranged 5.0% to 20.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −2.0%, −14.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 5.0%–20.0%.

🚨 Why the margin moved: operating margin went −30.6 pp year on year while gross margin went −35.3 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

BEW Engineering Ltd posted a net loss of ₹2.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹4.0 Cr. The 8-year compound rate is 18.9%. That loss is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−2.0 Cr, −133.3% year on year. On the full year, FY26 printed ₹4.0 Cr (−66.7%), and the 8-year compound rate is 18.9%.

🚨 Why profit moved: revenue contributed +18.1% and the margin −14.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −29.2% vs revenue +29.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −37% of BEW Engineering Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹28.0 Cr of operating cash against ₹4.0 Cr of profit. After ₹19.0 Cr of capital spending, ₹9.0 Cr was left as free cash.

FY26: operating cash of ₹28.0 Cr against reported profit of ₹4.0 Cr, leaving free cash of ₹9.0 Cr after ₹19.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −37% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −37%: the cash cycle stretched 44 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 44 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

BEW Engineering Ltd's cash conversion cycle runs 292 days in FY26, up from 248 days in FY21. Capital spending ran ₹52.0 Cr over the last 3 years. At FY26 sales of ₹186 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹149 Cr sits inside the business at any moment.

FY26: debtors at 126 days, inventory at 291 days — roughly 9.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 292 days, looser than FY21's 248.

The full loop: cash goes out to suppliers and production on day 0; stock waits 291 days to sell; customers pay about 126 days after that; and suppliers themselves are paid at 125 days — netting out to the 292-day cycle.

In money terms: at FY26 sales of ₹186 Cr, each day of the cycle holds about ₹0.5 Cr — so the 292-day loop keeps roughly ₹149 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹52.0 Cr over the last 3 fiscal years against ₹3.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

BEW Engineering Ltd earns a ROCE of 4% in FY26. Return on invested capital clears the cost of that capital by −8.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.2% net margin on 0.69× asset turns.

FY26 ROCE is 4%.

🚨 Why the return is what it is — the wiring (FY26): 2.2% net margin × 0.69× asset turns × 1.91× balance-sheet leverage ≈ 2.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 3.2% − 12.0% = a −8.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

BEW Engineering Ltd carries ₹63.0 Cr of borrowings against ₹141 Cr of equity in FY26, a debt-to-equity of 0.45. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹29.0 Cr to ₹63.0 Cr. Capital spending ran ₹52.0 Cr across the last 3 of those years.

FY26: borrowings of ₹63.0 Cr against equity of ₹141 Cr — a debt-to-equity of 0.45. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹29.0 Cr to ₹63.0 Cr while capital spending ran ₹52.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 7.6 points of BEW Engineering Ltd over 8 quarters, the biggest move on the register. That takes promoters to 46.1% of the company. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −7.6 points over 8 quarters to 46.1%.

🚨 Why the register moved: promoters drove it (−7.6 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

BEW Engineering Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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