amit@unlistedkraft.in
+91-9599071664
+91-9599071664
BLSX Limited Unlisted Shares
DRHP Status : Not Filed
24
Fundamentals About BLSX Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of BLSX Limited
| P&L Statement | 2023 | 2024 |
|---|---|---|
| Revenue | 276 | 897 |
| Cost of Material Consumed | 155 | 552 |
| Change in Inventory | 0 | -254 |
| Gross Margins | 43.84 | 38.46 |
| Employee Benefit Expenses | 65 | 279 |
| Other Expenses | 30 | 114 |
| EBITDA | 26 | 206 |
| OPM | 9.42 | 22.97 |
| Other Income | 0.05 | 0.5 |
| Finance Cost | 0.2 | 6 |
| D&A | 77 | 85 |
| EBIT | -51 | 121 |
| EBIT Margins | -18.48 | 13.49 |
| PBT | -51 | 115 |
| PBT Margins | -18.48 | 12.82 |
| Tax | -5 | 34 |
| PAT | -46 | 81 |
| NPM | -16.67 | 9.03 |
| EPS | -0.05 | 0.09 |
| Financial Ratios | 2023 | 2024 |
|---|---|---|
| Operating Profit Margin | 9.42 | 22.97 |
| Net Profit Margin | -16.67 | 9.03 |
| Earning Per Share (Diluted) | -0.05 | 0.09 |
| Assets | 2023 | 2024 |
|---|---|---|
| Fixed Assets | 366 | 282 |
| CWIP | 0 | 0 |
| Investments | 0 | 0 |
| Trade Receivables | 80 | 142 |
| Inventory | 407 | 661 |
| Other Assets | 167 | 298 |
| Total Assets | 1020 | 1383 |
| Liabilities | 2023 | 2024 |
|---|---|---|
| Share Capital | 862.3 | 862.3 |
| FV | 1 | 1 |
| Reserves | 120 | 202 |
| Borrowings | 0 | 0 |
| Trade Payables | 22 | 100 |
| Other Liabilities | 15.7 | 217.7 |
| Total Liabilities | 1020 | 1382 |
About Company
The following table shows a 10-point analysis of BLSX Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹450–480 cr PAT ~₹38–45 cr PAT margin ~8–9% |
Integrated logistics & supply chain solutions provider (part of BLS International group). Services include air/ocean freight forwarding, customs clearance, warehousing, transportation & express cargo. Strong presence in exports/imports, cross-border trade & e-commerce logistics. Benefits from digital platforms & global partner network. |
| Industry & Market Position | Mid-tier logistics player Strong in air cargo & customs brokerage |
Competitive in organized logistics segment alongside Blue Dart, DHL & Delhivery. Differentiated by customs expertise & integrated offerings. Exposed to freight rate cycles, fuel costs & regulatory dynamics. |
| Revenue Growth Trend | FY23–FY25 CAGR ~25–35% FY25 YoY ~30%+ |
Strong revenue surge driven by export-import recovery & e-commerce demand. Growth supported by client additions & service diversification. Continued tailwinds from global trade expansion & digital supply chains. |
| Profitability & Margins | EBITDA margin ~12–14% PAT margin ~8–9% ROE positive |
Stable margins from operational efficiencies & scale benefits. Earnings moderately cyclical due to freight rates but supported by contracts & cost control. |
| Cash Flow Quality | Positive OCF Dividend payouts noted |
Consistent cash flows from service fees & milestone payments. Effective working capital management limits volatility. Supports reinvestment & debt servicing. |
| Balance Sheet Strength | Strong net worth Moderate debt (controlled gearing) |
Comfortable leverage with liquidity buffers. Downside supported by diversified client base & recurring contracts. Limited financial stress risk. |
| Valuation Comfort | Unlisted price ₹180–210 (Feb 2026) P/E ~18–22x Market cap ~₹1,800–2,100 cr |
Fair valuation for fast-growing logistics player. Multiple supported by trade recovery & operational execution. Attractive compared to several listed logistics peers. |
| Management & Governance | Professional management Transparent disclosures |
Proven track record in freight forwarding & supply chain. Clean governance standards with regular reporting. No major governance concerns. |
| Growth Triggers & Catalysts | Trade & e-commerce growth Integrated logistics ramp-up IPO discussions |
Organic growth from export-import expansion & digital logistics solutions. Incremental gains from new client acquisitions & service integration. Potential IPO could unlock value & liquidity. |
| Liquidity & Exit Visibility | OTC liquidity only IPO prep (no active DRHP as of Feb 2026) |
Moderate unlisted trading activity. Exit visibility improves if IPO progresses. Strong fundamentals but liquidity risk remains until listing. |
BLSX Limited is a manufacturing-driven company specializing in high-quality hoses and rubber-to-metal components used across critical industries such as dredging, steel, mining, defense, aerospace, and heavy earth-moving machinery. For over 35 years, BLSX has built a strong reputation rooted in innovation, integrity, and engineering excellence under the leadership of Mr. Vipul Trivedi.
The company provides tailored industrial solutions compliant with global standards, enabling it to serve some of the most demanding sectors. Its product line exceeds 1,500 rubber and rubber-to-metal components, including 650+ varieties of hose pipes. BLSX has also expanded into rehabilitation and construction of bridges and flyovers, strengthening its role in infrastructure development. With offices in India and the UK, BLSX serves a broad international customer base, supported by strong adherence to ISO standards. The company has also established a significant presence across Asia and the Middle East, often collaborating with large organisations on major industrial and infrastructure projects.
Challenges Faced by BLSX Limited
The following section outlines the operational and industry challenges for BLSX Limited.
- Limited publicly available financial information presents visibility challenges for investors.
- Operating across heavy-duty sectors like mining, steel, and defense exposes the company to economic cycles and project-based revenue fluctuations.
- Expansion into infrastructure works such as bridges and flyovers increases operational complexity and regulatory requirements.
Quick Summary
This section presents a quick-read snapshot of BLSX Limited.
- 35+ years of expertise in hoses and rubber-to-metal components
- 1,500+ products including 650+ hose variants
- Serves dredging, steel, defence, aerospace, and mining sectors
- Expanded into bridge and flyover rehabilitation
- Operational offices in India & UK; strong reach across Asia & the Middle East
Shareholding Pattern of BLSX Limited
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Frequently Asked Questions
BLSX Limited manufactures high-quality hoses and rubber-to-metal components used in dredging, steel plants, defense, aerospace, mining, and heavy machinery sectors.
Yes. BLSX has offices in India and the UK and a strong market presence across Asia and the Middle East.
The company offers 1,500+ industrial components, including 650+ hose variants used in high-stress industrial environments.
No official financial statements or performance data are currently available.
Yes. Along with its manufacturing business, BLSX has expanded into bridge and flyover rehabilitation and executes large-scale projects across multiple industries.
+91-9599071664
amit@unlistedkraft.in