BVG India Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	919	Visit
★★★★☆	₹2,600	76	Visit
★★★★★☆	₹2,700	900	Visit
★★★★★☆	₹2,800	184	Visit
★★★★☆☆	₹2,900	333	Visit

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★★★★☆

LTP:₹2,100

Min Qty:896

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★★★★☆

LTP:₹2,600

Min Qty:752

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★★★★★☆

LTP:₹2,700

Min Qty:441

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★★★★★☆

LTP:₹2,800

Min Qty:174

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★★★★☆☆

LTP:₹2,900

Min Qty:806

Strengths & Weaknesses

Strengths

BVG’s Diversified Business and Strong Market Presence:BVG operates across multiple sectors, including facilities management, waste management, emergency services, and solar projects, enhancing market position and EBITDA margins. It serves both government (e.g., Rashtrapati Bhavan, RBI) and private clients (e.g., Tata Motors, Bosch). The company’s revenue mix shifted, with the government's share decreasing to 55% in FY23. BVGIL operates in 20+ states, employs 67,000+ people, and has a presence in 130+ cities.

Strong Credit Profile: BVGIL maintains a solid credit profile with a net leverage of 1.2x in FY23 (FY22: 1.1x) and an interest coverage ratio of 3.4x (FY22: 3.6x), backed by low debt and strong EBITDA margins.

Weaknesses

Working Capital Cycle: BVGIL's cycle improved to 123 days in FY23 (FY22: 166) but remains stretched due to high receivables (199 days). Sticky debtors persist, with INR 2,452 million provisioned for disputed dues. Major debtors include Municipal Corporation Jaipur (INR 1,966 million) and BVG-UKSAS EMS (INR 816 million), with partial recovery expected within a year.

Competitive Industry: The sector faces intense competition and high attrition. Smaller players drive pricing pressure, but BVGIL leverages its strong market position and employee retention to mitigate risks.

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	25.71	25.71	25.71	25.71
Reserves	1151.91	998.58	878.37	754.68
Total Equity	1177.62	1024.29	904.08	780.39
Borrowings	104.36	98.52	38.75	50.47
Provision	71.953	65.03	59.20	49.73
Other Non-Current Liabilities	4.12	3.49	5.60	8.63
Total Non Current Liabilities	180.4	167.03	103.56	108.83
Borrowings	355.68	381.83	330.40	483.39
Other Current Liabilities	368.62	347.23	552.91	538.32
Total Current Liabilities	724.3	729.06	883.31	1021.71
Equity + Liabilities	2,082.36	1920.38	1890.95	1910.93
Fixed Assets (incl. WIP)	240.91	174.65	166.94	167.07
Other Non Current Assets	252.69	227.15	190.05	197.47
Total Non Current Assets	493.6	401.80	364.55	364.55
Trade Receivables	938.168	965.35	910.63	886.81
Cash & Cash Equivalents	129.68	120.74	108.84	117.43
Other Current Assets	520.89	432.50	514.49	542.15
Total Current Assets	1,588.8	1518.58	1533.96	1546.38
Total Assets	2,082.36	1,920.38	1,890.95	1,910.93

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	2,839.4	2,314.88	2,030.92	1,662.93
Growth %	22.66%	13.98%	22.13%	0
Operating Expenses	2,492.3	2,018.32	1,741.54	1,436.87
Growth %	23.49%	15.89%	21.20%	0
Operating Profit	347.0	296.55	289.38	226.06
Op. Profit Margin %	12.22%	12.81%	14.25%	13.59%
Other Income	5.46	3.81	5.14	6.59
Finance Costs	100.59	86.67	80.77	86.19
Depreciation	25.0	23.50	23.62	24.67
Profit Before Tax	226.9	190.19	190.13	121.80
Tax	41.3	30.25	39.92	9.53
Tax %	18.20%	15.91%	20.99%	7.82%
Profit After Tax	185.62	159.94	150.22	112.27
Growth %	16.06%	6.47%	33.80%	0
PAT %	6.54%	6.91%	7.40%	6.75%
Diluted EPS	14.3	12.36	56.38	43.14

Shareholding Pattern

Color	Shareholder	Holding
	Hanmantrao R Gaikwad	52.41
	Strategic Investments FM Mauritius Alpha Ltd	21.89
	Umesh G Mane	7.58
	Others	18.12

Fundamentals

Quick Insights

BVG’s Diversified Business and Strong Market Presence:BVG operates across multiple sectors, including facilities management, waste management, emergency services, and solar projects, enhancing market position and EBITDA margins. It serves both government (e.g., Rashtrapati Bhavan, RBI) and private clients (e.g., Tata Motors, Bosch). The company’s revenue mix shifted, with the government's share decreasing to 55% in FY23. BVGIL operates in 20+ states, employs 67,000+ people, and has a presence in 130+ cities.
Strong Credit Profile: BVGIL maintains a solid credit profile with a net leverage of 1.2x in FY23 (FY22: 1.1x) and an interest coverage ratio of 3.4x (FY22: 3.6x), backed by low debt and strong EBITDA margins.

Market Cap0

PE Ratio0

EPS14.3

Dividend Yield0%

Book Value₹₹79.52

Debt/Equity0.46

Price/Book0

Industry PE0

Sales₹2,839.4 Cr

Profit After Tax₹185.62 Cr

ISININE257H01021

SectorIntegrated Services

About Company

BVG India Limited, originally incorporated as Bharat Vikas Utility Services on 20 March 2002 and renamed on 7 July 2004, is a Pune-based company specializing in integrated facility management services. These services encompass mechanised housekeeping, transportation, manpower supply, security, solid waste management, emergency medical services, and emergency police services

The group also undertakes various projects, including garden development, landscaping, beautification, solar engineering, procurement, construction, and other turnkey contracts.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	517	Visit
★★★★☆	₹2,600	716	Visit
★★★★★☆	₹2,700	563	Visit
★★★★★☆	₹2,800	153	Visit
★★★★☆☆	₹2,900	875	Visit

Quick Insights

BVG’s Diversified Business and Strong Market Presence:BVG operates across multiple sectors, including facilities management, waste management, emergency services, and solar projects, enhancing market position and EBITDA margins. It serves both government (e.g., Rashtrapati Bhavan, RBI) and private clients (e.g., Tata Motors, Bosch). The company’s revenue mix shifted, with the government's share decreasing to 55% in FY23. BVGIL operates in 20+ states, employs 67,000+ people, and has a presence in 130+ cities.
Strong Credit Profile: BVGIL maintains a solid credit profile with a net leverage of 1.2x in FY23 (FY22: 1.1x) and an interest coverage ratio of 3.4x (FY22: 3.6x), backed by low debt and strong EBITDA margins.

Market Cap0

PE Ratio0

EPS14.3

Dividend Yield0%

Book Value₹₹79.52

Debt/Equity0.46

Price/Book0

Industry PE0

Sales₹2,839.4 Cr

Profit After Tax₹185.62 Cr

ISININE257H01021

SectorIntegrated Services

About Company

Strengths

Weaknesses

Annual Reports

FY 2023-24 FY 2022-23 FY 2021-22 FY2021-20

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	25.71	25.71	25.71	25.71
Reserves	1151.91	998.58	878.37	754.68
Total Equity	1177.62	1024.29	904.08	780.39
Borrowings	104.36	98.52	38.75	50.47
Provision	71.953	65.03	59.20	49.73
Other Non-Current Liabilities	4.12	3.49	5.60	8.63
Total Non Current Liabilities	180.4	167.03	103.56	108.83
Borrowings	355.68	381.83	330.40	483.39
Other Current Liabilities	368.62	347.23	552.91	538.32
Total Current Liabilities	724.3	729.06	883.31	1021.71
Equity + Liabilities	2,082.36	1920.38	1890.95	1910.93
Fixed Assets (incl. WIP)	240.91	174.65	166.94	167.07
Other Non Current Assets	252.69	227.15	190.05	197.47
Total Non Current Assets	493.6	401.80	364.55	364.55
Trade Receivables	938.168	965.35	910.63	886.81
Cash & Cash Equivalents	129.68	120.74	108.84	117.43
Other Current Assets	520.89	432.50	514.49	542.15
Total Current Assets	1,588.8	1518.58	1533.96	1546.38
Total Assets	2,082.36	1,920.38	1,890.95	1,910.93

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	2,839.4	2,314.88	2,030.92	1,662.93
Growth %	22.66%	13.98%	22.13%	0
Operating Expenses	2,492.3	2,018.32	1,741.54	1,436.87
Growth %	23.49%	15.89%	21.20%	0
Operating Profit	347.0	296.55	289.38	226.06
Op. Profit Margin %	12.22%	12.81%	14.25%	13.59%
Other Income	5.46	3.81	5.14	6.59
Finance Costs	100.59	86.67	80.77	86.19
Depreciation	25.0	23.50	23.62	24.67
Profit Before Tax	226.9	190.19	190.13	121.80
Tax	41.3	30.25	39.92	9.53
Tax %	18.20%	15.91%	20.99%	7.82%
Profit After Tax	185.62	159.94	150.22	112.27
Growth %	16.06%	6.47%	33.80%	0
PAT %	6.54%	6.91%	7.40%	6.75%
Diluted EPS	14.3	12.36	56.38	43.14

Shareholding Pattern

Color	Shareholder	Holding
	Hanmantrao R Gaikwad	52.41
	Strategic Investments FM Mauritius Alpha Ltd	21.89
	Umesh G Mane	7.58
	Others	18.12

Board of Directors

HANMANTRAO GAIKWAD Managing Director

UMESH GAUTAM MANE Wholetime Director

PRABHAKAR DATTATRAYA KARANDIKAR Additional Director

RAJENDRA RAMRAO NIMBHORKAR Additional DirectorAdditional Director

CHANDRAKANT NARAYAN DALVI Director

JAYANT GOPAL PENDSE Director

PANKAJ DHINGRA Director

SWAPNALI DATTATRAYA GAIKWAD Director

Senior Management

HANMANTRAO GAIKWAD Managing Director

MR NIRAJ KEDIA Chief Financial Officer

RAJANI RAMCHAND PAMNANI Company Secretary