BCC Fuba BSE RI review - (Not Rated)

•    The company is engaged in the manufacturing of professional grade PCBs in India with German collaboration.
•    The company posted growth in its top and bottom lines for the reported periods.
•    It marked almost same bottom lines for FY24 and FY25, indicating pressure on margins.
•    The RI is at a discount of around 33% to its last traded price.
•    Based on its recent financial data, the issue appears fully priced.
•    Well-informed investors may park moderate funds for medium term.

ABOUT COMPANY:
BCC Fuba India Ltd., (BFIL) was established in 1985 for the manufacture of professional-grade PCBs, it is one of the early entrants in the Indian PCB market. The company originated as a joint venture with Fuba Hans Kolbe & Co., Germany, Europe’s largest PCB manufacturer, and DEG, a prominent European financial institution. 

Accordingly, the facility was set up and developed with the most high-tech machinery imported from Germany, Italy, France, the UK and the USA. Further, the company was infused with a powerful impetus-package that combines the world’s best technological inputs with the complete manufacturing and quality control processes and skills, including certain special methods innovated and known only to Fuba Hans Kolbe & Co till date. To this, BFIL has constantly made advancements keeping in mind the change in technology and the needs of customers.

The Company was taken over by the present promoters in 2016 after complying with the provisions of the SEBI (SAST) Regulations, 2011. BFIL serves industries like Automotive, Power Infrastructure, Telecommunications, Defence, Medical, Railways and Consumer Electronics Industry amongst others. The company produces single sided PCBs, Double sided PCBs, Multilayer PCBs and Metal Core PCBs. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 4593015 equity shares of Rs. 10 each at a fixed price of Rs. 75.00 per share to mobilize Rs. 34.45 cr. The RI opens for subscription on March 19, 2026, and will close on March 27, 2026. The company is offering RI in the ratio of 3 for 10 to its eligible stakeholders as of the record date of March 11, 2026. The company is asking for 50% (i.e., Rs. 37.50 per share) on application for number of shares applied. The balance money will be called by not more than two calls from time to time by the company. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.48 cr. for this RI process, and from the net proceeds, it will utilize Rs. 13.18 cr. for capex for growth and expansion of the existing business, Rs. 4.90 cr. for repayment/prepayment of unsecured loans, Rs. 2.00 cr. for repayment/prepayment of secured loans, Rs.13.00 cr. for investment in its subsidiary Iogems Technologies Pt. Ltd., and Rs. 0.89 cr. for general corporate purposes. 

The RI is solely lead managed by the company itself., and MUFG Intime India Pvt. Ltd. is the registrar to the issue. Erudore Capital Pvt. Ltd. is the advisor to the issue.

Post-RI, company’s current paid-up equity capital of Rs. 15.31 cr. will stand enhanced to Rs. 19.90 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 149.27 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 32.55 cr. / Rs. 3.74 cr. (FY24), Rs. 47.30 cr. / Rs. 3.76 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 3.94 cr. on a total income of Rs. 49.87 cr. Its NAV stood at Rs. 15.13 as of March 31, 2025. 

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 517246 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 164.80 on March 10, 2026, and opened on an ex-right basis at Rs. 144.05 on March 11, 2026. Since then, it has marked a high/low of Rs. 144.05 / Rs. 104.00. The scrip last closed at Rs. 111.90 as of March 16, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 191.27 / Rs. 76.75. 

The promoters’ holding has been constant at 32.82% for quarter ended September 30, 2025. The counter is currently well operated by vested interests and traded above the RI price, to tempt investors.