BVG India Limited Unlisted Shares – Company Overview
BVG India Limited was first established as a Non-Profit organization, named Bharat Vikas Pratisthan in 1993. Then in 1997, BVG group was made as a housekeeping company. Later on, Bharat Vikas Utility Services Limited was created in 2002. And in July 2004, the name of the company was changed to BVG India Limited. Today, BVG India Limited is the largest integrated services company with 75000+ employees, serving 800+ sites for more than 750 customers in 70 cities across 20 states in India.
The Company is engaged in the business of integrated facility management services, including mechanized housekeeping, transportation, manpower supply, and other specialised services such as solid waste management, emergency medical services, emergency police services, etc. Apart from this, the company also undertakes various projects for rural electrification, garden development, landscaping, beautification projects, and other contracts for Government and private organizations.
BVG group is the largest integrated services provider in India. It is also Asia's largest police support service and India’s largest emergency ambulance service. The customer base of the company includes many of the prominent names of India such as Bajaj, Mahindra, Ashok Leyland, ONGC, Fiat, Indian railways, ITC, etc.
BVG India is now planning to raise around 1,100 Crores through its Initial Public Offering (IPO). The company is likely to file its Draft Red Herring Prospectus (DRHP) with market regulator SEBI this year.
BVG India Limited Unlisted Share Details as of March 31, 2025
| BVG India Outstanding Shares Including CCPs: | 20,27,27,635 |
| Face Value of BVG India Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of BVG India Unlisted Share: | INE257H01013 |
| Lot Size of BVG India Unlisted Share: | 100 Shares |
| BVG India Current Share Price: | Best in Industry |
| PAN Number of BVG India: | AACCB0943N |
| GST Number of BVG India: | 27AACCB0943N1ZK |
Incorporation Details of BVG India Limited
| CIN of BVG India | U74999PN2002PLC016834 |
| Registration Date of BVG India | 20 March 2002 |
| Category/Sub-category of BVG India | Public Limited Company |
| BVG India Registered office and contact details |
‘BVG House', Premier Plaza, Pune- Mumbai Road, Chinchwad, Pune- 411019 Telephone: 020 - 35090000 |
| BVG India Registrar and Transfer Agent | Link Intime India Private Limited |
Principal Business Activities of BVG India Limited
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| Facility Services (Other business support service activities n.e.c) | 82990 | 95.61% |
Board of Directors of BVG India Limited
Mr. Hanmantrao R. Gaikwad, Chairman and Managing Director
Mr. Umesh G. Mane, Vice Chairman and Joint Managing Director
Dr. Swapnali D. Gaikwad, Director
Mr. Pankaj Dhingra, Non-Executive Director
Mr. Jayant G. Pendse, Independent Director
Mr. Chandrakant N. Dalvi, Independent Director
Mr. Prabhakar D. Karandikar, Additional Director
Lt Gen Rajendra Nimbhorkar, Independent Director
Particulars of Subsidiary and Associate Companies of BVG India
| S. No. | Name of the Company | Subsidiary/Associate | % of shares held |
| 1. | BVG Kshitij Waste Management Services Private Limited | Subsidiary | 74% |
| 2. | Out-of-Home Media (India) Private Limited | Subsidiary | 100% |
| 3. | BVG Skill Academy | Subsidiary | 51% |
| 4. | BVG-UKSAS EMS Private Limited | Associate | 49% |
| 5. | BVG-UKSAS (SPV) Private Limited | Subsidiary | 74% |
| 6. | BVG Security Services Private Limited | Subsidiary | 51% |
| 7. | BVG Krystal Joint Venture | Joint Venture | 51% |
Equity Shareholding Pattern of BVG India (As of 31-03-2025)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| 1. | Promoters Group | 7,54,26,020 | 58.67% |
| 2. | Others | 5,31,25,920 | 41.33% |
| Total | 1,28,55,19,40 | 100.00% |
Industry overview
Facility management (FM) is a professional interdisciplinary business function that serves to coordinate demand and supply of facilities and services within public and private organizations through the integration of people, systems, places, processes, and technology. One of the main areas of facility management involves the management of physically built environments, commonly referred to as “hard FM”. This area focuses on maintenance of work spaces, buildings and other infrastructures. It may also include planning, design, workplace, construction, lease, occupancy, operations and maintenance, furniture and cleaning.
BVG India Limited Consolidated Balance Sheet (Rs in Millions)
| Particulars | 31-03-2025 | 31-03-2024 |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 2,515.69 | 1,659.54 |
| Capital work-in-progress | 15.51 | 705.77 |
| Right-of-use asset | 207.71 | 43.83 |
| Investment property | 68.61 | 69.45 |
| Goodwill | 0.15 | |
| Other intangible assets | 19.78 | 15.03 |
| Investments (equity method) | 8.28 | 0.54 |
| Other Investments | 1.16 | 1.06 |
| Other financial assets | 412.73 | 457.65 |
| Non-current tax assets | 226.49 | 830.56 |
| Deferred tax assets | 1,217.37 | 1,028.69 |
| Other non-current assets | 120.30 | 132.45 |
| Current assets | ||
| Inventories | 417.37 | 314.21 |
| Investments | 43.89 | 40.36 |
| Trade receivables | 10,330.27 | 9,381.68 |
| Cash and cash equivalents | 1,596.66 | 615.44 |
| Bank balances (other than cash) | 103.05 | 25.36 |
| Loans | 13.13 | 11.93 |
| Other financial assets | 5,810.06 | 4,201.24 |
| Other current assets | 1,213.59 | 1,288.76 |
| Total Assets | 24,341.80 | 20,823.55 |
| Equity | ||
| Equity share capital | 257.10 | 257.10 |
| Equity instruments | 148.35 | 148.35 |
| Other equity | 13,271.90 | 11,366.04 |
| Non-controlling interest | 11.27 | 4.70 |
| Non-current liabilities | ||
| Borrowings | 754.14 | 1,043.63 |
| Lease liabilities | 158.97 | 35.72 |
| Provisions | 890.69 | 719.53 |
| Current liabilities | ||
| Borrowings | 4,078.04 | 3,556.84 |
| Lease liabilities | 64.72 | 20.57 |
| Trade payables - Micro enterprises | 196.64 | 253.59 |
| Trade payables - Others | 1,146.41 | 949.78 |
| Other financial liabilities | 2,157.44 | 1,851.15 |
| Other current liabilities | 1,073.04 | 520.78 |
| Provisions | 127.33 | 95.17 |
| Current tax liabilities | 5.76 | 0.60 |
| Total Equity and Liabilities | 24,341.80 | 20,823.55 |
BVG India Limited Consolidated Profit & Loss Statement (Rs in Millions)
| Particulars | 31-03-2025 | 31-03-2024 |
| Income | ||
| Revenue from contracts with customers | 33,017.97 | 28,393.83 |
| Other income | 177.43 | 54.63 |
| Total income | 33,195.40 | 28,448.46 |
| Expenses | ||
| Cost of materials consumed | 3,553.38 | 3,550.15 |
| Changes in inventories | 29.03 | -212.38 |
| Employee benefits expenses | 20,896.54 | 17,193.72 |
| Finance costs | 915.58 | 1,005.92 |
| Depreciation and amortisation | 293.80 | 249.86 |
| Other expenses | 4,897.61 | 4,391.91 |
| Total expenses | 30,585.94 | 26,179.18 |
| Profit before tax | 2,609.46 | 2,269.28 |
| Current tax | -489.40 | -436.89 |
| Tax relating to earlier periods | 39.35 | -35.86 |
| Deferred tax | 61.12 | 59.70 |
| Profit from continuing operations | 2,220.53 | 1,856.23 |
| Share of profit/loss (JV) | 3.25 | -0.11 |
| Loss from discontinued operations | -232.44 | -260.64 |
| Tax benefit of discontinued operations | 80.75 | 66.77 |
| Profit/(loss) from discontinued operations | -151.69 | -193.87 |
| Profit for the year | 2,072.09 | 1,662.25 |
| Other Comprehensive Income | ||
| Items that will not be reclassified to Statement of Profit or Loss: | ||
| Re-measurement of defined benefit plan | -133.95 | -91.22 |
| Income tax effect relating to above item | 46.81 | 31.88 |
| Items that will be reclassified to Statement of Profit or Loss: | ||
| Exchange differences in translating the financial statements of foreign operations | 0.33 | - |
| Other Comprehensive Income | -86.81 | -59.34 |
| Total Comprehensive Income | 1,985.28 | 1,602.91 |
| Basic | 17.26 | 14.41 |
| Diluted | 17.17 | 14.33 |
| Earnings per equity share for profit from discontinued operations | ||
| Basic | -1.18 | -1.51 |
| Diluted | -1.18 | -1.51 |
| Earnings per equity share for profit from continuing and discontinued operations | ||
| Basic | 16.08 | 12.90 |
| Diluted | 15.99 | 12.82 |
BVG India Limited Consolidated Cash Flow Statement (Rs in Millions)
| Particulars | 31-03-2025 | 31-03-2024 |
| Cash Flows from Operating Activities | ||
| Net profit before tax | ||
| Continuing Operations | 2,609.46 | 2,269.28 |
| Discontinued Operations | -232.44 | -260.64 |
| Profit before tax including discontinued operations | 2,377.02 | 2,008.64 |
| Adjustments: | ||
| Depreciation and amortization | 293.80 | 249.86 |
| Gain/Loss on sale of assets | 0.27 | -0.50 |
| Provision for doubtful debts | 307.60 | 259.18 |
| Interest income | -62.36 | -40.48 |
| Finance cost | 915.58 | 1,005.92 |
| Other non-cash items | -3.42 | 0.00 |
| Exchange differences | 0.33 | 0.00 |
| Operating Profit before working capital changes | 3,828.82 | 3,482.62 |
| Movements in working capital : | ||
| (Increase) / decrease in inventorie | -103.16 | -211.35 |
| (Increase) / decrease in trade receivables | -1,256.16 | -105.86 |
| (Increase) / decrease in loans | -1.20 | 0.17 |
| (Increase) / decrease in other financial assets | -1,588.46 | -1,313.55 |
| (Increase) / decrease in other assets | 99.11 | -180.96 |
| (Increase) / decrease in margin money deposits | -27.09 | 470.08 |
| Increase / (decrease) in trade payables | 139.68 | -11.39 |
| Increase / (decrease) in other financial liabilities | 307.67 | 2.57 |
| Increase / (decrease) in other current liabilities | 552.26 | 50.50 |
| Increase / (decrease) in provisions | 69.37 | 17.34 |
| Working capital changes | -1,807.98 | -1,282.45 |
| Cash generated from operations | 2,020.84 | 2,200.17 |
| Direct taxes paid | 159.17 | -570.10 |
| Net cash from operating activities | 2,180.01 | 1,630.07 |
| Cash Flows from Investing Activities | ||
| Purchase of fixed assets | -439.14 | -570.73 |
| Proceeds from sale of fixed assets | 1.02 | 2.20 |
| Purchase of on-current investments | -8.12 | -7.86 |
| Bank deposits movement | -18.04 | 112.02 |
| Interest received | 54.36 | 34.28 |
| Acquisition of NCI | -1.38 | -5.36 |
| Net cash used in investing activities | -411.30 | -435.45 |
| Cash Flows from Financing Activities | ||
| Proceeds from Long Term borrowings | 122.96 | 470.93 |
| Repayment of Long Term borrowings | -412.45 | -245.00 |
| Proceeds from short term borrowings | 521.20 | -261.47 |
| Proceeds on account of leases | -52.19 | -30.34 |
| Dividends paid | -77.09 | -64.28 |
| Issue of shares | 8.90 | 0.00 |
| Interest paid | -898.80 | -1,004.16 |
| Net cash from financing activities | -787.47 | -1,134.32 |
| Net Increase / (decrease) in cash and cash equivalents | 981.24 | 60.30 |
| Cash and cash equivalents at beginning of the year | 615.42 | 555.12 |
| Cash and cash equivalents at the end of the year | 1,596.66 | 615.42 |
Here is a summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flows from Operating Activities:
For the year ended 31st March 2025, the company reported a net cash inflow of ₹2,180.01 million from operating activities, which is higher than the previous year’s ₹1,630.07 million, indicating stronger operational performance and improved cash generation.
The net profit before tax from continuing operations rose to ₹2,609.46 million from ₹2,269.28 million, though losses from discontinued operations reduced the total profit before tax to ₹2,377.02 million, still higher than the ₹2,008.64 million in the previous year. Significant non-cash adjustments added to this figure include depreciation and amortization of ₹293.80 million, provision for doubtful debts of ₹307.60 million, and a substantial finance cost of ₹915.58 million. Offsetting items include interest income of ₹62.36 million, which was deducted from the cash flow.
Before working capital changes, the operating profit stood at ₹3,828.82 million, up from ₹3,482.62 million. However, the company experienced a net outflow of ₹1,807.98 million due to working capital changes, driven by a sharp rise in trade receivables (₹1,256.16 million) and other financial assets (₹1,588.46 million). These increases imply the company tied up significant cash in credit sales and financial instruments. On the positive side, there were increases in current liabilities (₹552.26 million) and financial liabilities (₹307.67 million), partially offsetting the outflows.
Despite the working capital challenges, direct taxes paid were relatively low at ₹159.17 million, compared to a net tax refund in the previous year of ₹570.10 million, which contributed positively to the cash flow. The resulting net operating cash inflow of ₹2,180.01 million demonstrates a solid cash-generating capacity from core operations, albeit impacted by working capital expansion.
Cash Flows from Investing Activities:
The company saw a net outflow of ₹411.30 million from investing activities in FY 2025, slightly better than the ₹435.45 million outflow in FY 2024. The largest component was the purchase of fixed assets amounting to ₹439.14 million, indicating ongoing investment in infrastructure or capacity expansion. There were modest inflows from the sale of fixed assets (₹1.02 million) and interest received (₹54.36 million).
There was a small outflow from investment in non-current investments (₹8.12 million) and acquisition of non-controlling interest (NCI) of ₹1.38 million. The movement in bank deposits also led to a cash outflow of ₹18.04 million, in contrast to the previous year’s inflow from deposits of ₹112.02 million. Overall, the investing cash flows reflect continued capital expenditure with limited asset sales or investment redemptions.
Cash Flows from Financing Activities:
Cash flow from financing activities saw a net outflow of ₹787.47 million, though this was an improvement from the previous year’s outflow of ₹1,134.32 million. The company raised ₹122.96 million in long-term borrowings, but this was offset by repayments of ₹412.45 million, leading to a net reduction in long-term debt.
Interestingly, the company raised ₹521.20 million in short-term borrowings, a turnaround from a negative figure in the previous year, possibly to support working capital. Cash outflows also included lease payments (₹52.19 million), dividends paid (₹77.09 million), and a significant interest payment of ₹898.80 million. There was a small inflow from issue of shares (₹8.90 million). The high interest expense continues to be a major cash outlay, which impacts the overall financing position.
Net Change in Cash and Closing Balance:
As a result of the above activities, the company recorded a net increase in cash and cash equivalents of ₹981.24 million in FY 2025, significantly higher than the increase of ₹60.30 million in FY 2024. This indicates a much-improved cash position overall. Consequently, the closing cash and cash equivalents stood at ₹1,596.66 million, more than double the ₹615.42 million at the end of the previous year.
Financial Ratios of BVG India Limited
| Particulars | 31-03-2025 | 31-03-2024 |
| Current ratio | 2.21 | 2.19 |
| Debt-Equity ratio | 0.35 | 0.39 |
| Debt Service Coverage ratio | 2.89 | 2.24 |
| Return on Equity ratio | 15.15% | 14.12% |
| Inventory turnover ratio | 17.17 | 21.25 |
| Trade receivables turnover ratio | 3.35 | 2.98 |
| Trade Payables turnover ratio | 2.79 | 2.94 |
| Net Capital turnover ratio | 3.09 | 3.29 |
| Net Profit ratio | 6.28% | 5.85% |
| Return on Capital employed | 19.04% | 20.00% |
| Return on investment | 14.48% | 15.73% |
Here is a summary of the financial and operational metrics for BVG India Limited for the year 2025 & 2024:
Current Ratio (2.21 in 2025 vs 2.19 in 2024):
The current ratio, which measures the company’s ability to meet its short-term liabilities with its short-term assets, has marginally improved from 2.19 to 2.21. This indicates that the company maintains a stable liquidity position.
Debt-Equity Ratio (0.35 in 2025 vs 0.39 in 2024):
The decline in the debt-equity ratio from 0.39 to 0.35 indicates a reduction in reliance on debt financing relative to shareholder equity.
Debt Service Coverage Ratio (2.89 in 2025 vs 2.24 in 2024):
This ratio, which assesses the company’s ability to service its debt from operational earnings, has significantly improved from 2.24 to 2.89. A DSCR above 1 is generally considered good; thus, a value close to 3 is excellent.
Return on Equity (ROE) (15.15% in 2025 vs 14.12% in 2024):
ROE measures how efficiently the company is using shareholders’ equity to generate profit. The increase from 14.12% to 15.15% suggests improved profitability and efficient capital utilization, delivering higher returns to shareholders.
Inventory Turnover Ratio (17.17 in 2025 vs 21.25 in 2024):
This ratio has declined from 21.25 to 17.17, indicating that the company is turning over its inventory less frequently. A lower inventory turnover could signal slower movement of goods, potential overstocking, or reduced sales velocity.
Trade Receivables Turnover Ratio (3.35 in 2025 vs 2.98 in 2024):
An increase from 2.98 to 3.35 reflects improved collection efficiency. It means the company is collecting its receivables more frequently over the year, which enhances liquidity and reduces the risk of bad debts.
Trade Payables Turnover Ratio (2.79 in 2025 vs 2.94 in 2024):
The slight drop from 2.94 to 2.79 suggests that the company is taking slightly longer to pay its suppliers. While not significantly concerning, this trend might be part of a strategy to optimize cash flows.
Net Capital Turnover Ratio (3.09 in 2025 vs 3.29 in 2024):
This ratio, which measures how efficiently the company is using its working capital to generate revenue, has decreased from 3.29 to 3.09.
Net Profit Ratio (6.28% in 2025 vs 5.85% in 2024):
The net profit ratio has increased from 5.85% to 6.28%, reflecting better profitability. This improvement can be attributed to higher revenues or better cost control.
Return on Capital Employed (ROCE) (19.04% in 2025 vs 20.00% in 2024):
ROCE slightly declined from 20.00% to 19.04%, which may be due to increased capital employed without a proportionate rise in operating profit.
Return on Investment (ROI) (14.48% in 2025 vs 15.73% in 2024):
ROI has decreased from 15.73% to 14.48%, indicating a slight decline in efficiency in generating returns from investments.
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