Bhartiya International Ltd (BIL)
🎯 Key Takeaways
- Bhartiya International Ltd (BIL) is a mid-sized leather goods manufacturer operating in the consumer durables sector, currently in a stable but growth-constrained phase. The company has demonstrated consistent promoter holding and modest profitability, but its financial performance shows cyclical volatility and limited margin expansion.
- Revenue grew 19.2% QoQ to ₹373 in Q1FY27.
- ⚠️ Profitability remains vulnerable to margin compression, as evidenced by the recent swing to a ₹9 crore loss in Q4 2025, with no clear recovery path di
- Market Cap
- ₹1,344
- P/E Ratio
- 52.0
- P/B Ratio
- 2.76
- ROE
- 5.3%
- ROCE
- 9.1%
- Debt/Equity
- 1.11
- Promoter
- 61.2%
📖 The Story
Bhartiya International Ltd (BIL) is a mid-sized leather goods manufacturer operating in the consumer durables sector, currently in a stable but growth-constrained phase. The company has demonstrated consistent promoter holding and modest profitability, but its financial performance shows cyclical volatility and limited margin expansion. Management has not provided forward-looking guidance, suggesting a focus on operational continuity rather than aggressive expansion.
📰 What's Happening
Recent board and AGM filings from September 2026 confirm routine governance updates, including reappointment of Whole-Time Director Manoj Khattar and approval of the FY2025-26 financial statements. A key development was the increase in authorized borrowing limit to ₹1,200 crores, signaling potential intent to fund future capital needs. Shareholder voting results from the 39th AGM showed overwhelming approval of all resolutions, including financials and director appointments, with no dissent reported. The company also disclosed remuneration for Robert Burton Moore Jr. at $135,000 USD, reflecting continued reliance on international consultancy support.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 280 | 399 | 366 | 313 | 373 |
| Operating Profit | 21 | 34 | 22 | 17 | 32 |
| OPM % | 7.4% | 8.4% | 6.1% | 5.4% | 8.5% |
| Net Profit | 6 | 10 | 7 | -9 | 18 |
| EPS | ₹4.28 | ₹7.61 | ₹5.09 | ₹-6.63 | ₹13.21 |
Quarterly revenue shows a clear upward trend, rising from ₹280 crores in June 2025 to ₹373 crores in June 2026, with operating performance improving alongside it. However, profitability remains volatile — net profit dipped to a loss of ₹9 crores in March 2026 before rebounding to ₹18 crores in June 2026, indicating sensitivity to cost structure and demand fluctuations. Operating margins have stabilized around 8% in recent quarters, up from 5.4% in Q4 2025, suggesting incremental efficiency gains. The company swung from a loss to a profit in the latest quarter, which management may attribute to cost optimization or favorable product mix, though no explicit drivers were disclosed.
🔮 Management Outlook & What's Next
Management provided no forward guidance in any of the recent filings, including the AGM or board meeting announcements. There was no discussion of growth targets, capital allocation plans, or market outlook beyond routine compliance. The absence of strategic commentary suggests a conservative posture, with decisions deferred or handled through periodic governance rather than proactive planning. This lack of vision may limit investor confidence in long-term trajectory.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 13 | 12 | 13 | 13 |
| Reserves | 431 | 395 | 474 | 470 |
| Borrowings | 474 | 515 | 542 | 504 |
| Total Liabilities | 1,172 | 1,187 | 1,359 | 1,328 |
| Fixed Assets | 154 | 148 | 149 | 144 |
| Investments | 49 | 31 | 27 | 38 |
| Total Assets | 1,172 | 1,187 | 1,359 | 1,328 |
The balance sheet shows stable equity of ₹13 crores and reserves growing from ₹431 crores to ₹474 crores, indicating retained earnings are modest but consistent. Borrowings have increased slightly from ₹474 crores to ₹542 crores, aligning with the recent authorization of a higher borrowing limit, though leverage remains elevated at a D/E ratio of 1.07. Total assets have grown steadily, suggesting capital investment is underway, but the company is not aggressively expanding its asset base. The capital structure appears balanced but carries moderate financial risk given the cyclical nature of its operations.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +44 |
| Investing | -14 |
| Financing | -45 |
| Net Cash Flow | -15 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 61.2% | 61.2% | 61.2% | 61.2% |
| FII | 7.4% | 7.5% | 7.5% | 7.4% |
| DII | 0.0% | 0.0% | 0.3% | 0.3% |
| Public | 16.4% | 16.2% | 16.7% | 16.6% |
| # Shareholders | 4,924 | 4,968 | 4,720 | 4,799 |
Promoter holding remains stable at 61.17% across all recent quarters, indicating strong insider confidence. Foreign institutional investors (FII) have shown slight accumulation, increasing from 7.43% to 7.46%, while domestic institutional investors (DII) remain minimal at 0.25%. The number of public shareholders has slightly declined, but retail participation remains low. There are no signs of significant exit or dilution, and the shareholder base appears stable with no activist or distress signals.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 23,012 | 56.6 | 38.9% | — | 0.00 |
| BATAINDIA | 7,951 | 54.4 | 20.7% | — | 0.00 |
| RELAXO | 7,249 | 39.1 | 12.4% | — | 0.00 |
| CAMPUS | 6,382 | 50.6 | 32.5% | — | 0.41 |
| MAYURUNIQ | 3,194 | 15.4 | 29.0% | — | 0.01 |
| BIL | 1,344 | 52.0 | 10.2% | — | 1.07 |
| SREEL | 660 | 20.1 | 9.5% | — | 0.00 |
| MIRZAINT | 386 | — | -3.4% | — | 0.03 |
| LIBERTSHOE | 376 | 46.2 | 8.9% | — | 0.84 |
| KHADIM | 210 | 75.5 | 10.5% | — | 0.73 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Profitability remains vulnerable to margin compression, as evidenced by the recent swing to a ₹9 crore loss in Q4 2025, with no clear recovery path disclosed. 2. High promoter concentration (61%) increases governance risk, especially if succession or strategic direction becomes contentious. 3. Elevated leverage (D/E of 1.07) combined with cyclical demand could strain liquidity during downturns, particularly with no credit buffer or liquidity guidance disclosed. 4. Lack of transparency in growth drivers or customer diversification leaves the company exposed to sector-specific headwinds, such as raw material cost volatility or shifting consumer preferences in leather goods.
📋 Recent Filings
- 🟡 Board Meeting2026-09-29The Bhartiya International Ltd board meeting on 28 September 2026 approved the audited standalone and consolidated financial statements for FY2026, re…
- 🟡 voting results2026-09-29Bhartiya International Ltd announced voting results from its 39th Annual General Meeting held on September 28, 2026, confirming approval of all 10 pro…
- Announcement2026-09-28Bhartiya International Ltd has closed its trading window for designated persons and their relatives effective 1 October 2026 until 48 hours after the …
- 🟡 Board Meeting2026-09-28Bhartiya International held its 39th AGM on 28 September 2026 via video conference, adopting resolutions including reappointing Manoj Khattar as Whole…
- 🟡 Board Meeting2026-09-02Bhartiya International Ltd announced its 39th AGM on 28 September 2026 via video conferencing, where shareholders will vote on adopting financial stat…
- 🔴 annual report2026-09-02Bhartiya International Ltd (BIL) reported consolidated turnover of Rs 135,802.02 Lakhs and consolidated net profit of Rs 1,344.51 Lakhs for FY 2025-26…
- 🔴 annual report2026-09-02Bhartiya International Ltd dispatched letters to shareholders with unregistered email addresses, providing web links to access the 39th AGM notice and…
- 🟡 Board Meeting2026-09-02Bhartiya International Ltd announced its 39th Annual General Meeting will be held on Monday, 28 September 2026 at 11:00 AM IST via video conferencing.…
- Announcement2026-08-13Bhartiya International Limited reported a 33% year-on-year revenue increase to ₹374.67 crore in Q1 FY27, driven by fashion business momentum, with EBI…
- 🟡 Board Meeting2026-08-13Bhartiya International Limited announced the outcome of its board meeting held on 13 August 2026, approving unaudited standalone and consolidated fina…
🧠 Analyst's Read
Bhartiya International appears to be a stable, promoter-backed business with improving revenue trends but inconsistent profitability and limited strategic clarity. Investors should monitor quarterly margin trends and any future capital allocation decisions, particularly regarding the newly authorized borrowing capacity. The absence of forward guidance and growth narrative suggests the company may be in a consolidation phase, making it susceptible to sector cycles without a clear catalyst for re-rating.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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