Bhartiya International Ltd (BIL)
🎯 Key Takeaways
- Bhartiya International Ltd (BIL) is in a consolidation and reinvestment phase within the leather industry, marked by strong top-line growth and improving profitability trends. Management is focused on operational restructuring, including manufacturing relocation and asset monetization, while maintaining a stable promoter holding.
- Revenue grew 19.2% QoQ to ₹373 in Q1FY27.
- ⚠️ Governance risk: Director reappointments depend on shareholder approval at the AGM; any dissent or proxy fight could disrupt leadership continuity.
📖 The Story
Bhartiya International Ltd (BIL) is in a consolidation and reinvestment phase within the leather industry, marked by strong top-line growth and improving profitability trends. Management is focused on operational restructuring, including manufacturing relocation and asset monetization, while maintaining a stable promoter holding. The company is transitioning from a loss-making to a profitable trajectory, supported by strategic capital allocation and governance continuity.
📰 What's Happening
In FY26, BIL reported a 32% YoY revenue increase to ₹1,133.31 crores, driven by a 20% YoY jump in Q4 revenue to ₹245.40 crores and a 500% surge in PAT to ₹1.51 crores. The company converted 12,01,000 warrants into equity and initiated a manufacturing relocation via property sale. Board meetings on 29 May 2026 and 13 August 2026 approved unaudited Q1 results and reappointed key directors, including Mr. Deepak Bhojwani beyond age 75, pending shareholder approval at the upcoming AGM. These moves signal governance continuity and strategic repositioning amid operational transformation.
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 |
Revenue has grown consistently from ₹280 crores in Jun 2025 to ₹399 crores in Sep 2025, then stabilized around ₹370 crores in Jun 2026, indicating sustained momentum. Operating margins improved to 8.5% in Jun 2026 from 5.4% in Mar 2026, reflecting better cost control or product mix. Profitability turned positive after prior losses, with NP of ₹18 crores in Jun 2026 versus a loss of ₹9 crores in Mar 2026. This turnaround aligns with management’s focus on operational efficiencies and asset revaluation, supporting the reported PAT growth in FY26.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue or margins in the latest filings. However, strategic actions such as manufacturing relocation, warrant conversion, and director reappointments suggest a focus on structural improvement and governance stability. The requirement for shareholder approval at the AGM for director continuations introduces a near-term governance dependency. Without formal outlook statements, the trajectory hinges on execution of relocation plans and sustained demand in the leather segment.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 12 | 13 | 13 | 13 |
| Reserves | 395 | 431 | 470 | 474 |
| Borrowings | 515 | 474 | 504 | 542 |
| Total Liabilities | 1,187 | 1,172 | 1,328 | 1,359 |
| Fixed Assets | 148 | 154 | 144 | 149 |
| Investments | 31 | 49 | 38 | 27 |
| Total Assets | 1,187 | 1,172 | 1,328 | 1,359 |
The balance sheet shows a stable capital structure with total assets growing to ₹1,359 crores from ₹1,172 crores YoY, driven by asset revaluations and operational investments. Equity remains flat at ₹13 crores, while reserves increased to ₹474 crores, reflecting retained earnings from improved profitability. Borrowings rose to ₹542 crores from ₹474 crores, indicating modest leverage increase, likely for working capital or relocation-related needs. The company maintains healthy cash reserves of ₹3,198.55 lakhs, supporting near-term obligations despite negative net cash flow from financing activities.
💰 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 quarters, indicating confidence from the founding group. Foreign institutional ownership is minimal at ~7.4%, while domestic institutional (DII) holding is negligible (<0.3%), suggesting limited institutional interest or coverage. The slight increase in FII shareholding from 7.43% to 7.46% and stable public holding reflect minor market participation. No significant dilution or selling by promoters is evident, but the lack of institutional accumulation may signal under-coverage or cautious investor sentiment.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 25,047 | 61.6 | 38.9% | 24.1% | 0.00 |
| RELAXO | 8,903 | 48.0 | 13.0% | 8.8% | 0.00 |
| BATAINDIA | 8,771 | 60.0 | 20.7% | 9.2% | 0.00 |
| CAMPUS | 6,902 | 54.7 | 32.5% | 29.2% | 0.41 |
| MAYURUNIQ | 3,277 | 15.8 | 29.0% | 21.7% | 0.01 |
| BIL | 1,154 | 44.6 | 10.2% | 5.8% | 1.07 |
| SREEL | 567 | 17.3 | 9.5% | 7.1% | 0.00 |
| MIRZAINT | 444 | — | -3.4% | -4.0% | 0.03 |
| LIBERTSHOE | 414 | 50.9 | 8.9% | 9.2% | 0.84 |
| KHADIM | 214 | 77.2 | 8.3% | 1.1% | 0.45 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Governance risk: Director reappointments depend on shareholder approval at the AGM; any dissent or proxy fight could disrupt leadership continuity. 2. Execution risk: The manufacturing relocation via property sale must deliver expected efficiencies; delays or valuation shortfalls could impact margins. 3. Market risk: The leather industry faces volatile raw material costs and shifting consumer demand, with no evidence of pricing power or diversification. 4. Liquidity risk: Negative net cash flow from financing (₹-15 crores) and reliance on asset sales for capital reallocation raise near-term funding sensitivities.
📋 Recent Filings
-
🟡 Board Meeting 13 August 2026Bhartiya International Limited announced the outcome of its board meeting held on 13 August 2026, approving unaudited standalone and consolidated fina...
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Announcement 13 August 2026Bhartiya International Limited reported a 33% year-on-year revenue increase to ₹374.67 crore in Q1 FY27, driven by fashion business momentum, with EBI...
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share transfer 6 July 2026Bhartiya International Limited received a SEBI-mandated certificate from MAS Services Limited confirming timely dematerialization processing for the q...
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Announcement 6 July 2026Bhartiya International Limited issued a final notice to shareholders who have not claimed dividends for seven consecutive years, directing them to cla...
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Financial Results 30 June 2026Bhartiya International Limited announced that its trading window for designated persons and immediate relatives will close on 1 July 2026, 48 hours af...
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🟡 Board Meeting 29 May 2026Bhartiya International Limited announced the outcome of its board meeting on 29 May 2026, approving audited financial results for the quarter and year...
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🔴 Financial Results 29 May 2026Bhartiya International Limited reported FY26 revenue of **₹1,133.31 crores**, up from **₹860.53 crores** in FY25, with PAT rising to **[amount context...
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Announcement 10 April 2026Bhartiya International Limited (BIL) filed a general corporate update on April 10, 2026, signaling strategic shifts without disclosing financial speci...
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Financial Results 26 March 2026Bhartiya International Limited announced a trading window closure effective Wednesday, 1st April 2026 through 48 hours post-declaration of FY2026 audi...
🧠 Analyst's Read
Bartiya International is transitioning from a loss-making to a profitable entity, supported by revenue growth and margin improvement, but the sustainability of this trend depends on execution of strategic initiatives and shareholder approval of governance changes. Investors should monitor AGM outcomes and progress on manufacturing relocation for confirmation of turnaround momentum.
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 2026-09-02.
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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