NSE: BELLACASA · BSE: 539399
BELLA CASA FASH AND RET L
Manufactures ready-made garments on an ODM (original design manufacturing) basis for more than 50 domestic apparel brands, offering end-to-end production for western and ethnic wear across women's, men's and kids' categories. Operations are concentrated in six manufacturing plants in Jaipur with an annual capacity of 2 crore pieces and a workforce of 3,500-plus. The company has completed a strategic exit from its home furnishing business, so virtually all of FY26 revenue of ₹416 crore came from apparel manufacturing, with net profit of ₹20 crore and an EBITDA margin of 8.8%. Operating margin has been stable around 8.1–8.2% in FY25–FY26. Materials are the largest cost line at 38.4% of revenue, followed by employee cost at 2.2% and other operating expenses at 2.7%, with depreciation at 1.0% and capex running at 10.8% of revenue. Working capital has tightened sharply — inventory days fell to 102 and the debtor cycle to around 50 days — while net debt was reduced to ₹3 crore and operating cash flow reached ₹31 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Apparel ODM manufacturing. Apparel original design manufacturer with concentrated Jaipur-based production
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 206 | 202 | 230 | 349 | 416 |
| EBITDA (ex other income) | 21 | 15 | 19 | 29 | 33 |
| margin % | 10.3 | 7.7 | 8.2 | 8.2 | 8.0 |
| Owners' profit | 11 | 8 | 10 | 16 | 20 |
| EPS, as reported (₹) | 9.79 | 6.80 | 8.89 | 12.43 | 15.13 |
| ROE % · ROCE % | 16.0 · 25.8 | 10.3 · 17.8 | 12.0 · 20.1 | 10.6 · 16.4 | 12.0 · 16.6 |
| Debt / equity (x) | 0.80 | 0.50 | 0.51 | 0.21 | 0.30 |
| Cash from operations | (3) | 15 | 4 | 12 | 31 |
| Capex | (2) | (2) | (3) | (9) | (45) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107 | 81 | 87 | 90 | 126 | 90 | 111 | 120 |
| Profit before tax | 6 | 5 | 5 | 6 | 9 | 6 | 6 | 3 |
| Net profit | 5 | 4 | 4 | 5 | 6 | 4 | 5 | 3 |
| EPS (₹) | 4.02 | 2.66 | 3.28 | 3.51 | 4.79 | 3.33 | 3.50 | 1.89 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.2 | 16.2 | 19 of 37 | 50% |
| P/B | 1.8 | 1.5 | 20 of 35 | 44% |
| ROCE | 13.9 | 8.4 | 14 of 44 | 70% |
| ROE | 12.1 | 5.8 | 8 of 35 | 79% |
| Debt / Equity | 0.3 | 0.3 | 18 of 35 | 50% |
| EBITDA margin | 5.2 | 10.4 | 29 of 35 | 18% |
| Revenue growth | 33.4 | 7.9 | 6 of 37 | 86% |
| Profit growth | (46.1) | 6.8 | 31 of 37 | 17% |
| Market cap | 293 | 146 | 18 of 44 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine SEBI compliance filing for quarter ended September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · 30th AGM voting results - all 4 resolutions passed | compliance | minimal | — | — |
| 29 Sept 2026 · 30th AGM held on Sep 29 2026 via video conferencing four resolutions transacted | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Bella Casa 30th AGM held via video conference on Sep 29, 2026 - results pending | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed for Q2 FY27 Results | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication for 30th AGM notice and e-voting details | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 30th AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 2 Sept 2026 · FY2026 annual report: revenue and profit rise, no dividend | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper publication of 30th AGM notice for Sept 29, 2026 meeting | compliance | minimal | — | — |
| 28 Aug 2026 · Notice published for transfer of unclaimed dividends to IEPF | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.