NSE: BIL · BSE: 526666
BHARTIYA INTERNATIONAL
Manufactures and sells leather and leather products, with fashion apparel cited as the driver of FY26 growth. Standalone revenue rose 32% to Rs 1,130.54 crore in FY26, and consolidated revenue reached Rs 1,358.02 crore, up 32% year-on-year. Standalone net profit grew 59% to Rs 33.71 crore, but consolidated net profit was Rs 13.45 crore after a Rs 1,704 lakhs share of net loss from associates. The cost structure is led by materials at 44.9% of revenue, followed by other operating expenses at 25.0% and employee costs at 6.3%. Operating cash flow turned negative at Rs 1,368 lakhs in FY26 due to higher inventories and receivables, with total borrowings at Rs 52,820 lakhs. Dr. G N Venkatesha Babu was appointed as Group CEO in April 2026, with over 30 years of apparel and textile industry experience. Bank loan facilities of Rs 6,470.70 million carry a long-term credit rating of IND BBB with stable outlook. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Leather and leather products, Fashion apparel. Manufacturing-led, working capital intensive, exposed to fashion apparel demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 694 | 799 | 778 | 1,029 | 1,358 |
| EBITDA (ex other income) | 35 | 79 | 79 | 90 | 120 |
| margin % | 5.1 | 9.9 | 10.2 | 8.8 | 8.9 |
| Owners' profit | (17) | 63 | 0 | 16 | 13 |
| EPS, as reported (₹) | (13.34) | 51.03 | 0.20 | 12.77 | 10.16 |
| ROE % · ROCE % | (5.1) · 8.7 | 16.1 · 10.0 | 0.1 · 11.9 | 3.5 · 13.1 | 2.8 · 15.9 |
| Debt / equity (x) | 1.46 | 1.27 | 1.31 | 1.06 | 1.09 |
| Cash from operations | 46 | 12 | 66 | 44 | 40 |
| Capex | 0 | (21) | (7) | (7) | (19) |
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 | 296 | 263 | 241 | 280 | 399 | 366 | 313 | 373 |
| Profit before tax | 16 | 2 | 2 | 10 | 21 | 10 | 5 | 22 |
| Net profit | 8 | (2) | 15 | 6 | 10 | 7 | (9) | 18 |
| EPS (₹) | 6.28 | (1.24) | 12.17 | 4.26 | 7.61 | 5.09 | (6.63) | 13.21 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,259 | 15.7 | 2.88 | 11.0 | 16.9 | 22.5 | 13.5 | 30.4 |
| KOTHARI INDUSTRIAL CORP L | 1,655 | 47.3 | 7.16 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| BHARTIYA INTERNATIONAL ◆ | 1,399 | 54.1 | 2.87 | 15.5 | 2.8 | 7.7 | 19.9 | 10.2 |
| MIRZA INTERNATIONAL LIMIT | 380 | — | 0.68 | 9.3 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 171 | 20.8 | 0.35 | 7.0 | 0.8 | 1.4 | 4.7 | 8.1 |
| ZENITH EXPORTS LTD | 98 | 214.1 | 1.17 | — | 2.7 | 3.7 | — | (4.0) |
| SUPER TANNERY LTD. | 96 | 14.3 | 0.83 | 8.1 | 5.8 | 7.2 | 5.3 | 12.7 |
| ANKA INDIA LTD. | 93 | 139.3 | 3.54 | 56.6 | (1.8) | (0.9) | — | (0.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 54.1 | 28.4 | 8 of 10 | 22% |
| P/B | 2.9 | 1.2 | 8 of 11 | 30% |
| ROCE | 7.7 | 2.6 | 3 of 11 | 80% |
| ROE | 2.8 | 1.9 | 4 of 11 | 70% |
| Debt / Equity | 1.1 | 0.3 | 10 of 11 | 10% |
| EBITDA margin | 10.2 | 8.1 | 3 of 11 | 80% |
| Revenue growth | 33.2 | 12.4 | 4 of 10 | 67% |
| Profit growth | 218.2 | (11.0) | 2 of 12 | 91% |
| Market cap | 1399 | 96 | 3 of 13 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Intimation on special window to convert physical shares to demat form | compliance | minimal | — | — |
| 29 Sept 2026 · Voting Results | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Scrutinizer's Report: All 10 AGM Resolutions Approved | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · 39th AGM Held via Video Conference; All Resolutions Transacted | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper publication of notice for 39th AGM on September 28, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Bhartiya International fixes 39th AGM on 28 Sep 2026; book closure from 22 Sep | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Bhartiya International sends AGM and annual report links to non-registered email shareholders | compliance | minimal | — | — |
| 2 Sept 2026 · AGM notice and annual report web link sent to shareholders without registered email | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 39th AGM on September 28, 2026 - borrowing limit hike and director items | board shareholder meetings | low | — | — |
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.