Bhavik Enterprises Ltd (544551)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Bhavik Enterprises' revenue was ₹334 Cr (+21.9% year on year, +13.6% on the previous half-year), and net profit ₹9.0 Cr (against a loss a year earlier); the operating margin was 3.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹334 | +21.9% | +13.6% |
| Operating profit | ₹11.0 | from loss | +83.3% |
| Net profit | ₹9.0 | from loss | +125.0% |
| EPS (₹) | 4.57 | from loss | +69.9% |
| Operating margin | 3.3% | — | — |
📢 Recent Corporate Announcements
Bhavik Enterprises has issued a notice for its 19th Annual General Meeting (AGM) scheduled for September 2, 2026. Key agenda items include the re-appointment of an Independent Director for a second five-year term and a significant revision in executive remuneration. The company proposes increasing the salary for both the Managing Director and Whole-time Director to ₹72 lakh per annum each, plus a 1% commission on profits, effective January 2027. This compensation structure is notable given the company's thin net profit margins of 1.45% reported in H1 FY26.
- 19th Annual General Meeting scheduled for September 2, 2026, via video conferencing.
- Proposed revision of Managing Director's salary to ₹72,00,000 per annum, effective January 30, 2027.
- Performance-linked incentive proposed as a commission of up to 1% on profits for key directors.
- Re-appointment of Mrs. Jeny Vinod Kumar Gowadia as Independent Director for a second 5-year term until June 2031.
- Appointment of M/s JPS & Associates as Secretarial Auditor for a 5-year block (FY26-FY31).
Bhavik Enterprises reported a robust performance for FY26, with revenue from operations growing 19.18% to ₹628.44 Cr. Profit After Tax (PAT) saw a significant surge of 139.20%, reaching ₹13.56 Cr compared to ₹5.67 Cr in the previous year. The company successfully transitioned to a listed entity on the BSE SME platform in October 2025, which has improved its access to capital for working capital needs. Despite being a trading entity with thin margins, the company demonstrated improved operational efficiency with Profit Before Tax rising to ₹18.44 Cr.
- Revenue from operations increased by 19.18% YoY to ₹628.44 Cr in FY26
- Profit After Tax (PAT) surged by 139.20% to ₹13.56 Cr from ₹5.67 Cr
- Successfully listed on the BSE SME Platform effective October 6, 2025
- Maintained a 20-year authorized distributorship relationship with Borouge Pte Ltd
- Proposed appointment of Secretarial Auditor for a 5-year term (FY27-FY31) at ₹1,00,000 per annum
Bhavik Enterprises has scheduled its 19th Annual General Meeting (AGM) for September 2, 2026. Key agenda items include the adoption of FY26 audited financials and the re-appointment of Mr. Bhavik Mukesh Thakkar as Managing Director with a revised salary of up to ₹72 lakhs per annum starting January 2027. The company also proposes re-appointing Mrs. Jeny Vinod Kumar Gowadia as an Independent Director for a second five-year term and appointing M/s JPS & Associates as Secretarial Auditors for five years.
- 19th Annual General Meeting to be held on September 2, 2026, at 4:00 P.M. via VC/OAVM.
- Proposed revision of Managing Director's salary to ₹72,00,000 per year effective January 30, 2027.
- MD salary revision includes a provision for annual increases of up to 20% based on NRC recommendations.
- Re-appointment of Independent Director Mrs. Jeny Vinod Kumar Gowadia for a second term from June 2026 to June 2031.
- Appointment of Secretarial Auditor for a 5-year term (FY27-FY31) with a base fee of ₹1,00,000 for the first year.
Bhavik Enterprises Limited has announced its 19th Annual General Meeting (AGM) to be held on September 2, 2026. The company has established August 21, 2026, as the cut-off date for determining shareholder eligibility for remote e-voting. The e-voting period will run from August 30, 2026, to September 1, 2026. This is a standard administrative procedure required under SEBI regulations.
- 19th Annual General Meeting scheduled for September 2, 2026
- Cut-off date for remote e-voting set for August 21, 2026
- Remote e-voting window opens August 30, 2026, at 10:00 AM
- Remote e-voting window closes September 1, 2026, at 5:00 PM
Bhavik Enterprises has recommended a revision in the remuneration for three key leadership positions: the Managing Director, Whole Time Director, and Executive Director. These proposals are subject to shareholder approval at the 19th Annual General Meeting (AGM) scheduled for September 2, 2026. While the specific quantum of the increase was not disclosed in this filing, the company operates on thin net margins (1.45% in H1 FY26), making management costs a relevant factor for bottom-line performance. The e-voting period for these resolutions is set from August 30 to September 1, 2026.
- Proposed revision in remuneration for Mr. Bhavik Mukesh Thakkar (Managing Director).
- Proposed revision in remuneration for Mr. Mukesh Natverlal Thakkar (Whole Time Director) and Mrs. Purnima Mukesh Thakkar (Executive Director).
- 19th Annual General Meeting (AGM) to be held on September 2, 2026, via video conferencing.
- Cut-off date for e-voting eligibility fixed as August 21, 2026.
- E-voting window scheduled from August 30, 2026 (10:00 AM) to September 1, 2026 (5:00 PM).
Bhavik Enterprises has scheduled a board meeting for August 4, 2026, to consider revising the remuneration of its top management, including the Managing Director and Whole Time Director. This follows a period where the company reported TTM revenue of Rs 1,156 Cr and a PAT of Rs 19 Cr. The proposed revisions will require shareholder approval at the upcoming Annual General Meeting. Given the company's thin operating margins of 1.8%, executive compensation levels are a relevant factor for net profitability.
- Board meeting scheduled for August 4, 2026, to discuss management compensation.
- Remuneration revisions proposed for 3 directors: Mukesh, Bhavik, and Purnima Thakkar.
- Company operates with a thin TTM Operating Profit Margin of 1.8%.
- TTM Net Profit stands at Rs 19 Cr against a revenue base of Rs 1,156 Cr.
Bhavik Enterprises has recommended the appointment of M/s JPS & Associates as Secretarial Auditors for a five-year period starting from FY 2026-27 through FY 2030-31. The Jaipur-based firm brings over 21 years of experience in corporate consultancy and secretarial audits. This appointment is a standard regulatory requirement and is subject to shareholder approval at the upcoming Annual General Meeting. Given the company's TTM revenue of ₹1,156 Cr and thin operating margins of 1.8%, maintaining robust compliance frameworks is essential for its listed status.
- Appointment of M/s JPS & Associates for a 5-year tenure from FY 2026-27 to FY 2030-31.
- The auditing firm possesses over 21 years of expertise in Company Law and Secretarial Compliances.
- The recommendation is subject to final approval by shareholders in the ensuing Annual General Meeting.
- The firm holds Peer Review Certificate No. 2779/2022, indicating adherence to professional standards.
Bhavik Enterprises approved its Secretarial Audit and Board Reports for FY 2025-26 during its board meeting on July 23, 2026. The board recommended the appointment of M/s JPS & Associates as Secretarial Auditors for a five-year term spanning FY 2026-27 to FY 2030-31, pending shareholder approval. Notably, the scheduling of the Annual General Meeting (AGM) was deferred to a future meeting. These are routine administrative actions for the company, which maintains a TTM revenue of Rs 1,156 Cr and a net worth of Rs 165 Cr.
- Approved the Secretarial Audit Report and Board Report for the financial year ended March 31, 2026.
- Recommended M/s JPS & Associates for a 5-year tenure as Secretarial Auditors starting FY 2026-27.
- Deferred the decision to convene the Annual General Meeting (AGM) to the next board meeting.
- The board meeting was conducted over a 1.5-hour duration from 5:00 PM to 6:30 PM.
Bhavik Enterprises has scheduled a board meeting on July 23, 2026, to finalize administrative matters for the conclusion of the 2025-26 financial year. The board will consider and approve the Board's Report and the Secretarial Audit Report for FY 2025-26. Additionally, the meeting will involve setting the date for the Annual General Meeting (AGM) and recommending the appointment of M/s JPS & Associates as Secretarial Auditors for a five-year term (FY 2026-27 to FY 2030-31). This is a routine regulatory procedure required for all listed entities.
- Board meeting scheduled for July 23, 2026, at 5:00 P.M. at the registered office.
- Approval of the Board's Report for the financial year ended March 31, 2026.
- Recommendation to appoint M/s JPS & Associates as Secretarial Auditors for 5 consecutive years.
- Finalization of the draft notice and date for the upcoming Annual General Meeting (AGM).
- Appointment of a Scrutinizer and E-voting agency for the AGM process.
Bhavik Enterprises Ltd has been honored with the 'Corporate Excellence Award' at the Asia Pacific Enterprise Awards (APEA-2026). The award ceremony took place on July 15, 2026, in Kuala Lumpur, Malaysia, recognizing the company's leadership among peers in 16 Asia-Pacific countries. This is a reputational milestone rather than a financial one, as it does not involve new orders or capital changes. Investors should view this as a positive reflection of management's perceived performance by external bodies without immediate impact on the balance sheet.
- Awarded 'Corporate Excellence Award' at the APEA-2026 platform
- Recognition involves business excellence across 16 countries in the Asia-Pacific region
- Award ceremony held on July 15, 2026, in Kuala Lumpur, Malaysia
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment, Trading of Polymers, which generated revenue of INR 29,427.97 Lakhs for the six months ended September 30, 2025, representing a growth of 15.97% compared to INR 25,376.46 Lakhs in the previous corresponding period.
Geographic Revenue Split
Not explicitly disclosed in percentage terms, but the company primarily trades in Maharashtra, Gujarat, Daman, and Silvassa.
Profitability Margins
Net Profit Margin declined to 1.45% (INR 426.43 Lakhs) for H1 FY26 from 2.58% (INR 655.14 Lakhs) in H1 FY25. Profit before tax margin stood at 1.95% for H1 FY26 compared to 3.50% in the previous period.
EBITDA Margin
EBITDA margin for H1 FY26 was approximately 2.05% (calculated as PBT of INR 574.45 Lakhs plus finance costs of INR 22.15 Lakhs and depreciation of INR 7.68 Lakhs over total revenue), reflecting a decline from the prior year due to increased purchase and operating costs.
Capital Expenditure
Historical capital expenditure for H1 FY26 was minimal at INR 0.0092 Cr (INR 0.92 Lakhs), as the company follows an asset-light trading model.
Credit Rating & Borrowing
The company's short-term rating was ACUITE A4 (downgraded from A4+ in February 2021) before being withdrawn in October 2021 due to non-cooperation. Finance costs for H1 FY26 were INR 22.15 Lakhs, a 91% increase YoY from INR 11.59 Lakhs.
Operational Drivers
Raw Materials
Polymers and plastic granules represent the primary trading stock, with purchase costs accounting for 95.7% of total revenue (INR 28,164.28 Lakhs).
Import Sources
Raw materials are sourced domestically from India and imported from Singapore.
Key Suppliers
The company is an authorized agent for LG Polymers (India) Private Limited and Borouge Pte Limited (Singapore).
Capacity Expansion
Not applicable as the company is a trading entity; however, it aims to increase volume execution through enhanced working capital.
Raw Material Costs
Purchase costs for H1 FY26 were INR 28,164.28 Lakhs, representing 97.5% of total expenses, up from INR 25,894.57 Lakhs in H1 FY25.
Logistics & Distribution
Operating costs, which include distribution and logistics, were INR 852.69 Lakhs for H1 FY26, representing 2.9% of revenue.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
The company plans to achieve growth by utilizing INR 47.50 Cr (87% of net IPO proceeds) to fund working capital requirements, enabling the execution of higher trade volumes and the acquisition of new customers in the polymer segment.
Products & Services
Polymers and plastic granules.
Brand Portfolio
None owned; authorized agent for global brands LG Polymers and Borouge.
Market Expansion
Focus on tapping new customers and increasing volume execution in Western India (Maharashtra and Gujarat).
Strategic Alliances
Authorized agency agreements with LG Polymers (India) Private Limited and Borouge Pte Limited (Singapore).
External Factors
Industry Trends
The polymer trading industry is growing due to demand from packaging and manufacturing; the company is positioning itself by scaling its working capital base through a recent INR 63 Cr IPO.
Competitive Landscape
Operates in a competitive trading market with other authorized and unauthorized polymer distributors.
Competitive Moat
Moat is based on authorized agency status for global leaders LG and Borouge, which provides a reliable supply chain and brand credibility in the Western Indian market.
Macro Economic Sensitivity
Highly sensitive to industrial production growth and polymer price cycles which affect trading volumes and margins.
Geopolitical Risks
Trade barriers or supply disruptions in Singapore could impact the procurement of products from Borouge Pte Limited.
Regulatory & Governance
Industry Regulations
Operations are subject to standard trade and import regulations for chemical and polymer products.
Taxation Policy Impact
The effective tax rate for H1 FY26 was 25.7%, with a total tax expense of INR 148.01 Lakhs.
Risk Analysis
Key Uncertainties
Fluctuations in global polymer prices and foreign exchange volatility are the primary business risks.
Geographic Concentration Risk
100% of operations are concentrated in Western India (Maharashtra, Gujarat, Daman, and Silvassa).
Third Party Dependencies
Critical dependency on LG Polymers and Borouge for product supply.
Technology Obsolescence Risk
Low risk for physical polymer trading, though digital procurement platforms could disrupt traditional agency models.
Credit & Counterparty Risk
Trade receivables were INR 5,841.32 Lakhs as of September 30, 2025, representing approximately 20% of half-yearly revenue.
