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BHANDARI - Bhandari Hosiery

📊 NSE: BHANDARI 🏢 Textiles - Products 📅 Last Updated: 12/13/2025 19:25

📢 Recent Corporate Announcements

Bhandari Hosiery Promoters Declare Zero Pledged Shares for Financial Year

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 10 Apr 2026, 11:25 AM

Nitin Bhandari, representing the promoter group of Bhandari Hosiery Exports Limited, has filed a formal declaration under SEBI (SAST) Regulations. The disclosure confirms that the promoters and Persons Acting in Concert (PAC) have not created any encumbrance or pledge on their shares during the financial year ended March 31. This annual compliance filing ensures transparency regarding the status of promoter holdings, specifically noting that no shares are tied to debt or other liens.

Compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoter group confirmed zero encumbrances or pledges made during the financial year.
Kusum Bhandari, part of the promoter group, holds 88,06,960 shares with nil encumbrance.
The declaration covers the entire promoter group including Nitin Bhandari and Bhandari Exports Limited.

💡 This is a routine but positive regulatory filing confirming that promoter stakes are not pledged. Investors can maintain their current outlook as this indicates financial stability within the promoter group.

Tikani Exports Increases Stake in Bhandari Hosiery to 17.15% via Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 01 Apr 2026, 11:51 AM

Tikani Exports Limited, a promoter group entity, has significantly increased its stake in Bhandari Hosiery Exports from 0.04% to 17.15%. This acquisition was executed through the company's recently concluded Rights Issue, where Tikani subscribed to its entitlement and additional shares renounced by other promoters. The transaction is exempt from SEBI's open offer requirements under Regulation 10(4)(b). This move indicates strong promoter support and consolidation of holding within the group following the capital raise.

Tikani Exports Limited acquired 5,70,09,375 additional shares, taking its total holding to 17.15%.
The acquisition included subscription to shares renounced by promoters Nitin Bhandari and Nitika Rashesh Shah.
Post-transaction, Nitin Bhandari's individual stake stands at 14.43%, while Nitika Rashesh Shah holds 7.59%.
The transaction qualified for exemption from open offer obligations as per SEBI (SAST) Regulations.

💡 The promoter group's decision to fully subscribe and take up additional shares in the rights issue is a positive signal of long-term commitment. Investors should monitor the company's utilization of the rights issue proceeds for operational growth.

Bhandari Hosiery: Promoter Stake Rises to 41.83% Following Rights Issue Allotment

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Mar 2026, 04:03 PM

Tikani Exports Limited, a promoter group entity, has significantly increased its stake in Bhandari Hosiery Exports Limited from 31.02% to 41.83%. This increase resulted from the allotment of 6,48,32,425 equity shares under the company's recently concluded Rights Issue. The total post-issue equity share capital of the company now stands at 33,29,56,433 shares. This substantial subscription by the promoter group demonstrates strong confidence in the company's future and provides fresh capital for business operations.

Promoter group entity Tikani Exports was allotted 6,48,32,425 shares via a Rights Issue.
Total promoter group holding increased by 10.81%, moving from 31.02% to 41.83%.
The total paid-up equity capital expanded to 33,29,56,433 shares post-allotment.
The acquisition is exempt from open offer obligations under SEBI SAST Regulation 10(4).

💡 The significant increase in promoter stake is a positive signal of long-term commitment. Investors should monitor how the company utilizes the Rights Issue proceeds to improve its financial performance and growth trajectory.

Bhandari Hosiery to Close Trading Window from April 1, 2026, for FY26 Audited Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 10:37 AM

Bhandari Hosiery Exports Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI's Prohibition of Insider Trading Regulations. This closure is ahead of the declaration of the audited financial results for the quarter and fiscal year ending March 31, 2026. The trading window will remain closed for all promoters, directors, and designated persons until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced separately.

Trading window closure starts from Wednesday, April 1, 2026.
Closure is related to the Audited Financial Results for the quarter and year ended March 31, 2026.
Window will reopen 48 hours after the official declaration of financial results.
Applies to all Promoters, Directors, and Connected/Designated Persons as per SEBI regulations.

💡 This is a routine regulatory announcement and does not require any immediate action. Investors should wait for the announcement of the board meeting date to assess the company's annual financial performance.

Bhandari Hosiery Allots 9.29 Crore Equity Shares via Rights Issue at Rs 2.56 Per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 23 Mar 2026, 11:56 PM

Bhandari Hosiery Exports Limited has successfully completed its Rights Issue process by allotting 9,29,06,781 equity shares. The shares were issued at a price of Rs 2.56 per share, including a premium of Rs 1.56 per share. This allotment has resulted in an increase of the company's paid-up equity share capital from Rs 24.00 crore to Rs 33.29 crore. The company is now initiating the listing process for these newly allotted shares on the stock exchanges.

Allotment of 9,29,06,781 equity shares of face value Re. 1 each approved by the Rights Issue Committee.
Issue price set at Rs 2.56 per share, which includes a share premium of Rs 1.56.
Paid-up equity share capital increased from Rs 24,00,49,652 to Rs 33,29,56,433 following the allotment.
Basis of allotment was finalized in consultation with BSE Limited as the Designated Stock Exchange.

💡 Investors should watch for the listing of the new shares, as the increased supply might cause short-term price volatility. The successful capital raise strengthens the balance sheet for future operations.

Bhandari Hosiery Allots 9.29 Crore Equity Shares via Rights Issue at Rs 2.56 per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 23 Mar 2026, 11:54 PM

Bhandari Hosiery Exports Limited has successfully completed the allotment of 9,29,06,781 equity shares following its Rights Issue. The shares were issued at a price of Rs 2.56 each, which includes a premium of Rs 1.56 per share. This move has significantly increased the company's paid-up equity share capital from approximately Rs 24 crore to over Rs 33.29 crore. The allotment follows the basis of allotment finalized in consultation with BSE Limited, marking a successful capital infusion for the company.

Allotment of 9,29,06,781 equity shares of face value Re. 1/- each completed on March 23, 2026.
Issue price fixed at Rs 2.56 per share, including a share premium of Rs 1.56.
Total paid-up equity capital increased from Rs 24.00 crore to Rs 33.30 crore.
The basis of allotment was finalized in consultation with the Designated Stock Exchange (BSE).

💡 Investors should note the equity dilution resulting from the increased share capital and monitor how the company utilizes the newly raised funds for growth. The listing of these new shares will likely increase market liquidity for the stock.

Bhandari Hosiery Allots 9.29 Crore Equity Shares via Rights Issue at Rs 2.56 Per Share

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 23 Mar 2026, 11:49 PM

Bhandari Hosiery Exports Limited has successfully completed the allotment of 9,29,06,781 equity shares under its recent Rights Issue. The shares were issued at a price of Rs 2.56 each, including a premium of Rs 1.56 per share. This allotment has significantly expanded the company's paid-up equity share capital from approximately Rs 24 crore to over Rs 33.29 crore. The company is now initiating the listing process for these new shares on the BSE and NSE.

Allotted 9,29,06,781 equity shares of face value Re. 1 each at an issue price of Rs 2.56
Total paid-up equity capital increased from Rs 24,00,49,652 to Rs 33,29,56,433
The issue price includes a share premium of Rs 1.56 per equity share
Allotment finalized in consultation with BSE Limited as the Designated Stock Exchange
Listing process for the newly allotted shares to be initiated in due course

💡 Investors should watch for the listing of the new shares which may lead to short-term price volatility due to increased supply. Existing shareholders should monitor how the company utilizes the raised capital to drive future growth and earnings per share.

Bhandari Hosiery Sets Feb 25, 2026 as Record Date for Rights Issue

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 19 Feb 2026, 11:54 AM

Bhandari Hosiery Exports Limited has officially fixed February 25, 2026, as the record date for its upcoming rights issue. This date will determine the eligibility of shareholders to receive Rights Entitlements (REs) for purchasing additional equity shares. The company is currently in the process of obtaining a fresh ISIN and coordinating with NSDL and CDSL for the digital credit of these entitlements. This procedural step is essential for the execution of the company's capital raising plans.

Record date for the Rights Issue is fixed as Wednesday, February 25, 2026.
Rights Entitlements will be credited to eligible shareholders' demat accounts prior to the issue opening.
The company is obtaining a fresh ISIN specifically for the purpose of this Rights Issue.
The announcement complies with Regulation 42 of SEBI LODR and Regulation 68 of SEBI ICDR.

💡 Existing shareholders should monitor the specific rights price and ratio to decide whether to subscribe, sell their entitlements, or let them lapse. Ensure shares are in the demat account by the record date to be eligible for the offer.

Bhandari Hosiery to Raise Rs 49.30 Cr via Rights Issue at Rs 2.56 per Share

🔵 WATCH ⭐ 8/10

FUNDRAISE 📅 19 Feb 2026, 11:53 AM

Bhandari Hosiery Exports has finalized the terms for its Rights Issue to raise up to Rs 49.30 crores. The company will issue 19.20 crore shares at a price of Rs 2.56 per share, which represents a significant expansion of the equity base. The rights ratio is fixed at 4:5, and the record date for eligibility is February 25, 2026. The issue will be open for subscription from March 6 to March 20, 2026.

Total fundraise of Rs 49.30 crores through the issuance of 19,20,39,722 equity shares
Rights entitlement ratio set at 4 equity shares for every 5 shares held as of the record date
Issue price fixed at Rs 2.56 per share (Face Value Re 1 + Premium Rs 1.56)
Record date for determining eligible shareholders is Wednesday, February 25, 2026
Post-issue equity capital will increase from 24.00 crore shares to 43.21 crore shares

💡 Investors should monitor the market price relative to the rights price of Rs 2.56; if the market price is significantly higher, subscribing or selling rights entitlements may be beneficial. Note the record date of Feb 25 to ensure eligibility for the 4:5 ratio offer.

Bhandari Hosiery Receives In-Principle Approval for Rs 49.30 Crore Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 18 Feb 2026, 05:45 PM

Bhandari Hosiery Exports Limited has received in-principle approval from both BSE and NSE for its proposed Rights Issue of equity shares aggregating up to Rs 49.30 Crores. Following this regulatory milestone, the company has scheduled a Right Issue Committee meeting for February 19, 2026, to finalize critical terms. During this meeting, the committee will determine the offer price, the entitlement ratio, and the record date for the issue. This capital infusion is a significant step for the company's financial planning and growth strategy.

Received in-principle approval from NSE and BSE on February 18, 2026, for a Rights Issue.
Total fundraise amount is fixed at an aggregate of up to Rs 49.30 Crores.
Committee meeting scheduled for February 19, 2026, to decide on Offer Price and Rights Ratio.
The Record Date for determining eligible shareholders will be finalized in the upcoming meeting.
MUFG Intime India Private Limited is appointed as the Registrar and Transfer Agent (RTA) for the issue.

💡 Existing shareholders should monitor the announcement on February 19 for the offer price and ratio to assess the potential dilution and attractiveness of the discount. Evaluate the company's growth prospects before deciding to subscribe to the rights entitlement.

Bhandari Hosiery Q3 Net Profit Rises 8% YoY to ₹2.18 Cr Despite 6% Revenue Decline

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Feb 2026, 04:17 PM

Bhandari Hosiery Exports reported a mixed performance for Q3 FY26, with net profit increasing by 8.2% YoY to ₹2.18 crore. This profit growth came despite a 6.3% decline in revenue from operations, which fell to ₹59.05 crore from ₹63.00 crore in the same quarter last year. For the nine-month period, the company showed stronger bottom-line growth of 15%, reaching a net profit of ₹5.88 crore. The results indicate improved margin management as expenses were curtailed more significantly than the revenue drop.

Net Profit for Q3 FY26 stood at ₹2.18 crore, up 8.2% from ₹2.02 crore in Q3 FY25.
Revenue from operations decreased by 6.3% YoY to ₹59.05 crore compared to ₹63.00 crore in the previous year.
Nine-month net profit (Apr-Dec 2025) grew 15% YoY to ₹5.88 crore from ₹5.12 crore.
Total expenses for the quarter were reduced to ₹56.41 crore from ₹60.22 crore in the year-ago period.
Basic EPS for the quarter improved slightly to ₹0.09 from ₹0.08 YoY.

💡 Investors should monitor if the company can sustain profit growth through cost efficiencies while addressing the stagnation in revenue. The stock remains a watch for signs of top-line recovery in the textile export segment.

Bhandari Hosiery Approves Draft Letter of Offer for Rs 49.30 Crore Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 16 Jan 2026, 03:52 PM

Bhandari Hosiery Exports Limited has approved the Draft Letter of Offer (DLOF) for a proposed Rights Issue of up to Rs 49.30 Crores. The company plans to issue fully paid-up equity shares to its existing shareholders as of a future record date. The specific ratio, issue price, and other terms will be determined by the Rights Issue Committee at a later stage. The company is now seeking in-principle approval from the stock exchanges for the issuance.

Approved Draft Letter of Offer (DLOF) for a Rights Issue aggregating up to Rs 49.30 Crores.
The issue will be offered to existing equity shareholders as of a record date to be fixed later.
Authorized the filing of the DLOF with BSE and NSE for necessary in-principle approvals.
Recorded the appointment of various intermediaries to manage the Rights Issue process.

💡 Investors should monitor upcoming announcements regarding the rights entitlement ratio and issue price to evaluate the potential for dilution versus growth. Existing shareholders should track the record date to ensure they are eligible for the rights entitlement.

Bhandari Hosiery Reschedules Rights Issue Committee Meeting to January 16, 2026

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 12 Jan 2026, 04:55 PM

Bhandari Hosiery Exports Limited has announced a minor rescheduling of its Rights Issue Committee (RIC 2026) meeting. Originally set for January 14, 2026, the meeting will now be held on January 16, 2026, to approve the Draft Letter of Offer. This committee was formed following the board's decision on January 2, 2026, to proceed with a capital raise via a rights issue. The meeting is a procedural step required to seek in-principle approval from the BSE and NSE.

Rights Issue Committee meeting rescheduled from January 14 to January 16, 2026.
The meeting's primary agenda is to approve the contents of the Draft Letter of Offer.
The RIC 2026 was established following a Board Meeting held on January 2, 2026.
Post-approval, the company will submit the draft to stock exchanges for in-principle clearance.

💡 Investors should monitor for the outcome of the January 16 meeting to understand the specific terms, pricing, and ratio of the upcoming rights issue. No immediate action is necessary as this is a minor administrative delay.

Bhandari Hosiery Files SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 11:17 AM

Bhandari Hosiery Exports Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing pertains to the quarter ended December 31, 2025, and was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd. This document confirms that the company has followed the necessary procedures for the dematerialization of share certificates. Such filings are a standard regulatory requirement for all listed companies in India to ensure the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
The Registrar and Share Transfer Agent (RTA) is MUFG Intime India Pvt. Ltd.
Confirms that share certificates received for dematerialization were processed and cancelled as per SEBI norms.

💡 No action is required from investors as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for a better understanding of its performance.

Bhandari Hosiery Board Approves Rs 49.30 Crore Rights Issue for Working Capital and Debt Reduction

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 02 Jan 2026, 04:43 PM

Bhandari Hosiery Exports Limited has approved a fundraise of Rs 49.30 crores through a Rights Issue to support its growth and financial health. The majority of the proceeds, Rs 34.00 crores, will be used to strengthen long-term working capital, while Rs 6.87 crores is allocated for debt reduction. A Rights Issue Committee has been formed to finalize the terms, with a follow-up meeting scheduled for January 14, 2026, to approve the Draft Letter of Offer. This move indicates a strategic push to improve liquidity and reduce interest burdens.

Board approved raising Rs 49.30 crores through a Rights Issue (2026)
Rs 34.00 crores earmarked for strengthening long-term working capital requirements
Rs 6.87 crores allocated for the reduction of existing long-term loans
Rights Issue Committee (RIC) formed to finalize allotment and terms by mid-January
Next RIC meeting scheduled for January 14, 2026, to approve the Draft Letter of Offer

💡 Investors should watch for the announcement of the rights price and entitlement ratio on January 14 to assess the dilution impact. The focus on debt reduction and working capital is a positive sign for the company's operational stability.

View All BHANDARI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, Textiles. Revenue for FY24 was INR 266.7 Cr, representing a decline of 5.86% from INR 283.3 Cr in FY23. For FY25, revenue is projected to grow by 3-5% to reach INR 270-280 Cr, with H1 FY25 already achieving INR 126 Cr.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company is a Government of India recognized Export House, indicating a significant portion of revenue likely comes from international markets.

Profitability Margins

PAT margin stood at 2.15% in FY24, a slight improvement from 2.05% in FY23. Operating margins improved significantly to 10.65% in H1 FY25 compared to 9.5% in FY24, driven by the shift toward value-added printed fabrics.

EBITDA Margin

Operating margins are expected to stabilize at 10-11% in the near term, up from historical levels of 8-9%, due to the commencement of the printed fabric unit in March 2024 which offers higher realizations.

Capital Expenditure

The company recently completed a capex phase for installing machinery for printed fabrics, which became operational in March 2024. Specific INR value for the capex was not disclosed, but it was funded through debt and internal accruals.

Credit Rating & Borrowing

Ratings were upgraded in December 2024 to CRISIL BBB/Stable and CRISIL A3+. Borrowing costs are expected to decrease following the prepayment of INR 15 Cr in debt using rights issue proceeds.

⚙️ Operational Drivers

Raw Materials

Cotton yarn and fabric are the primary raw materials, accounting for the bulk of the cost of goods sold. Specific percentage of total cost is not disclosed, but volatility in these prices directly impacts the 8-11% operating margin.

Import Sources

Primarily sourced from domestic markets in India, specifically the Punjab region (Ludhiana), which is a major textile hub.

Capacity Expansion

Current capacity is centered at the Ludhiana unit. Recent expansion involved adding a printed fabric line (operational March 2024) to increase the share of value-added products.

Raw Material Costs

Raw material costs are highly volatile due to cotton price fluctuations. The company manages this by passing on price increases to customers with a one-quarter lag, maintaining margins between 8-11%.

Manufacturing Efficiency

Bank limit utilization averaged 84% through October 2024, indicating high capacity utilization and a need for efficient working capital management.

📈 Strategic Growth

Expected Growth Rate

3-5%

Growth Strategy

Growth will be achieved through the increased sale of value-added printed fabrics, which carry higher margins than standard knitted garments. Additionally, the company strengthened its balance sheet via a INR 48 Cr rights issue in August 2024, reducing debt by INR 15 Cr to lower interest costs and improve the interest coverage ratio to ~3x.

Products & Services

High-fashion knitted garments, cotton yarn, grey fabric, denim fabric, and printed fabrics.

Brand Portfolio

Bhandari Hosiery Exports Limited (BHEL).

New Products/Services

Printed fabrics, launched in March 2024, are expected to contribute to a 1-2% increase in overall operating margins.

Market Expansion

The company is focusing on increasing its market share in the high-fashion knitted garment segment by utilizing its new printing capabilities.

🌍 External Factors

Industry Trends

The textile industry is shifting toward value-added and processed fabrics. BHEL is positioning itself by moving from basic knitting to printed and high-fashion garments to capture higher realizations.

Competitive Landscape

Operates in a highly fragmented and competitive textile market in Ludhiana, competing with both organized and unorganized players.

Competitive Moat

The company's moat is built on the Bhandari group's 80-year history (established 1942) and the promoters' 30-year experience, providing deep-rooted supplier networks and customer trust that are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to agricultural output (cotton) and inflation. Cotton price volatility can impact operating margins by 200-300 basis points.

Consumer Behavior

Increasing demand for high-fashion and printed knitted wear is driving the company's shift in product mix.

Geopolitical Risks

Trade barriers or changes in export incentives for the textile industry could impact the competitiveness of their knitted garments in international markets.

⚖️ Regulatory & Governance

Industry Regulations

Subject to textile industry pollution norms and Government of India export house regulations. Compliance with SEBI Listing Obligations is maintained for its BSE/NSE listings.

Environmental Compliance

The company is amfori BSCI certified, indicating compliance with social and environmental standards required for global exports.

Taxation Policy Impact

Not specifically disclosed; however, the company is subject to standard Indian corporate tax rates and export-related fiscal incentives.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw cotton prices and the ability to maintain high capacity utilization (currently ~84-90%) are the primary business risks.

Geographic Concentration Risk

Manufacturing is concentrated in a single location in Ludhiana, Punjab, making it vulnerable to regional operational disruptions.

Third Party Dependencies

High dependency on cotton farmers and yarn suppliers; any disruption in the domestic cotton supply chain would halt production.

Technology Obsolescence Risk

The textile industry requires periodic upgrades to knitting and printing technology; the company recently addressed this with its 2024 capex.

Credit & Counterparty Risk

Moderate risk; the company maintains a current ratio of 1.48x and has improved its financial profile through equity infusion, reducing counterparty default risk.