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Bhandari Hosiery Exports Limited (BHANDARI)

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

📢 Recent Corporate Announcements

Bhandari Hosiery Exports: Dispatches 33rd AGM Notice and Annual Report Link to Shareholders

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 20 Aug 2026, 01:36 PM

Bhandari Hosiery Exports Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR Regulations regarding communication sent to shareholders without registered email addresses. The letter provides web links and a QR code to access the FY2025-26 Annual Report and notice for the 33rd Annual General Meeting (AGM). The AGM is scheduled to be held on September 15, 2026, at 9:30 AM at the company's registered office in Ludhiana. The cut-off date for identifying shareholders for this physical mailing was August 14, 2026.

33rd Annual General Meeting scheduled for September 15, 2026, at 9:30 AM IST
Cut-off date for identifying unregistered email holders was August 14, 2026
Notice issued under Regulation 36(1)(b) of SEBI LODR Regulations along with KYC update reminders

💡 Shareholders should note the AGM date of September 15, 2026, and ensure their KYC details and email addresses are registered with the RTA or depository participant.

Bhandari Hosiery Sets Sep 8, 2026 Record Date for ₹0.01/Share Dividend & 33rd AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 20 Aug 2026, 12:20 PM

Bhandari Hosiery Exports Limited has scheduled its 33rd Annual General Meeting (AGM) for September 15, 2026. The company fixed September 8, 2026, as the record date and cut-off date to determine shareholder eligibility for voting and a final dividend of ₹0.01 per share (1% on ₹1 face value). The AGM agenda also includes a special resolution to re-appoint Mr. Nitin Bhandari as CMD for five years and increase his monthly remuneration from ₹8,00,000 to ₹12,00,000.

Final dividend of ₹0.01 per equity share (face value ₹1 each) recommended for FY 2025-26
Record date and cut-off date for dividend eligibility and e-voting fixed for September 8, 2026
33rd AGM to be held on September 15, 2026, with remote e-voting from September 12 to 14, 2026
Special resolution proposed to raise CMD basic remuneration to ₹12,00,000 per month from ₹8,00,000

💡 Shareholders seeking dividend entitlement or voting rights must hold shares as of the September 8, 2026 record date and monitor AGM voting results after September 15, 2026.

Bhandari Hosiery Exports: 33rd AGM on Sep 15, 2026; Recommends ₹0.01/Share Dividend & CMD Remuneration Hike

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 12:18 PM

Bhandari Hosiery Exports has issued the notice for its 33rd Annual General Meeting scheduled for September 15, 2026. The Board has recommended a final dividend of ₹0.01 per equity share (1% on face value of ₹1) for FY2025-26, with a record/cut-off date of September 8, 2026. Key special business includes the 5-year re-appointment of CMD Nitin Bhandari (effective November 22, 2026) along with a proposed monthly remuneration increase from ₹8,00,000 to ₹12,00,000 (₹1.44 crore annually) effective April 1, 2026.

33rd AGM scheduled for Tuesday, September 15, 2026 at 9:30 AM at Ludhiana
Final dividend of ₹0.01 per equity share (1% of FV ₹1) subject to shareholder approval
Cut-off date for dividend entitlement and e-voting set as September 8, 2026
Book closure period from September 9, 2026 to September 15, 2026 (both days inclusive)
Proposed increase in CMD Nitin Bhandari's basic salary from ₹8,00,000 to ₹12,00,000 per month

💡 Shareholders should note the cut-off date of September 8, 2026 for voting and dividend eligibility, and track the voting outcomes of the special resolutions post-AGM.

Bhandari Hosiery Schedules 33rd AGM; Proposes 50% Hike in CMD Salary and ₹0.01 Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 12:14 PM

Bhandari Hosiery Exports has issued the notice for its 33rd Annual General Meeting scheduled for September 15, 2026. Key agenda items include the re-appointment of Mr. Nitin Bhandari as Chairman & Managing Director for a 5-year term from November 22, 2026, to November 21, 2031. The board has also proposed to increase the CMD's monthly basic salary from ₹8,00,000 to ₹12,00,000 effective April 1, 2026. Additionally, a final dividend of 1% (₹0.01 per equity share of face value ₹1) has been recommended, with the entitlement list cutoff on September 8, 2026.

33rd Annual General Meeting scheduled for September 15, 2026
Proposed basic salary increase for CMD Nitin Bhandari from ₹8,00,000 to ₹12,00,000 per month
CMD re-appointment for a 5-year term from November 22, 2026 to November 21, 2031
Recommended final dividend of ₹0.01 per share (1% on face value of ₹1)
Share transfer books and register closed from September 9, 2026 to September 15, 2026

💡 Track the AGM voting outcome post-September 15, 2026, especially regarding member approval for the managerial remuneration hike.

Bhandari Hosiery Q1 Net Profit drops 19.8% YoY to Rs 1.30 Cr; Revenue down 12.8%

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 05:16 PM

Bhandari Hosiery reported a weak start to FY27 with Q1 revenue from operations declining 12.8% YoY to Rs 54.85 Cr. Net profit fell 19.8% YoY to Rs 1.30 Cr, down from Rs 1.62 Cr in the same period last year. Sequentially, the performance was even softer, with revenue dropping 39.1% from the Rs 90.05 Cr recorded in Q4 FY26. The company maintains a high debt level of Rs 106 Cr relative to its quarterly earnings capacity.

Revenue from operations stood at Rs 54.85 Cr for the quarter ended June 30, 2026, vs Rs 62.91 Cr YoY.
Net profit for the quarter decreased to Rs 1.30 Cr from Rs 1.62 Cr in the corresponding previous year quarter.
Total expenses for the quarter were Rs 53.16 Cr, with raw material consumption at Rs 32.22 Cr.
Finance costs remained stable at Rs 1.78 Cr compared to Rs 1.73 Cr in Q1 FY26.
The 33rd Annual General Meeting is scheduled for September 15, 2026.

💡 Investors should monitor the sales mix of value-added printed fabrics in upcoming quarters, as management expects these to improve operating margins by 1-2%. Watch for any reduction in the Rs 106 Cr debt pile which currently results in significant interest outgo.

Bhandari Hosiery Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Jul 2026, 12:04 PM

Bhandari Hosiery Exports Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Pvt. Ltd., confirms the processing of share certificates for dematerialization during the quarter ended June 30, 2026. This is a standard administrative filing required by SEBI to ensure the integrity of electronic shareholding records. It has no impact on the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd.
Filing completed on July 11, 2026, in accordance with SEBI timelines

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for operational performance updates.

Bhandari Hosiery to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jun 2026, 10:27 AM

Bhandari Hosiery Exports Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the Unaudited Financial Results for the quarter ending June 30, 2026. The 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 commences on Wednesday, July 1, 2026
Closure is related to the Unaudited Financial Results for the quarter ended June 30, 2026
Window will reopen 48 hours after the financial results are declared to the exchanges
Restriction applies to all Promoters, Directors, and Connected/Designated Persons

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should wait for the upcoming Q1 results announcement to assess performance.

Bhandari Hosiery FY26 Net Profit at ₹7.77 Cr; Recommends Re 0.01 Final Dividend

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 May 2026, 05:28 PM

Bhandari Hosiery Exports reported a flat performance for the financial year ended March 31, 2026, with net profit reaching ₹7.77 crore compared to ₹7.71 crore in FY25. Total annual revenue saw a minor uptick to ₹280.71 crore from ₹278.82 crore. The company has recommended a final dividend of Re 0.01 per share, representing 1% of the face value. However, Q4 FY26 net profit dipped significantly to ₹1.89 crore from ₹2.66 crore in the same quarter last year, indicating margin pressure.

Annual Net Profit grew marginally by 0.7% to ₹776.83 Lacs in FY26 compared to ₹771.32 Lacs in FY25.
Total Revenue for FY26 stood at ₹28,071.41 Lacs, up slightly from ₹27,882.21 Lacs in the previous year.
Recommended a final dividend of Re 0.01 per equity share (1% of face value of Re 1).
Q4 FY26 Net Profit declined to ₹188.60 Lacs compared to ₹266.33 Lacs in Q4 FY25 despite higher revenue.
Profit Before Tax for the full year improved slightly to ₹1,043.71 Lacs from ₹1,019.04 Lacs.

💡 The results indicate stagnant earnings growth and margin compression in the fourth quarter. Investors should remain cautious and monitor the company's ability to manage rising costs as revenue growth is currently not translating into bottom-line improvements.

Bhandari Hosiery FY26 Net Profit Flat at ₹7.77 Cr; Recommends 1% Final Dividend

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 May 2026, 04:59 PM

Bhandari Hosiery Exports Limited reported a marginal year-on-year revenue growth of 0.6%, reaching ₹280.34 crore for the full year ended March 31, 2026. Annual net profit remained nearly stagnant at ₹7.77 crore compared to ₹7.71 crore in the previous fiscal year. However, the fourth quarter (Q4 FY26) saw a significant 29% decline in net profit to ₹1.89 crore from ₹2.66 crore in Q4 FY25, primarily due to higher 'Other Expenses'. The company has recommended a nominal final dividend of ₹0.01 per equity share.

Annual Revenue from operations grew slightly to ₹28,033.73 Lacs in FY26 from ₹27,855.45 Lacs in FY25.
Net Profit for the full year FY26 stood at ₹776.83 Lacs, representing a marginal increase of 0.7% YoY.
Q4 FY26 Net Profit dropped to ₹188.60 Lacs compared to ₹266.33 Lacs in the corresponding quarter of the previous year.
The Board recommended a final dividend of Re 0.01 per Equity Share (1% of Face Value) for FY 2025-26.
M/s V.V. Bhalla & Co. has been appointed as the Internal Auditor for the financial year 2026-27.

💡 The stagnant annual growth and sharp decline in Q4 profitability suggest margin pressure; investors should monitor the company's ability to control operating costs in the upcoming quarters.

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.

Bhandari Hosiery Promoter Tikani Exports Increases Stake to 17.15% Post-Rights Issue

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 01 Apr 2026, 09:22 PM

Tikani Exports Limited, a promoter group entity of Bhandari Hosiery Exports, has significantly increased its stake from 0.04% to 17.15% following a Rights Issue. The acquisition involved subscribing to its own entitlements and those renounced by other promoters, Nitin Bhandari and Nitika Rashesh Shah. This transaction is exempt from the mandatory open offer requirement under SEBI (SAST) Regulations. The move demonstrates strong promoter commitment and consolidation of holding within the group entity.

Tikani Exports acquired 5,70,09,375 additional shares, raising its total holding to 5,71,09,375 shares (17.15%).
The acquisition included renounced entitlements from promoters Nitin Bhandari and Nitika Rashesh Shah.
The transaction is exempt from open offer obligations under Regulation 10(4)(b) of SEBI (SAST) Regulations.
Post-transaction, Nitin Bhandari's individual stake stands at 14.43%, while Nitika Rashesh Shah holds 7.59%.

💡 This stake increase by a promoter entity is a positive signal of internal commitment. Investors should monitor the company's utilization of the rights issue proceeds to drive future earnings growth.

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.

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.