Bhandari Hosiery Exports Limited (BHANDARI)
₹2.59 -1.89% last close, 23 Oct
Snapshot
Bhandari Hosiery Exports Limited closed at ₹2.59 on 23 Oct 2026, 17.8% below its 200-day average, with an RSI(14) of 28.7 and a P/E of 11.58. On the daily chart it is in a strong downtrend, with a technical score of 10/100 (strong bearish). In the quarter ended June 2026, revenue fell 19.2% and net profit fell 19.9% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹2.59
- Day change
- -1.89%
- Market Cap
- ₹86 Cr
- 52-week range
- ₹2.00 – ₹5.13
- From 52-week high
- -49.51%
Financials23 Oct 2026
- P/E
- 11.58
- P/B
- 0.47
- ROE
- 4.1%
- ROCE
- 8.0%
- Debt to Equity
- 0.58
- OPM
- 10.1%
- YoY qtr sales growth
- -19.2%
- YoY qtr profit growth
- -19.9%
- Dividend Yield
- 0.76%
Latest quarter Jun 2026 · Standalone
Technicals23 Oct 2026
- Trend
- Strong Downtrend
- Technical score
- 10/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 28.70
- ADX (14)
- 47.69
- SuperTrend
- Bearish
- vs 20-day SMA
- -7.63%
- vs 50-day SMA
- -11.19%
- vs 200-day SMA
- -17.81%
- RS rating
- 23.00
- Nearest support
- ₹2.40
- Nearest resistance
- ₹2.87
Exchange activity23 Oct 2026
- Delivery
- 88.03% vs 82.23% average
- Volume vs its average
- 1.1×
Events
- Latest results
- Q1 FY27, filed 14 Aug 2026
- Board meeting filing
- 13 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bhandari Hosiery's revenue was ₹50.8 Cr (-19.2% year on year, -43.5% on the previous quarter), and net profit ₹1.3 Cr (-19.9% year on year); the operating margin was 11.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹50.8 | -19.2% | -43.5% |
| Operating profit | ₹6.0 | -7.0% | -14.8% |
| Net profit | ₹1.3 | -19.9% | -31.4% |
| EPS (₹) | 0.04 | -42.9% | +0.0% |
| Operating margin | 11.7% | — | — |
BHANDARI delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 88.03% of the BHANDARI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.23%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 71.2% · 74.9% · 76.1% · 76.5% · 88.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bhandari Hosiery Exports Limited announced the cessation of Mrs. Shilpa Tiwari as Company Secretary and Compliance Officer effective October 17, 2026, due to personal reasons. In her place, the Board has approved the appointment of Mr. Ankit Singla (age 28) effective October 21, 2026. Additionally, the company updated the list of Key Managerial Personnel authorized for materiality disclosures under SEBI LODR, naming Managing Director Nitin Bhandari, CFO Deepak Sharma, and incoming CS Ankit Singla.
- Cessation of Mrs. Shilpa Tiwari as Company Secretary effective close of business hours on October 17, 2026
- Appointment of Mr. Ankit Singla (age 28, Membership No. A69926) effective October 21, 2026
- Board meeting approving the transition held on October 19, 2026, from 11:00 AM to 11:40 AM
- Three KMPs authorized for materiality determinations under SEBI Regulation 30: MD Nitin Bhandari, CFO Deepak Sharma, and CS Ankit Singla
Bhandari Hosiery Exports Limited has reiterated the resignation of Mrs. Shilpa Tiwari from her role as Company Secretary, Compliance Officer, and Key Managerial Personnel effective the close of business hours on October 17, 2026. The resignation, initially submitted on October 10, 2026, was attributed to personal reasons with no other material reasons cited. The company stated it is in the process of identifying a suitable replacement.
- Cessation effective from the close of business hours on October 17, 2026
- Resignation letter initially submitted and accepted on October 10, 2026 at 11:03 A.M. IST
- Officer confirmed no other material reasons for resignation other than personal reasons
- Management actively seeking a replacement for the statutory role
Bhandari Hosiery Exports Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. on October 7, 2026, confirms the processing, cancellation, and substitution of securities received for dematerialisation. This is a standard quarterly regulatory compliance filing with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018 for quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 7, 2026
- Company submitted the filing to BSE and NSE on October 8, 2026
Bhandari Hosiery Exports Limited has formally approved a final dividend of ₹0.01 per fully paid equity share (1% on face value of ₹1 each) for FY 2025-26. The approval was granted by shareholders at the 33rd Annual General Meeting held on September 15, 2026. The Board of Directors had earlier recommended this dividend at their meeting on May 29, 2026. Given the company's share price of approximately ₹3.0, the dividend represents a nominal payout.
- Final dividend approved at 1% of face value, or ₹0.01 per equity share of face value ₹1
- Approval granted by members at the 33rd Annual General Meeting held on September 15, 2026
- Dividend was initially recommended by the Board on May 29, 2026
- Applies to FY 2025-26 fully paid equity shares
Bhandari Hosiery Exports Limited submitted its Scrutinizer's Report and voting results for the 33rd Annual General Meeting held on September 15, 2026. All 5 resolutions were approved with overwhelming support, including the adoption of FY26 financial statements and dividend declaration. Additionally, shareholders approved the re-appointment of CMD Nitin Bhandari for 5 years effective November 22, 2026, alongside an increase in his remuneration, with over 99.9% votes polled in favor.
- All 5 resolutions passed with over 99.9% of polled votes in favor
- CMD Nitin Bhandari re-appointed for a 5-year tenure effective 22.11.2026
- Approval granted to increase the remuneration of CMD Nitin Bhandari (99.91% votes in favor)
- Total votes exercised were 14,66,22,584 across 99,568 shareholders on the record date (08.09.2026)
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
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
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.
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
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
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.
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.
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%.
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).
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.
Company profilewritten 13 Dec 2025
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.
