Bhartiya International Limited (BIL)
₹1,053.30 +0.45% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bhartiya International's revenue was ₹373 Cr (+33.2% year on year, +19.2% on the previous quarter), and net profit ₹17.8 Cr (+218.2% year on year); the operating margin was 9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹373 | +33.2% | +19.2% |
| Operating profit | ₹36.0 | +33.0% | +173.9% |
| Net profit | ₹17.8 | +218.2% | from loss |
| Operating margin | 9.7% | — | — |
BIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.38% of the BIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.74%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 58.0% · 58.0% · 73.9% · 77.7% · 61.4%
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
Bhartiya International Limited has submitted the formal resignation letter of Mr. N. Balasubramanian, Senior Management Personnel and Business Head – Outerwear. His resignation took effect from the close of business hours on October 9, 2026, citing personal reasons and commitments. This disclosure provides the formal documentation following the company's prior intimation made on October 9, 2026. The departure affects senior leadership in the outerwear segment, which feeds into the company's Rs 1,451 Cr TTM revenue base.
- Resignation of Mr. N. Balasubramanian as Business Head – Outerwear took effect on October 9, 2026
- Formal resignation letter submitted to exchanges on October 15, 2026
- Departure is classified under Senior Management Personnel (SMP) category
- Reason cited: Personal reasons and other personal commitments
Bhartiya International Limited has submitted the formal resignation letter of Mr. N. Balasubramanian, Senior Management Personnel and Business Head – Outerwear. His resignation took effect from the close of business hours on October 9, 2026, citing personal reasons and commitments. This disclosure provides the formal documentation following the company's prior intimation made on October 9, 2026. The departure affects senior leadership in the outerwear segment, which feeds into the company's Rs 1,451 Cr TTM revenue base.
- Resignation of Mr. N. Balasubramanian as Business Head – Outerwear took effect on October 9, 2026
- Formal resignation letter submitted to exchanges on October 15, 2026
- Departure is classified under Senior Management Personnel (SMP) category
- Reason cited: Personal reasons and other personal commitments
Bhartiya International Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar & Share Transfer Agent MAS Services Limited confirms that all securities received for dematerialisation were processed and confirmed within 15 days. Security certificates received were duly mutilated and cancelled, and depositories were substituted as the registered owners. This is a standard quarterly administrative filing with zero impact on operational or financial performance.
- Quarter ended: September 30, 2026
- Filing compliance under Regulation 74(5) of SEBI Depositories & Participants Regulations
- Processing timeline met within the prescribed limit of 15 days
- RTA confirmation issued by MAS Services Limited on October 06, 2026
Bhartiya International Limited has announced the resignation of Mr. N Balasubramanian from his role as Business Head – Outerwear, effective 9th October, 2026. Mr. Balasubramanian brought over 30 years of industry experience across major global export accounts including PVH, Target, and Marks & Spencer. The company operates in leather apparel and accessories, reporting TTM revenues of Rs 1,451 Cr. Investors should observe how quickly the company fills this key business division leadership role to maintain customer relationships.
- Resignation of Mr. N Balasubramanian as Business Head – Outerwear announced on 9th October, 2026
- Effective date of resignation is 9th October, 2026
- Executive possesses over 30 years of experience in international apparel marketing and business development
- Managed global retail relationships including Target, American Eagle, Marks & Spencer, and Primark
Bhartiya International Limited has issued an intimation regarding the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. The letter provides web links to access the FY2025-26 Annual Report and the notice for the 39th Annual General Meeting (AGM). The AGM is scheduled to be held on Monday, September 28, 2026, at 11:00 AM IST through video conferencing. This is a routine statutory and shareholder communication filing.
- 39th Annual General Meeting scheduled for Monday, 28th September, 2026, at 11:00 A.M. (IST)
- AGM to be conducted via video conference / other audio-visual means
- Dispatched web links for FY 2025-26 Annual Report and AGM Notice to shareholders without registered emails
- Filing made pursuant to Regulations 30 and 36(1)(b) of SEBI LODR Regulations, 2015
Bhartiya International Limited has issued a communication regarding the dispatch of letters to shareholders whose email addresses are not registered with the company or depositories. The letter provides web links to access the 39th Annual General Meeting (AGM) notice and the Annual Report for FY 2025-26. The 39th AGM is scheduled to take place on Monday, September 28, 2026, at 11:00 AM IST via video conference.
- 39th Annual General Meeting scheduled for September 28, 2026, at 11:00 AM IST via video conferencing
- Dispatched web links for the FY 2025-26 Annual Report and AGM Notice to unregistered shareholders
- Notice compliance under Regulation 30 and 36(1)(b) of SEBI LODR Regulations, 2015
Bhartiya International Limited has issued a communication to shareholders whose email addresses are not registered with the Company, RTA, or Depository Participants. The letter provides web links and QR codes to access the Annual Report for FY 2025-26 and the Notice for the 39th Annual General Meeting (AGM). The AGM is scheduled to take place on Monday, 28th September, 2026, at 11:00 AM IST via video conferencing.
- 39th Annual General Meeting scheduled for Monday, 28th September, 2026, at 11:00 AM IST via video conference.
- Web links and QR codes dispatched to unregistered shareholders to access the FY 2025-26 Annual Report and AGM Notice.
- Shareholders advised to update email addresses via DPs (demat) or RTA sm@masserv.com (physical).
Bhartiya International Limited has issued the notice convening its 39th Annual General Meeting (AGM) on September 28, 2026, via video conferencing. Key agenda items include the adoption of FY26 financial statements and director re-appointments. Shareholders will also vote on approving professional consultancy fees exceeding Rs 2,50,000 per month to Director Robert Burton Moore Jr. for sales advisory and marketing, as well as second 5-year terms for three independent directors.
- 39th AGM scheduled for September 28, 2026 at 11:00 AM IST via VC/OAVM
- Approval sought for consultancy fees exceeding Rs 2,50,000 per month to Director Robert Burton Moore Jr. from July 1, 2026 to March 31, 2027
- SEBI LODR approval sought for Robert Burton Moore Jr.'s remuneration exceeding 50% of total non-executive director remuneration
- Proposed re-appointment of three Independent Directors for a second 5-year term starting August 11, 2027
Bhartiya International (BIL) reported a strong start to FY27 with consolidated revenue growing 33% YoY to ₹374.7 crore. Profitability saw a significant surge, with Profit After Tax (PAT) increasing 141% to ₹16.5 crore, driven by improved business momentum and a reduction in raw material costs as a percentage of sales (55.5% vs 57.3%). Notably, the Q1 FY27 PAT of ₹16.5 crore already exceeds the company's total TTM PAT of ₹13 crore, marking a sharp recovery from the net loss of ₹8.78 crore in the preceding March 2026 quarter. EBITDA margins remained stable at 10.12%, while finance costs were held steady at ₹11.81 crore.
- Consolidated revenue increased 33% YoY to ₹374.7 crore in Q1 FY27.
- Profit After Tax (PAT) surged 141% to ₹16.5 crore from ₹6.8 crore in Q1 FY26.
- Raw material consumption improved to 55.48% of revenue from 57.31% YoY.
- Cash profit (PAT + Depreciation) grew 56% to ₹20.83 crore.
- Profit Before Tax (PBT) saw a 119% jump to ₹21.8 crore.
Bhartiya International Limited (BIL) reported a strong start to FY27, with consolidated revenue growing 33.4% YoY to ₹374.67 Cr. Net profit surged to ₹17.76 Cr from ₹5.58 Cr in the year-ago period, representing a 218% increase. This performance marks a significant turnaround from the net loss of ₹8.78 Cr reported in the immediate previous quarter (Mar 2026). The board also approved the re-appointment of three independent directors for second five-year terms, ensuring leadership continuity.
- Consolidated Total Revenue reached ₹374.67 Cr in Q1 FY27, up from ₹280.86 Cr in Q1 FY26.
- Net Profit attributable to owners rose to ₹17.76 Cr, a significant jump from ₹5.58 Cr YoY.
- Basic Earnings Per Share (EPS) improved to ₹13.21 for the quarter, compared to ₹4.26 in the previous year.
- Finance costs remained stable at ₹11.81 Cr despite the increase in operational scale.
- Board approved the re-appointment of three Independent Directors for 5-year terms starting August 2027.
Bhartiya International Limited (BIL) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization between April 1, 2026, and June 30, 2026, were processed within the mandatory 15-day window. This certificate was issued by the company's Registrar and Share Transfer Agent, MAS Services Limited. This is a standard administrative disclosure with no impact on the company's financial performance or business operations.
- Confirmed processing of dematerialization requests within the 15-day regulatory limit
- Covers the quarterly period from April 1, 2026, to June 30, 2026
- Verification and cancellation of physical certificates completed as per SEBI guidelines
- Registrar MAS Services Limited confirmed the update of the Register of Members
Bhartiya International Limited (BIL) has dispatched reminder letters to shareholders who have not claimed dividends for seven consecutive years or more. This serves as a final notice before the underlying shares are transferred to the Investor Education and Protection Fund (IEPF) as per Section 124(6) of the Companies Act, 2013. This is a mandatory regulatory compliance procedure and does not impact the company's operational or financial performance. Shareholders are advised to claim unpaid dividends immediately to prevent the transfer of their holdings to the IEPF.
- Reminder letters sent to shareholders with dividends unclaimed for 7 consecutive years or more
- Final notice issued to prevent the transfer of shares to the Investor Education and Protection Fund (IEPF)
- Action taken in accordance with Section 124(6) of the Companies Act, 2013 and IEPF Rules, 2016
- Company Secretary Yogesh Kumar Gautam confirmed the dispatch of notices on July 6, 2026
Bhartiya International Limited (BIL) has announced the closure of its trading window for all designated persons starting July 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations ahead of the declaration of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. The company currently operates with a TTM revenue of Rs 1,358 Cr and a relatively high P/E ratio of 73.6.
- Trading window closure begins on July 1, 2026, for the Q1 FY27 reporting cycle.
- Restriction applies to all Designated Persons and their immediate relatives.
- The window will reopen 48 hours after the Unaudited Financial Results are declared.
- The company reported a net loss of Rs 8.78 Cr in the most recent quarter (Mar 2026).
Bhartiya International Limited (BIL) reported a strong financial performance for the fiscal year ended March 31, 2026, with annual revenue growing 32% to ₹1,130.54 crore. Net profit for the full year surged by 59.4% to ₹33.71 crore, up from ₹21.15 crore in the previous year. While annual growth was robust, Q4 standalone net profit remained relatively flat at ₹1.51 crore despite a 20% increase in quarterly revenue. The company also announced the re-appointment of Mr. Sanjay Jawa as the Internal Auditor for FY 2026-27.
- Annual Revenue from Operations increased by 32% YoY to ₹1,130.54 crore in FY26.
- Net Profit for the full year grew significantly by 59.4% to reach ₹33.71 crore.
- Earnings Per Share (EPS) for the year improved to ₹25.48 from ₹17.29 in FY25.
- Q4 FY26 revenue stood at ₹244.62 crore, a 20.7% increase over Q4 FY25.
- Board approved the re-appointment of Mr. Sanjay Jawa as Internal Auditor for the 2026-27 fiscal year.
Bhartiya International Limited (BIL) reported a robust performance for the financial year ended March 31, 2026, with standalone revenue growing 32% to ₹1,130.54 crore. Net profit for the full year surged by 59% to ₹33.71 crore, up from ₹21.15 crore in the previous fiscal. While annual growth was strong, Q4 FY26 net profit remained nearly flat at ₹1.51 crore despite a 20.7% increase in quarterly revenue. The company also confirmed the re-appointment of Mr. Sanjay Jawa as Internal Auditor for the upcoming fiscal year.
- Annual Standalone Revenue from Operations increased by 32% YoY to ₹1,130.54 crore in FY26.
- Standalone Net Profit for the full year rose 59.4% to ₹33.71 crore compared to ₹21.15 crore in FY25.
- Basic Earnings Per Share (EPS) for FY26 improved significantly to ₹25.48 from ₹17.29 in the previous year.
- Q4 FY26 revenue grew to ₹244.62 crore from ₹202.71 crore in the corresponding quarter of the previous year.
- Total Expenses for the full year stood at ₹1,084.54 crore, driven largely by a 44% increase in material costs.
Financial Performance
Revenue Growth by Segment
The Fashion business is the primary driver, with consolidated revenue reaching INR 679.4 Cr in H1 FY26, a 29.36% increase from INR 525.2 Cr in H1 FY25. Standalone fashion revenue for Q2 FY25 was INR 233.7 Cr compared to INR 184.1 Cr in Q2 FY24, reflecting a 26.9% growth.
Geographic Revenue Split
Not explicitly disclosed in available documents, though the company operates through international subsidiaries like Ultima S.A. (Switzerland), Ultima Italia SRL (Italy), and Design Industry China Ltd, indicating a significant global footprint.
Profitability Margins
Net Profit After Tax (PAT) for H1 FY26 stood at INR 21.4 Cr, representing a 3.2% margin, up from a 2.6% margin (INR 13.8 Cr) in H1 FY25. This 55.03% jump in PAT highlights improved bottom-line efficiency despite rising costs.
EBITDA Margin
EBITDA margin for H1 FY26 was 10.1% (INR 68.4 Cr), a slight compression from 10.4% (INR 54.8 Cr) in H1 FY25. The compression is attributed to raw material costs rising to 61.3% of revenue from 59.8% YoY.
Capital Expenditure
Cash outflow for the purchase of fixed assets was INR 5.13 Cr in H1 FY25, compared to INR 7.43 Cr in the previous year. Capital advances/creditors (net) contributed INR 0.23 Cr in H1 FY25.
Credit Rating & Borrowing
Total borrowings as of March 31, 2025, were approximately INR 499.84 Cr, comprising INR 440.66 Cr in current borrowings and INR 59.18 Cr in non-current borrowings. Finance costs for H1 FY26 were INR 24.7 Cr, implying an effective interest rate of approximately 9.8% per annum.
Operational Drivers
Raw Materials
Leather and fabrics (implied by 'Fashion business' and 'Leather Enterprises'). Raw material consumption represents 61.3% of total revenue (INR 406.4 Cr in H1 FY26).
Import Sources
Not specifically disclosed, though the presence of a subsidiary, Design Industry China Ltd, suggests sourcing or manufacturing operations in China.
Raw Material Costs
Raw material costs rose to INR 406.4 Cr in H1 FY26 (61.3% of revenue) from INR 311.5 Cr in H1 FY25 (59.8% of revenue). The company manages these costs through strategic cost control and operational optimization to mitigate global inflationary pressures.
Manufacturing Efficiency
EBITDA performance of INR 68.4 Cr in H1 FY26 demonstrates solid operational efficiency despite a 30% growth in revenue, maintaining margins above 10%.
Logistics & Distribution
Not specifically disclosed; however, 'Other Expenses' (including logistics) increased to INR 167.8 Cr in H1 FY26 from INR 127.7 Cr in H1 FY25.
Strategic Growth
Expected Growth Rate
29.36%
Growth Strategy
Growth is driven by operational optimization, capitalizing on strong demand across key market segments, and disciplined cost management. The company is also leveraging its international subsidiaries (Ultima, Design Industry) to expand its global fashion footprint.
Products & Services
Leather garments, fashion apparel, leather accessories, and real estate development (through associates).
Brand Portfolio
Bhartiya International, Ultima, Design Industry, and World Fashion Trade.
New Products/Services
Not specifically disclosed, though the company focuses on 'operational optimization' to support new demand in fashion segments.
Market Expansion
Expansion is targeted through international subsidiaries in Italy, Switzerland, and China to capture global fashion demand.
Strategic Alliances
Key associates include Bhartiya Urban Private Limited (Real Estate) and Tada Mega Leather Cluster Private Limited.
External Factors
Industry Trends
The fashion industry is shifting toward operational efficiency and cost-disciplined growth to counter macroeconomic volatility. BIL is positioning itself by optimizing its global supply chain and manufacturing base.
Competitive Landscape
Competes in the global leather and fashion apparel market; specific competitors are not named but the landscape is described as 'challenging' and 'inflationary'.
Competitive Moat
BIL's moat is built on its integrated global presence (Italy, Switzerland, China) and its ability to maintain stable profitability (10%+ EBITDA) while scaling revenue at ~30% YoY. This scale and operational efficiency are difficult for smaller competitors to replicate.
Macro Economic Sensitivity
High sensitivity to global inflation and supply chain stability. Inflationary pressures directly impact the 61.3% raw material cost base.
Consumer Behavior
Strong demand across key market segments is driving the 29.36% revenue growth, suggesting resilient consumer appetite for BIL's fashion products.
Geopolitical Risks
Ongoing geopolitical issues are cited as factors causing supply chain disruptions and fluctuating commodity prices, affecting input costs for the fashion business.
Regulatory & Governance
Industry Regulations
Operations are governed by Ind AS 115 for revenue recognition and Ind AS 116 for leases. The company must also comply with the Companies Act, 2013, regarding internal financial controls.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 30.3% (INR 9.3 Cr tax on INR 30.7 Cr PBT).
Legal Contingencies
The CARO report (Clause i-c) notes that title deeds for certain immovable properties are not held in the name of the respective companies. No specific case values for pending litigation were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the performance of the associate, Bhartiya Urban Private Limited, which reported losses due to high depreciation, resulting in a share of loss for BIL of INR 5.92 Cr in H1 FY25.
Geographic Concentration Risk
Significant exposure to the Indian market for manufacturing and international markets (Europe/China) for sales and design.
Third Party Dependencies
Dependency on global suppliers for leather and raw materials, as evidenced by the 61.3% cost contribution.
Technology Obsolescence Risk
The audit highlights the importance of IT application controls over revenue recognition, indicating a reliance on digital systems for financial reporting.
Credit & Counterparty Risk
Trade receivables stood at INR 187.86 Cr as of March 2025. The audit procedures include testing revenue cut-off and subsequent collections to ensure receivable quality.
