BELLACASA - Bella Casa Fashi

📊 NSE: BELLACASA 🏢 Garments & Apparels 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 48.04% YoY from INR 235.44 Cr in FY24 to INR 348.55 Cr in FY25. The apparel ODM segment now accounts for 90%+ of the business, aligning with the fast-fashion market growth of 30-40% YoY.

Geographic Revenue Split

Primarily domestic-focused with expansion efforts into Middle East countries. Specific regional percentage splits are not disclosed in available documents.

Profitability Margins

Reported Profit After Tax (PAT) increased 58.89% from INR 10.07 Cr in FY24 to INR 16.00 Cr in FY25. Net Profit Margin improved from 4.28% to 4.59% due to operational efficiencies and a shift toward high-margin apparel ODM.

EBITDA Margin

Not explicitly stated as a percentage, but cash accruals are expected to be INR 22-27 Cr per fiscal year, supporting core profitability and nil term debt obligations.

Capital Expenditure

The company operates 5 manufacturing plants in Jaipur covering 3,50,000+ sq. ft. with a capacity of 2 Cr pieces per annum. Specific planned INR expenditure for future expansion was not disclosed.

Credit Rating & Borrowing

Assigned 'Crisil BBB+/Stable' for INR 60 Cr bank facilities. Bank limit utilization is low at 35% on average, indicating strong liquidity and low borrowing costs.

⚙️ Operational Drivers

Raw Materials

Textiles and fabrics (implied by product range of apparel and home furnishings). Specific percentage of total cost for each material is not disclosed.

Import Sources

Primarily domestic sourcing to lead to lower inward costs and faster turnaround times.

Capacity Expansion

Current installed capacity is 2 crore pieces per annum across 5 manufacturing plants in Jaipur. The company has modernized workflows and digitalized design to optimize this capacity.

Raw Material Costs

Susceptible to volatility in raw material prices which can impact margins; however, domestic sourcing is used as a strategy to mitigate inward logistics costs.

Manufacturing Efficiency

Capacity utilization is supported by 3,000+ employees and 3,50,000+ sq. ft. of facility space. Efficiency is driven by rapid fashion design and lean manufacturing processes.

Logistics & Distribution

Distribution network includes 5,000+ retailers and all major e-commerce platforms for the home furnishing segment.

📈 Strategic Growth

Expected Growth Rate

25%+

Growth Strategy

Strategic pivot to 90%+ apparel ODM to capture the fast-fashion market (expected to grow from USD 10B to USD 50B by FY31). Growth will be driven by expanding the customer base in the Middle East, targeting mid-value and premium brands with end-to-end supply chain solutions, and leveraging a 2 crore piece annual capacity.

Products & Services

Apparel (Western and Indian attire for women, traditional wear for men and kids) and Home Furnishings (Bed sheets, Dohars, Comforters, Pillow Covers).

Brand Portfolio

Bella Casa

New Products/Services

Expansion into premium brand collaborations and private labels to tap into style-focused niche markets.

Market Expansion

Targeting Middle East countries for exports and diagnosing domestic markets for further own-brand expansion.

Market Share & Ranking

Fast fashion market share is estimated to reach 10-20% by FY31 for the segment the company operates in.

Strategic Alliances

Focus on international distributors and brand collaborations for private labels.

🌍 External Factors

Industry Trends

The Indian fast-fashion industry is at an inflection point, growing at 30-40% YoY compared to 6% for general fashion retail. The market is expected to reach USD 50 billion by FY31.

Competitive Landscape

Intense competition from both organized and unorganized players in the textile and apparel sector.

Competitive Moat

Moat is built on a 28-year track record, lean manufacturing, and a rapid design-to-delivery cycle (improving debtor days from 120 to 50). This responsiveness is difficult for smaller competitors to replicate at scale.

Macro Economic Sensitivity

Sensitive to global economic resilience and shifting macroeconomic conditions; global growth supports technology advances in manufacturing.

Consumer Behavior

Shift toward 'value-for-money' and 'fast fashion' trends where consumers demand rapid updates in style and design.

Geopolitical Risks

Persistent geopolitical tensions and changes in government regulations or tax regimes are cited as factors that could materially affect operations.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, 2013.

Legal Contingencies

Pending litigations exist as disclosed in Note No. 42 of the financial statements; however, the company stated it has no long-term contracts with material foreseeable losses.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility and high customer concentration (80% revenue from 2-3 clients) are the primary risks to profitability and revenue stability.