BIL - Bhartiya Intl.
📢 Recent Corporate Announcements
Bhartiya International Limited (BIL) reported a strong financial performance for the quarter ended December 31, 2025, with standalone revenue growing 33.5% YoY to ₹312.67 crore. The standalone net profit witnessed a massive jump of 183%, reaching ₹6.68 crore compared to ₹2.36 crore in the same quarter last year. For the nine-month period, the company has already surpassed its full-year FY25 profit, recording a net profit of ₹32.20 crore. The results include a ₹1.87 crore impact from the implementation of New Labour Codes.
- Standalone Revenue from Operations rose 33.5% YoY to ₹312.67 crore in Q3 FY26.
- Net Profit for the quarter surged 183% YoY to ₹6.68 crore from ₹2.36 crore.
- Basic EPS for the quarter improved significantly to ₹5.07 from ₹1.93 YoY.
- 9-month FY26 Net Profit of ₹32.20 crore has already exceeded the full FY25 profit of ₹21.15 crore.
- Employee benefit expenses include a ₹1.87 crore impact due to New Labour Code implementation.
Bhartiya International Limited (BIL) has announced the successful incorporation of a new step-down subsidiary in the United Kingdom. The new entity, named ULTIMA FASHIONS UK LTD, was incorporated on January 16, 2026. It is a wholly owned subsidiary of Ultima SA, which is an existing subsidiary of BIL. This move follows the company's initial proposal disclosed on January 15, 2026, and signifies a strategic push to expand its footprint in the UK market.
- Incorporation of ULTIMA FASHIONS UK LTD as a wholly owned subsidiary of Ultima SA.
- The new entity was officially registered in the United Kingdom on January 16, 2026.
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Strategic expansion of the company's international fashion business operations.
Bhartiya International Limited (BIL) has announced the incorporation of a new step-down wholly owned subsidiary in the United Kingdom through its subsidiary, Ultima SA. The new entity will focus on the Textile and Apparel business to support the company's operations in the UK market. The initial investment is capped at GBP 50,000, comprising 5,000 ordinary shares at a face value of GBP 10 each. This move indicates a strategic push to strengthen the company's direct presence in the European region.
- Incorporation of a 100% step-down wholly owned subsidiary in the United Kingdom.
- Initial investment not exceeding GBP 50,000 divided into 5,000 ordinary shares.
- The entity will operate in the Textile and Apparel sector to support UK business operations.
- The expansion is being executed through Ultima SA, an existing wholly owned subsidiary of BIL.
Bhartiya International Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending December 31, 2025. The certificate, issued by its Registrar and Share Transfer Agent, MAS Services Limited, confirms that all dematerialization requests were processed within the mandatory 15-day window. It further verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard administrative filing ensuring the integrity of the company's electronic shareholding records.
- Compliance certificate covers the quarter from October 1, 2025, to December 31, 2025
- Confirmation that dematerialization requests were handled within the 15-day regulatory limit
- Physical certificates were mutilated and cancelled after substitution of depository names in the register
- Updates were provided to NSDL, CDSL, and relevant stock exchanges (NSE and BSE)
Bhartiya International Limited (BIL) has notified the exchanges that its trading window for dealing in equity shares will be closed starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be announced in due course.
- Trading window closure effective from Thursday, January 1, 2026.
- Closure is related to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
- The restriction applies to all Designated Persons and their immediate relatives.
- Window will reopen 48 hours after the official declaration of standalone and consolidated results.
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.