Bhartiya International Ltd

Analyst Notes

[Analyst View] Aamara Capital, 23 Oct 2026

What the primary documents corrected in the earlier research files

Open questions

Business Deep-Dive

Sources: FY26 and FY25 annual reports, Q1 FY27 and Q2 FY26 filings and decks, 2017 corporate presentation, Nov-2024 deck, AGM transcripts 2023-2025, Ind-Ra and ICRA rationales, LWG, Open Supply Hub, Panjiva. Namesake exclusions: (a) Bhartiya Group / Bhartiya City real estate is attributed only through BIL's 36.77% associate stake in Bhartiya Urban Pvt Ltd; (b) a "Bhartiya International Ltd, Indore" in ImportGenius (Iranian dates, Turkish denim and electricals; suppliers Max Trade, Kipas, Denim Kumascilik, Gersan) is a different company and is excluded.

Business snapshot

Products and services, line by line

How they make it

1. Hide and skin sourcing: raw and wet-blue cow, sheep and goat skins from New Zealand, UK, Spain, France, Italy, the Middle East and Latin America (Tab 8).
2. Tanning and finishing at J&J Leather, Chennai: LWG scope raw hide to finished leather (beamhouse, chrome or chrome-free tanning, retanning, dyeing, fatliquoring, finishing). The AR describes J&J as "converting wet blue leather into finished leather".
3. Design and sampling: Milan studio and India design teams; management says it uses AI tools for design development and presentation (2024 and 2025 AGMs).
4. Cutting, sewing and finishing: garments at Bengaluru/Chennai, bags, belts and wallets at Tada and Chennai. Labour-intensive cut-make-trim. Capital goods imported under EPCG.
5. Logistics: sea via Chennai and Nhava Sheva, plus air. Red Sea disruption called "manageable" (2024 AGM).

Textile model: design in Milan/India, BIL procures fabric and trims, contract manufacturing in India/China/Bangladesh, BIL runs QC and sells, partly through Ultima SA and Design Industry. Technology: not energy-intensive; technology transfer through the Italian office; no patents found. IP is design libraries and finishing recipes [Analyst View].

Cost structure (consolidated, Rs cr)

*FY24 starred figures are "fashion business" lines from the Nov-2024 deck (revenue Rs 784.4 cr; RM probably excludes traded purchases). On the deck basis RM rose from 54.7% (H1 FY24) to 59.0% (H1 FY25) and 60.9% (Q2 FY25). Ind-Ra EBITDA margins: FY23 9.99%, FY24 10.76%, FY25 8.89%. EBITDA definition used throughout: PBT before associates + finance cost + D&A - other income; it includes export incentives and the FX gain/loss booked inside revenue.

Revenue composition (consolidated, Note 31)

Facilities

Asset base (consolidated FY26): PPE gross Rs 208.2 cr, net Rs 129.8 cr (buildings Rs 62.8 cr, plant Rs 51.3 cr, freehold land only Rs 2.6 cr); CWIP Rs 11.6 cr (Rs 2.6 cr); capex additions about Rs 11 cr; right-of-use Rs 14.1 cr. One building (gross Rs 18.50 lakh) has been held since 12 Aug 2000 in the name of Pardeep Goyal, a director's relative (CARO (i)(c)). Capacity caveat: every capacity number is from 2017 or an undated website; installed capacity and utilisation are undisclosed (gap ledger). FY17 to FY26 revenue grew about 2.1x while net fixed assets grew about 44%, so growth likely came from outsourcing, trading, sweating assets and mix [Analyst View].

Certifications, IP, awards

Group structure (operating roles)

Segment Analysis

BIL reports one segment ("Fashion apparels and accessories including intermediaries"); the CODM reviews the business as a single unit. Q1 FY27 segment revenue was Rs 374.70 cr (total income basis). Real estate is not a segment; it enters only as share of associates. The proxies below are the best available splits.

Proxy A: standalone (India manufacturing and export) vs subsidiaries

Eliminations are understated: in FY26 BIL sold Rs 27.29 cr to Design Industry and paid Rs 8.11 cr commission to Ultima SA. Q1 FY27: other auditors reviewed 8 subsidiaries with quarterly revenue Rs 116.86 cr and PAT Rs 1.19 cr.

Proxy B: what is sold

Manufactured goods 77.4% of FY26 revenue (FY25 76.8%), traded goods 21.8% (19.9%), export incentives 3.0% (2.9%). Mix-level EBITDA is not disclosed.

Subsidiaries, FY26 (AOC-1, reporting currency)

INR conversions [Est.] at AOC-1 P&L rates CHF 110.23, HK$ 11.32, EUR 102.02, RMB 12.45, GBP 117.89. FY25 comparatives (FY25 AR AOC-1): J&J turnover Rs 22.50 cr, loss Rs 0.27 cr; SEZ turnover Rs 0.54 cr, loss Rs 0.35 cr; Ultima SA CHF 8.81 mn, loss CHF 0.92 mn; Design Industry HK$ 86.35 mn, PAT HK$ 0.94 mn; DI China RMB 9.43 mn, PAT RMB 0.40 mn; Ultima Italia EUR 3.56 mn, PAT EUR 4,520; WFT HK$ 0.31 mn, PAT HK$ 0.16 mn, reserves HK$ (5.46) mn. FY26 turnover growth: Design Industry +26%, Ultima SA +18%, Ultima Italia +25% [Est.].

Ultima SA: where the loss comes from

Real estate exposure: Bhartiya Urban Pvt Ltd (associate)

• BIL holds 3,43,93,260 shares, cost Rs 39.996 cr. Equity-method carrying value Rs 26.71 cr (cost plus share of reserves -Rs 13.29 cr); Rs 43.74 cr at FY25 [Fact].
• AOC-1 FY26: BUPL loss for the year Rs (46.33) cr; BIL's share Rs 17.04 cr is 36.77% of it. "Net worth attributable" Rs 17.62 cr implies BUPL net worth about Rs 47.9 cr [Est.]. The FY25 AOC-1 Part B looks stale (cites a 31 Mar 2024 balance sheet and a profit of Rs 48.16 cr, equal to BIL's FY23 share).
• BUPL revenue, debt and assets are undisclosed in BIL's documents (no Ind AS 112 note). The only external data is CRISIL's Dec-2025 rationale: CRISIL A-/Stable on Rs 1,504 cr of bank debt; FY25 operating income Rs 302 cr (FY24 Rs 539 cr), PAT Rs 6.7 cr (basis not stated), interest cover 0.53x, adjusted debt/net worth 4.42x; bookings Rs 1,750 cr by Nov-25.
• Management (deck footnote): losses are "due to huge depreciation on its assets. Real Estate business predominantly is cashflow driven, revenue recognition is linked to project completion as per IND-AS". FY23 gain coincided with BUPL's Jul-2022 sale of Milestone Buildcon and Milecon IT Park 3B to Reco Bangalore (GIC).
• No dividend has ever been received from the associate. BIL has given no guarantee to BUPL; instead BUPL lent to BIL in FY26 (Tab 7).

Three-year view and latest quarter (consolidated)

Financials: P&L

Units Rs cr unless stated. Filing basis (results filings and FY26 AR) supersedes aggregators. EBITDA = PBT before associates + finance cost + D&A - other income. EPS figures are as filed (weighted shares); aggregator EPS computed on period-end shares differ slightly and are not used.

Consolidated annual P&L, five years

*FY22 other income includes a Rs 27.5 cr Swiss government COVID-19 grant to Ultima SA and a Rs 7.8 cr forex gain (Ind-Ra). Arithmetic check each year: EBITDA + OI - D&A = EBIT; less finance = PBT before associates; plus associates = reported PBT (FY26: 120.2 + 2.4 - 26.8 = 95.8; - 49.7 = 46.1; - 17.0 = 29.0, AR 29.02). Gross profit is StockAnalysis's series, kept for a like-for-like FY22-FY26 trend; on the filing definition (revenue - materials - traded purchases +/- inventory change) FY26 is about Rs 544.5 cr (40.1%) and FY25 about Rs 419.9 cr (40.8%) [Est.], consistent with the 59.9% material share in Tab 3.

FY26 consolidated line items (AR)

Tax reconciliation FY26 (AR)

Associate bridge and subsidiary drag

Consolidated 12-year history (Screener, as reported)

†Screener re-allocates the associate share and other items into operating profit and interest (FY26 finance cost Rs 49.7 cr per AR vs Rs 64 cr Screener); PBT and net profit tie. Screener growth: sales 10y 8%, 5y 20%, 3y 19%, TTM 34%; net profit 10y -7%, 5y 33%, 3y -40%. Revenue rose about 2.4x since FY15 but reported PAT is lower; interest rose about 4x [Analyst View].

Standalone P&L, five years

FY26 standalone line items: materials 632.8; traded purchases 33.1; inventory change (26.4); employee 67.1; other expenses 317.2; finance 49.01 (interest 44.40, borrowing cost 3.02, lease 0.55, FX 1.05); tax 15.06 (current 15.95, deferred (0.89)). FY25 standalone EBITDA ex-OI Rs 80.11 cr ties exactly to Ind-Ra's Rs 801.08 mn; the deck's 84.07 includes other income.

Standalone 12-year history (Screener)

Standalone profit CAGR (Screener): 10y 9%, 5y 83%, 3y 28%. Screener standalone interest (Rs 63 cr FY26) again exceeds the AR (Rs 49.0 cr), with OP higher by the same amount.

Last nine quarters, consolidated

Q1 FY25 to Q3 FY25 EBITDA is derived from MarketsMojo's prior-year operating margins (8.5% / 11.1% / 7.3%, the same series used in Tab 11) [Est.]; Screener's 12 / 28 / 17 nets the associate into operating profit and does not tie to the FY25 annual (12 + 28 + 17 + 18.8 = 75.8 vs 90.4, while 19.5 + 32.8 + 19.2 + 18.8 = 90.3 ties). Q1 FY25 to Q3 FY25 finance cost is Screener-based; Q4 FY25 onward are from filings. FY26 quarterly EBITDA (27.11 / 40.10 / 28.68 / 24.32) sums to Rs 120.2 cr and ties to the annual. Ind-Ra's 9MFY26 EBITDA of Rs 97.7 cr implies Q4 at Rs 22.5 cr on its different basis.

Q4 FY26: why a Rs 8.78 cr loss

Q1 FY27 detail (board 13 Aug 2026)

• EBITDA ex-OI Rs 36.04 cr (9.67%); deck EBITDA incl. OI Rs 37.92 cr (10.12%); deck revenue 374.67 is total income. Tax rate 22.9%. Deck "Cash Profit ... improved by 56% at Rs 20.83 crore".
• PAT before associates Rs 16.52 cr (+142%); owners' PAT Rs 17.76 cr (+218%), the highest quarterly PAT in the series. Univest/Arthneeti's Rs 16-16.5 cr is the pre-associate figure.
• D&A fell from Rs 6.47 cr to Rs 4.31 cr because brand amortisation ended (standalone D&A flat at Rs 3.75 cr vs Rs 3.80 cr; subsidiary D&A fell from Rs 3.58 cr to Rs 0.56 cr QoQ). The PBT tailwind is accounting, not operational.
• Material cost ratio improved (55.8% vs 57.5%) but other expenses rose to 28.0% from 25.8%. Inventory build: change in inventories -Rs 53.0 cr consolidated, -Rs 51.8 cr standalone.
• Standalone Q1 FY27: revenue Rs 306.00 cr (Q1 FY26 244.70); purchases nil; PBT Rs 20.47 cr (13.52); PAT Rs 15.33 cr (10.15); EPS 11.43 / 11.13 (7.82 / 7.75); EBITDA ex-OI Rs 34.10 cr (11.1%) [Est.].

Standalone quarterly (Screener; filed EPS where available)

One-time and non-operating items

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated balance sheet, five years

FY26 from AR Notes 4-27 (consolidated); FY22-FY25 from StockAnalysis/Screener and AR comparatives. StockAnalysis receivables (FY26 Rs 320.2 cr) include other receivables. BVPS uses 1.2209 cr shares (FY22-24), 1.2984 cr (FY25), 1.3410 cr (FY26). No "assets held for sale" line exists in either the standalone or consolidated balance sheet. Gearing (AR capital-management note): net debt Rs 500.09 cr (borrowings 532.07 less cash 31.99) / (equity 487.31 + net debt) = 50.65%; FY25 462.48 / 911.03 = 50.76%.

Consolidated 12-year balance sheet (Screener)

The FY18 jump in net worth and investments and the FY20-FY22 reversal track the associate's revaluation and losses (Bhartiya City Developers merger into Bhartiya Urban, 2017-18) [Analyst View]. Borrowings rose 2.7x since FY15 against revenue 2.4x.

Standalone balance sheet

Receivables ageing

No expected-credit-loss allowance is booked on standalone receivables. Rs 30.88 cr (16%) of standalone receivables are related-party: Design Industry 25.99, Ultima SA 4.75, Parushni 0.13. About Rs 11.6 cr is more than one year overdue with no provision, against standalone PAT of Rs 33.7 cr [Analyst View].

Consolidated cash flow, five years

*FY22 OCF flattered by the Rs 27.5 cr Swiss grant. FY26 AR statement: OCF Rs 19.28 cr; investing -Rs 19.14 cr; financing +Rs 19.87 cr. Consolidated CFO was helped by an Rs 11.8 cr FCTR line. Ind-Ra uses a post-interest definition: OCF FY22 23.5, FY23 -26.7, FY24 +21.8, FY25 -0.63; FCF FY23 -48.1, FY24 +14.4, FY25 -8.09; these tie to "FCF after interest" and the difference is definitional. At the current Rs 1,282 cr market cap, FCF yield is about 0.0% and about -3.8% after interest.

FY26 OCF: annual report vs results filing (conflict C-12)

Standalone cash flow (Screener 12-year; AR FY26)

FY26 standalone (AR): OCF -13.68; investing -18.23; financing +33.01 (net ST borrowings +68.70; net LT +1.06; share capital incl. premium +13.74; interest and processing fees -48.46; lease -2.02); net change in cash +1.10 (opening 2.25, closing 3.35). FY25 standalone OCF Rs 41.40 cr.

Consolidated 12-year cash flow (Screener)

Working capital

The cycle more than doubled from FY15 (207) to FY21 (444) and has improved to 262 as revenue scales over a relatively fixed raw-leather stock. Ind-Ra attributes it to integrated operations (own tannery), multi-location manufacturing, seasonality and raw-leather availability (BIL buys well ahead and buys matching lots for large custom orders, per ICRA). Debtor days have risen from 59 (FY23) to 73 (FY26). Budget 2026-27 extended the duty-free imported-input export period from 6 months to 1 year, which eases this.

Ratios (consolidated unless stated)

Standalone Schedule III ratios (Note 54)

No consolidated ratio table is published. Ind-Ra-like FY26 net leverage: (542.0 - 102.7 + 32.0) / 120.2 = 3.92x; scaled to Ind-Ra's FY25 basis (the method over-states by about 6% using the true FY25 acceptances of Rs 49.03 cr) about 3.7x. 4_market's 4.3x is Screener debt less free cash only / Screener OP (510 / 118). Either way, below the 4.0x upgrade trigger.

Debt structure at 31 Mar 2026 (consolidated)

Term loans by lender, 31 Mar 2026 (AR Note 22)

Balance sheet: non-current term loans 9,064.67 lakh + current maturities 2,829.25 lakh = Rs 118.94 cr, Rs 4.1 cr above the lender notes (likely vehicle-loan current maturities). IndusInd holds an equitable mortgage on 9 acres 81 cents of land in Tamil Nadu plus a personal guarantee; HDFC a first/exclusive charge on Institutional Plot 38, Sector 44, Gurugram; others second charges. Indian Overseas Bank appears in the standalone note. Lender-wise working-capital limits and drawings, and consortium vs multiple banking: undisclosed. Overseas subsidiaries' WC lines are backed by the parent's SBLC and corporate guarantees. Total borrowings Rs 532.07 cr (FY25 474.46). Trade payables Rs 268.31 cr include acceptances Rs 31.98 cr (FY25 49.03) and MSME dues Rs 16.23 cr.

Rated bank facilities (Ind-Ra, Rs 647.07 cr)

WC drawn Rs 411.6 cr against fund-based limits Rs 501.1 cr (82%), consistent with Ind-Ra's 83.23% six-month utilisation. Mar-2023 assignment: Rs 606.95 cr (FB Rs 471.1 cr incl. Rs 29.9 cr SBLC line; NFB Rs 66.35 cr; TL Rs 69.5 cr). FYE22 long-term debt included COVID-19 and ECLGS loans repayable by FY29. The 39th AGM raised the Sec 180(1)(c) borrowing limit from Rs 700 cr to Rs 1,200 cr.

Credit-rating history

The FY26 AR (PDF p.24 and p.47) also says IND BBB/Stable/IND A2; "BBB-" and "A3" occur nowhere in the decoded AR. The AR's one slip is calling it a "long-term issuer rating"; Ind-Ra's issuer rating has been withdrawn since 22 Sep 2023. No CRISIL or CARE rating on BIL (namesakes excluded). Group context only: ICRA had BUPL at [ICRA]BBB+ (Positive) on Rs 1,288 cr, withdrawn Jan 2025; Bhartiya City Residences [ICRA]BBB- on Rs 600 cr, withdrawn Jul 2026; CRISIL had assigned the same Rs 600 cr Crisil BBB+/Stable on 17 Dec 2025, the day it reaffirmed BUPL at Crisil A-/Stable and raised BUPL's rated debt to Rs 1,504 cr from Rs 1,300 cr (CRISIL rationales, added at QC review).

Ind-Ra PR 81549 data points (20 Feb 2026)

Contingent liabilities and commitments (consolidated Note 40/41)

Excluding LCs, contingents are Rs 34.23 cr (7.0% of net worth). CARO disputed dues: GST Rs 1.62 cr (GST Appellate Tribunal, FY18-FY22), GST Rs 0.20 cr (High Court, FY18), income tax Rs 0.51 cr (CIT(A), FY20). Cash-flow-hedge forwards USD 13.8 mn and EUR 1.35 mn (FV liability Rs 12.45 cr). Gratuity net liability Rs 2.52 cr.

Equity dilution and share-count history

Total dilution 12.01 lakh shares (+9.84%), Rs 51.64 cr raised; proceeds used for working capital Rs 39.14 cr, factory refurbishment and plant Rs 2.50 cr, general corporate purposes Rs 10.00 cr, "no deviation". No QIP, rights or other preferential issue in twelve years.

Management, Promoters & Governance

Primary basis: FY26 Annual Report (with 39th AGM notice), 39th AGM voting results (29 Sep 2026), H1 FY26 Reg 23 RPT disclosure, Sep-2026 shareholding pattern, exchange filings to 15 Oct 2026, CRISIL rationale on Bhartiya Urban (17 Dec 2025), ICRA withdrawal rationale (Apr 2023). Namesake guard: Bhartiya Group / Bhartiya City / Nikoo Homes are attributed to BIL only through the 36.77% BUPL stake; unrelated to Bharti (Airtel).

Promoter: Snehdeep Aggarwal, founder and non-executive Chairman

Promoter and promoter-group holdings (31 Mar 2026, AR Note 18.4)

Nikhil Aggarwal (DIN 01891082), the promoter's nephew, is a non-executive non-independent director since 4 Oct 2007 (20,100 shares). The consolidated RPT note shows him on a group salary of Rs 46.86 lakh (FY25 Rs 41.94 lakh), presumably via an overseas subsidiary [Est.]; a "non-executive" director drawing an executive-scale salary weakens the classification [Analyst View].

Key management (KMP and senior management)

There is no Managing Director; the Chairman is non-executive and separate from the WTD. Remuneration-to-median ratio and top-10 employee data were excluded from the circulated AR under Sec 136(1). Standalone employees 595 in FY26 (315 in FY24); fabrication/job-work charges about Rs 197 cr standalone imply heavy contract labour [Est.].

Board of directors (current at 23 Oct 2026)

Non-executive pay FY26: sitting fees gross Swathi, Ghei, Kapur Rs 2.89 lakh each, Bhojwani Rs 1.11 lakh (net Rs 2.40 / 1.00 lakh). Robert Moore: consultancy Rs 119.44 lakh (FY25 Rs 105.84 lakh) as "Consultant for Sales Advisory & Marketing", more than the WTD's salary; needs Reg 17(6)(ca) and Sec 188 approval each year. The 39th AGM approved up to USD 135,000 for 1 Jul 2026 to 31 Mar 2027 (about 0.095% of turnover); this was the AGM's only Sec 188 item.

39th AGM voting (28 Sep 2026)

Shareholding trend

• Sep-2026 SHP filing: promoter 82,02,649 shares (61.17%); no pledge, NDU or other encumbrance; 12,01,000 promoter shares locked in, 14.64% of promoter holding (Emkay's 7,75,000 / 9.97% is superseded). Reg 31(4) declarations of 2 Apr 2024, 3 Apr 2025, 2 Apr 2026 report no encumbrance. Pledge history before FY24 not checked.
• The FII fall from 8.36% to 7.40% is dilution, not selling: TIMF's 7,06,474 shares and Morgan Stanley's 2,78,315 shares are unchanged [Est.]. MarketsMojo/Motilal's "FII 0%, Other DII 7.68%" is a vendor classification error.
• DII 0.25% in Mar/Jun 2026 was one AIF with 33,000 shares, exited by Sep 2026 (Banks/FI 100 shares). Mutual funds and insurers 0% every quarter.
• Retail holders +15.2% in the Sep-2026 quarter as the price ran to its high. Demat 99.78%. IEPF holds 86,005 shares (0.64%); 4,702 shares and Rs 0.90 lakh FY2017-18 dividend transferred in FY26.

Notable non-promoter holders (Sep 2026, above 1%)

Insider and SAST disclosures

Related-party transactions with the associate and promoter group (FY26, Rs lakh)

Related-party transactions with subsidiaries (standalone, Rs lakh)

CARO: guarantees to subsidiaries Rs 31.90 cr. Standalone loans/advances to related parties Rs 602.20 lakh (FY25 Rs 558.17 lakh), equal to J&J and SEZ supplier advances [Est.]. The Board's Report says all RPTs were ordinary-course and arm's length and AOC-2 is not applicable. The CG report says no loans were given to firms in which directors are interested; literally true, since BIL borrowed from BUPL. The H2 FY26 Reg 23 disclosure (Mar-2026) was not found.

Gottigere property: filing trail

Rs 31 cr is below the LODR Reg 23 materiality threshold (lower of Rs 1,000 cr or 10% of consolidated turnover, about Rs 136 cr), so no shareholder approval is required [Est.]. If completed it brings up to Rs 31 cr, about 6% of borrowings.

Auditors

Associates and other investments

BUPL profile (CRISIL, 17 Dec 2025): lenders SBI LRD Rs 557.65 cr, Piramal TL Rs 525 cr, SBI TL Rs 258.2 cr, Standard Chartered Rs 78.8 cr, IDFC First LRD Rs 48.75 cr; about 123-acre Bhartiya City (Thannisandra Road), Leela hotel and convention centre, mall, about 4.1 mn sq ft offices, BCIT-4 (1.07 mn sq ft) under construction, about 37 acres land bank; debt by asset mall and hotel Rs 833 cr, BCIT-3B Rs 292.5 cr, BCIT-4 Rs 472 cr; FY26E bookings Rs 2,200-2,300 cr. FY26 MD&A: Nikoo Homes 7 did "more than 2400 Cr of business in just 7-8 months", about 85% sold in 10 months; Nikoo Homes 8 launched Q1 FY27; residential pipeline over Rs 8,000 cr. BIL entered in 2008 via Bhartiya Urban Infrastructure & Land Development (merged into Bhartiya City Developers 2017-18).

Acquisition track record

Governance red flags

Supply Chain

Upstream: what Bhartiya International depends on

• Named raw-material suppliers: undisclosed. The only customs "supplier" records found belong to the Indore namesake (excluded).
• Import dependence: high for hides and skins [Analyst View]; finished-leather quality relies on imported large-size bovine hides, whereas India's pool is mostly smaller bovine/buffalo and goat. FX exposures in USD, EUR, HKD, GBP, RMB and CHF; a 5% INR move = +/-Rs 16.9 cr of profit [Fact].
• Natural hedge: imports and foreign-currency packing credit offset export receivables; forwards USD 13.8 mn and EUR 1.35 mn at FY26 end. Hedging is at "management's discretion" (ICRA).
• Single-source risk: the in-house tannery is effectively the single source of finished leather for garments, a choke point and a quality moat. Raw-hide supply is multi-country but exposed to livestock cycles and anti-leather / anti-fur pressure.
• Pass-through: no commodity derivatives ("no hedging through derivatives for commodity price risk"). Pricing is per-season, per-style FOB, so pass-through lags a season. Evidence of incomplete pass-through: deck-basis RM share 54.7% (H1 FY24) to 60.9% (Q2 FY25); EBITDA margin 10.2% (FY24) to 8.78% (FY25); recovery to 9.67% in Q1 FY27 as the material share eased from 57.5% to 55.8%.

Downstream: who depends on Bhartiya International

Note 30.3 gives an aggregate of Rs 493.17 cr with no name and no count; under Ind AS 108 it could be one customer or two to four. Either way concentration is higher than the decks suggest. Breadth: "more than 100 leading international brands", "about 150 luxury brands/retailers", 2017 wallet share above 5% at some top customers. End-industry: premium and luxury fashion retail (brand stores, department stores, e-commerce) in Europe, UK and US. End-products: retail-branded leather jackets and outerwear, handbags, totes, belts, wallets, small leather goods and textile outerwear under the customers' labels; BIL's finished leather also goes into other brands' goods. Domestic: Rs 59.2 cr standalone India sales; Bhartiya Fashion Retail not material.

Stickiness, design wins and contract tenor

• No long-term supply contracts disclosed. Seasonal purchase orders (AW and SS). The Ind-Ra order book of Rs 629.85 cr (May 2025) was about 0.6x FY25 revenue; Rs 576.65 cr (Jan 2026), executable over 4-5 months.
• Stickiness drivers: in-house finished leather (consistent colour lots), Milan-led design and sampling (a design-win analogue), LWG Gold, BSCI, Higg and SLCP compliance needed for vendor onboarding, multi-decade relationships (Ralph Lauren, Levi's, AllSaints named in every rationale since 2023).
• Switching risk: moderate. Brands can move volume to China, Vietnam, Pakistan, Turkey or Italy on price and tariffs; the CFO said no orders were cancelled during the 50% tariff.

Value-chain map

[Livestock / meat industry: NZ, UK, EU, Middle East, LatAm, India]
        |  raw hides and skins, wet-blue (commodity; cyclical)
        v
[Tanning chemicals]  -->  [J&J Leather, Chennai tannery: about 15,000 skins/day; LWG Gold]
                                   |  finished leather (captive; some sold, e.g. Coach)
                                   v
[Milan + India design/sampling] --> [BIL factories: Bengaluru (garments), Chennai and Tada (accessories)]
                                   |  + [Contract factories India/China/Bangladesh: textiles, PU, overflow]
                                   v
        [BIL standalone exports (about 95%) and Ultima SA / Design Industry / WFT / Ultima Italia / UK]
                                   |  FOB / landed, private label
                                   v
        [Brands: Ralph Lauren, AllSaints, Levi's, Coach, Zara, Guess, Diesel, Timberland ...]
                                   |  brand mark-up (2017: about USD 100 FOB vs USD 200-500+ retail)
                                   v
        [Retail / e-commerce consumers: US (about 31%), UK, Italy and EU, Canada]

Where pricing power sits [Analyst View]

BIL's integration captures tannery plus manufacturing margin; its weak point is working capital (about 360 days NWC per Ind-Ra FY25; Rs 532 cr debt against Rs 487 cr equity). Its leverage is niche-specific: leather outerwear has few scaled, compliant, vertically integrated vendors; 32% FY26 growth against a shrinking sector is consistent with that.

Competitive Position

Indian leather and leather products industry

Top 5 destinations 48.3%, top 15 75.5%; Europe about 55%. Crisil (Oct 2025) forecast FY26 industry revenue -10-12%, exports -14-16% to US$3.9-4.0 bn and margins -150-200bp across 34 rated companies; the actual decline was 1.6% in USD. Apparel: RMG exports Apr-Dec 2025 about US$12 bn (+2.4%), US-bound -3% to US$3.6 bn (AEPC); ICRA 10M FY26 +1.5% USD, outlook to Stable, FY27 rebound 8-11%.

Key trends

1. Premiumisation and design-led sourcing (BIL's Milan studio).
2. "China+1" in leather outerwear: China largest; Pakistan, Turkey, India alternatives; Section 301 taxes China/Vietnam 2.5pp more than India.
3. Shift away from animal leather (ICRA); BIL diversified into PU and textile outerwear.
4. Traceability: LWG, chrome management, EU Digital Product Passport; EU delegated act (Jul 2026) removes cattle hides, skins and leather from EUDR scope, subject to two-month scrutiny.
5. Currency: INR near a record low of about Rs 97/US$ (May 2026), down over 7% in 2026; RBI using rates to defend it (Oct 2026).
6. Western mid-market retail distress: Esprit Europe GmbH and six subsidiaries filed in May 2024; 56 German stores closed; French entity liquidated.

US tariff timeline

For BIL: the CFO said at the 29 Sep 2025 AGM there was "zero impact"; FY26 revenue (+32%) bears that out. Q2 FY26 margin was down 107bp YoY (the 50% quarter); Q4 FY26 margin was flat YoY. China-sourced goods via Design Industry face 12.5% on US-bound shipments.

FTAs and domestic schemes

BIL's market position

Peer comparison (consolidated, Rs cr, market data 23 Oct 2026)

Peer EBITDA is Screener operating profit ex-OI; EV from StockAnalysis. BIL's row is on filing basis with Screener in brackets for comparability. *Superhouse EV (Rs 344 cr) does not fully reconcile with mcap + net borrowings (Rs 310 cr). **Mirza's history includes the Red Tape/apparel business transferred 25 Feb 2026.

Strengths and weaknesses against each peer

Porter's Five Forces

Risks & Red Flags

Risk register

Red-flag checklist

Disputes and contingents in one place

Management Voice, Concalls & Guidance

Disclosure architecture

IR contact on every deck: CFO Raj Kumar Chawla (raj.chawla@bhartiya.com). WTD Manoj Khattar signs results and chairs general meetings.

Quarter-by-quarter narrative

• Q1 FY26: revenue +22%; no deck commentary; US announced 25% + 25% tariffs; Ind-Ra watch negative 21 Aug 2025.
• Q2 FY26: record Rs 399.4 cr (+35% YoY, +43% QoQ); margin -107bp YoY in the 50%-tariff quarter; interest Rs 13.1 cr, highest ever; subsidiaries and associate lost about Rs 4.7 cr; remaining warrants converted 2 Sep 2025; Gottigere sale first disclosed; stock +5.2% to Rs 894 on 6 Nov 2025.
• Q3 FY26: Rs 366 cr (+39%); margin down QoQ (seasonal) but up about 50bp YoY; labour-code charge Rs 1.88 cr; Ultima Fashions UK incorporated 16 Jan 2026 "to support Company's business operations in UK". Deck: revenue growth "driven by higher sales and improved market penetration"; PBT growth "driven by higher capacity utilisation and operating leverage" (no utilisation data ever disclosed); one bullet mislabels quarterly PBT as "YTD". MarketsMojo cut to SELL (46) from HOLD (67).
• Q4 FY26: consolidated loss Rs 8.78 cr on the Rs 11.16 cr associate loss; standalone Q4 PBT only Rs 3.52 cr; no dividend ("conserve resources for future growth"); internal auditor reappointed. MarketsMojo called it "bad" (ROE 5.3%, debt/EBITDA 8.35x, cover 1.28x on its basis).
• Q1 FY27: Rs 372.8 cr (+33%); record PAT Rs 17.76 cr; deck: growth "driven by improved business momentum"; "Cash Profit of the business have been improved by 56% at Rs 20.83 crore". Board reappointed three IDs from 11 Aug 2027 and approved Bhojwani beyond 75. Hidden drivers: brand amortisation end (D&A -Rs 2.16 cr YoY), inventory build Rs 53 cr.
• Q2 FY27: not reported; due by 14 Nov 2026. Watch: whether the Q2 seasonal peak repeats at 30%+ growth; margin vs 10.04%; associate line; FX MTM; inventory unwind; Outerwear vacancy; H1 cash flow statement.

Management's own words, by meeting

Guidance vs actual (credibility scorecard)

Recurring themes and tone

Contradictions and tensions to track

Corporate-action and announcement timeline (Oct 2024 to Oct 2026)

No acquisitions, JVs, buybacks, bonuses, splits, QIPs or fresh fund-raises in the window; no SEBI or exchange orders. A Reg 30 intimation of 6 Jul 2026 concerned an unclaimed-dividend reminder.

Growth, Outlook & Valuation

Order book and revenue visibility

Management outlook and expansion

Catalysts, next 12 months

Long-term drivers (3-5 years)

• China+1 relocation of leather outerwear sourcing; India at tariff parity or better in the US.
• UK CETA (live) and EU FTA reducing duty gaps versus Pakistan and Bangladesh in BIL's largest region.
• Accessories (Tada, Chennai) and textile outerwear scaling on an asset-light model; knitwear and sleepwear additions.
• Operating leverage on a relatively fixed raw-leather stock (CCC 444 days FY21 to 262 FY26).
• Deleveraging toward an Ind-Ra upgrade; lower cost of debt (new loans at 6.25-8.95%).
• Optional value from BUPL (Nikoo Homes, Rs 8,000 cr residential pipeline at entity level) if it ever pays dividends or is separated; the demerger question has never been answered.

Valuation: current vs history

Year-end multiples from StockAnalysis except where recomputed on filed EPS. StockAnalysis at the 21 Oct 2026 close (Rs 1,009.15; mcap Rs 1,353 cr): P/E 52.5x, P/B 2.78x, EV/EBITDA 14.8x. Vendor P/Es: Screener about 50x, TradingView 51.75x, MarketsMojo 54x, Groww 34.8x (outlier). Screener ROE 2.87%, ROCE 9.53%. Price CAGR: 1y 29%, 3y 61%, 5y 36%, 10y 6%; MarketsMojo YTD +45.6%, 3y +370%.

FY27 earnings scenarios [Est.]

No consensus exists (no sell-side coverage). These are Aamara scenarios on stated assumptions, not forecasts. Q1 FY27 was about 20.6% of FY26 revenue on the prior year's seasonal pattern; Q1 FY27 tax rate 22.9%. If the conservative case meets a repeat associate loss, EPS is about Rs 27 and P/E about 35x. The scenarios do not fix cash conversion: on FY26's 16% OCF/EBITDA, even the base case would generate about Rs 24 cr OCF before interest.

Third-party "ratings" (model or AI outputs; no analyst coverage)

Model fair values Rs 844-1,075, midpoint about Rs 960, roughly today's price [Est.].

Rating changes in the last 12 months (quant and credit)

Price path

Liquidity, bulk deals and free float

Dividend and buyback history

Street sentiment synthesis

There is no street consensus: holders are the promoters (61%), two FPIs that have not traded in years (7.4%), three corporate holders with no disclosed thesis (Chartered Finance, Vinod Infotech, Parijata, 9.8%), one large individual (1.3%) and about 5,500 retail holders. Every algorithmic view has landed on Hold/Neutral. Views agree that revenue momentum is real, that the Feb-2026 tariff easing was the turning point, and that quality is weak. They disagree on whether Q1's Rs 17.8 cr PAT is a run-rate (FY23's Rs 63 cr was followed by Rs 0.2 cr), on valuation (about 50x earnings vs 2-3x book and 1.6-2x EV/CE), and on whether the BUPL stake is hidden value or a related-party drain. Sentiment moved from negative (Apr-May 2026) to a quiet bottom (Jun-Jul) to a sharp re-rating (Aug-Sep) to fading momentum (Oct), and is being tested ahead of Q2 FY27 on thin liquidity.

Final Verdict

Five things to remember

1. Q4 FY26's Rs 8.78 cr loss was an associate loss; the fashion business made Rs 5.0 cr PBT at a 7.78% margin, flat YoY.
2. Use filed EPS: TTM Rs 19.28, P/E 49.6x; FY26 OCF is Rs 19.28 cr per the AR, not Rs 40.06 cr per the results filing.
3. Inventory Rs 688 cr (51% of assets) and CCC 262 days are the business model, not a blip.
4. Rating is IND BBB/Stable/IND A2 (bank loans only; issuer rating withdrawn 2023); upgrade trigger below 4.0x.
5. Gottigere (Rs 31 cr to a related party), the Rs 30 cr vs Rs 36 cr associate loan peak, and the 44.3% customer concentration are the undisclosed items that matter.

Five questions to ask before investing

1. Who is the Gottigere buyer, what is the book value and independent valuation, and where and when does manufacturing relocate?
2. Was the Bhartiya Urban loan peak Rs 30 cr or Rs 36 cr, and will BIL commit to no further associate borrowing?
3. Who are the 10%+ customer(s) behind Rs 493.17 cr, and what are installed capacity and utilisation by product line?
4. What is the plan to bring standalone OCF above PAT, and what inventory-days target is management working to?
5. Will the company hold earnings calls, give quantified guidance, and resume the dividend it has promised three times?

Dated triggers

Sources

Merged and de-duplicated from the ### Sources lists of all seven input files (0_ENTITY to 7_primary). All accessed 23 Oct 2026 unless another date is shown; publication or data date in brackets where known. Primary PDFs were downloaded on 23 Oct 2026 to C:\Users\GAURAV\CompanyResearch\_md\BIL\_pdfs\.

Company filings and IR documents (bhartiyafashion.com)

• FY26 Annual Report (168 pp) [2 Sep 2026]: https://bhartiyafashion.com/download/ANNUAL-REPORT-2025-2026.pdf (reader: https://r.jina.ai/https://bhartiyafashion.com/download/ANNUAL-REPORT-2025-2026.pdf)
• FY26 Annual Report, Company and subsidiaries (330 pp; Ultima SA accounts PDF p.298-299): https://bhartiyafashion.com/download/ANNUAL-REPORT-2025-2026-Company-subsidiaries.pdf
• FY25 Annual Report, consolidated and standalone (AOC-1 PDF p.163-164): https://bhartiyafashion.com/download/ANNUAL-REPORT-2024-2025-Consolidated-and-Standalone.pdf
• FY24 Annual Report, consolidated and standalone: https://bhartiyafashion.com/download/ANNUAL-REPORT-2023-2024-Consolidated-and-Standalone.pdf
• Q4 FY26 / FY26 audited results, board outcome and deck [29 May 2026]: https://bhartiyafashion.com/download/RESULTS-31-03-2026.pdf
• Q1 FY27 results, board outcome and deck [13 Aug 2026]: https://bhartiyafashion.com/download/RESULTS-30-06-2026.pdf
• Q2 FY26 results [6 Nov 2025]: https://bhartiyafashion.com/download/RESULTS-30-09-2025.pdf
• Q3 FY26 results [11 Feb 2026]: https://bhartiyafashion.com/download/RESULTS-31-12-2025.pdf
• Credit-rating intimation [21 Feb 2026]: https://bhartiyafashion.com/download/CREDIT-RATING-AS-ON-21-02-2026.pdf
• Credit-rating intimation [21-22 Aug 2025]: https://bhartiyafashion.com/download/CREDIT-RATING-AS-ON-21-08-2025.pdf
• Related-party transactions disclosure, H1 FY26: https://bhartiyafashion.com/download/RELATED-PARTY-TRANSACTION-30-09-2025.pdf
• Notice of 39th AGM [28 Sep 2026]: https://bhartiyafashion.com/download/NOTICE-OF-39TH-ANNUAL-GENERAL-MEETING-28-09-2026.pdf
• 39th AGM voting results: https://bhartiyafashion.com/download/39TH-ANNUAL-GENERAL-MEETING-AGM-VOTING-RESULTS.pdf
• Shareholding pattern [30 Sep 2026]: https://bhartiyafashion.com/download/SHAREHOLDING-PATTERN-30-09-2026.pdf
• Reconciliation of share capital audit [30 Sep 2026]: https://bhartiyafashion.com/download/RSCA-30-09-2026.pdf
• Company IR document index: https://bhartiyafashion.com/invester-relations.html
• 38th AGM written transcript [29 Sep 2025]: https://bhartiyafashion.com/download/38TH-AGM-WRITTEN-TRANSCRIPTS-2025.pdf
• 37th AGM written transcript [27 Sep 2024]: https://bhartiyafashion.com/download/37TH-AGM-WRITTEN-TRANSCRIPTS-2024.pdf
• 13th EGM written transcript [3 Jun 2024]: https://www.bhartiyafashion.com/download/13TH-EGM-WRITTEN-TRANSCRIPTS-2024.pdf
• 36th AGM written transcript [29 Sep 2023]: https://bhartiyafashion.com/download/36TH-AGM-WRITTEN-TRANSCRIPTS-2023.pdf
• Corporate presentation [12 Dec 2017]: https://bhartiyafashion.com/download/BIL_Corporate_Presentation_12th_December_2017.pdf
• Investor presentation [Feb 2016]: https://bhartiyafashion.com/download/BHARTIYA%20INTERNATIONAL%20-%20INVESTOR%20PRESENTATION%20FEBRUARY%202016.pdf
• Bhartiya group site (fashion verticals, capacity, sourcing countries; undated): https://www.bhartiya.com/
• Sibling research inputs: C:\Users\GAURAV\CompanyResearch\_md\BIL\0_ENTITY.md, 1_business.md, 2_financials.md, 3_governance.md, 4_market.md, 5_narrative.md, 6_heard.md, 7_primary.md

Exchange filings and feeds

• BSE announcements API, scrip 526666, 1 Apr to 23 Oct 2026: https://api.bseindia.com/BseIndiaAPI/api/AnnSubCategoryGetData/w?pageno=1&strCat=-1&strPrevDate=20260401&strScrip=526666&strSearch=P&strToDate=20261023&strType=C&subcategory=-1
• BSE Reg 30 intimation [6 Jul 2026, unclaimed-dividend reminder]: https://www.bseindia.com/xml-data/corpfiling/AttachHis/452273ca-185f-41ce-aada-5b798b3eb9b0.pdf
• BSE SMP resignation [9 Oct 2026]: https://www.bseindia.com/xml-data/corpfiling/AttachHis/02f73064-69fc-47d5-bd1f-c5415d4434a3.pdf
• BSE Change in Management [15 Oct 2026]: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a5430d62-2b5a-43f1-ab49-3b469e839d2a.pdf ; mirror: https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/15102026/a5430d62-2b5a-43f1-ab49-3b469e839d2a.pdf
• FY26 Annual Report with 39th AGM notice, BSE filing [2 Sep 2026]: https://www.bseindia.com/xml-data/corpfiling/AttachHis/f890e1f1-83db-480c-95fb-ed0fe9ad5603.pdf ; mirror: https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/02092026/f890e1f1-83db-480c-95fb-ed0fe9ad5603.pdf
• 39th AGM voting results, BSE mirror [29 Sep 2026]: https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/29092026/020d1884-b2be-474f-986b-8d592b4cb95e.pdf
• Investor presentation Q2 FY25 [13 Nov 2024], BSE: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8b982f64-c6d0-48cf-b7e0-a05d3cdc8950.pdf
• BSE warrant issue filing [May 2024]: https://www.bseindia.com/xml-data/corpfiling/AttachHis/81240c48-dd5d-485e-a30e-b7e17e0f0133.pdf
• BSE 2018 warrant lapse filing [Oct 2018]: https://www.bseindia.com/xml-data/corpfiling/AttachHis/fc3ad497-230c-48d1-b519-b53a1431c4a0.pdf
• BSE KMP appointment (CFO) [2019]: https://bseindia.com/xml-data/corpfiling/AttachHis/17145b54-38d3-4306-8647-3d9ff4c768e1.pdf
• NSE corporate board meetings API (BIL): https://www.nseindia.com/api/corporate-board-meetings?index=equities&symbol=BIL
• NSE corporate announcements API (BIL): https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=BIL
• NSE credit-rating intimation [21 Feb 2026]: https://nsearchives.nseindia.com/corporate/BIL_21022026113056_Intimation_Credit_Rating.pdf
• NSE warrant conversion outcome [19 Mar 2025]: https://nsearchives.nseindia.com/corporate/BIL_19032025122718_outcome.pdf
• NSE Q2 FY26 board outcome [6 Nov 2025]: https://nsearchives.nseindia.com/corporate/BIL_06112025132509_Outcome.pdf
• NSE Q1 FY27 board-meeting notice [5 Aug 2026]: https://nsearchives.nseindia.com/corporate/BIL_05082026123703_Notice.pdf
• NSE prior intimation Q2 FY26 [30 Oct 2025]: https://nsearchives.nseindia.com/corporate/ixbrl/PRIOR_INTIMATION_69723_30102025153201_iXBRL_WEB.html
• NSE iXBRL integrated filings (timed out): https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_164026_29052026200603_iXBRL_WEB.html ; https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_164155_29052026205622_iXBRL_WEB.html ; https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_141909_11022026162226_iXBRL_WEB.html
• NSE integrated governance filing [16 Apr 2026]: https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_GOVERNANCE_150964_16042026124635_iXBRL_WEB.html
• NSE Reg 31(4) promoter declarations [2 Apr 2026; 3 Apr 2025; 2 Apr 2024]: https://nsearchives.nseindia.com/corporate/team_bbodade_20042026153344_BIL.pdf ; https://nsearchives.nseindia.com/corporate/team_sandeshc_24042025132807_9.pdf ; https://nsearchives.nseindia.com/corporate/BIL_18042024182129_BIL.pdf
• NSE insider disclosures [1 Oct 2026; 31 Aug 2026]: https://nsearchives.nseindia.com/corporate/ixbrl/IT_1877_20261001_110627810_WEB.html ; https://nsearchives.nseindia.com/corporate/ixbrl/IT_1877_20260831_160732552_WEB.html

Credit ratings

• India Ratings PR 81549 [20 Feb 2026; affirmed, watch resolved]: https://www.indiaratings.co.in/pressrelease/81549 ; data: https://www.indiaratings.co.in/pressReleases/GetPressreleaseData?pressReleaseId=81549
• India Ratings PR 78726 [21 Aug 2025; Rating Watch Negative]: https://www.indiaratings.co.in/pressrelease/78726
• India Ratings PR 77557 [10 Jul 2025]: https://www.indiaratings.co.in/pressrelease/77557
• India Ratings PR 70809 [10 Jul 2024]: https://www.indiaratings.co.in/pressrelease/70809
• India Ratings PR 61472 [31 Mar 2023; assignment]: https://www.indiaratings.co.in/pressrelease/61472
• India Ratings PRs 61749 [27 Apr 2023] and 65483 [22 Sep 2023]: https://www.indiaratings.co.in/pressrelease/61749 ; https://www.indiaratings.co.in/pressrelease/65483
• India Ratings monthly bulletin [Sep 2026]: https://www.indiaratings.co.in/data/Uploads/others/monthlybulletin.pdf
• ICRA rationale, BIL downgrade and withdrawal [10 Apr 2023]: https://www.icra.in/Rating/GetRationalReportFilePdf/119289~Bhartiya%20International%20Limited.pdf
• ICRA rationale, BIL [May 2020]: https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/95220
• ICRA rationale, Bhartiya City Residences [withdrawal, Jul 2026]: https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/144304
• CRISIL rationale, Bhartiya Urban Pvt Ltd [17 Dec 2025]: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/BhartiyaUrbanPrivateLimited_December%2017_%202025_RR_385346.html
• CRISIL rationale, Bhartiya City Residences Pvt Ltd [17 Dec 2025; Crisil BBB+/Stable on Rs 600 cr]: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/BhartiyaCityResidencesPrivateLimited_December%2017_%202025_RR_385407.html
• ICRA rationales, KH Exports India: https://www.icra.in/Rating/GetRationalReportFilePdf?id=139112 ; https://www.icra.in/Rating/GetRationalReportFilePdf?id=131803
• Crisil Ratings, US tariffs to cut leather revenue 10-12% [Oct 2025]: https://www.crisilratings.com/en/home/newsroom/press-releases/2025/10/us-tariffs-to-cut-indian-leather-industry-revenue-10-12percent-this-fiscal.html

Financial databases and data vendors

• Screener consolidated [price stamp 23 Oct 2026, 12:54]: https://www.screener.in/company/BIL/consolidated/ ; standalone: https://www.screener.in/company/BIL/
• Screener peers: https://www.screener.in/company/SUPERHOUSE/consolidated/ ; https://www.screener.in/company/MIRZAINT/consolidated/ ; https://www.screener.in/company/REDTAPE/consolidated/ ; https://www.screener.in/company/GOKEX/consolidated/ ; https://www.screener.in/company/PGIL/consolidated/ ; https://www.screener.in/company/KPRMILL/consolidated/
• StockAnalysis BIL (ratios as of 21 Oct 2026): https://stockanalysis.com/quote/bom/526666/financials/ ; https://stockanalysis.com/quote/bom/526666/financials/?p=quarterly ; https://stockanalysis.com/quote/bom/526666/financials/income-statement/ ; https://stockanalysis.com/quote/bom/526666/financials/balance-sheet/ ; https://stockanalysis.com/quote/bom/526666/financials/cash-flow-statement/ ; https://stockanalysis.com/quote/bom/526666/financials/ratios/ ; https://stockanalysis.com/quote/nse/BIL/statistics/
• StockAnalysis peer EVs [22-23 Oct 2026]: https://stockanalysis.com/quote/nse/GOKEX/statistics/ ; https://stockanalysis.com/quote/nse/PGIL/statistics/ ; https://stockanalysis.com/quote/nse/KPRMILL/statistics/ ; https://stockanalysis.com/quote/nse/SUPERHOUSE/statistics/ ; https://stockanalysis.com/quote/nse/MIRZAINT/statistics/ ; https://stockanalysis.com/quote/nse/REDTAPE/statistics/
• MarketScreener company and news: https://www.marketscreener.com/quote/stock/BHARTIYA-INTERNATIONAL-LT-46729663/company/ ; https://www.marketscreener.com/quote/stock/BHARTIYA-INTERNATIONAL-LT-46729663/news/
• Morningstar AU profile: https://www.morningstar.com.au/investments/security/NSE/BIL/summary
• Trendlyne shareholding [Sep 2026]: https://trendlyne.com/equity/share-holding/191/BIL/latest/bhartiya-international-ltd/ ; bulk/block deals: https://trendlyne.com/equity/bulk-block-deals/BIL/191/bhartiya-international-ltd/ ; insider/SAST [to 7 Oct 2026]: https://trendlyne.com/equity/insider-trading-sast/all/BIL/191/bhartiya-international-ltd/ ; stock page [22 Jun 2026]: https://trendlyne.com/equity/BIL/stock-page
• Trendlyne TIMF holdings: https://client.trendlyne.com/equity/holding-overtime/6045898/timf-holdings/mas-financial-services-ltd ; https://client.trendlyne.com/equity/holding-overtime/5680265/timf/radico-khaitan-ltd
• Emkay shareholding: https://www.emkayglobal.com/company-info/shareholding/bhartiya-international-ltd
• MarketsMojo / Motilal shareholding [Sep 2026]: https://marketsmojo.motilaloswal.com//stocks-analysis/financial-shareholding/bhartiya-international-544126-0
• Sharpely resources and analysis: https://sharpely.in/stocks/bil/resources ; https://sharpely.in/stocks/bil/analysis
• Tofler, Snehdeep Aggarwal directorships: https://tofler.in/snehdeep-aggarwal/director/00928080
• Groww quote [23 Oct 2026 intraday]: https://groww.in/stocks/bhartiya-international-ltd
• TradingView BSE:BIL: https://in.tradingview.com/symbols/BSE-BIL
• Anand Rathi price page [14 Sep 2026]: https://anandrathi.com/stocks/bhartiya-international-ltd/share-price-today
• Value Research news [4 Sep 2026]: https://www.valueresearchonline.com/stocks/41368/bhartiya-international-ltd/news/
• Sharekhan stock page and poll: https://www.sharekhan.com/stock/bhartiya-international-ltd
• Investyadnya Stock-O-Meter: https://investyadnya.in/stock-o-meter/bhartiya-international
• IIFL directors' report, auditors' report, board meetings: https://www.indiainfoline.com/company/bhartiya-international-ltd/reports/directors-report ; https://www.indiainfoline.com/company/bhartiya-international-ltd/reports/auditors-report ; https://www.indiainfoline.com/company/bhartiya-international-ltd-board-meeting/corporate-action/4418
• Arihant Capital (board meetings, board of directors, directors' report, about company): https://www.arihantcapital.com/company-information/board-meetings/4418 ; https://www.arihantcapital.com/company-information/board-of-directors/4418 ; https://www.arihantcapital.com/company-information/directors-report/4418 ; https://www.arihantcapital.com/company-information/about-company/4418
• Pocketful deals: https://www.pocketful.in/stocks/bhartiya-international-ltd/deals
• TipRanks AI analysis [6 Oct 2026]: https://www.tipranks.com/stocks/in:bil/stock-analysis
• Investing.com InvestingPro fair value [Jul 2026]: https://in.investing.com/news/investment-ideas/investingpro-fair-value-spotted-63-gain-in-bhartiya-international-93CH-5507813
• Kotak Neo Q4 FY26: https://www.kotakneo.com/financial-results/bhartiya-international-share-price-q4fy2025-26-results/
• CB Insights, Chartered Finance & Leasing: https://www.cbinsights.com/investor/chartered-finance-leasing
• MergerLinks, TIMF Holdings: https://app.mergerlinks.com/companies/timf-holdings

News and commentary

• Business Standard / Capital Market, Q1 FY27 PAT +218% [13 Aug 2026]: https://www.business-standard.com/markets/capital-market-news/bhartiya-international-consolidated-net-profit-rises-218-28-in-the-june-2026-quarter-126081301300_1.html
• Business Standard / Capital Market, Q4 FY26 loss Rs 8.78 cr [30 May 2026]: https://www.business-standard.com/amp/markets/capital-market-news/bhartiya-international-reports-consolidated-net-loss-of-rs-8-78-crore-in-the-march-2026-quarter-126053000220_1.html
• Capital Market, ratings on watch [22 Aug 2025]: https://www.capitalmarket.com/markets/news/hot-pursuit/bhartiya-internationals-bank-facilities-put-on-rating-watch/1632545
• Arihant Capital, Q4 FY26 net loss: https://www.arihantcapital.com/company-information/companynewsdetails/25150010258 ; outlook to Stable [23 Feb 2026]: https://www.arihantcapital.com/company-information/companynewsdetails/25054010076
• TipRanks, ratings affirmed [21 Feb 2026]: https://www.tipranks.com/news/company-announcements/bhartiya-internationals-credit-ratings-affirmed-at-ind-bbb-stable-and-ind-a2
• ScanX, rating affirmation [Feb 2026]: https://scanx.trade/stock-market-news/stocks/bhartiya-international-limited-receives-credit-rating-affirmation-from-india-ratings/33199744 ; FY26 results: https://scanx.trade/stock-market-news/companies/bhartiya-international-fy26-pat-rises-59-to-33-71-crore/41610334
• Whalesbook, FY26 results [29 May 2026; Q4 figure is pre-associate]: https://www.whalesbook.com/corporate-news/English/industrial-goodsservices/Bhartiya-International-Posts-FY26-Standalone-Profit-of-indian-rupee3371-Cr-Consolidated-at-indian-rupee1345-Cr/6a19842a6ec823f1f291f572 ; https://www.whalesbook.com/corporate-news/English/consumer-products/Bhartiya-International-FY26-Standalone-Profit-Surges-59percent-Consolidated-Profit-Dips/6a197d236ec823f1f291d37e
• MarketsMojo result analyses: Q4 FY26 https://www.marketsmojo.com/news/result-analysis/bhartiya-international-q4-fy26-sharp-profit-decline-raises-red-flags-despite-revenue-growth-4023662 ; https://www.marketsmojo.com/news/result-analysis/are-bhartiya-international-ltd-latest-results-good-or-bad-4023839 ; Q2 FY26 https://www.marketsmojo.com/news/result-analysis/bhartiya-international-q2-fy26-strong-revenue-surge-masks-profitability-concerns-3676856 ; Q3 FY26 https://www.marketsmojo.com/news/result-analysis/bhartiya-international-q3-fy26-profit-plunge-raises-concerns-despite-revenue-surge-3833312
• MarketsMojo stock notes: ATH [9 Oct 2026] https://www.marketsmojo.com/news/stocks-in-action/bhartiya-international-ltd-stock-hits-all-time-high-of-rs1185-on-09-oct-2026-4219773 ; weekly fall https://www.marketsmojo.com/news/stocks-in-action/bhartiya-international-ltd-falls-268-4-key-factors-driving-the-weekly-move-4221460 ; Hold [15 Oct 2026] https://www.marketsmojo.com/news/stock-recommendation/bhartiya-international-ltd-is-rated-hold-by-marketsmojo-4226714 ; upgraded to Hold [6 Aug 2026] https://www.marketsmojo.com/news/stock-recommendation/bhartiya-international-ltd-upgraded-to-hold-by-marketsmojo-on-technical-improvements-4139348 ; Strong Sell [1 Jun 2026] https://www.marketsmojo.com/news/stock-recommendation/bhartiya-international-ltd-is-rated-strong-sell-4026113 ; Strong Sell to Sell https://www.marketsmojo.com/news/stock-recommendation/bhartiya-international-ltd-upgraded-from-strong-sell-to-sell-on-financial-and-quality-metrics-4030171 ; Sell https://www.marketsmojo.com/news/stock-recommendation/bhartiya-international-ltd-is-rated-sell-4104902 ; bearish technicals [Jul 2026] https://www.marketsmojo.com/news/stocks-in-action/bhartiya-international-ltd-technical-momentum-shifts-amid-bearish-signals-4104392
• Arthneeti Q1 FY27 [updated 16 Oct 2026]: https://www.arthneeti.com/insights/bhartiya-international-ltd-q1-fy27-earnings
• Univest: Q1 FY27 [13 Aug 2026] https://univest.in/blogs/bhartiya-inter-q1-results-fy27-pat-16-crore ; buy/hold/sell [9 Sep 2026] https://univest.in/blogs/bhartiya-international-share-price-buy-hold-or-sell ; 19 Aug rise https://univest.in/blogs/why-bhartiya-international-ltd-share-price-rise-2026-08-19
• Bottomstreet, Q1 FY27 outcome and dividend history [Aug 2026]: https://bottomstreet.com/news/bhartiya-international-outcome-of-board-meeting-2026-08-13/
• FilingReader: 38th AGM notice [4 Sep 2025] https://filingreader.com/news-wire/mumbai/2025-09-04/bhartiya-international-announces-agm-director-changes-and-capital ; Q2 FY26 [6 Nov 2025] https://filingreader.com/news-wire/mumbai/2025-11-06/bhartiya-international-sees-strong-q2-and-half-year-performance-with
• Kalkine, Outerwear head resignation [15 Oct 2026]: https://www.kalkine.co.in/article/announcements/bhartiya-international-nsebil-who-resigned-as-business-head-outerwear
• Apparel Resources, Group CEO appointment [7 Apr 2026]: https://apparelresources.com/business-news/manufacturing/apparelleather-exporter-bhartiya-international-appoints-dr-g-n-venkatesha-babu-group-ceo/
• Business Standard, Oct-2017 finished-leather order (Coach): https://www.business-standard.com/amp/article/news-cm/bhartiya-international-strengthens-after-bagging-order-117100900199_1.html
• Business Standard, Bhartiya Urban Nikoo Homes launches [Apr 2025]: https://www.business-standard.com/companies/news/bhartiya-urban-plans-to-launch-over-5k-apartments-under-nikoo-homes-brand-125042901027_1.html
• Equitybulls, BUPL sale of subsidiaries to Reco Bangalore [13 Jul 2022]: https://www.equitybulls.com/category.php?page=1&id=316412
• YourStory, founder profile: https://yourstory.com/smbstory/bhartiya-group-snehdeep-aggarwal-entrepreneur-nikoo-homes-real-estate-fashion
• GRI Institute, Arjun Aggarwal profile: https://www.griinstitute.org/realestate/member-profile/india/arjun-aggarwal_13771
• Simply Wall St ownership [28 Jan 2025]: https://simplywall.st/stocks/in/consumer-durables/nse-bil/bhartiya-international-shares/news/private-companies-invested-in-bhartiya-international-ltd-nse
• Inc42, TIMF bulk deal in Nazara [1 Jul 2024]: https://inc42.com/buzz/timf-holdings-buys-12-lakh-shares-of-nazara-in-inr-105-cr-bulk-deal/
• AlternativesWatch, Think Investments [29 Nov 2022]: https://www.alternativeswatch.com/2022/11/29/think-investments-long-position-indian-telecom-bharti-airtel/
• ValuePickr, Subhajit Das Portfolio [about 2013]: https://forum.valuepickr.com/t/subhajit-das-portfolio/721
• Business Today, rupee near record low [8 Oct 2026]: https://www.businesstoday.in/latest/economy/story/rupee-near-record-low-why-rbis-multiple-defences-are-losing-effectiveness-560381-2026-10-08
• India Sea Trade News, US tariffs and leather [Jun 2026]: https://indiaseatradenews.com/us-tariffs-hit-indias-4-1-billion-leather-exports-industry-with-kolkata-emerging-as-the-crisis-epicentre/
• News On AIR, 39th India International Leather Fair [Feb 2026]: https://www.newsonair.gov.in/39th-india-international-leather-fair-begins-in-chennai-showcases-global-innovations

Industry, trade policy and regulation

• IBEF leather industry and exports: https://www.ibef.org/exports/leather-industry-india
• CLE leather garments sector: https://leatherindia.org/leather-garments-sector/
• Whalesbook, India leather exports -1.6% FY26 [May 2026]: https://www.whalesbook.com/news/English/commodities/India-Leather-Exports-Dip-16percent-in-FY26-Amid-Tariffs-and-Crisis/6a0dd4f8920520825bc7284b
• DT Next, FY25 leather exports US$5.7 bn: https://www.dtnext.in/news/business/indias-leather-footwear-exports-jump-25-pc-to-57-billion-in-fy25-830774
• Business Standard, Crisil leather outlook [23 Oct 2025]: https://www.business-standard.com/amp/industry/news/indian-leather-exports-to-fall-10-12-in-fy26-amid-high-us-tariff-crisil-125102300550_1.html
• MKMA (ICRA apparel exports) [11 Mar 2026]: https://mkma.org/2026/03/11/india-apparel-exports-rise-2-4-in-fy-26-us-demand-weakens-under-tariff-strain/ ; IANS: https://ianslive.in/indian-apparel-sectors-outlook-upgraded-to-stable-after-us-trade-deal-report--20260211111229
• White House US-India joint statement [Feb 2026]: https://www.whitehouse.gov/briefings-statements/2026/02/united-states-india-joint-statement ; CNBC [6 Feb 2026]: https://www.cnbc.com/2026/02/06/us-india-release-framework-for-an-interim-trade-deal.html
• Holland & Knight, Section 301 forced-labour tariffs [Jul 2026]: https://www.hklaw.com/en/insights/publications/2026/07/and-the-tariff-beat-goes-on
• PIB, final US Section 301 measures: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2289348&reg=3&lang=1 ; SuperKalam [26 Jul 2026]: https://superkalam.com/current-affairs/26-07-2026/final-us-section-301-measures-on-forced-labour-india-placed-in-lower-tariff-tier-at-10-6bb6a4cf-ba4e-493c-b8eb-4d0f2840c99a
• Section 301 excess-capacity probe [Mar 2026]: https://www.hellenicshippingnews.com/us-opens-section-301-trade-probes-into-16-countries-including-eu-china-india/ ; https://www.ghy.com/trade-compliance/us-section-301-global-manufacturing-overcapacity/
• India-UK CETA [in force 15 Jul 2026]: https://www.business.gov.uk/campaign/alive-with-opportunity/the-uk-india-trade-deal/ ; https://fashionunited.uk/news/business/india-uk-fta-comes-into-effect-zero-duty-access-for-indian-textiles-and-apparel-in-the-uk/2026071689246 ; https://www.pib.gov.in/PressNoteDetails.aspx?ModuleId=3&NoteId=154945&reg=48&lang=2 ; https://www.tribuneindia.com/news/business/india-to-benefit-from-zero-duty-access-in-textiles-leather-chemicals-metals-gems-jewelery-under-uk-fta/amp
• India-EU FTA status: https://www.india-briefing.com/news/india-fta-tracker-2026-updates-42864.html/ ; https://www.globalbankingandfinance.com/india-eu-trade-deal-become-operational-early-2027-indian/ ; https://www.orfonline.org/expert-speak/the-india-eu-fta-from-political-agreement-to-ratification-and-coming-into-force
• EUDR leather removal [15 Jul 2026]: https://www.worldfootwear.com/news/european-commission-formally-removes-leather-from-eudr-scope/11640.html ; https://www.fern.org/publications-insight/article/commission-rules-out-re-opening-eudr-but-drops-leather-from-goods-covered-by-it/
• Esprit European insolvency [2024]: https://www.euronews.com/2024/05/17/hundreds-of-jobs-at-risk-as-fashion-brand-esprit-files-for-bankruptcy-in-europe ; https://fashionunited.uk/news/business/esprit-rights-sold-to-british-investor-alteri-german-stores-to-close/2024080977031 ; https://apps.eurofound.europa.eu/restructuring-events/detail/201466
• Tamil Nadu tannery pollution and Supreme Court [Jan-Feb 2025]: https://www.downtoearth.org.in/amp/story/environment/daily-court-digest-major-environment-orders-february-3-2025 ; https://www.eco-business.com/id/news/how-indias-leather-industry-is-polluting-a-major-river-basin/
• SEZ India notified and operational lists: https://sezindia.gov.in/sites/default/files/notifed/Notified%20SEZs%207+10+353%20(1).pdf ; https://sezindia.gov.in/sites/default/files/operational_SEZ/Operational_SEZs_280.pdf ; https://sezindia.gov.in/sites/default/files/notifed/Notified%20SEZs%20UPDATED.pdf
• Leatherbiz, Bhartiya SEZ history: https://leatherbiz.com/News/86328

Trade data, certification and registries

• Leather Working Group, J&J Leather (JJL101): https://www.leatherworkinggroup.com/get-involved/our-community/certified-suppliers/j-j-leather-enterprises-ltd-vandalur-t-a-bhartiya-international-jjl101/
• Open Supply Hub, Indus Craft / BIL Chennai: https://opensupplyhub.org/facilities/IN20190832Q135G
• Panjiva shipper records (trade-data leads): https://panjiva.com/Bhartiya-International-Ltd/39053950 ; https://panjiva.com/Bhartiya-International-Ltd/45982216 ; https://panjiva.com/Bhartiya-International-Ltd/89278462
• ImportGenius (Indore namesake, excluded): https://www.importgenius.com/india/importers/bhartiya-international-ltd
• Seair, leather exporter ranking: https://www.seair.co.in/blog/leather-export-from-india.aspx

Gap ledger: searched and undisclosed