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Bhartiya Internatl. Overview

1. Business Overview

Bhartiya International Ltd. (BIL) is an India-based company primarily engaged in the manufacturing and export of a wide range of leather products. Its core business encompasses the production of finished leather, leather garments, fashion accessories, and footwear. The company operates on a vertically integrated model, starting from raw hide processing (tanning) to manufacturing finished goods. BIL primarily serves global fashion brands and retailers as a B2B manufacturer and exporter, leveraging its design, manufacturing, and supply chain capabilities to produce high-quality leather goods.

2. Key Segments / Revenue Mix

The company's revenue is primarily derived from the sale of:

Leather Garments: A significant portion of its business, catering to various fashion requirements.

Leather Accessories: Including bags, wallets, belts, and other small leather goods.

Leather Footwear: Manufacturing shoes and boots for international markets.

Finished Leather: Sale of processed leather to other manufacturers.

BIL's revenue is predominantly export-oriented, serving major international markets and global brands, indicating a strong reliance on global demand and fashion trends. Specific percentage breakdowns for each product category or geography are not consistently available in public summary documents but exports form the bulk of the revenue.

3. Industry & Positioning

The Indian leather industry is a significant global player, characterized by its labor-intensive nature, strong export orientation, and the presence of both organized and unorganized players. Bhartiya International Ltd. holds a prominent position within the organized sector, particularly in premium leather goods manufacturing and exports. Its vertical integration from tanning to finished products helps in quality control and efficiency. While the industry is competitive, BIL differentiates itself through its design capabilities, long-standing relationships with global brands, and capacity to handle large orders, placing it among the established exporters of value-added leather products.

4. Competitive Advantage (Moat)

Vertical Integration: Owning the entire value chain from tanning to finished product manufacturing provides control over quality, costs, and supply chain efficiency, reducing dependence on external suppliers for key inputs.

Design & Manufacturing Expertise: Long-standing experience and capabilities in design, product development, and sophisticated manufacturing processes are crucial for serving demanding international fashion brands.

Client Relationships: Decades of experience have enabled BIL to build enduring relationships with reputed global fashion brands and retailers, leading to repeat business and preferred supplier status.

Scale of Operations: As one of the larger players in the Indian leather export market, BIL can handle significant volumes and has the infrastructure to meet diverse client requirements.

5. Growth Drivers

Global Demand for Leather Goods: Increasing disposable incomes and evolving fashion trends in developed and emerging economies are expected to drive demand for premium leather garments, accessories, and footwear.

Premiumization Trend: Consumers' preference for higher-quality, durable, and branded leather products offers an opportunity for manufacturers like BIL.

Expansion of Global Brands: As international fashion brands expand their footprint, the demand for reliable manufacturing partners in cost-effective locations like India could grow.

Government Support: Initiatives like 'Make in India' and various export promotion schemes by the Indian government aim to boost manufacturing and exports, benefiting companies in the sector.

Diversification: Potential for growth through diversification into new product categories, materials (e.g., sustainable leather alternatives), or geographical markets.

6. Risks

Raw Material Price Volatility: Fluctuations in the prices of raw hides and chemicals, which are often internationally traded commodities, can impact profit margins.

Global Economic Slowdown: As an export-oriented company catering to discretionary spending, a downturn in key international markets can significantly affect demand and sales.

Fashion and Trend Changes: Rapid shifts in fashion preferences or increasing demand for synthetic/vegan alternatives could reduce the demand for traditional leather products.

Trade Barriers & Geopolitical Risks: Imposition of import duties, trade wars, or geopolitical instability in key markets can disrupt supply chains and export volumes.

Environmental Regulations: The leather industry faces increasing scrutiny and stringent regulations regarding tanning processes and waste disposal, which could lead to higher compliance costs.

Currency Fluctuations: As a major exporter, adverse movements in foreign exchange rates can impact export realizations.

7. Management & Ownership

Bhartiya International Ltd. is promoted by the Bhartiya family, with Mr. Suneel Bhartiya serving as the Chairman and Managing Director. The promoter group has a long history and deep expertise in the leather industry, having built the company over several decades. The ownership structure typically involves a significant holding by the promoter group, ensuring management control and long-term vision. The management team includes experienced professionals across various functions like design, manufacturing, and international marketing.

8. Outlook

Bhartiya International Ltd. operates in a mature yet dynamic global leather goods market. The company benefits from its integrated operations, established international client base, and manufacturing expertise, positioning it well to capitalize on the sustained global demand for premium leather products. However, its dependence on export markets exposes it to global economic cycles, currency fluctuations, and evolving fashion trends, including the growing preference for sustainable and alternative materials. The ability to adapt to changing consumer preferences, manage raw material price volatility, and navigate increasing environmental scrutiny will be crucial for its sustained performance. While the company has a strong foundation, its growth trajectory will be influenced by its agility in product innovation, market diversification, and operational efficiencies in a competitive and evolving industry landscape.

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Bhartiya Internatl. Key Financials

Market Cap ₹972 Cr.

Stock P/E 62.5

P/B 2

Current Price ₹725

Book Value ₹ 365.3

Face Value 10

52W High ₹988.4

Dividend Yield 0%

52W Low ₹ 615.2

Bhartiya Internatl. Share Price

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Volume
Price

Bhartiya Internatl. Quarterly Price

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Bhartiya Internatl. Peer Comparison

Bhartiya Internatl. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 228 198 180 229 296 263 241 280 399 366
Other Income 1 1 5 1 2 1 1 1 0 1
Total Income 228 199 184 230 298 264 242 281 400 367
Total Expenditure 197 181 166 210 263 244 222 253 359 337
Operating Profit 31 18 18 20 35 20 20 28 40 29
Interest 11 10 11 10 12 12 11 12 13 13
Depreciation 6 7 6 6 6 7 6 6 6 7
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 14 1 1 3 16 2 2 10 21 10
Provision for Tax 4 1 0 2 4 2 2 3 6 4
Profit After Tax 10 0 1 2 12 0 0 7 15 7
Adjustments -4 -4 1 -7 -4 -2 15 -1 -5 0
Profit After Adjustments 6 -3 1 -5 8 -2 15 6 10 7
Adjusted Earnings Per Share 4.6 -2.7 1.2 -4.4 6.3 -1.2 11.5 4.3 7.4 5

Bhartiya Internatl. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 558 622 640 710 750 725 548 694 799 778 1029 1286
Other Income 3 4 6 7 12 4 5 32 3 7 4 3
Total Income 561 626 646 718 762 729 553 726 802 784 1034 1290
Total Expenditure 508 569 596 660 690 661 512 652 712 688 928 1171
Operating Profit 53 57 51 58 72 68 42 73 90 96 106 117
Interest 17 19 18 23 35 29 28 29 45 52 56 49
Depreciation 6 6 6 7 8 10 10 24 25 26 26 25
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 30 32 26 26 29 26 -6 -11 69 7 25 43
Provision for Tax 8 9 8 8 10 4 0 5 6 7 9 15
Profit After Tax 21 23 18 17 20 21 -6 -17 63 0 16 29
Adjustments -0 2 0 0 0 0 0 0 0 0 0 9
Profit After Adjustments 21 25 18 17 20 21 -6 -17 63 0 16 38
Adjusted Earnings Per Share 18.7 21.1 15.4 14.3 16.2 17.4 -5 -13.5 51.3 0.2 12.1 28.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 32% 14% 7% 6%
Operating Profit CAGR 10% 13% 9% 7%
PAT CAGR 0% 0% -5% -3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 1% 59% 29% 3%
ROE Average 4% 7% 3% 6%
ROCE Average 9% 10% 7% 8%

Bhartiya Internatl. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 177 222 266 373 393 345 339 322 387 389 447
Minority's Interest 2 2 2 1 1 1 1 1 1 1 1
Borrowings 31 34 31 47 60 59 123 165 159 102 66
Other Non-Current Liabilities 6 7 9 10 13 14 14 17 16 16 14
Total Current Liabilities 258 280 312 478 450 484 426 437 448 589 643
Total Liabilities 473 544 619 910 917 904 903 943 1012 1097 1172
Fixed Assets 67 75 81 91 108 120 182 189 194 174 154
Other Non-Current Assets 45 50 63 165 174 118 55 22 86 71 62
Total Current Assets 361 419 475 654 635 667 666 732 732 851 955
Total Assets 473 544 619 910 917 904 903 943 1012 1097 1172

Bhartiya Internatl. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 42 36 24 47 27 37 49 17 33 9 27
Cash Flow from Operating Activities -21 -12 -2 -56 8 -7 26 46 12 66 44
Cash Flow from Investing Activities -8 -14 -21 -28 -1 -12 -24 -46 -22 -21 -14
Cash Flow from Financing Activities 22 23 45 65 3 31 -35 16 -14 -26 -45
Net Cash Inflow / Outflow -7 -2 22 -20 10 12 -32 16 -25 18 -15
Closing Cash & Cash Equivalent 36 33 47 27 37 49 17 33 9 27 12

Bhartiya Internatl. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 18.73 21.1 15.38 14.34 16.23 17.43 -5.04 -13.54 51.29 0.18 12.06
CEPS(Rs) 24.45 24.54 20.12 20.45 22.88 25.6 3.41 5.93 71.93 21.07 31.87
DPS(Rs) 1 1.2 1.2 1.2 1.2 0 0 0 0 0 0
Book NAV/Share(Rs) 155.09 179.06 199.35 301.3 313.22 273.51 269.23 255.35 308.31 318.32 340.93
Core EBITDA Margin(%) 8.89 8.57 6.93 7.09 7.99 8.77 6.67 5.94 10.87 11.51 9.82
EBIT Margin(%) 8.37 8.21 6.93 6.89 8.61 7.51 4.07 2.58 14.15 7.63 7.87
Pre Tax Margin(%) 5.29 5.13 4.06 3.64 3.91 3.53 -1.07 -1.6 8.55 0.89 2.42
PAT Margin (%) 3.79 3.65 2.8 2.45 2.64 2.93 -1.13 -2.39 7.81 0.03 1.52
Cash Profit Margin (%) 4.91 4.62 3.68 3.51 3.72 4.31 0.76 1.04 10.96 3.31 4.02
ROA(%) 4.96 4.46 3.09 2.28 2.16 2.33 -0.68 -1.79 6.4 0.02 1.38
ROE(%) 12.81 11.84 8.11 5.8 5.28 5.94 -1.87 -5.17 18.19 0.05 3.76
ROCE(%) 13.19 12.37 9.11 7.82 8.62 6.97 2.87 2.3 13.55 6.67 8.9
Receivable days 39.33 53.19 51.51 72.48 76.43 62.79 88.68 70.99 59.09 64.16 58.79
Inventory Days 117.73 131.09 151.66 160.17 181.2 208.5 282.18 232.68 224.35 256.99 211.82
Payable days 36.48 37.91 41.83 84.46 102.64 76.27 80.69 75.81 70.73 78.56 79.07
PER(x) 22.3 21.87 34.59 27.45 16.82 4.24 0 0 3.27 1428.77 42.86
Price/Book(x) 2.69 2.58 2.67 1.31 0.87 0.27 0.64 0.98 0.54 0.82 1.52
Dividend Yield(%) 0.24 0.26 0.23 0.3 0.44 0 0 0 0 0 0
EV/Net Sales(x) 1.14 1.17 1.31 1.12 0.89 0.65 1.1 1.01 0.83 0.97 1.04
EV/Core EBITDA(x) 12.03 12.77 16.49 13.76 9.33 6.92 14.47 9.55 7.37 7.86 10.13
Net Sales Growth(%) 34.68 11.48 2.88 10.98 5.53 -3.32 -24.33 26.46 15.15 -2.64 32.38
EBIT Growth(%) 27.43 9.43 -12.96 10.12 28.72 -15.66 -61.49 -19.62 532.29 -47.62 36.46
PAT Growth(%) 45.85 7.47 -20.79 -3.14 6.21 7.53 -124.96 -168.17 477.78 -99.68 7804.2
EPS Growth(%) 42.73 12.65 -27.12 -6.75 13.18 7.42 -128.89 -168.83 478.77 -99.64 6510.58
Debt/Equity(x) 1.17 1.06 1.13 0.95 1 1.32 1.31 1.51 1.31 1.32 1.07
Current Ratio(x) 1.4 1.5 1.52 1.37 1.41 1.38 1.56 1.67 1.63 1.45 1.49
Quick Ratio(x) 0.65 0.59 0.62 0.65 0.52 0.49 0.58 0.61 0.47 0.47 0.52
Interest Cover(x) 2.72 2.67 2.42 2.12 1.83 1.89 0.79 0.62 2.53 1.13 1.44
Total Debt/Mcap(x) 0.44 0.41 0.43 0.73 1.15 4.88 2.06 1.54 2.42 1.61 0.71

Bhartiya Internatl. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 57.35 57.35 57.35 57.35 57.35 59.89 59.89 61.17 61.17 61.17
FII 0 0 0 0 0 0 0 0 0 0
DII 8.36 8.36 8.33 8.31 8.4 7.73 7.73 7.44 7.45 7.71
Public 34.29 34.29 34.32 34.35 34.25 32.38 32.38 31.39 31.38 31.13
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Bhartiya Internatl. News

Bhartiya Internatl. Pros & Cons

Pros

  • Company has reduced debt.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • Debtor days have increased from 78.56 to 79.07days.
  • The company has delivered a poor profit growth of -5% over past five years.
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