WEBSITE BSE:526666 NSE: BHARTIYA INT Inc. Year: 1987 Industry: Leather My Bucket: Add Stock
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.78 | 0.78 | 0.82 | 0.82 | 0.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Public | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.3 | 1.3 | 1.34 | 1.34 | 1.34 |
* The pros and cons are machine generated.
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