Retailing · Founded 2008 · www.bhatiamobile.com · BSE 540956 · · ISIN INE341Z01025
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Business
Bhatia Communications & Retail (India) Ltd. is engaged in the retail business in India. Based on its name, the company primarily focuses on the retail of communication devices and related accessories, such as mobile phones, DTH connections, and potentially other consumer electronics. Its core business model involves sourcing products from manufacturers or distributors and selling them to end consumers through a network of physical retail stores. The company generates revenue from direct product sales and may also earn commissions from telecom service providers for new connections or recharges.
Revenue Mix
Specific revenue breakdowns are not publicly available without access to financial reports. However, based on the company's name and industry, the primary revenue segment is likely:
Mobile Phone & Accessories Sales: Sale of smartphones, feature phones, tablets, and associated accessories like cases, chargers, earphones, and power banks.
Telecom & DTH Services: Activation of new mobile connections (prepaid/postpaid), DTH subscriptions, and related top-ups/recharges, earning commission.
There might be a smaller segment for other consumer electronics or value-added services like extended warranties and mobile insurance.
Industry
Bhatia Communications & Retail operates within the highly competitive Indian retail sector, specifically the consumer electronics and telecom retail segment. This industry is characterized by a mix of unorganized local shops, regional organized retail chains, large national players (e.g., Reliance Digital, Croma), and a strong presence of e-commerce giants (Amazon, Flipkart). Bhatia Communications is likely positioned as a regional or multi-regional player, competing with both smaller independent retailers on service and trust, and larger chains on price and selection, while also contending with the convenience and aggressive pricing of online platforms.
MOAT
The retail sector, particularly for commoditized electronics, generally offers thin competitive moats. For Bhatia Communications, potential advantages could include:
Local Brand Recognition & Trust: If the company has a long-standing presence in specific geographical areas, it may have built trust and loyalty among local customers.
Strong Supplier Relationships: Favorable terms or exclusive access to popular brands and models could provide an edge.
Customer Service & After-Sales Support: Differentiated in-store experience, knowledgeable staff, and reliable after-sales service can foster repeat business.
Store Density: A high number of stores in a particular region can offer convenience to customers.
However, these are often localized and can be challenged by larger, well-funded competitors or aggressive online players.
Growth Drivers
Key factors that could drive growth for Bhatia Communications & Retail over the next 3-5 years include:
Rising Disposable Incomes: Continued economic growth in India leading to increased consumer spending on discretionary items like electronics.
Smartphone Penetration & Upgrade Cycles: Ongoing demand for smartphones, especially in Tier 2/3 cities, and regular upgrade cycles for existing users.
Store Expansion: Opening new retail outlets in underserved or high-potential geographies.
Diversification: Expanding product offerings beyond just communication devices to other fast-moving consumer electronics.
Omni-channel Strategy: Effectively integrating online and offline sales channels to cater to evolving consumer purchasing habits.
Risks
Intense Competition: From unorganized local shops, large national retail chains, and rapidly growing e-commerce platforms leading to price wars and margin erosion.
Technological Obsolescence: Rapid changes in consumer electronics technology can lead to inventory write-offs and reduced margins if not managed effectively.
Supply Chain Disruptions: Dependence on manufacturers and distributors, making the company vulnerable to supply chain issues.
Economic Downturns: Reduced consumer discretionary spending during economic slowdowns can negatively impact sales.
Changing Consumer Preferences: Shifting preferences towards online shopping or specific brands could impact footfall and sales in physical stores.
Regulatory Changes: Policies affecting telecom or retail sectors in India.
Management & Ownership
"Bhatia" in the company name suggests it is likely a promoter-driven business, a common structure in India where founding families or individuals maintain significant control and ownership. Such companies often exhibit agility in decision-making but can also carry risks related to corporate governance depending on the board structure and independent oversight. The promoter group typically holds a substantial stake, aligning their interests with the company's long-term performance, but specific details on management quality and ownership percentages would require access to annual reports and regulatory filings.
Outlook
Bhatia Communications & Retail operates in a dynamic yet challenging Indian retail market. The bull case hinges on India's robust consumption story, increasing digitalization, and the company's ability to expand its footprint effectively while building strong customer loyalty through differentiated service and product mix. Successful adoption of an omni-channel strategy could also provide a significant boost. The bear case, however, points to intense competitive pressures from both large national chains and aggressive e-commerce players, which could lead to margin compression. Furthermore, the rapid pace of technological change necessitates efficient inventory management, and an inability to adapt to evolving consumer preferences or economic slowdowns could pose significant headwinds. Overall, the company's future performance will largely depend on its strategic execution, ability to innovate, and effectiveness in navigating the highly competitive and evolving retail landscape in India.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 94 | 105 | 107 | 127 | 104 | 112 | 134 | 175 | 170 | 190 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Total Income | 94 | 105 | 108 | 127 | 104 | 112 | 135 | 176 | 172 | 191 |
| Total Expenditure | 89 | 100 | 102 | 121 | 100 | 106 | 129 | 168 | 164 | 180 |
| Operating Profit | 5 | 6 | 6 | 6 | 5 | 6 | 6 | 8 | 8 | 11 |
| Interest | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 5 | 5 | 5 | 4 | 5 | 5 | 7 | 7 | 9 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit After Tax | 3 | 4 | 4 | 4 | 3 | 4 | 4 | 5 | 5 | 7 |
| Adjustments | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 4 | 4 | 4 | 3 | 4 | 4 | 5 | 5 | 7 |
| Adjusted Earnings Per Share | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.5 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 90 | 124 | 155 | 165 | 168 | 173 | 233 | 342 | 414 | 443 | 591 | 669 |
| Other Income | 7 | 11 | 15 | 18 | 21 | 19 | 20 | 2 | 2 | 2 | 4 | 5 |
| Total Income | 97 | 135 | 170 | 183 | 190 | 192 | 253 | 345 | 415 | 445 | 595 | 674 |
| Total Expenditure | 96 | 133 | 163 | 175 | 180 | 184 | 244 | 330 | 397 | 423 | 567 | 641 |
| Operating Profit | 1 | 2 | 7 | 9 | 10 | 8 | 10 | 15 | 18 | 22 | 28 | 33 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 4 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 5 | 7 | 7 | 5 | 7 | 11 | 15 | 18 | 23 | 28 |
| Provision for Tax | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 6 | 7 |
| Profit After Tax | 0 | 1 | 4 | 5 | 5 | 4 | 5 | 8 | 12 | 14 | 17 | 21 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 4 | 5 | 5 | 4 | 5 | 9 | 12 | 14 | 17 | 21 |
| Adjusted Earnings Per Share | 0 | 0 | 0.3 | 0.4 | 0.4 | 0.3 | 0.4 | 0.7 | 0.9 | 1.1 | 1.2 | 1.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 33% | 20% | 28% | 21% |
| Operating Profit CAGR | 27% | 23% | 28% | 40% |
| PAT CAGR | 21% | 29% | 34% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 29% | 22% | 17% | NA% |
| ROE Average | 16% | 18% | 17% | 16% |
| ROCE Average | 22% | 22% | 20% | 21% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 4 | 28 | 33 | 39 | 41 | 46 | 55 | 66 | 89 | 133 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 1 | 0 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1 | 2 | 6 | 7 | 9 | 16 | 21 | 44 |
| Total Current Liabilities | 13 | 20 | 16 | 17 | 22 | 20 | 28 | 31 | 38 | 26 | 26 |
| Total Liabilities | 18 | 25 | 46 | 52 | 65 | 69 | 82 | 95 | 121 | 135 | 204 |
| Fixed Assets | 3 | 5 | 6 | 7 | 7 | 7 | 8 | 8 | 10 | 13 | 29 |
| Other Non-Current Assets | 0 | 0 | 2 | 3 | 21 | 23 | 21 | 20 | 24 | 30 | 32 |
| Total Current Assets | 15 | 20 | 38 | 42 | 37 | 40 | 54 | 67 | 86 | 93 | 142 |
| Total Assets | 18 | 25 | 46 | 52 | 65 | 69 | 82 | 95 | 121 | 135 | 204 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 2 | 15 | 16 | 4 | 2 | 2 | 11 | 16 | 7 |
| Cash Flow from Operating Activities | 0 | 2 | -1 | 6 | 8 | 2 | -1 | 8 | 5 | 5 | 2 |
| Cash Flow from Investing Activities | -0 | -2 | -6 | -4 | -20 | -2 | -2 | -0 | -1 | -8 | -19 |
| Cash Flow from Financing Activities | 1 | -1 | 20 | -1 | -0 | -3 | 3 | 1 | 1 | -6 | 19 |
| Net Cash Inflow / Outflow | 1 | -0 | 13 | 2 | -12 | -3 | 0 | 9 | 5 | -9 | 2 |
| Closing Cash & Cash Equivalent | 2 | 2 | 15 | 16 | 4 | 2 | 2 | 11 | 16 | 7 | 9 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0.29 | 0.4 | 0.43 | 0.3 | 0.42 | 0.68 | 0.92 | 1.1 | 1.19 |
| CEPS(Rs) | 0.71 | 1.01 | 0.35 | 0.47 | 0.52 | 0.38 | 0.51 | 0.78 | 1.04 | 1.25 | 1.4 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0.4 | 0.05 | 0 | 0 | 0.01 | 0.04 | 0.04 |
| Book NAV/Share(Rs) | 0 | 0 | 2.26 | 2.65 | 3.09 | 3.28 | 3.69 | 4.36 | 5.28 | 6.34 | 9.43 |
| Core EBITDA Margin(%) | -6.88 | -7.21 | -5.36 | -5.91 | -6.12 | -5.49 | -3.71 | 3.13 | 3.48 | 4.47 | 4.15 |
| EBIT Margin(%) | 0.98 | 1.15 | 4.04 | 4.64 | 4.67 | 3.26 | 3.05 | 3.41 | 3.51 | 4.53 | 4.31 |
| Pre Tax Margin(%) | 0.54 | 0.62 | 3.49 | 4.31 | 3.88 | 2.6 | 2.57 | 2.84 | 3.18 | 4.14 | 3.83 |
| PAT Margin (%) | 0.37 | 0.42 | 2.31 | 3.03 | 2.85 | 1.84 | 1.91 | 2.13 | 2.38 | 3.12 | 2.83 |
| Cash Profit Margin (%) | 0.81 | 0.84 | 2.79 | 3.56 | 3.43 | 2.33 | 2.33 | 2.43 | 2.68 | 3.53 | 3.32 |
| ROA(%) | 1.82 | 2.46 | 10.1 | 10.23 | 9.2 | 5.58 | 6.96 | 9.57 | 10.69 | 10.8 | 9.89 |
| ROE(%) | 11.23 | 15.71 | 22.45 | 16.3 | 15.01 | 9.4 | 12.08 | 16.84 | 19.09 | 19 | 15.82 |
| ROCE(%) | 15.93 | 22.17 | 32.94 | 22.18 | 19.9 | 13.06 | 14.81 | 20.15 | 21.15 | 21.8 | 21.9 |
| Receivable days | 12.69 | 11.62 | 11.4 | 11.17 | 10.96 | 9.67 | 6.82 | 4.97 | 4.38 | 4.74 | 4.22 |
| Inventory Days | 37.73 | 31.82 | 33.19 | 35.24 | 37.4 | 45.89 | 46.26 | 39.31 | 36.53 | 47.58 | 49.35 |
| Payable days | 50.94 | 43.93 | 36.93 | 26.77 | 23.7 | 22.12 | 17.31 | 12.87 | 11.21 | 12 | 9.96 |
| PER(x) | 0 | 0 | 27.04 | 21.37 | 15.33 | 22.73 | 55.07 | 25.1 | 22.61 | 21.86 | 17.21 |
| Price/Book(x) | 0 | 0 | 3.42 | 3.22 | 2.14 | 2.07 | 6.28 | 3.9 | 3.94 | 3.81 | 2.18 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 6.06 | 0.74 | 0 | 0 | 0.05 | 0.17 | 0.2 |
| EV/Net Sales(x) | 0 | 0.03 | 0.54 | 0.58 | 0.53 | 0.55 | 1.3 | 0.65 | 0.64 | 0.69 | 0.48 |
| EV/Core EBITDA(x) | 0.33 | 1.69 | 11.94 | 11.31 | 9.01 | 12.34 | 31.79 | 14.92 | 14.42 | 13.89 | 9.98 |
| Net Sales Growth(%) | -13.73 | 38.74 | 24.77 | 6.43 | 1.78 | 2.91 | 35.02 | 46.66 | 20.84 | 6.99 | 33.59 |
| EBIT Growth(%) | -5.21 | 62.42 | 339.85 | 22.08 | 15.22 | -24.69 | 26.44 | 61.87 | 24.97 | 18.08 | 27.07 |
| PAT Growth(%) | -7.23 | 60.31 | 578.17 | 40.04 | 7.6 | -30.5 | 40.79 | 60.95 | 35.72 | 19.97 | 21.33 |
| EPS Growth(%) | 0 | 0 | -44.18 | 40.03 | 7.6 | -30.5 | 40.81 | 60.95 | 35.72 | 19.96 | 7.96 |
| Debt/Equity(x) | 0.57 | 1.18 | 0.07 | 0.17 | 0.29 | 0.27 | 0.33 | 0.35 | 0.32 | 0.1 | 0.03 |
| Current Ratio(x) | 1.11 | 1.03 | 2.32 | 2.49 | 1.67 | 1.95 | 1.93 | 2.16 | 2.25 | 3.57 | 5.49 |
| Quick Ratio(x) | 0.43 | 0.38 | 1.37 | 1.52 | 0.66 | 0.52 | 0.46 | 0.72 | 0.9 | 1.11 | 1.77 |
| Interest Cover(x) | 2.24 | 2.16 | 7.36 | 14.35 | 5.9 | 4.98 | 6.34 | 5.96 | 10.54 | 11.44 | 9.03 |
| Total Debt/Mcap(x) | 0 | 0 | 0.02 | 0.05 | 0.14 | 0.13 | 0.05 | 0.09 | 0.08 | 0.03 | 0.01 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.85 | 73.88 | 73.88 | 73.88 | 73.88 | 74.06 | 71.22 | 71.22 | 69.45 | 69.45 |
| FII | 0.08 | 0.08 | 0.08 | 0.08 | 0.48 | 0.48 | 4.3 | 4.3 | 7.54 | 7.54 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.16 | 0.35 | 0.46 | 0.48 | 0.36 |
| Public | 26.07 | 26.04 | 26.04 | 26.04 | 25.64 | 25.3 | 24.14 | 24.02 | 22.53 | 22.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.24 | 9.25 | 9.25 | 9.25 | 9.25 | 9.27 | 9.27 | 9.27 | 9.77 | 9.77 |
| FII | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.06 | 0.56 | 0.56 | 1.06 | 1.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.05 | 0.06 | 0.07 | 0.05 |
| Public | 3.26 | 3.26 | 3.26 | 3.26 | 3.21 | 3.17 | 3.14 | 3.13 | 3.17 | 3.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.52 | 12.52 | 12.52 | 12.52 | 12.52 | 12.52 | 13.02 | 13.02 | 14.07 | 14.07 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +33% | +20% | +28% | +21% |
| Operating Profit CAGR | +27% | +23% | +28% | +40% |
| PAT CAGR | +21% | +29% | +34% | — |
| Share Price CAGR | +29% | +22% | +17% | — |
| ROE Average | +16% | +18% | +17% | +16% |
| ROCE Average | +22% | +22% | +20% | +21% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.85 | 73.88 | 73.88 | 73.88 | 73.88 | 74.06 | 71.22 | 71.22 | 69.45 | 69.45 |
| FII | 0.08 | 0.08 | 0.08 | 0.08 | 0.48 | 0.48 | 4.3 | 4.3 | 7.54 | 7.54 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.16 | 0.35 | 0.46 | 0.48 | 0.36 |
| Public | 26.07 | 26.04 | 26.04 | 26.04 | 25.64 | 25.3 | 24.14 | 24.02 | 22.53 | 22.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.24 | 9.25 | 9.25 | 9.25 | 9.25 | 9.27 | 9.27 | 9.27 | 9.77 | 9.77 |
| FII | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.06 | 0.56 | 0.56 | 1.06 | 1.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.05 | 0.06 | 0.07 | 0.05 |
| Public | 3.26 | 3.26 | 3.26 | 3.26 | 3.21 | 3.17 | 3.14 | 3.13 | 3.17 | 3.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.52 | 12.52 | 12.52 | 12.52 | 12.52 | 12.52 | 13.02 | 13.02 | 14.07 | 14.07 |
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