Bhandari Hosiery Exports Q2 sales rise, profit falls 21%

Bhandari Hosiery Exports Limited reported revenue from operations of Rs 78.46 crore for the quarter ended September 30, 2026, 15% above the prior-year quarter, while profit after tax fell 21% to Rs 1.63 crore from Rs 2.07 crore. The board approved the unaudited standalone results on November 14, 2026.

How did Bhandari Hosiery Exports perform in the September quarter?

Bhandari Hosiery Exports increased revenue from operations to Rs 78.46 crore in the quarter ended September 30, 2026, from Rs 68.33 crore in the corresponding three months ended September 30, 2025. Total income was also Rs 78.46 crore, compared with Rs 68.37 crore a year earlier, when other income was Rs 3.56 lakh.

Profit before tax declined to Rs 2.08 crore from Rs 2.68 crore, and profit after tax decreased to Rs 1.63 crore from Rs 2.07 crore. The difference reflects total expenses rising to Rs 76.37 crore from Rs 65.69 crore, an increase of about 16%, compared with the 15% rise in total income.

The September-quarter result was higher than the immediately preceding quarter on both revenue and profit measures. Revenue from operations rose from Rs 50.85 crore in the quarter ended June 30, 2026, while profit after tax increased from Rs 1.30 crore and profit before tax increased from Rs 1.76 crore.

Which expenses affected Bhandari Hosiery Exports' quarterly profit?

Bhandari Hosiery Exports recorded an expense of Rs 1.63 crore under changes in inventories of finished goods, work in process and stock in trade during the September 2026 quarter, compared with a credit of Rs 9.36 crore in the corresponding quarter a year earlier. This shift was the largest movement among the expense lines disclosed in the results.

Material consumed decreased to Rs 55.77 crore from Rs 57.26 crore despite the increase in revenue. Employee-benefit expense rose to Rs 3.56 crore from Rs 3.45 crore, finance cost declined to Rs 2.34 crore from Rs 2.57 crore, and other expenses increased to Rs 11.30 crore from Rs 10.02 crore.

Depreciation expense was Rs 1.78 crore in the September 2026 quarter, compared with Rs 1.75 crore a year earlier. Current income-tax expense declined to Rs 55.21 lakh from Rs 64.54 lakh, while the prior-year quarter also included deferred-tax expense of Rs 3.77 lakh; nevertheless, the lower pre-tax profit resulted in the lower reported profit after tax.

Basic and diluted earnings per share were Rs 0.05 for the September 2026 quarter, compared with basic earnings per share of Rs 0.07 in the corresponding prior-year quarter. Paid-up equity capital was Rs 33.30 crore at September 30, 2026, compared with Rs 24.00 crore at September 30, 2025, while the company reported 33.30 crore equity shares outstanding.

What do Bhandari Hosiery Exports' half-year results show?

Bhandari Hosiery Exports reported revenue from operations of Rs 129.31 crore for the half year ended September 30, 2026, down from Rs 131.24 crore in the half year ended September 30, 2025. Total income was Rs 129.31 crore, compared with Rs 131.34 crore in the earlier half year, which included other income of Rs 9.84 lakh.

Profit before tax for the six-month period fell to Rs 3.85 crore from Rs 4.84 crore, while profit after tax declined to Rs 2.83 crore from Rs 3.69 crore. Total expenses decreased to Rs 125.46 crore from Rs 126.50 crore, but the fall in income exceeded the reduction in expenses.

Material consumption for the half year decreased to Rs 87.99 crore from Rs 99.58 crore. Changes in inventories represented an expense of Rs 1.93 crore, against a credit of Rs 9.60 crore in the prior-year half year, while employee-benefit expense increased to Rs 7.06 crore from Rs 6.68 crore.

Finance cost for the six months was Rs 4.76 crore, down from Rs 5.15 crore, whereas other expenses increased to Rs 20.16 crore from Rs 21.21 crore only after including the source's reported classifications. Depreciation was Rs 3.55 crore versus Rs 3.48 crore, and current income-tax expense decreased to Rs 1.02 crore from Rs 1.21 crore.

What changed in Bhandari Hosiery Exports' financial position and cash flow?

Bhandari Hosiery Exports' total assets were Rs 327.94 crore at September 30, 2026, compared with Rs 317.69 crore at March 31, 2026. Trade receivables increased to Rs 129.55 crore from Rs 91.38 crore, while inventories declined to Rs 85.40 crore from Rs 94.44 crore over the same period.

Cash and cash equivalents fell to Rs 6.48 crore at September 30, 2026, from Rs 19.15 crore at March 31, 2026. Other current assets increased to Rs 37.93 crore from Rs 29.55 crore, while other financial assets decreased to Rs 21.83 lakh from Rs 12.11 crore; total current assets rose to Rs 259.58 crore from Rs 246.62 crore.

The cash-flow statement reported net cash used in trading activities of Rs 13.18 crore for the half year ended September 30, 2026, compared with an outflow of Rs 7.38 crore for the year ended March 31, 2026. It recorded an increase in debtors and receivables of Rs 34.77 crore, partly offset by a Rs 9.03 crore reduction in inventories and a Rs 6.17 crore increase in trade payables.

Non-current borrowings rose to Rs 27.00 crore at September 30, 2026, from Rs 17.78 crore at March 31, 2026, while current borrowings fell to Rs 75.77 crore from Rs 83.41 crore. Total equity increased to Rs 185.84 crore from Rs 183.34 crore, and Bhandari Hosiery Exports said it operates in one reportable segment, textiles, with no separate segment revenue or profitability disclosure.

Conclusion

Bhandari Hosiery Exports delivered higher revenue in the September 2026 quarter, but the profit outcome moved in the opposite direction as expenses increased faster than income. The change from an inventory credit in the prior-year quarter to an inventory expense in the latest quarter coincided with profit after tax declining to Rs 1.63 crore despite Rs 78.46 crore of revenue.

The next reported results will indicate whether receivables of Rs 129.55 crore and cash and cash equivalents of Rs 6.48 crore change alongside operating cash flow. The November 14, 2026 filing disclosed no earnings target, operating plan or scheduled corporate event, but it did state that the statutory auditors issued an unmodified limited-review opinion on the results.