Bhatia Communications & Retail (India) Ltd

BHATIA

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Market Cap

₹ 324 Cr

P/E

23.49

Turned 1 L into 3.17 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Bhatia Communications & Retail (India) Limited is a consumer durables retailer, specializing in electronics and electrical appliances. They operate a wide range of multi-brand outlets and exclusive brand outlets across Gujarat.

The company has significantly expanded its retail footprint, currently operating 253 stores, with a recent strategic expansion into Maharashtra showing promising growth.

Revenue for H1 FY26 was Rs 247.18 crore, exhibiting a year-over-year growth of 16%. Despite this, net profit margins remain modest at around 3%, indicating room for improvement in profitability.

Bhatia Communications adopted an aggressive semi-urban expansion strategy, targeting areas in Maharashtra following its success in Gujarat, indicating a focused growth plan.

The company's business model emphasizes competitive pricing through direct company purchases and customer-focused sales strategies, including diverse financing options and robust after-sales service.

Sector

Retail

Industry

Trading - Medium / Small

Market Cap

324 Cr

Volatility

Low Risk

P/E Ratio

23.5

Industry P/E

35.9

PEG Ratio

0.6

P/B Ratio

3.3

52W High

33.60

52W Low

21.20

Sales CAGR

6.99%

23.77%

21.38%

10Y

19.42%

Profit CAGR

19.97%

37.87%

20.73%

10Y

51.49%

ROE

TTM

13.23%

16.17%

14.45%

10Y

14.30%

ROCE

TTM

12.40%

19.78%

18.28%

10Y

19.03%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NEWJAISA	31.50	334 Cr	49.45	3.98	0.00	72.63	52.17	0.00
TIERRA	51.30	329 Cr	—	3.12	0.00	-8.83	-9.02	-5.87
ISTRNETWK	48.99	326 Cr	89.07	11.33	0.00	225.25	225.25	16.22
BHATIA	25.15	324 Cr	23.49	3.30	0.15	13.23	12.40	7.58
OSIAHYPER	19.25	317 Cr	13.95	0.74	0.00	5.25	8.35	2.60
EVEXIA	1.68	315 Cr	168.00	0.59	0.00	0.25	0.13	0.08
SSDL	79.50	315 Cr	10.66	1.86	2.85	45.49	38.60	0.00

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	97	94	117	94	105	107	127	104	112	134
Expenses	98	97	113	89	100	102	121	100	106	129
Operating Profit	-0.73	-2.59	4.05	4.45	5.26	5.36	5.35	3.92	5.61	5.60
OPM %	-0.75	-2.74	3.47	4.74	5.02	4.99	4.22	3.78	5.03	4.17
Other Income	6.14	6.50	0.22	0.41	0.34	0.38	0.53	0.72	0.65	0.65
Interest	0.39	0.23	0.56	0.43	0.46	0.38	0.68	0.24	0.64	0.85
Depreciation	0.34	0.35	0.38	0.38	0.43	0.45	0.48	0.43	0.85	0.66
Profit Before Tax	4.68	3.33	3.33	4.05	4.71	4.91	4.72	3.97	4.77	4.73
Tax %	23.50	25.53	25.23	26.42	22.72	25.46	23.94	26.20	24.95	21.35
Net Profit	3.57	2.47	2.49	2.98	3.65	3.66	3.58	2.93	3.58	3.73
EPS in Rs	0.28	0.19	0.19	0.23	0.28	0.28	0.28	0.20	0.24	0.26

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	124	155	165	168	173	233	342	414	443	449
Expenses	132	160	172	177	182	242	330	397	423	429
Operating Profit	-7.22	-4.86	-7.14	-9.05	-9.15	-8.74	12	17	20	20
OPM %	-5.81	-3.13	-4.33	-5.39	-5.29	-3.74	3.64	4.07	4.49	4.50
Other Income	9.16	12	16	19	17	18	2.33	1.61	1.97	2.28
Interest	0.66	0.85	0.53	1.49	1.33	1.32	2.27	1.61	1.75	1.94
Depreciation	0.52	0.76	0.87	1.09	1.01	1.15	1.22	1.45	1.79	2.21
Profit Before Tax	0.77	5.42	7.12	7.33	5.31	7.08	11	15	18	18
Tax %	31.19	34.03	29.71	26.48	29.46	25.49	25.00	25.12	24.55	25.15
Net Profit	0.53	3.58	5.01	5.39	3.74	5.27	8.49	12	14	14
EPS in Rs	—	—	—	—	0.64	0.40	0.65	0.89	1.04	0.98
Dividend Payout %	0.00	0.00	0.00	92.92	167.22	0.00	7.37	1.09	1.02	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.52	0.52	6.26	13	13	13	13	13	13	13
Reserves	2.58	3.11	22	21	26	29	34	42	54	76
Borrowings	1.75	4.12	1.32	5.33	11	11	15	19	21	8.26
Other Liabilities	13	17	16	14	16	17	21	21	33	34
Total Liabilities	18	25	45	52	65	69	82	95	121	131
Fixed Assets	3.21	4.72	5.82	7.35	6.82	6.69	7.51	8.07	9.92	13
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	15	0.00	0.00	0.00	0.00	0.00
Other Assets	15	20	40	45	43	62	75	87	111	118
Total Assets	18	25	45	52	65	69	82	95	121	131

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.38	2.35	-0.96	6.10	8.00	1.79	-0.71	8.23	19	5.17
Cash from Investing Activity	-0.02	-2.04	-6.19	-3.78	-20	-2.09	-1.92	-0.41	-15	-8.09
Cash from Financing Activity	0.66	-0.64	20	-0.67	-0.28	-2.51	2.83	1.27	0.60	-5.94
Net Cash Flow	1.02	-0.32	13	1.65	-12	-2.81	0.21	9.09	4.61	-8.87

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.65%	73.65%	73.65%	73.66%	73.66%	73.85%	73.85%	73.88%	73.88%	73.88%	73.88%	71.22%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.08%	0.08%	0.08%	0.08%	0.48%	4.30%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%
Public	26.35%	26.35%	26.35%	26.34%	26.34%	26.07%	26.07%	26.04%	26.04%	26.04%	25.64%	24.33%
Total Shareholders	15,667	16,911	16,303	18,056	19,770	22,680	22,823	22,779	22,827	22,608	22,104	21,715

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 26, 2025	Ankita prabhudayal nandwani	Insider - Promoter Group	Acquisition	30.87	0.21 Cr	68,053	—
Sep 26, 2025	Santosh prabhudayal nandwani	Insider - Promoter Group	Acquisition	30.64	0.50 Cr	1,63,249	—
Jul 16, 2024	Orchard road properties pvt lt	Bulk	Sell	22.80	2.04 Cr	8,96,904	0.71
Jul 12, 2024	Silvertoss shoppers private l...	Bulk	Sell	20.67	1.47 Cr	7,13,110	0.56
Jul 01, 2024	Sanjeev harbanslal bhatia	Insider - Promoter & Director	Acquisition	—	—	28,52,070	2.27
Jul 01, 2024	Nikhil harbanslal bhatia	Insider - Promoter & Director	Disposal	—	—	28,52,070	2.27
Apr 19, 2024	Waybroad trading private limited	Bulk	Sell	21.93	1.91 Cr	8,70,000	0.69
Apr 19, 2024	Orchard road properties pvt lt	Bulk	Buy	21.93	1.90 Cr	8,64,290	0.69
Mar 07, 2024	Multiplier share & stock advi...	Bulk	Buy	24.65	2.28 Cr	9,25,700	0.73
Mar 07, 2024	Multiplier share & stock advi...	Bulk	Sell	26.96	1.45 Cr	5,37,904	0.42

Projection

Actions

Action Type

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Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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Q4 FY25

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	97	94	117	94	105	107	127	104	112	134
Expenses	98	97	113	89	100	102	121	100	106	129
Operating Profit	-0.73	-2.59	4.05	4.45	5.26	5.36	5.35	3.92	5.61	5.60
OPM %	-0.75	-2.74	3.47	4.74	5.02	4.99	4.22	3.78	5.03	4.17
Other Income	6.14	6.50	0.22	0.41	0.34	0.38	0.53	0.72	0.65	0.65
Interest	0.39	0.23	0.56	0.43	0.46	0.38	0.68	0.24	0.64	0.85
Depreciation	0.34	0.35	0.38	0.38	0.43	0.45	0.48	0.43	0.85	0.66
Profit Before Tax	4.68	3.33	3.33	4.05	4.71	4.91	4.72	3.97	4.77	4.73
Tax %	23.50	25.53	25.23	26.42	22.72	25.46	23.94	26.20	24.95	21.35
Net Profit	3.57	2.47	2.49	2.98	3.65	3.66	3.58	2.93	3.58	3.73
EPS in Rs	0.28	0.19	0.19	0.23	0.28	0.28	0.28	0.20	0.24	0.26

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	124	155	165	168	173	233	342	414	443	449
Expenses	132	160	172	177	182	242	330	397	423	429
Operating Profit	-7.22	-4.86	-7.14	-9.05	-9.15	-8.74	12	17	20	20
OPM %	-5.81	-3.13	-4.33	-5.39	-5.29	-3.74	3.64	4.07	4.49	4.50
Other Income	9.16	12	16	19	17	18	2.33	1.61	1.97	2.28
Interest	0.66	0.85	0.53	1.49	1.33	1.32	2.27	1.61	1.75	1.94
Depreciation	0.52	0.76	0.87	1.09	1.01	1.15	1.22	1.45	1.79	2.21
Profit Before Tax	0.77	5.42	7.12	7.33	5.31	7.08	11	15	18	18
Tax %	31.19	34.03	29.71	26.48	29.46	25.49	25.00	25.12	24.55	25.15
Net Profit	0.53	3.58	5.01	5.39	3.74	5.27	8.49	12	14	14
EPS in Rs	—	—	—	—	0.64	0.40	0.65	0.89	1.04	0.98
Dividend Payout %	0.00	0.00	0.00	92.92	167.22	0.00	7.37	1.09	1.02	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.52	0.52	6.26	13	13	13	13	13	13	13
Reserves	2.58	3.11	22	21	26	29	34	42	54	76
Borrowings	1.75	4.12	1.32	5.33	11	11	15	19	21	8.26
Other Liabilities	13	17	16	14	16	17	21	21	33	34
Total Liabilities	18	25	45	52	65	69	82	95	121	131
Fixed Assets	3.21	4.72	5.82	7.35	6.82	6.69	7.51	8.07	9.92	13
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	15	0.00	0.00	0.00	0.00	0.00
Other Assets	15	20	40	45	43	62	75	87	111	118
Total Assets	18	25	45	52	65	69	82	95	121	131

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.38	2.35	-0.96	6.10	8.00	1.79	-0.71	8.23	19	5.17
Cash from Investing Activity	-0.02	-2.04	-6.19	-3.78	-20	-2.09	-1.92	-0.41	-15	-8.09
Cash from Financing Activity	0.66	-0.64	20	-0.67	-0.28	-2.51	2.83	1.27	0.60	-5.94
Net Cash Flow	1.02	-0.32	13	1.65	-12	-2.81	0.21	9.09	4.61	-8.87

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NEWJAISA	31.50	334 Cr	49.45	3.98	0.00	72.63	52.17	0.00
TIERRA	51.30	329 Cr	—	3.12	0.00	-8.83	-9.02	-5.87
ISTRNETWK	48.99	326 Cr	89.07	11.33	0.00	225.25	225.25	16.22
BHATIA	25.15	324 Cr	23.49	3.30	0.15	13.23	12.40	7.58
OSIAHYPER	19.25	317 Cr	13.95	0.74	0.00	5.25	8.35	2.60
EVEXIA	1.68	315 Cr	168.00	0.59	0.00	0.25	0.13	0.08
SSDL	79.50	315 Cr	10.66	1.86	2.85	45.49	38.60	0.00

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company has significantly expanded its retail footprint, currently operating 253 stores, with a recent strategic expansion into Maharashtra showing promising growth.

Revenue for H1 FY26 was Rs 247.18 crore, exhibiting a year-over-year growth of 16%. Despite this, net profit margins remain modest at around 3%, indicating room for improvement in profitability.

Bhatia Communications adopted an aggressive semi-urban expansion strategy, targeting areas in Maharashtra following its success in Gujarat, indicating a focused growth plan.

The company's business model emphasizes competitive pricing through direct company purchases and customer-focused sales strategies, including diverse financing options and robust after-sales service.

Sector

Retail

Industry

Trading - Medium / Small

Market Cap

324 Cr

Volatility

Low Risk

P/E Ratio

23.5

Industry P/E

35.9

PEG Ratio

0.6

P/B Ratio

3.3

52W High

33.60

52W Low

21.20

Sales CAGR

6.99%

23.77%

21.38%

10Y

19.42%

Profit CAGR

19.97%

37.87%

20.73%

10Y

51.49%

ROE

TTM

13.23%

16.17%

14.45%

10Y

14.30%

ROCE

TTM

12.40%

19.78%

18.28%

10Y

19.03%