1. At a Glance – Leather Jackets, Luxury Brands & Low ROE Drama
₹873 per share. Market cap ₹1,171 crore. Q3 sales up 39%. Quarterly profit up a jaw-dropping 544%. Sounds like a Netflix comeback series, right?
Welcome to Bhartiya International Ltd — a leather fashion exporter that stitches jackets for 150 luxury brands worldwide and simultaneously dreams of building mini-Manhattans in Bengaluru.
Latest Q3 FY26 numbers (Dec 2025):
- Revenue: ₹365.95 crore
- PAT: ₹6.70 crore
- EPS: ₹5.00
- ROCE: 8.85%
- ROE: 3.75%
- Debt: ₹504 crore
- Debt-to-Equity: 1.04
The company trades at a P/E of 31.5, slightly below industry PE of 33.1. Sales growth TTM: 33%. Profit growth TTM: 1,611% (yes, that’s not a typo).
But here’s the masala twist — five-year sales growth is just 7.39%. Five-year profit growth is negative.
So is this a genuine revival in luxury export demand… or just a strong quarter doing heavy lifting?
Let’s unzip this leather jacket layer by layer.
2. Introduction – From Milan Runways to Bengaluru Real Estate
Bhartiya International started in 1983. Back then, leather jackets were rebellion. Today, they’re revenue.
The company manufactures leather outerwear, accessories, and textile apparel for global brands like All Saints, Ralph Lauren, Levi Strauss, Armani, Coach, and others. Basically, if someone in Paris looks expensive, there’s a small chance Bhartiya stitched it.
But here’s where it gets interesting.
This is not just a leather exporter. It also has a 37% stake in Bhartiya Urban — the developer behind Bhartiya City in Bengaluru. That’s residential townships, mall development, and a luxury hotel under The Leela brand.
So what is this company exactly?
- A fashion house?
- A real estate backdoor bet?
- Or a leveraged exporter surviving global fashion cycles?
Q3 FY26 showed serious momentum — revenue crossed ₹365 crore and profits recovered meaningfully versus last year’s negative quarter.
But zoom out.
FY24 PAT was almost zero. FY25 PAT was ₹16 crore. TTM PAT now ₹37 crore.
Is this a structural improvement — or just fashion demand rebounding post global slowdown?
Let’s investigate like a polite but suspicious auditor.
3. Business Model – WTF Do They Even Do?
Simple version: They manufacture expensive leather jackets so someone in London can look edgy in winter.
Detailed version:
1. Leather Outerwear
Men’s and women’s premium jackets and outerwear. High-value clients. Concentrated list. Long-term partnerships.
Top 5 customers = 60% of total sales in FY25.
That’s not concentration. That’s dependency with fashion risk.
2. Accessories
Leather bags, belts, luxury accessories. Trying long-term contracts here.
3. Textile Outerwear
Diversifying beyond
