Bhatia Communications & Retail (India) Ltd

BSE: 540956

₹ 34+3.03%refreshed 26 Oct, 03:15 pm ISTMarket cap: ₹ 478 crWebsite: www.bhatiamobile.comUpdated: 24 Oct 2026

About

Bhatia Communications & Retail (India) Ltd is a speciality retailer of mobile phones and consumer electronics operating predominantly in semi-urban Gujarat and Maharashtra, with origins in mobile sales dating to 1996. As of Q1 FY27 the company operates 363 stores covering 2,77,913 sq ft of retail space, and reported revenue of Rs 591.42 cr in FY26.^[1][2]

Store network

Total stores stood at 363 (360 owned, 3 franchise) as of Q1 FY27, up from 340 at end of FY26, covering a retail footprint of 2,77,913 sq ft.^[1]
Average store size is 760 sq ft as of Q1 FY27, with average capex per new store of Rs 8 - 10 lakhs and a payback period of 12 - 13 months.^[1][3]

Geographic expansion

Maharashtra store count reached 63 in Q1 FY27, up from 28 in H1 FY26 and 16 at end of FY25, when the first Maharashtra store opened in FY23.^[1][4][5]
Maharashtra districts with stores include Dhule, Jalgaon, Pune, Aurangabad, Malegaon, Nandurbar and Shirpur, replicating the semi-urban Gujarat strategy.^[4][3]
The company targets building a strong foothold in existing Maharashtra districts over the next 2 - 3 years (target date FY28).^[1]

Key operating metrics

Revenue per sq ft was Rs 8,015 in Q1 FY27, unchanged from Q1 FY26; on an annualised basis, the H1 FY26 run-rate was Rs 30,323 per sq ft.^[1][4]
Revenue per device was Rs 15,990 in Q1 FY27, flat vs FY25 and H1 FY26.^[1][5]
Customer conversion rate was 98% in Q1 FY27.^[1]
Inventory days were 55 in FY26, down from 56 days in FY25; cash conversion cycle was 11 days in FY26 vs 53 days in FY25.^[1][5]
ROCE was 22% in FY26, up from 18.29% in FY25.^[1][5]

Revenue growth

Revenue grew 70% YoY to Rs 190.67 cr in Q1 FY27 from Rs 112.19 cr in Q1 FY26, following 34% full-year growth in FY26.^[1]
FY25 full-year revenue was Rs 444.67 cr, up 7% from Rs 415.40 cr in FY24; Q4 FY25 alone grew 11% YoY to Rs 104.49 cr.^[5]

Profitability and margins

EBITDA margin was 5.68% in Q1 FY27, up 9 bps from 5.59% in Q1 FY26, as cost discipline was maintained through rapid store additions.^[1]
Full-year FY25 EBITDA margin improved to 4.91% from 4.44% in FY24, with EBITDA growing 18% YoY to Rs 21.85 cr.^[5]
ROE was 20% in FY26.^[1]

Store format and product strategy

The company operates multi-product outlets within existing stores, especially in semi-urban areas, to expand addressable categories beyond mobile handsets.^[1][4]
The semi-urban focus, first deployed in Gujarat, anchors the expansion model: small-format (~760 sq ft) owned stores in district towns with fast payback.^[1][3]

Balance sheet and capital

The company is net debt-free with surplus cash and a debt-to-equity ratio of 0.04x as of Q1 FY27, down from 0.30x in H1 FY26 and 0.20x in Q1 FY26.^[1][4][3]
The board proposed raising the overall borrowing limit to Rs 200 cr and the Section 186 loans/investments/guarantees limit to Rs 200 cr to support future financial requirements.^[6]
A final dividend of Re 0.01 per equity share of Rs 1 each (1%) was declared for FY26.^[6]

Market Cap

₹478 Cr

High / Low

₹42 / 18

Stock P/E

21.3

Price / Book

3.2

Book Value

₹10

EPS

₹1.3

No. of Shares

13.02 Cr

ROCE

21.3%

ROE

15.2%

OPM

4.3%

Debt / Equity

0.08

Sales

₹591 Cr

Net Profit

₹17 Cr

Promoter holding

69.5%

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