Brand Concepts Ltd(BCONCEPTS)

NSE: BCONCEPTSBSE: 543442

₹ 156.9+4.36%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 196 crWebsite: www.brandconcepts.inUpdated: 27 Oct 2026

About

Brand Concepts Ltd sells licensed international fashion and travel brands, including Tommy Hilfiger, UCB (Benetton), Aeropostale, Juicy Couture, Superdry and Off-White. It also runs its own Bagline stores. It makes hard luggage in-house at a plant in Ujjain and sells through online, modern trade, traditional trade and government/CSD channels. Revenue from operations was INR 348.07 Cr in FY26.^{[1][2][3][4][5]}

Channel mix

The manufacturing division's share of channel revenue was 12% in Q1 FY27, up from 7% in Q1 FY26.^[5]
The online channel made up 39.7% of revenue in FY26, down from 42.6% in FY25. Modern trade made up 27.6% in FY26.^[2]
Government business revenue grew 33% YoY in FY26.^[2]
E-commerce revenue fell 22% YoY in Q1 FY27 after the company dropped old, low-margin SKUs.^[5]
Modern trade (LFS, COCO, FOFO) grew 63% YoY in Q3 FY26.^[3]

Brands and portfolio

Juicy Couture had INR 12 Cr of revenue in FY26. Management targets INR 20-22 Cr for FY27. A full apparel master licence signed in Q3 FY26 extends the total tenure to about 20 years.^[5][3]
Superdry, licensed through Reliance, launched around April 2026. As of Q1 FY27 it was sold in about 70 Reliance stores and in Shoppers Stop.^[4][5]
Off-White stores were open at Mall of Asia, Bangalore and DLF Promenade, Delhi as of Q1 FY27. The brand is also sold at Galeries Lafayette, Mumbai and on Little Tags Luxury. The plan is capped at about 4-5 stores.^[5][2]
UCB grew about 50% YoY in Q3 FY26. In Q2 FY26, Tommy Hilfiger retail grew 39% YoY and UCB retail grew 30% YoY.^[3][4]
There were 4 Tommy Hilfiger Travel Gear outlets as of FY26.^[2]
Management said Aeropostale underperformed and saw a dip in Q2 FY26.^[4]

Manufacturing

The Ujjain hard luggage plant began operating in July 2025. It sits on an 8-acre site with 1 acre developed, giving an annual capacity of 3.5 lakh units (FY26).^[4][2]
Capex was INR 30.58 Cr for the hard luggage plant and INR 4.56 Cr for a new warehouse (Q2 FY26).^[4]
The polycarbonate (PC) unit ran at 80%+ utilisation in Q1 FY27, about 20,000 units a month.^[5]
The polypropylene (PP) line finished trials in Q1 FY27. It targets 75-80% utilisation by October-November 2026, taking combined output to about 40,000 pieces a month.^[5]

Key operating numbers

Gross margin was 55.8% in FY26, compared with 54.7% in FY25 and 46.2% in FY22.^[5][2]
Like-for-like growth (same-store sales growth) was 6.5% in H1 FY26.^[4]
Retail division volume grew 49% and value grew 33% in Q2 FY26.^[4]
Inventory days were about 130 in Q1 FY27.^[5]

Retail stores

There were 50 Bagline stores as of FY26, with a 50% COCO / 50% FOFO mix in Q2 FY26. Five premium-location stores opened in Q2 FY26.^[2][4]
Eight Bagline stores (4 COCO, 4 FOFO) closed in Q1 FY27, leaving 35. Nine more (7 COCO, 2 FOFO) are under notice to close by Q2 FY27.^[5]
The company had 43 retail stores in total at the end of Q1 FY27.^[5]

Plans and capex

Management said no major capex is planned for the next 1-2 years. Another 50,000 units of capacity could be added for about INR 10 Cr if needed (Q1 FY27).^[5]
Juicy Couture apparel is planned to be 70-75% sourced in-house by Q3 FY28.^[5]
Benetton is set to enter the CSD channel and relaunch with new offline styles by September 2026.^[5]
Business terms for a 10-year renewal of the Tommy Hilfiger licence are closed. Formal paperwork was still awaited as of Q1 FY27.^[5]

Recent developments

On 25 Sep 2026, the company opened an Off-White store at Quest Mall, Kolkata, with an investment of Rs 10 crore.^[6]
In Q4 FY26, management moved to what it called 'survival mode': cutting fixed costs and pausing Bagline expansion and modern trade growth.^[2]

Market Cap

₹196 Cr

High / Low

₹383 / 132

Stock P/E

179.9

Price / Book

2.3

Book Value

₹66

EPS

₹0.9

No. of Shares

1.25 Cr

ROCE

8.0%

ROE

1.3%

OPM

5.0%

Debt / Equity

1.64

Sales

₹348 Cr

Net Profit

₹1 Cr

Promoter holding

52.1%

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