Company Overview

Bhatia Communications & Retail (India) Limited is a multi-brand consumer durables and electronic/electrical appliances retailer with dominant presence in South and Central Gujarat and neighboring areas. The company operates 363 stores as of Q1 FY27 (360 owned and 3 franchise) under brand names including Bhatia Communication, "Bhatia Mobile - The One Stop Shop", "Only Mobile", and "Mobile Station". The company also manages exclusive brand outlets (EBOs) for various brands.

Founded in 1996 for mobile sales and incorporated in 2008 with 1 store, the company has expanded operations outside Gujarat, opening its first Maharashtra store in FY23. Currently has 63 stores in Maharashtra. The company operates multi-product outlets within existing stores, particularly in semi-urban areas.

Business Operations

  • Products: Mobile phones, accessories, tablets, air conditioners, LED TVs, washing machines, microwaves, laptops, and other electronic equipment
  • Business model focuses on personal customer service, after-sales support, tangible marketing, multiple finance options, and wide product range
  • Maintains strong relationships with brands through direct purchasing at competitive prices
  • Customer conversion rate: 98%
  • Average store size: 760 sq.ft.

Store Economics

  • Average capex per store: ₹8-10 lakhs
  • Average working capital requirement per store: ₹33-35 lakhs
  • Average monitoring period: 12-13 months
  • Average payback period: 12-13 months

Q1 FY27 Financial Performance (₹ crores)

| Particulars | Q1 FY27 | Q1 FY26 | Growth YoY% |

| Revenue | 190.67 | 112.19 | 70% |

| Total Expenditure | 181.57 | 107.40 | 69% |

| EBITDA | 10.82 | 6.27 | 73% |

| EBITDA Margin % | 5.68% | 5.59% | - |

| Depreciation | 1.21 | 0.85 | - |

| EBIT | 9.61 | 5.42 | - |

| Interest | 0.51 | 0.64 | - |

| PBT | 9.11 | 4.77 | 90% |

| Tax | 2.28 | 1.19 | - |

| Net Profit | 6.82 | 3.58 | 90% |

| PAT Margin % | 3.58% | 3.20% | - |

| Diluted EPS | 0.48 | 0.29 | 66% |

Full Year FY26 Financial Performance (₹ crores)

| Particulars | FY26 | FY25 | Growth YoY% |

| Revenue | 595.24 | 444.68 | 34% |

| Total Expenditure | 572.57 | 426.37 | 34% |

| EBITDA | 28.39 | 21.85 | 30% |

| EBITDA Margin % | 4.77% | 4.91% | - |

| Depreciation | 2.90 | 1.79 | - |

| EBIT | 25.49 | 20.06 | 27% |

| Interest | 2.82 | 1.75 | - |

| PBT | 22.67 | 18.31 | 24% |

| Tax | 5.91 | 4.49 | - |

| Net Profit | 16.76 | 13.82 | 21% |

| PAT Margin % | 2.82% | 3.11% | - |

| Diluted EPS | 1.31 | 0.98 | 34% |

Key Performance Indicators

  • Total retail footprint: Not quantified in sq.ft. (value mentioned but no specific figure)
  • Revenue per sq ft: ₹0.43 (context unclear)
  • Revenue per device: ₹0.30 (context unclear)
  • Debt to equity: 0.04x
  • Net debt-free balance sheet with surplus "cash on books"

Management

  • Sanjeev Bhatia, Managing Director (46 years): 26 years experience in retail and wholesale business of consumable electronic goods. Handles finance, franchise outlets, and general administration.
  • Nikhil Bhatia, Whole Time Director (43 years): 23 years experience in finance and sales. Handles sales, purchase, finance, and accounts departments.

Future Growth Strategy

Company targeting semi-urban areas in Maharashtra using the same strategy deployed in Gujarat. Target over next 2-3 years is to develop strong foothold in existing districts of Maharashtra. Growth drivers include exclusive agreements with leading brands, net debt-free balance sheet, robust return on capital, decentralized management operations, strong brand image, and curated finance options with leading banks.

Shareholding Pattern

Mentioned in presentation but specific details not provided in the disclosed text.