Bhartiya International Limited has announced that India Ratings and Research (Ind-Ra) has affirmed the company's credit ratings and removed them from Rating Watch with Negative Implications. The rating action, dated February 20, 2026, covers the company's bank loan facilities and represents a positive development in the company's credit profile.

Credit Rating Details

India Ratings and Research has assigned comprehensive ratings to Bhartiya International's banking facilities. The rating action encompasses the company's entire bank loan portfolio, providing clarity on its creditworthiness and financial stability.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary cum Compliance Officer Yogesh Kumar Gautam signed the regulatory filing on February 21, 2026, ensuring timely communication to stakeholders.

Rating Rationale Accessibility

Bhartiya International has made the detailed rating rationale readily available to investors and stakeholders through multiple channels:

• Published on the company's official website
• Submitted to stock exchanges for public access
• Available directly on India Ratings' portal at their press release section

The removal from Rating Watch with Negative Implications suggests that the rating agency has observed stability in the company's credit metrics and operational performance. This development provides enhanced clarity for lenders and investors regarding the company's financial standing and debt servicing capabilities.

Bhartiya International Limited has delivered impressive financial results for the third quarter of FY2026, showcasing strong operational performance and significant growth across key financial metrics. The fashion apparel and accessories company reported its unaudited financial results for the quarter and nine months ended December 31, 2025.

Standalone Financial Performance

The company's standalone operations demonstrated robust growth momentum during Q3FY26. Revenue from operations reached ₹312.67 crores, representing a substantial 33.2% increase from ₹234.26 crores recorded in Q3FY25.

The company's profitability metrics showed remarkable improvement, with net profit surging 183.5% to ₹6.68 crores compared to ₹2.36 crores in the corresponding quarter of the previous year. This significant enhancement in profitability reflects improved operational efficiency and better cost management.

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, Bhartiya International maintained its strong performance trajectory. Revenue from operations totaled ₹885.92 crores, marking a 35.3% increase from ₹653.86 crores in the corresponding nine-month period of FY25.

The nine-month net profit reached ₹32.20 crores, representing a 63.9% improvement over the ₹19.65 crores achieved in the same period last year. This consistent growth pattern demonstrates the company's ability to sustain momentum throughout the fiscal year.

Consolidated Results Show Recovery

The consolidated financial results reflected the company's comprehensive business performance including its subsidiaries and associates. Consolidated revenue for Q3FY26 stood at ₹365.95 crores compared to ₹262.97 crores in Q3FY25, indicating strong growth across the group's operations.

The consolidated results showed a remarkable turnaround with the company reporting a net profit of ₹6.70 crores in Q3FY26 compared to a net loss of ₹1.52 crores in Q3FY25, indicating successful recovery and improved group-wide performance.

Operational Efficiency and Cost Management

The company's expense management showed disciplined approach with total expenses for Q3FY26 at ₹303.29 crores compared to ₹231.14 crores in Q3FY25. Despite higher absolute expenses due to increased business scale, the company maintained healthy profit margins through effective operational leverage.

Employee benefit expenses increased to ₹17.51 crores from ₹13.94 crores, while finance costs rose marginally to ₹12.01 crores from ₹11.35 crores. The company noted the implementation impact of New Labour Codes amounting to ₹1.88 crores in employee benefit expenses for the quarter and nine-month period.

Corporate Developments

The company's Board of Directors approved the financial results at their meeting held on February 11, 2026. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone limited review by statutory auditors. Bhartiya International operates in a single business segment of fashion apparels and accessories including intermediaries, maintaining focus on its core competency area.