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Bella Casa Fashion & Retail Ltd

BELLACASA

NSE

₹234.73-0.09%19 Oct 2026

Reports

Textiles Readymade Apparel

Bella Casa Fashion & Retail Ltd

BELLACASA

NSE

₹234.73

-0.09%

19 Oct 2026

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Textiles Readymade Apparel

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Bella Casa Fashion & Retail Ltd is a behind-the-scenes engine for India’s fashion retail boom - an Original Design Manufacturer (ODM) that designs, makes, and delivers the clothes sold by over 50 of the country’s biggest brands and retail chains. Founded in Jaipur in 1996 as a textile trading firm, it has spent three decades evolving into a technology-led manufacturing partner that takes a garment from sketch to store shelf in as little as 30 days. The recurring approach is to embed itself so deeply in its customers’ supply chains - handling design, sourcing, production, and logistics - that it becomes a preferred partner rather than just another vendor, capturing more of each retailer’s spending as it expands from women’s wear into men’s, kids’, and sleepwear.

Business segments

A single engine with two chapters - a high-growth apparel ODM that now drives nearly all the business, and a legacy home-furnishing brand deliberately wound down to free resources for that engine.

1. Apparel ODM: the factory behind India’s fashion counters

Bella Casa acts as an outsourced design-and-manufacturing arm for India’s top retail chains, earning revenue by producing garments those retailers sell under their own labels - it is paid for making clothes, not for selling them to shoppers.

Designs, then delivers - the company runs an in-house design studio staffed with NIFT-trained designers who use CAD/CAM software to adapt runway trends, street styles, and celebrity looks into production-ready garments, sharing proposed changes with partner fabric mills before bulk cutting begins.
Six plants, one campus - all manufacturing happens across six facilities clustered in the Sitapura Industrial Area, Jaipur, giving the company tight operational control and the ability to shift production lines quickly across units.
Speed as a selling point - a 30-to-45-day concept-to-shelf cycle means retail partners can respond to fast-changing fashion trends without holding excessive inventory, which is why the company calls itself a supply-chain partner rather than a plain contract manufacturer.
Deepening wallet share - Bella Casa already supplies roughly 40% of a typical fashion store’s requirements and has the capability to scale that to over 70% by expanding into adjacent categories like men’s and kids’ wear, which it began doing in FY24.
Capacity with headroom - the installed capacity of 2 crore pieces per annum can be stretched further with marginal spending on de-bottlenecking, and two additional plant sites on already-owned land provide a path for future expansion without acquiring new real estate.

2. Home furnishing: the legacy brand that stepped aside

Once a third of the company, the ‘Bella Casa’ branded home-furnishing business has been deliberately shrunk to a residual 6% of revenue so that capital and management attention could be redirected entirely to the faster-growing apparel ODM.

A brief licensing experiment - in 2022 the company secured exclusive rights to market United Colors of Benetton home textiles in India, adding a global brand name to its distribution network before the broader strategic pivot took hold.
Capital-intensive, so capital left - the home-furnishing business tied up significant working capital in inventory and distributor credit, which is why management explicitly chose to realign those resources toward the asset-light, bulk-manufacturing apparel ODM model.

Group structure and partners

Bella Casa is a standalone, promoter-led company with no subsidiaries or joint ventures - a single legal entity operating from one industrial campus in Jaipur.

The four promoters - Harish Kumar Gupta, Pawan Kumar Gupta, Saurav Gupta, and Gaurav Gupta - are family members who together hold executive director roles, combining over a century of cumulative textile experience across trading, manufacturing, and design.
The company is listed on both the BSE Mainboard (since 2018) and the National Stock Exchange (since July 2025), having graduated from the BSE’s SME platform where it first listed in 2016.
A related entity, Gupta Exports - a partnership firm in which the promoters are partners - owns the land at one of the factory plots and leases the building premises to the company for a nominal annual rent of Rs. 6 lakh.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹315Cr

Close Price

₹235.00

Industry

Textiles Readymade Apparel

Price To Earnings

17.39

Price To Sales

0.70

Revenue

₹446Cr

Rev Gr TTM

Revenue Growth TTM

22.44%

PAT Gr TTM

PAT Growth TTM

4.72%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	64	58	61	74	107	81	87	90	126	90	111	120
Growth YoY Revenue Growth YoY%	-2.3	12.8	50.5	57.6	66.4	39.4	42.6	21.7	18.0	11.2	27.1	33.4
Expenses ExpensesCr	59	53	55	68	98	74	81	83	116	82	103	114
Operating Profit Operating ProfitCr	5	4	6	6	9	7	6	7	10	8	8	6
OPM OPM%	7.6	7.7	9.2	8.6	8.3	9.0	7.1	8.2	8.3	8.7	7.1	4.9
Other Income Other IncomeCr	0	0	0	0	0	0	1	1	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	1	1	2	2	1	1	1	2	1	2
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	3	3	4	5	6	5	5	6	9	6	6	3
Tax TaxCr	1	1	1	1	2	1	1	2	2	2	2	1
PAT PATCr	3	3	3	3	5	4	4	5	6	4	5	3
Growth YoY PAT Growth YoY%	3.2	7.7	122.5	64.8	78.0	39.8	41.4	41.1	39.0	26.8	5.3	-46.0
NPM NPM%	4.0	4.3	5.0	4.5	4.3	4.3	5.0	5.2	5.1	5.0	4.1	2.1
EPS EPS₹	2.1	2.0	2.5	2.7	3.7	2.7	3.3	3.5	4.8	3.3	3.5	1.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	64	58	61	74	107	81	87	90	126	90	111	120
Growth YoY Revenue Growth YoY%	-2.3	12.8	50.5	57.6	66.4	39.4	42.6	21.7	18.0	11.2	27.1	33.4
Expenses ExpensesCr	59	53	55	68	98	74	81	83	116	82	103	114
Operating Profit Operating ProfitCr	5	4	6	6	9	7	6	7	10	8	8	6
OPM OPM%	7.6	7.7	9.2	8.6	8.3	9.0	7.1	8.2	8.3	8.7	7.1	4.9
Other Income Other IncomeCr	0	0	0	0	0	0	1	1	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	1	1	2	2	1	1	1	2	1	2
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	3	3	4	5	6	5	5	6	9	6	6	3
Tax TaxCr	1	1	1	1	2	1	1	2	2	2	2	1
PAT PATCr	3	3	3	3	5	4	4	5	6	4	5	3
Growth YoY PAT Growth YoY%	3.2	7.7	122.5	64.8	78.0	39.8	41.4	41.1	39.0	26.8	5.3	-46.0
NPM NPM%	4.0	4.3	5.0	4.5	4.3	4.3	5.0	5.2	5.1	5.0	4.1	2.1
EPS EPS₹	2.1	2.0	2.5	2.7	3.7	2.7	3.3	3.5	4.8	3.3	3.5	1.9

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	115	125	147	163	129	206	202	230	349	416	446
Growth Revenue Growth%	8.1	34.9	8.5	17.6	11.1	-21.0	59.8	-2.0	14.0	51.5	19.5	22.4
Expenses ExpensesCr	79	106	112	130	146	118	185	186	211	320	383	414
Operating Profit Operating ProfitCr	6	9	12	17	18	11	21	15	19	29	33	32
OPM OPM%	6.9	7.6	10.0	11.7	10.8	8.6	10.3	7.7	8.3	8.2	8.0	7.2
Other Income Other IncomeCr	0	0	0	0	0	1	1	1	0	1	3	3
Interest Expense Interest ExpenseCr	3	3	3	4	5	3	5	4	4	5	5	6
Depreciation DepreciationCr	1	1	1	1	1	1	2	2	2	3	4	5
PBT PBTCr	2	5	9	12	12	7	15	10	14	21	27	24
Tax TaxCr	1	2	3	4	3	2	4	3	3	5	7	6
PAT PATCr	1	3	6	9	9	5	11	8	10	16	20	18
Growth PAT Growth%	23.0	135.5	74.4	54.0	4.0	-40.8	106.6	-30.5	31.2	55.1	27.4	4.7
NPM NPM%	1.6	2.8	4.6	6.0	5.6	4.2	5.4	3.9	4.4	4.5	4.8	4.0
EPS EPS₹	1.6	3.3	5.3	7.5	7.3	4.4	9.0	6.3	8.2	12.4	15.1	13.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	115	125	147	163	129	206	202	230	349	416	446
Growth Revenue Growth%	8.1	34.9	8.5	17.6	11.1	-21.0	59.8	-2.0	14.0	51.5	19.5	22.4
Expenses ExpensesCr	79	106	112	130	146	118	185	186	211	320	383	414
Operating Profit Operating ProfitCr	6	9	12	17	18	11	21	15	19	29	33	32
OPM OPM%	6.9	7.6	10.0	11.7	10.8	8.6	10.3	7.7	8.3	8.2	8.0	7.2
Other Income Other IncomeCr	0	0	0	0	0	1	1	1	0	1	3	3
Interest Expense Interest ExpenseCr	3	3	3	4	5	3	5	4	4	5	5	6
Depreciation DepreciationCr	1	1	1	1	1	1	2	2	2	3	4	5
PBT PBTCr	2	5	9	12	12	7	15	10	14	21	27	24
Tax TaxCr	1	2	3	4	3	2	4	3	3	5	7	6
PAT PATCr	1	3	6	9	9	5	11	8	10	16	20	18
Growth PAT Growth%	23.0	135.5	74.4	54.0	4.0	-40.8	106.6	-30.5	31.2	55.1	27.4	4.7
NPM NPM%	1.6	2.8	4.6	6.0	5.6	4.2	5.4	3.9	4.4	4.5	4.8	4.0
EPS EPS₹	1.6	3.3	5.3	7.5	7.3	4.4	9.0	6.3	8.2	12.4	15.1	13.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	10	11	11	11	11	11	11	13	13
Reserves ReservesCr	3	6	18	38	44	48	58	64	73	136	154
Current Liabilities Current LiabilitiesCr	36	61	87	74	64	81	85	64	74	50	106
Non Current Liabilities Non Current LiabilitiesCr	4	1	2	2	3	11	8	4	2	13	28
Total Liabilities Total LiabilitiesCr	52	77	121	126	122	152	163	144	161	213	302
Current Assets Current AssetsCr	46	71	108	111	108	134	145	126	142	168	202
Non Current Assets Non Current AssetsCr	6	6	13	14	14	18	17	17	19	45	99
Total Assets Total AssetsCr	52	77	121	126	122	152	163	144	161	213	302

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	10	11	11	11	11	11	11	13	13
Reserves ReservesCr	3	6	18	38	44	48	58	64	73	136	154
Current Liabilities Current LiabilitiesCr	36	61	87	74	64	81	85	64	74	50	106
Non Current Liabilities Non Current LiabilitiesCr	4	1	2	2	3	11	8	4	2	13	28
Total Liabilities Total LiabilitiesCr	52	77	121	126	122	152	163	144	161	213	302
Current Assets Current AssetsCr	46	71	108	111	108	134	145	126	142	168	202
Non Current Assets Non Current AssetsCr	6	6	13	14	14	18	17	17	19	45	99
Total Assets Total AssetsCr	52	77	121	126	122	152	163	144	161	213	302

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	0	-19	-1	11	6	-3	15	4	12	31
Investing Cash Flow Investing Cash FlowCr	0	-1	-7	-2	1	-3	-4	9	-3	-31	-54
Financing Cash Flow Financing Cash FlowCr	-1	1	26	3	-12	0	4	-24	-1	19	22
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	3	-3	0	0	0	0
Free Cash Flow Free Cash FlowCr	1	-1	-24	-3	9	3	-5	13	1	3	-15
CFO To PAT CFO To PAT%	104.3	7.5	-330.1	-12.6	120.6	105.3	-25.5	196.8	35.6	75.0	155.9
CFO To EBITDA CFO To EBITDA%	24.5	2.8	-150.7	-6.4	62.4	51.1	-13.5	98.8	19.1	41.3	93.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	0	-19	-1	11	6	-3	15	4	12	31
Investing Cash Flow Investing Cash FlowCr	0	-1	-7	-2	1	-3	-4	9	-3	-31	-54
Financing Cash Flow Financing Cash FlowCr	-1	1	26	3	-12	0	4	-24	-1	19	22
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	3	-3	0	0	0	0
Free Cash Flow Free Cash FlowCr	1	-1	-24	-3	9	3	-5	13	1	3	-15
CFO To PAT CFO To PAT%	104.3	7.5	-330.1	-12.6	120.6	105.3	-25.5	196.8	35.6	75.0	155.9
CFO To EBITDA CFO To EBITDA%	24.5	2.8	-150.7	-6.4	62.4	51.1	-13.5	98.8	19.1	41.3	93.7

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	20	104	182	155	118	150	199	134	345	544	304	315
Price To Earnings Price To Earnings	14.6	31.8	32.0	17.7	12.9	27.8	17.8	17.3	33.9	34.4	15.1	17.4
Price To Sales Price To Sales	0.2	0.9	1.5	1.1	0.7	1.2	1.0	0.7	1.5	1.5	0.7	0.7
Price To Book Price To Book	1.7	6.8	5.8	3.2	2.1	2.5	2.9	1.8	4.1	3.6	1.8	1.9
EV To EBITDA EV To EBITDA	7.5	15.1	17.9	11.7	8.8	16.9	11.6	11.2	20.4	19.5	10.5	11.3
Profitability Ratios Profitability Ratios
GPM GPM%	15.4	22.7	20.3	18.2	16.1	14.0	15.8	15.0	15.3	14.7	12.5	12.5
OPM OPM%	6.9	7.6	10.0	11.7	10.8	8.6	10.3	7.7	8.3	8.2	8.0	7.2
NPM NPM%	1.6	2.8	4.6	6.0	5.6	4.2	5.4	3.9	4.4	4.5	4.8	4.0
ROCE ROCE%	14.9	18.6	15.9	17.4	17.2	9.7	15.7	12.4	13.6	14.7	13.2	13.2
ROE ROE%	11.6	21.5	20.4	17.9	16.6	9.0	16.0	10.3	12.0	10.6	12.1	12.1
ROA ROA%	2.7	4.3	4.7	7.0	7.5	3.6	6.9	5.4	6.3	7.4	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	20	104	182	155	118	150	199	134	345	544	304	315
Price To Earnings Price To Earnings	14.6	31.8	32.0	17.7	12.9	27.8	17.8	17.3	33.9	34.4	15.1	17.4
Price To Sales Price To Sales	0.2	0.9	1.5	1.1	0.7	1.2	1.0	0.7	1.5	1.5	0.7	0.7
Price To Book Price To Book	1.7	6.8	5.8	3.2	2.1	2.5	2.9	1.8	4.1	3.6	1.8	1.9
EV To EBITDA EV To EBITDA	7.5	15.1	17.9	11.7	8.8	16.9	11.6	11.2	20.4	19.5	10.5	11.3
Profitability Ratios Profitability Ratios
GPM GPM%	15.4	22.7	20.3	18.2	16.1	14.0	15.8	15.0	15.3	14.7	12.5	12.5
OPM OPM%	6.9	7.6	10.0	11.7	10.8	8.6	10.3	7.7	8.3	8.2	8.0	7.2
NPM NPM%	1.6	2.8	4.6	6.0	5.6	4.2	5.4	3.9	4.4	4.5	4.8	4.0
ROCE ROCE%	14.9	18.6	15.9	17.4	17.2	9.7	15.7	12.4	13.6	14.7	13.2	13.2
ROE ROE%	11.6	21.5	20.4	17.9	16.6	9.0	16.0	10.3	12.0	10.6	12.1	12.1
ROA ROA%	2.7	4.3	4.7	7.0	7.5	3.6	6.9	5.4	6.3	7.4	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MEEIND	THOMASCOTT	FORCAS	BELLACASA	CPS	ZODIACLOTH	ACTIVE
Market CapitalizationMkt CapCr	421	398	395	315	249	180	146
Close PriceClose₹	374.00	268.00	224.90	235.00	1,080.00	65.48	94.00
IndustryIndustry	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel
Price To EarningsPE	28.29	18.44	28.83	17.39	2,347.83		14.46
Price To SalesPS	2.79	1.49	2.00	0.70	7.98	1.15	0.46
RevenueRevenueCr	151	267	198	446	31	156	320
Revenue Growth TTMRev Gr TTM%		42.2%	39.0%	22.4%	1.3%	-11.3%	1.7%
PAT Growth TTMPAT Gr TTM%		57.1%	58.0%	4.7%	-24.7%	5.7%	8.4%

	MEEIND	THOMASCOTT	FORCAS	BELLACASA	CPS	ZODIACLOTH	ACTIVE
Market CapitalizationMkt CapCr	421	398	395	315	249	180	146
Close PriceClose₹	374.00	268.00	224.90	235.00	1,080.00	65.48	94.00
IndustryIndustry	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel
Price To EarningsPE	28.29	18.44	28.83	17.39	2,347.83		14.46
Price To SalesPS	2.79	1.49	2.00	0.70	7.98	1.15	0.46
RevenueRevenueCr	151	267	198	446	31	156	320
Revenue Growth TTMRev Gr TTM%		42.2%	39.0%	22.4%	1.3%	-11.3%	1.7%
PAT Growth TTMPAT Gr TTM%		57.1%	58.0%	4.7%	-24.7%	5.7%	8.4%

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