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Bhilwara Technical Textiles Ltd

BTTL

NSE

₹37.55-5.22%19 Oct 2026

Reports

Textiles Others

Bhilwara Technical Textiles Ltd

BTTL

NSE

₹37.55

-5.22%

19 Oct 2026

SOICxStockScans Reports

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Textiles Others

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.

Bhilwara Technical Textiles Ltd is a textile trader that doubles as a strategic investment vehicle - a lean operation that moves cotton yarn across borders while holding a near-half stake in a specialised automotive-fabric manufacturer. It was carved out of RSWM Ltd in 2007, taking the group’s investment division and turning it into a standalone company with a mandate to trade, manufacture and invest across the textile chain. The recurring approach is simple: keep the core trading business asset-light and low-cost, then use the balance sheet - debt-free and cash-backed - to hold meaningful stakes in group companies that do the capital-intensive work.

Business segments

Two engines, one balance sheet - a commodity yarn-trading business that moves goods across borders, and a strategic stake in a manufacturer that makes the fabric for your car seat.

1. Yarn trading: the high-volume, low-margin core

The company buys and sells cotton yarn - mostly to export markets - earning a thin margin on every kilogram moved, with no factories or heavy assets of its own.

Commodity economics - margins are thin because the products are undifferentiated; the business makes money by turning inventory fast and keeping costs low, not by charging a premium.
Export-led revenue - more than half of sales come from international markets, with shipments going to Belgium, Mauritius and historically Europe.
Lean to the bone - the company runs with just a handful of employees - four as of March 2023, and historically as few as one - and carries no property, plant or equipment of its own.
Group sourcing advantage - it draws on yarn from the manufacturing units of its parent LNJ Bhilwara Group, giving it ready access to cotton, synthetic and blended yarns without needing its own spinning mills.
Branching beyond cotton - historically focused on 100% cotton dyed, mélange and raw white yarns, the company is now adding synthetic, cellulosic and blended yarns to its portfolio, and pushing into new geographies like Egypt and Turkey.

2. Strategic stake in BMD Private Limited: the manufacturer on the books

A 49.87% holding in a company that makes the flame-retardant fabric on your car seat - and also generates wind and solar power - turns BTTL into a part-owner of a niche manufacturer without running the factory floor.

Automotive-fabric specialist - BMD Private Limited makes high-performance seating fabrics, furnishings and air-texturised yarn, and holds a leading position in the original-equipment segment that supplies vehicle manufacturers.
Renewable energy kicker - BMD and its subsidiaries operate wind and solar power assets, giving BTTL indirect exposure to energy generation alongside the textile business.
A legal overhang on solar revenue - the solar plant’s power-purchase agreement with the state electricity distributor expired in March 2019 and has not been renewed; BMD is recognising revenue at ₹2.00 per kilowatt-hour instead of the ₹3.14 it is pursuing in court, with unbilled revenue of ₹7.39 crore sitting on the books as of FY23.
Carried at cost - the stake is represented by 66 lakh equity shares acquired for ₹660 lakh, and BMD has a consistent track record of good performance.

Group structure and partners

BTTL sits inside the LNJ Bhilwara Group, a textile house where the same family members chair multiple entities - and where a 2023 reshuffle of promoter shareholdings tidied up the ownership structure.

Born from a group demerger - the company was created in 2007 when RSWM Ltd, another LNJ Bhilwara entity, hived off its strategic investment division into a separate listed company.
Common leadership - Chairman and Managing Director Shekhar Agarwal also chairs Maral Overseas Ltd and BMD Pvt Ltd, so the group’s key entities share a decision-maker at the top.
A related-party leasing move - in February 2025 the board approved buying plant and machinery worth ₹5.86 crore to lease to Maral Overseas Ltd at a 23% annual rental, a transaction between two entities under common chairmanship.
Promoter reshuffle in 2023 - four family trusts, each with a trustee entity, acquired small stakes and became promoters, while one promoter-group entity exited entirely and another increased its holding from 16.65% to 18.08%.

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

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Mkt Cap

Market Capitalization

₹219Cr

Close Price

₹37.55

Industry

Textiles Others

Price To Earnings

—

Price To Sales

7.92

Revenue

₹28Cr

Rev Gr TTM

Revenue Growth TTM

126.06%

PAT Gr TTM

PAT Growth TTM

-361.92%

Consolidated

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	3	3	4	1	3	3	2	5	5	9	8	6
Growth YoY Revenue Growth YoY%	-5.4	-13.4	214.5	-68.3	-17.1	-10.0	-63.4	318.9	100.0	207.1	413.9	14.5
Expenses ExpensesCr	3	3	4	1	3	4	2	6	5	8	7	6
Operating Profit Operating ProfitCr	0	0	0	0	0	-1	0	-1	0	0	0	0
OPM OPM%	-0.6	-3.2	-1.9	-1.6	2.7	-39.3	-27.8	-18.8	4.2	2.9	4.1	-4.1
Other Income Other IncomeCr	5	1	3	5	3	-2	3	1	-4	3	-10	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	1	3	5	3	-3	2	0	-4	3	-10	4
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	5	1	3	5	3	-3	2	0	-4	3	-10	4
Growth YoY PAT Growth YoY%	1,493.9	122.0	235.4	15.1	-36.5	-601.9	-32.9	-93.2	-227.5	211.4	-594.7	1,067.7
NPM NPM%	167.0	17.4	75.2	360.6	128.0	-96.8	137.8	5.8	-81.6	35.1	-132.6	59.4
EPS EPS₹	0.9	0.1	0.5	0.8	0.6	-0.5	0.4	0.1	-0.7	0.5	-1.8	0.6

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	3	3	4	1	3	3	2	5	5	9	8	6
Growth YoY Revenue Growth YoY%	-5.4	-13.4	214.5	-68.3	-17.1	-10.0	-63.4	318.9	100.0	207.1	413.9	14.5
Expenses ExpensesCr	3	3	4	1	3	4	2	6	5	8	7	6
Operating Profit Operating ProfitCr	0	0	0	0	0	-1	0	-1	0	0	0	0
OPM OPM%	-0.6	-3.2	-1.9	-1.6	2.7	-39.3	-27.8	-18.8	4.2	2.9	4.1	-4.1
Other Income Other IncomeCr	5	1	3	5	3	-2	3	1	-4	3	-10	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	1	3	5	3	-3	2	0	-4	3	-10	4
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	5	1	3	5	3	-3	2	0	-4	3	-10	4
Growth YoY PAT Growth YoY%	1,493.9	122.0	235.4	15.1	-36.5	-601.9	-32.9	-93.2	-227.5	211.4	-594.7	1,067.7
NPM NPM%	167.0	17.4	75.2	360.6	128.0	-96.8	137.8	5.8	-81.6	35.1	-132.6	59.4
EPS EPS₹	0.9	0.1	0.5	0.8	0.6	-0.5	0.4	0.1	-0.7	0.5	-1.8	0.6

Consolidated

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	0	0	0	1	2	7	19	13	14	8	27	28
Growth Revenue Growth%					149.2	232.4	199.0	-35.7	14.7	-43.0	228.4	126.1
Expenses ExpensesCr	0	0	0	1	2	7	19	12	14	10	27	27
Operating Profit Operating ProfitCr	0	0	0	0	0	0	1	0	0	-1	0	1
OPM OPM%				-36.8	-20.3	0.2	4.3	2.8	0.3	-17.5	-0.8	1.9
Other Income Other IncomeCr	1	1	10	12	-3	8	17	-4	13	9	-10	-8
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	0	10	11	-4	8	18	-4	13	8	-10	-7
Tax TaxCr	0	0	0	0	0	0	0	1	0	1	1	1
PAT PATCr	0	0	10	11	-4	8	17	-4	13	7	-11	-8
Growth PAT Growth%	15.8	-62.1	6,669.8	16.0	-133.1	313.5	117.0	-123.5	416.5	-43.4	-253.8	-361.9
NPM NPM%				1,438.3	-190.8	122.6	89.0	-32.5	89.6	89.0	-41.7	-28.6
EPS EPS₹	0.6	0.3	1.7	1.9	-0.6	1.4	3.0	-0.7	2.2	1.3	-1.9	-1.4

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	0	0	0	1	2	7	19	13	14	8	27	28
Growth Revenue Growth%					149.2	232.4	199.0	-35.7	14.7	-43.0	228.4	126.1
Expenses ExpensesCr	0	0	0	1	2	7	19	12	14	10	27	27
Operating Profit Operating ProfitCr	0	0	0	0	0	0	1	0	0	-1	0	1
OPM OPM%				-36.8	-20.3	0.2	4.3	2.8	0.3	-17.5	-0.8	1.9
Other Income Other IncomeCr	1	1	10	12	-3	8	17	-4	13	9	-10	-8
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	0	10	11	-4	8	18	-4	13	8	-10	-7
Tax TaxCr	0	0	0	0	0	0	0	1	0	1	1	1
PAT PATCr	0	0	10	11	-4	8	17	-4	13	7	-11	-8
Growth PAT Growth%	15.8	-62.1	6,669.8	16.0	-133.1	313.5	117.0	-123.5	416.5	-43.4	-253.8	-361.9
NPM NPM%				1,438.3	-190.8	122.6	89.0	-32.5	89.6	89.0	-41.7	-28.6
EPS EPS₹	0.6	0.3	1.7	1.9	-0.6	1.4	3.0	-0.7	2.2	1.3	-1.9	-1.4

Consolidated

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	105	108	117	128	124	133	150	146	159	167	155
Current Liabilities Current LiabilitiesCr	0	0	0	1	0	0	1	2	1	0	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	111	114	123	136	130	139	157	154	166	173	162
Current Assets Current AssetsCr	9	10	10	10	7	7	8	10	10	15	21
Non Current Assets Non Current AssetsCr	102	103	113	126	124	132	149	144	156	158	141
Total Assets Total AssetsCr	111	114	123	136	130	139	157	154	166	173	162

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	105	108	117	128	124	133	150	146	159	167	155
Current Liabilities Current LiabilitiesCr	0	0	0	1	0	0	1	2	1	0	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	111	114	123	136	130	139	157	154	166	173	162
Current Assets Current AssetsCr	9	10	10	10	7	7	8	10	10	15	21
Non Current Assets Non Current AssetsCr	102	103	113	126	124	132	149	144	156	158	141
Total Assets Total AssetsCr	111	114	123	136	130	139	157	154	166	173	162

Consolidated

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	0	1	0	-1	0	0	-1	4	0	0	-2
Investing Cash Flow Investing Cash FlowCr	0	0	0	1	0	0	0	-3	0	1	3
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	0	1	0	0	0	0	0	0	0	0	1
Free Cash Flow Free Cash FlowCr	0	1	0	-1	0	0	-1	4	0	0	-2
CFO To PAT CFO To PAT%	-80.3	603.5	-3.3	-6.1	-1.5	0.1	-3.0	-94.6	-3.7	-2.8	15.9
CFO To EBITDA CFO To EBITDA%	173.3	-177.6	138.7	237.2	-14.3	84.2	-61.5	1,084.7	-1,158.3	14.0	859.0

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	0	1	0	-1	0	0	-1	4	0	0	-2
Investing Cash Flow Investing Cash FlowCr	0	0	0	1	0	0	0	-3	0	1	3
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	0	1	0	0	0	0	0	0	0	0	1
Free Cash Flow Free Cash FlowCr	0	1	0	-1	0	0	-1	4	0	0	-2
CFO To PAT CFO To PAT%	-80.3	603.5	-3.3	-6.1	-1.5	0.1	-3.0	-94.6	-3.7	-2.8	15.9
CFO To EBITDA CFO To EBITDA%	173.3	-177.6	138.7	237.2	-14.3	84.2	-61.5	1,084.7	-1,158.3	14.0	859.0

Consolidated

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	39	67	76	47	26	42	104	71	225	235	184	219
Price To Earnings Price To Earnings	10.5	33.6	7.8	4.1		5.2	6.0		17.5	32.3
Price To Sales Price To Sales				59.3	13.2	6.4	5.3	5.7	15.7	28.7	6.8	7.9
Price To Book Price To Book	0.4	0.6	0.6	0.3	0.2	0.3	0.7	0.5	1.4	1.4	1.1	1.4
EV To EBITDA EV To EBITDA	-172.6	-115.3	-283.0	-136.0	-63.7	3,546.8	122.8	197.2	5,508.5	-163.3	-875.4	423.8
Profitability Ratios Profitability Ratios
GPM GPM%				-1.3	2.0	9.1	9.5	11.8	8.2	12.4	13.1	13.1
OPM OPM%				-36.8	-20.3	0.2	4.3	2.8	0.3	-17.5	-0.8	1.9
NPM NPM%				1,438.3	-190.8	122.6	89.0	-32.5	89.6	89.0	-41.7	-28.6
ROCE ROCE%	0.5	0.2	8.0	8.5	-2.8	5.9	11.3	-2.3	8.0	4.5	-6.5	-6.5
ROE ROE%	0.3	0.1	7.9	8.4	-2.9	5.8	11.1	-2.7	7.8	4.2	-7.0	-7.0
ROA ROA%	0.3	0.1	7.9	8.3	-2.9	5.8	11.0	-2.6	7.8	4.2	-6.9	-6.9
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	39	67	76	47	26	42	104	71	225	235	184	219
Price To Earnings Price To Earnings	10.5	33.6	7.8	4.1		5.2	6.0		17.5	32.3
Price To Sales Price To Sales				59.3	13.2	6.4	5.3	5.7	15.7	28.7	6.8	7.9
Price To Book Price To Book	0.4	0.6	0.6	0.3	0.2	0.3	0.7	0.5	1.4	1.4	1.1	1.4
EV To EBITDA EV To EBITDA	-172.6	-115.3	-283.0	-136.0	-63.7	3,546.8	122.8	197.2	5,508.5	-163.3	-875.4	423.8
Profitability Ratios Profitability Ratios
GPM GPM%				-1.3	2.0	9.1	9.5	11.8	8.2	12.4	13.1	13.1
OPM OPM%				-36.8	-20.3	0.2	4.3	2.8	0.3	-17.5	-0.8	1.9
NPM NPM%				1,438.3	-190.8	122.6	89.0	-32.5	89.6	89.0	-41.7	-28.6
ROCE ROCE%	0.5	0.2	8.0	8.5	-2.8	5.9	11.3	-2.3	8.0	4.5	-6.5	-6.5
ROE ROE%	0.3	0.1	7.9	8.4	-2.9	5.8	11.1	-2.7	7.8	4.2	-7.0	-7.0
ROA ROA%	0.3	0.1	7.9	8.3	-2.9	5.8	11.0	-2.6	7.8	4.2	-6.9	-6.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AXITA	QUALIANCE	AASTHA	BTTL	SHAHLON	JASCH	LAGNAM
Market CapitalizationMkt CapCr	279	249	231	219	205	194	159
Close PriceClose₹	7.28	185.40	26.13	37.55	23.00	284.85	90.20
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	80.89				47.92	13.03	6.10
Price To SalesPS	1.02	3.24	0.52	7.92	0.83	0.74	0.24
RevenueRevenueCr	272	77	443	28	248	262	671
Revenue Growth TTMRev Gr TTM%	-58.4%			126.1%	1.9%	42.5%	14.9%
PAT Growth TTMPAT Gr TTM%	563.1%			-361.9%	17.2%	90.8%	97.2%

	AXITA	QUALIANCE	AASTHA	BTTL	SHAHLON	JASCH	LAGNAM
Market CapitalizationMkt CapCr	279	249	231	219	205	194	159
Close PriceClose₹	7.28	185.40	26.13	37.55	23.00	284.85	90.20
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	80.89				47.92	13.03	6.10
Price To SalesPS	1.02	3.24	0.52	7.92	0.83	0.74	0.24
RevenueRevenueCr	272	77	443	28	248	262	671
Revenue Growth TTMRev Gr TTM%	-58.4%			126.1%	1.9%	42.5%	14.9%
PAT Growth TTMPAT Gr TTM%	563.1%			-361.9%	17.2%	90.8%	97.2%

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Jun 26