Bhilwara Technical Textiles' record is thin but disclosed: a single-segment yarn trader with a simple group structure and an unremunerated promoter-CMD. Two things deserve attention: the company has obtained shareholder approval for related-party transactions with a loss-making associate, and operating cash flow has been negative or negligible in every one of the last six years while reported profit swung on volatile other income.
Key findings
- An expired PPA leaves ₹7.39 crore of unbilled solar revenue sub judice
Minor- The Power Purchase Agreement with Discom for solar power expired on 31 March 2019 and has not been renewed; the matter is before the Rajasthan High Court. Management recognised revenue at a conservative ₹2.00 per Kwh instead of the indicative ₹3.14 per Kwh, leaving total unbilled revenue at ₹7.39 crore as at year-end. The auditor drew an Emphasis of Matter on this matter in the consolidated financial statements of BMD Private Limited, an associate, without modifying the opinion.
What to watch
- RPT compliance trigger. Whether net worth exceeded ₹25 crore as at 31 March 2026, triggering mandatory RPT disclosure rules within six months, as anticipated in the postal ballot notice dated 27 February 2026.
- Director re-appointment. Re-appointment of Shri Riju Jhunjhunwala as Director retiring by rotation at the 19th AGM, notice dated 4 August 2026.
Bottom line: This is a disclosed record with a simple structure and an unremunerated promoter at the helm. The risk sits in two places: a six-year pattern of operating cash flow that never meaningfully converts reported profit, and an expired solar PPA that leaves ₹7.39 crore of unbilled revenue sub judice. Watch whether the net-worth threshold triggers RPT compliance, and whether the decade-old solar PPA dispute ever resolves.