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Bhandari Hosiery Exports Limited (BHANDARI) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹999M

BH Bhandari Hosiery Exports Limited BHANDARI · NSE
Price₹2.83
Fair Value₹3.77
Upside+33.1%
Quality26/100
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Expensive Growth
Thin margins · 2.8% net margin
Low debt · negative free cash flow
0.33% dividend yield
Ranks above peers (8/13)
Narrow moat 29/100
Evidence: High Range ₹2.66 – ₹4.09 Share as image

Fair value as of: Aug 2, 2026

From 17 valuation models · updated 11 days ago

Share price −3.7% over the past month.

Below-average quality, screening 33% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (26/100). That raises the risk this is a value trap rather than a bargain.
  • Our model range runs from ₹2.66 (bear) to ₹4.09 (bull), base ₹3.77. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 26/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹13.76 ₹1.96 Fair Value ₹3.77 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹1.96 – ₹13.76 · fair‑value band ₹2.66 – ₹4.09 · the ₹2.83 price screens below the ₹3.77 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Bhandari Hosiery Exports Limited (BHANDARI) currently trades at ₹2.83, while our model-based Fair Value estimate is ₹3.77, implying the stock looks roughly 33.1% undervalued today. The Quality Score stands at 26/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Bhandari Hosiery Exports Limited generated revenue of ₹2.8B at a net margin of 2.8%. Revenue grew 1.0% year over year. It earns a return on equity of 4.6%. Net debt stands at ₹869M. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹2.66 (bear case) to ₹4.09 (bull case); at ₹2.83, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 52% below its 52-week high and 42% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 7% fair-value upside, at 33%, BHANDARI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹3.85 ₹3.70 ₹3.07 76
ROIC Compounder ₹4.37 ₹4.97 ₹5.46 72
Gordon GGM ₹0.1100 ₹0.2000 ₹0.2800 70
All 17 models by family
DCF Models
Owner Earnings ₹3.67 ₹5.24 ₹7.29 31
Earnings-Based
Graham-Dodd ₹1.59 ₹4.75 ₹6.29 54
Lynch FV ₹1.01 ₹1.44 ₹1.87 50
PEG = 1.0 ₹1.01 ₹1.44 ₹1.87 46
EPV ₹4.37 ₹4.97 ₹5.46 59
Dividend Discount
Gordon GGM ₹0.1100 ₹0.2000 ₹0.2800 70
DDM Multi-Stage ₹0.1100 ₹0.1700 ₹0.2200 61
Multiples
P/E Multiple ₹3.85 ₹5.13 ₹6.42 63
P/S Multiple ₹2.97 ₹3.97 ₹4.96 58
P/B Multiple ₹2.97 ₹3.97 ₹4.96 55
EV/EBIT ₹8.44 ₹11.23 ₹14.03 53
EV/EBITDA ₹7.52 ₹10.01 ₹12.50 54
EV/Revenue ₹5.70 ₹8.12 ₹10.55 43
Asset-Based
NCAV (Graham) ₹2.75 ₹3.69 ₹5.51 50
Economic Profit
Residual Income ₹3.85 ₹3.70 ₹3.07 76
ROIC Compounder ₹4.37 ₹4.97 ₹5.46 72
Growth Earnings
Growth-Adj P/E ₹3.13 ₹4.47 ₹5.81 68

Widest divergence: DCF Models (₹5.24) versus Dividend Discount (₹0.1700). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹2.8B
Revenue growth (YoY) +1.0%
Net margin 2.8%
Return on equity 4.6%
Free cash flow −₹87.2M FY2026
P/E ratio 13.6
More key figures
Operating margin 6.1%
EPS (TTM) ₹0.2200
Dividend yield 0.3%
EPS growth (YoY) -44.6%
Net debt ₹869M FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 26/100

Of which business quality 29 · Market factors (momentum, volatility) 24

Profitability 36
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 6
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bhandari Hosiery Exports Limited operates as a textile and garments manufacturing company in India and internationally. The company offers knitted fabrics kora and dyed; and knitted hosiery garments, such as bermudas, track suits, pajamas, lowers, and ladies knitted tops with embroidery and prints, etc.

Full company description

Bhandari Hosiery Exports Limited operates as a textile and garments manufacturing company in India and internationally. The company offers knitted fabrics kora and dyed; and knitted hosiery garments, such as bermudas, track suits, pajamas, lowers, and ladies knitted tops with embroidery and prints, etc. It also manufactures, processes, and trades dyed and non-dyed fabrics. In addition, the company provides natural and synthetic circular knitted fabrics; open and tubular width fabrics; and specialised finishes comprising teflon, stain resistance, viscose, and lycra. Further, it offers tees and leggings for women; t-shirts, sweatshirts, pullovers, and polos for men; and t-shirts, sweatshirts, pullovers, polos, and joggers for kids. The company was incorporated in 1993 and is based in Ludhiana, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bhandari Hosiery Exports Limited reported revenue of ₹2.8B in FY2026 versus ₹2.8B in FY2022, a compound −0.3%/yr. Reported net income was ₹77.7M in FY2026, compounding +5.5%/yr from FY2022.

Growth Quality 35/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹2.8B
Latest YoY
+0.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.5%
Revenue −0.3%/yr
FY22 ₹2.8B
FY23 ₹2.8B
FY24 ₹2.7B
FY25 ₹2.8B
FY26 ₹2.8B
Net income +5.5%/yr
FY22 ₹62.7M
FY23 ₹65.1M
FY24 ₹65.3M
FY25 ₹77.1M
FY26 ₹77.7M
Character of growth · EPS growth decomposed (2015-2026) +2.3 % p.a.
Revenue per share −1.2 pp

of which total revenue +4.9 pp · buybacks/dilution −6.1 pp

EBIT margin +5.4 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −1.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bhandari Hosiery Exports Limited Fair Value". https://www.fairvalue-calculator.com/stock/BHANDARI

Peer Group

Apparel Manufacturing · 214 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 26 · Bottom 25%
Fair Value upside +33% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 1% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than median
P/B 0.54× · Cheaper than median
P/S (TTM) 0.36× · Cheaper than median
EV/EBITDA 3.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 77 · sector 33
FUTURE 5 · sector 4
PAST 18 · sector 19
HEALTH 95 · sector 98
DIVIDEND 7 · sector 50

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%
Zhejiang Semir Garment Co 002563 ¥5.61 ¥7.29 +30%

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Frequently asked questions

Is Bhandari Hosiery Exports Limited (BHANDARI) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹3.77 versus a price of ₹2.83, about +33% (undervalued).
What is the fair value of BHANDARI?
Our model-based fair value for Bhandari Hosiery Exports Limited is ₹3.77 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹2.83.
What is the quality score of BHANDARI?
Bhandari Hosiery Exports Limited has a Quality Score of 26/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bhandari Hosiery Exports Limited (BHANDARI)?
Bhandari Hosiery Exports Limited reported trailing-twelve-month revenue of about ₹2.8B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of BHANDARI?
The net profit margin of Bhandari Hosiery Exports Limited is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.
Does Bhandari Hosiery Exports Limited pay a dividend?
Bhandari Hosiery Exports Limited currently shows a dividend yield of about 0.33% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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