amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Bharat Nidhi (Bharat Bank) Unlisted Shares
DRHP Status : Not Filed
11250
Fundamentals About Bharat Nidhi (Bharat Bank)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Bharat Nidhi (Bharat Bank)
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 4323 | 5780 | 6215 | 6292 |
| Cost of Material Consumed | 2274 | 2462 | 2444 | 2929 |
| Change in Inventory | -52 | -29 | 44 | -43 |
| Gross Margins | 47.4 | 57.4 | 60.68 | 54.13 |
| Employee Benefit Expenses | 610 | 591 | 687 | 1044 |
| Other Expenses | 1256 | 1882 | 1796 | 1920 |
| EBITDA | 235 | 874 | 1244 | 442 |
| OPM | 5.44 | 15.12 | 20.02 | 7.02 |
| Other Income | 389 | 381 | 565 | 529 |
| Finance Cost | 173 | 101 | 63 | 75 |
| D&A | 73 | 65 | 56 | 66 |
| EBIT | 162 | 809 | 1188 | 376 |
| EBIT Margins | 3.75 | 14 | 19.12 | 5.98 |
| PBT | 378 | 1089 | 1690 | 830 |
| PBT Margins | 8.74 | 18.84 | 27.19 | 13.19 |
| Tax | 96 | -197 | 506 | 208 |
| PAT | 282 | 1286 | 1184 | 622 |
| NPM | 6.52 | 22.25 | 19.05 | 9.89 |
| EPS | 41.65 | 157.02 | 144.57 | 75.94 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 5.44 | 15.12 | 20.02 | 7.02 |
| Net Profit Margin | 6.52 | 22.25 | 19.05 | 9.89 |
| Earning Per Share (Diluted) | 41.65 | 157.02 | 144.57 | 75.94 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 3572 | 3538 | 3992 | 4485 |
| Trade Receivables | 0.6 | 0.6 | 0.13 | 0.06 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 133.4 | 127.4 | 132.87 | 91.94 |
| Total Assets | 3706 | 3666 | 4125 | 4577 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 5.44 | 15.12 | 20.02 | 7.02 |
| Net Profit Margin | 6.52 | 22.25 | 19.05 | 9.89 |
| Earning Per Share (Diluted) | 41.65 | 157.02 | 144.57 | 75.94 |
About Company
The following table shows a 10-point analysis of Bharat Nidhi Limited (commonly known as Bharat Bank or Bharat Nidhi Bank). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹1,200–1,300 cr (est.) PAT ~₹150–180 cr PAT margin ~12–14% 1,000+ branches |
Leading NBFC operating under the Bharat Nidhi brand. Focused on gold loans, vehicle loans, personal loans & MSME financing. Strong presence across North India (Punjab, Haryana, Rajasthan, Delhi-NCR). Benefits from secured gold-backed portfolio & retail credit demand. Expanding digital footprint alongside physical branch network. |
| Industry & Market Position | Mid-tier gold & retail NBFC Secured portfolio ~80%+ gold-backed |
Competitive vs. Muthoot & Manappuram in regional markets. Strong branch density & quick disbursal model build customer trust. Resilient due to secured lending mix, though exposed to gold price volatility & regulatory changes. |
| Revenue Growth Trend | FY23–FY25 CAGR ~25–30% FY25 YoY ~20–25% |
Strong AUM growth driven by branch expansion & rising gold prices. Outperforming several peers in secured retail lending. Continued tailwinds from semi-urban penetration & retail credit growth. |
| Profitability & Margins | NIM ~10–12% ROA ~2–2.5% ROE ~18–20% PAT margin ~12–14% |
Solid profitability supported by high yields & cost discipline. Asset quality stable (low GNPA ~1–2%). High earnings visibility due to secured gold portfolio. |
| Cash Flow Quality | Strong OCF Consistent dividends |
Healthy collections from gold loans ensure strong liquidity. Supports branch expansion & shareholder payouts. Low volatility cash cycles due to secured collateral model. |
| Balance Sheet Strength | CRAR >20% Debt/Equity ~4–5x Strong net worth |
Well-capitalized with diversified funding mix (banks, NCDs). Conservative underwriting provides downside protection. Comfortable leverage for NBFC model. |
| Valuation Comfort | Unlisted price ₹450–520 (Feb 2026) P/E ~20–25x Market cap ~₹4,500–5,200 cr |
Fair valuation for high-ROE regional NBFC. Justified by gold loan stability & growth visibility. Attractive relative to listed gold-focused peers. |
| Management & Governance | Promoter-led with professional team Rating: BBB+/Stable |
Strong execution track record in gold & retail lending. Transparent disclosures & regulatory compliance. No significant governance concerns. |
| Growth Triggers & Catalysts | Gold loan demand Branch expansion Retail/SME growth IPO discussions |
Upside from favorable gold prices & semi-urban credit demand. Digital lending & new product lines add incremental growth. Potential IPO could unlock valuation & liquidity. |
| Liquidity & Exit Visibility | OTC liquidity only IPO prep (no active DRHP as of Feb 2026) |
Moderate unlisted trading activity. Exit visibility improves if IPO materializes. Strong fundamentals provide downside comfort despite liquidity constraints. |
Bharat Nidhi Limited is a long-established Indian company incorporated in 1942, engaged primarily in the distribution of newspapers and magazines across India, along with investment and financing activities. The company is based in New Delhi and is well-known for its strong association with Bennett Coleman and Company Limited (BCCL) — The Times Group — for whom it manages distribution operations under a structured contractual arrangement. Under this contract:
- BCCL delivers newspapers and periodicals to Bharat Nidhi Limited (BNL) at their own cost, as per BNL’s indent requirements.
- Daily supply statements are sent by BCCL and must be acknowledged with payment from BNL based on the category of publication:
- Daily publications: Payment on the same day (next working day if Sunday/holiday).
- Weeklies/fortnightlies: Within 3 days of delivery.
- Monthly/annual publications: Within 7 days of delivery.
The company was previously registered as an NBFC with RBI, but voluntarily applied to surrender its NBFC licence in October 2014. In 2017-18, RBI instructed the company to reduce its financial assets below 50% of total assets to begin cancellation of the CoR, and the company is reviewing the required actions.
Challenges Faced by Bharat Nidhi
The following section outlines the operational and industry challenges for Bharat Nidhi (Bharat Bank).
- Increasing digital content consumption poses a long-term risk to traditional newspaper circulation.
- Regulatory requirement from RBI to reduce financial assets below 50% to complete NBFC licence surrender.
- Print distribution business depends heavily on logistics, last-mile delivery efficiency, and rising operating costs.
Financial Review
The following provides a clear financial snapshot based on the available performance data:
- During FY 2017-18, Bharat Nidhi Limited recorded total standalone revenue of ₹69.88 crore, higher than ₹66.65 crore in the previous year. Total expenditure decreased to ₹56.66 crore compared to ₹58.48 crore in FY 2016-17, reflecting cost-management improvements.
- Profit After Tax (PAT) increased significantly to ₹13.13 crore from ₹8.16 crore, indicating stronger operational efficiency and improved margin performance despite industry disruptions from digital media expansion.
Quick Summary
This section presents a quick-read snapshot of Bharat Nidhi (Bharat Bank).
- Old and established distribution partner of The Times Group
- Handles pan-India newspaper and magazine distribution
- Profitability improving, with PAT rising from ₹8.16 cr → ₹13.13 cr
- Strong positioning in vernacular and Tier-II/III markets
NBFC licence surrender process ongoing with RBI
Shareholding Pattern of Bharat Nidhi (Bharat Bank)
| Name | Holding |
|---|---|
| Matrix Merchandise Limited | 20.68% |
| Mr. Vineet Jain | 20.34% |
| Sanmati Properties Limited | 16.25% |
| M/s Ashoka Marketing Ltd | 10.34% |
| M/s Mahavir Finance Ltd. | 6.89% |
| Others | 25.50% |
Latest News
Latest Post
Frequently Asked Questions
Bharat Nidhi (Bharat Bank) distributes newspapers and magazines for The Times Group and also undertakes investment and financing activities.
The company voluntarily applied to surrender its NBFC licence in 2014. RBI has asked it to reduce financial assets below 50% to complete the cancellation process.
Its primary revenue comes from print distribution operations and investment-related income.
In FY 2017-18, the company earned ₹69.88 cr in revenue and ₹13.13 cr PAT, showing strong improvement over the previous year.
It is a niche distribution player with long-standing contracts, stable profitability, and strong ties to The Times Group—but investors should evaluate industry risks from digital media growth.
+91-9599071664
amit@unlistedkraft.in