Bhavik EnterprisesShare price, financial results, shareholding and management
- Market cap
- ₹309 cr
- Stock P/E
- 22.8peers 20.5
- Book value
- ₹81
- Price to book
- 1.88
- EV / operating profit
- -
- Market cap to sales
- 0.49
- ROCE · FY26
- 14.3%
- ROE · FY26
- 10.3%
- ROE, 3-year average
- 8.6%
- Operating margin · FY26
- 2.7%peers 5.3%
- Sales growth, 3 years
- 3.9%
- Profit growth, 3 years
- -3.3%
- Debt to equity
- 0.00peers 0.37
- Borrowings
- ₹0 cr
- Interest cover
- 50.8×
- Cash from business / op. profit
- 88%
- Debtor days
- 31
- Pledged
- 0.00%
- Promoter holding
- 72.98%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 363
- 52-week high / low
- ₹175 / ₹121
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Bhavik Enterprises share price chart
Close on 6 Nov 2026 · -1.94% on the day · Vol 3,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -0.7%
- 3 months
- +6.3%
- 6 months
- -8.4%
- 1 year
- +6.7%
- Traded a day, 20 days
- ₹0.12 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +19% | +126% |
| 3 years, a year | +4% | -3% |
| Latest half, H2 FY26 | +22% | - |
About Bhavik Enterprises: business, products and customers
Bhavik Enterprises imports plastic granules and sells them from its own stock to factories in western India that make pipes, packaging and farm films. Its shares trade on BSE SME.
Bhavik Enterprises trades polyethylene and polypropylene granules in many grades. It is the authorised Indian distributor of Borouge Pte Ltd and also imports LyondellBasell products from Basell International Trading FZE, landing them at Hazira, Nhava Sheva and Mundra and holding them in depots and warehouses in Gujarat, Maharashtra, Daman and Silvassa. Its buyers make pressure and drainage pipes, drip pipes, packaging and farm films, woven sacks, crates, paint pails and houseware; in FY25 pipe makers took 37.01% of sales and polyethylene was 55.4% of sales.
Because it pays international prices for its stock and sells at the prevailing market price, revenue follows tonnes and polymer prices, and profit is the thin gap between the two after freight, storage and staff. The offer document says that when prices rise sharply there can be a lag before the company passes them on, which squeezes margins, and its restated EBITDA margin fell from 3.58% in FY23 to 0.75% in FY25 before profit recovered in FY26. The business needs almost no plant and has no borrowings, but stock and customer credit absorb cash whenever sales or prices rise.
Read more about the business
The business goes back to 1977, when Mukesh Natverlal Thakkar began trading plastic raw material through M/s Emmen Plastics; Purnima Mukesh Thakkar set up the partnership M/s Bhavik Enterprises in 1984, and the company formed in 2008 took over both firms in 2009. It listed on BSE SME on 6 October 2025 after an issue at ₹140 a share, of which ₹63.0 cr was fresh money raised for working capital.
The offer document says no listed company in India runs a similar business. Its competitors are mostly other regional polymer distributors, and the industry report in the offer document profiles Ramniklal S. Gosalia & Co., a Mumbai importer and distributor of chemicals and polymers, among the key players.
From the offer document (prospectus, September 2025) and the FY26 annual report.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹15 cr against ₹13.6 cr in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 72.98%.
To watch
- The Borouge distributor agreement dated 1 September 2023, which the offer document says runs for three years and can end if quarterly performance targets are missed (Offer document, p.35).
- The ₹3.7 cr income tax demand for AY 2020-21 under appeal, its penalty proceedings, and GST notices on input tax credit including one of ₹3.2 cr in Maharashtra (Annual report FY26, p.74; Offer document, p.256).
- Non-business property: the three bungalows bought for ₹7.5 cr from promoter group company Griffon Securities, and a residential flat booked in FY23 with ₹5.1 cr still to pay on possession, expected in 2028 (Annual report FY26, p.65, p.73 and p.74).
- Pay of the three promoter directors, with rises proposed at the September 2026 AGM, including up to ₹72 lakh a year for the managing director from 30 January 2027 (Annual report FY26, p.84 and p.99).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Bhavik Enterprises revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Bhavik Enterprises half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 254 | 274 | 294.28 | 334.16 |
| Expenses | 249 | 275 | 288.68 | 322.80 |
| Operating profit | 5 | -1 | 5.60 | 11.36 |
| OPM | 2.1% | -0.5% | 1.9% | 3.4% |
| Interest | 0 | 0 | 0.22 | 0.15 |
| Depreciation | 0 | 0 | 0.08 | 0.08 |
| Profit before tax | 9 | -1 | 5.75 | 12.70 |
| Net profit | 7 | -1 | 4.26 | 9.30 |
Bhavik Enterprises profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 283 | 292 | 325 | 561 | 494 | 527 | 628.44 |
| Expenses | 278 | 280 | 319 | 544 | 489 | 523 | 611.48 |
| Operating profit | 5 | 12 | 6 | 17 | 5 | 4 | 16.96 |
| OPM | 1.9% | 4.1% | 1.7% | 3.1% | 1.0% | 0.8% | 2.7% |
| Other income | 2 | 5 | 4 | 4 | 6 | 4 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0.37 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0.15 |
| Exceptional and other items | · | · | -1 | · | · | · | · |
| Profit before tax | 7 | 17 | 9 | 21 | 11 | 8 | 18.44 |
| Tax rate | 28.6% | 29.4% | 22.2% | 28.6% | 27.3% | 25.0% | 26.5% |
| Net profit | 5 | 12 | 7 | 15 | 8 | 6 | 13.56 |
| EPS ₹ | 2.99 | 7.73 | 4.21 | 9.67 | 4.96 | 3.58 | 6.66 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Bhavik Enterprises profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 1.9% | 4.1% | 1.7% | 3.1% | 1.0% | 0.8% | 2.7% |
| Tax rate | 28.6% | 29.4% | 22.2% | 28.6% | 27.3% | 25.0% | 26.5% |
| ROCE | · | 30.4% | 13.7% | 27.5% | 12.5% | 8.4% | 14.3% |
| ROE | · | 21.4% | 10.7% | 19.6% | 9.1% | 6.3% | 10.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Bhavik Enterprises debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Bhavik Enterprises balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 16 | 20 |
| Reserves | 45 | 57 | 64 | 79 | 87 | 82 | 145 |
| Net worth | 50 | 62 | 69 | 84 | 92 | 98 | 165 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 35 | 52 | 57 | 77 | 45 | 75 | 69 |
| Total liabilities | 85 | 114 | 126 | 161 | 137 | 173 | 234 |
| Fixed assets | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 3 | 0 | 0 | 8 |
| Other assets | 84 | 113 | 125 | 156 | 136 | 172 | 225 |
Bhavik Enterprises cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 5 | 26 | 1 | 14 | -3 | -33 | 15 |
| Cash from investing | 1 | 1 | 2 | -1 | 3 | -2 | 1 |
| Cash from financing | 0 | 0 | 0 | 0 | 0 | 0 | 54 |
| Net cash flow | 6 | 27 | 3 | 13 | 0 | -35 | 70 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 43 | 36 | 41 | 27 | 26 | 42 | 31 |
| Inventory days | 31 | 39 | 31 | 31 | 22 | 49 | 38 |
| Days payable | 43 | 61 | 57 | 49 | 32 | 54 | 40 |
| Cash conversion cycle | 31 | 14 | 15 | 9 | 16 | 36 | 29 |
| Working capital days | 28 | 7 | 5 | 6 | 17 | 41 | 32 |
Bhavik Enterprises peers and competitors
Listed SME companies in the same industryBy sales, Bhavik Enterprises is number 5 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Indian Phosphate | 189 | 8.6 | 1,072 | 21.9 | 4.1% | 0.37 |
| Neptune Petrochemicals | 401 | 13.2 | 1,052 | 30.3 | 3.0% | 0.11 |
| Sudarshan Pharma Industries | 917 | 39.9 | 703 | 23 | 7.0% | 1.84 |
| Bhavik Enterprises | 309 | 22.8 | 628 | 13.6 | 2.7% | 0.00 |
| SK Minerals & Additives | 524 | 29.1 | 318 | 18 | 10.0% | 1.25 |
| Nexxus Petro Industries | 45 | 7.5 | 262 | 6 | 4.6% | 0.54 |
| AMBANI ORGOCHEM | 137 | 102.9 | 241 | 1.3 | 5.6% | 1.35 |
| Dhariwalcorp | 240 | 27.9 | 236 | 8.6 | 2.6% | 0.12 |
| Beezaasan Explotech | 1,117 | 85.9 | 212 | 13 | 10.0% | 0.24 |
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Median of the 10 others | 215 | 20.5 | 251 | 14.6 | 5.3% | 0.37 |
Bhavik Enterprises shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Bhavik Enterprises shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Dec 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|
| Promoters | 72.98% | 72.98% | 72.98% | 72.98% |
| Indian institutions (DIIs) | 0.05% | 0.05% | - | - |
| Number of shareholders | 367 | 380 | 356 | 363 |
Bhavik Enterprises study: the business from its own documents
Read from 2 of the company's own documentsBhavik Enterprises key facts from the filings
Each figure with the document it comes from
- Main supplier
- 79.65%
- Share of FY25 purchases from Borouge Pte Ltd; Basell International Trading FZE supplied most of the rest, and the company had not arranged an alternative supplier.Offer document, p.34 and p.145
- Distributor agreement
- Three year term
- Borouge appointed the company under an agreement dated 1 September 2023 that does not stop Borouge selling direct or appointing other distributors, and can end if minimum performance targets are missed in two successive quarters.Offer document, p.35
- Bought abroad
- 99.47%
- Share of FY25 purchases that were imports, so the rupee and shipping costs feed straight into the cost of stock.Offer document, p.148
- Tonnes supplied
- 54,248 t
- Polymer sold in FY25, up from 44,524 t in FY23; the FY26 annual report does not give tonnes.Offer document, p.136
- Storage network
- 12 depots, 11 warehouses
- Spread across Gujarat, Maharashtra, Daman and Silvassa near the ports it imports through.Offer document, p.145
Show 5 more facts
- Top ten customers
- 23.80%
- Share of FY25 sales; the largest single customer was 5.00%, and there are no long term supply contracts with customers.Offer document, p.144 and p.153
- Cash from operations
- ₹15.4 cr
- Inflow in FY26 as stock and receivables came down, after an outflow of ₹33.0 cr in FY25 when both built up.Annual report FY26, p.60
- Property from a group company
- ₹7.5 cr
- Price of three bungalows bought from promoter group company Griffon Securities, held as an investment; Griffon also rents a depot to the company.Annual report FY26, p.29, p.65 and p.73; Offer document, p.161
- Income tax demand
- ₹3.7 cr
- Demand for AY 2020-21 after a reassessment that disallowed certain expenses; the company has appealed and penalty proceedings are pending, with no provision made.Annual report FY26, p.74; Offer document, p.256
- Borrowings
- Nil
- No bank borrowings at March 2026, with ₹97.8 cr in cash and bank balances after the IPO.Annual report FY26, p.58 and p.75
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Bhavik earns a thin trading margin by importing plastic granules in bulk and selling them from nearby stock to many small and medium factories.
Its weak spots are its reliance on one overseas supplier and a margin that swings with polymer prices.
WatchCan it set its own prices?No. It sells at the going market price for polymers, and when prices jump it can take time to pass the rise on.
AverageHow strong is it against rivals?Being Borouge's authorised distributor with stock near the ports gives it a place in the market, but the agreement is not exclusive and other distributors compete on price.
StrongWho are its customers?Many plastic product makers order from it again and again, and no single buyer is large.
AverageDoes it need a lot of money?It needs almost no plant, but stock and customer credit tie up cash, which is why the IPO money went to working capital.
AverageCan it keep finding new work?Tonnes sold have risen every year in the offer document, but each sale is a fresh deal and supply depends on one company's distributorship.
WatchDo good and bad years swing a lot?Yes. Profit fell for two years in a row and then more than doubled, moving with crude-linked polymer prices, freight and the rupee.
Who runs Bhavik Enterprises?
Promoters, directors and officers; tap a name for the background
MNMukesh Natverlal ThakkarPromoter, Chairman and Whole-time Director · holds 19.28%
B.Com from the University of Bombay (1975). Has traded plastic granules since 1977, first through the proprietorship M/s Emmen Plastics, and handles accounts, finance, human resources and compliance. A director of Griffon Securities. Drew ₹60 lakh in FY26, and the company paid ₹7.2 lakh of rent to Mukesh Natverlal Thakkar. The offer document states that Mukesh Natverlal Thakkar and Purnima Mukesh Thakkar are husband and wife and the parents of Bhavik Mukesh Thakkar.
Offer document, p.174, p.176 and p.177; Annual report FY26, p.73 and p.99BMBhavik Mukesh ThakkarPromoter and Managing Director · holds 10.69%
B.Com (2000) and Master of Management Studies (2002) from the University of Mumbai; with the company since 2008 and, per the FY26 annual report, over 20 years in the polymer business. Runs sales and marketing, purchase, forex, treasury, supply chain and logistics. A director of Griffon Securities. Drew ₹60 lakh in FY26, and the company paid ₹9 lakh of rent to Bhavik Mukesh Thakkar; a rise to up to ₹72 lakh a year from 30 January 2027 was put to the September 2026 AGM.
Offer document, p.176; Annual report FY26, p.73, p.84, p.99 and p.100PMPurnima Mukesh ThakkarPromoter and Executive Director · holds 42.66%
BA from Sardar Patel University (1977). Traded plastic granules through the partnership M/s Bhavik Enterprises from 1984 and looks after overall administration. Drew ₹48 lakh in FY26.
Offer document, p.176; Annual report FY26, p.73 and p.99KPK P RavichandraChief Financial Officer
Previously an employee of the company; appointed CFO from 10 November 2025 after Anish Ramanlal Shah, CFO from 30 January 2025, ceased on 7 November 2025.
Annual report FY26, p.19, p.29 and p.36NDNikhil Dineshchandra BhattCompany Secretary and Compliance Officer
Appointed from 1 April 2025.
Annual report FY26, p.18MAManishkumar Anjanikumar DhanukaIndependent Director
Chartered accountant since 2002 who cleared the CFA examination in 2012; earlier with Edelweiss Securities, Nuvama Wealth Management, ECL Finance and Reliance Securities, and Group CFO of EMA Partners India since June 2024. Chairs the audit committee.
Offer document, p.177; Annual report FY26, p.22JJJayesh Jaysinh KapadiaIndependent Director
Practising chartered accountant since 1999 with over 24 years in accounting, finance and auditing. Chairs the nomination and remuneration committee.
Offer document, p.177; Annual report FY26, p.23JVJeny Vinod Kumar GowadiaIndependent Director
Practising company secretary since 2017 with B.Com and M.Com degrees from the University of Mumbai; a director since June 2021, proposed for a second five year term from 18 June 2026.
Offer document, p.176 and p.177; Annual report FY26, p.83Bhavik Enterprises latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹334 cr (+22%), net profit ₹9.3 cr (-) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 72.98%.
Bhavik Enterprises announcements
1 on record, latest first; each opens the filing on the exchange
Bhavik Enterprises annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- FY26 ↗read
Bhavik Enterprises share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Bhavik Enterprises' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,03,58,009 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Bhavik Enterprises
What does Bhavik Enterprises do?
Bhavik Enterprises imports plastic granules and sells them from its own stock to factories in western India that make pipes, packaging and farm films. Its shares trade on BSE SME.
What is the share price of Bhavik Enterprises?
₹152 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Bhavik Enterprises?
₹309 cr at the close on 6 Nov 2026, on 2,03,58,009 shares.
What is the P/E of Bhavik Enterprises?
22.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Bhavik Enterprises' revenue and profit?
Revenue ₹628 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of Bhavik Enterprises?
Mukesh Natverlal Thakkar, Bhavik Mukesh Thakkar, Purnima Mukesh Thakkar; promoters held 72.98% at 30 Sept 2026.
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Built from 1 offer document, 1 annual report, 1 exchange announcements, 4 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.