---
title: "Bharat Financial Inclusion Ltd(Merged)) (BHARATFIN) — Share Price, Financials & Analysis"
symbol: "BHARATFIN"
company: "Bharat Financial Inclusion Ltd(Merged))"
canonical: "https://tapetide.com/stocks/BHARATFIN"
nse_symbol: "BHARATFIN"
generated_at: "2026-09-13T23:55:38.561Z"
---

# Bharat Financial Inclusion Ltd(Merged)) (BHARATFIN)

Canonical page: https://tapetide.com/stocks/BHARATFIN

## Company

- **NSE Symbol:** BHARATFIN
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** bfil.co.in

## About

Bharat Financial Inclusion is a non-banking financial company-micro finance institution (NBFC-MFI). The Company is engaged in providing micro finance services to women in the rural areas of India enrolled as members and organized as Joint Liability Groups. In addition to its business of providing micro-credit, the Company uses its distribution channel to provide other financial products and services to the members.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 28.7% CAGR over last 5 years
- Company's median sales growth is 39.7% of last 10 years

### Weaknesses

- Stock is trading at 2.98 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 67% | 34% | 29% |
| revenue growth | 41% | 38% | 43% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 369 | 407 | 409 | 368 | 451 | 482 | 576 | 646 | 612 | 760 | 814 | 851 |
| Expenses | 137 | 143 | 144 | 476 | 180 | 156 | 181 | 238 | 227 | 244 | 224 | 243 |
| Operating Profit | 232 | 264 | 265 | -108 | 272 | 325 | 395 | 408 | 385 | 516 | 590 | 608 |
| OPM % | 63 | 65 | 65 | -29 | 60 | 68 | 69 | 63 | 63 | 68 | 72 | 71 |
| Other Income | 45 | 42 | 46 | 41 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Interest | 136 | 158 | 164 | 165 | 176 | 179 | 183 | 189 | 199 | 205 | 204 | 181 |
| Depreciation | 2 | 3 | 3 | 4 | 3 | 3 | 4 | 4 | 3 | 4 | 5 | 6 |
| Profit before tax | 139 | 146 | 143 | -235 | 93 | 143 | 209 | 215 | 183 | 308 | 381 | 421 |
| Tax % | -70 | 0 | 0 | 0 | 48 | 6 | 8 | 1 | 22 | 24 | 24 | 24 |
| Net Profit | 236 | 146 | 143 | -235 | 48 | 135 | 193 | 213 | 142 | 233 | 288 | 321 |
| EPS in Rs | 18.5 | 10.6 | 10.36 | -17.02 | 3.49 | 9.74 | 13.88 | 15.32 | 10.19 | 16.63 | 20.57 | 22.91 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 955 | 1262 | 472 | 352 | 545 | 802 | 1320 | 1728 | 2101 | 3037 |
| Expenses | 390 | 733 | 1586 | 500 | 257 | 326 | 434 | 900 | 924 | 938 |
| Operating Profit | 565 | 529 | -1114 | -148 | 288 | 477 | 886 | 828 | 1177 | 2098 |
| OPM % | 59 | 42 | -236 | -42 | 53 | 59 | 67 | 48 | 56 | 69 |
| Other Income | 3 | 8 | 1 | 0 | 0 | 1 | 1 | 0 | 1 | 0 |
| Interest | 288 | 350 | 200 | 143 | 214 | 279 | 485 | 622 | 710 | 789 |
| Depreciation | 13 | 16 | 10 | 6 | 4 | 5 | 8 | 13 | 13 | 18 |
| Profit before tax | 268 | 171 | -1324 | -297 | 70 | 194 | 394 | 193 | 455 | 1292 |
| Tax % | 35 | 35 | 3 | 0 | 0 | 3 | 23 | -50 | 0 | — |
| Net Profit | 174 | 112 | -1361 | -297 | 70 | 188 | 303 | 290 | 455 | 985 |
| EPS in Rs | — | 15.44 | -187.93 | -27.46 | 6.46 | 14.86 | 23.8 | 20.99 | 32.7 | 70.3 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 65 | 72 | 72 | 108 | 108 | 126 | 127 | 138 | 139 | 140 |
| Reserves | 894 | 1708 | 362 | 282 | 351 | 920 | 1256 | 2309 | 2859 | 4084 |
| Borrowings | 2695 | 2235 | 1021 | 1618 | 1531 | 3280 | 5130 | 7125 | 7617 | 4778 |
| Other Liabilities | 403 | 310 | 266 | 503 | 507 | 372 | 641 | 846 | 915 | 1226 |
| Total Liabilities | 4055 | 4326 | 1722 | 2511 | 2497 | 4699 | 7154 | 10418 | 11531 | 10229 |
| Fixed Assets | 23 | 28 | 20 | 11 | 10 | 9 | 15 | 22 | 22 | 31 |
| CWIP | 2 | 3 | 0 | 0 | 2 | 1 | 1 | 0 | 0 | 0 |
| Investments | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 4031 | 4292 | 1701 | 2500 | 2486 | 4688 | 7137 | 10395 | 11509 | 10198 |
| Total Assets | 4055 | 4326 | 1722 | 2511 | 2497 | 4699 | 7154 | 10418 | 11531 | 10229 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -277 | -1226 | — | — | — | — | — | — | — | — |
| Cash from Investing Activity | -230 | 14 | — | — | — | — | — | — | — | — |
| Cash from Financing Activity | 1564 | 671 | — | — | — | — | — | — | — | — |
| Net Cash Flow | 1057 | -541 | — | — | — | — | — | — | — | — |
| Free Cash Flow | -292 | -1244 | — | — | — | — | — | — | — | — |
| CFO/OP | -70 | -200 | — | — | — | — | — | — | — | — |

### Ratios

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 1 | 1 | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 |
| Cash Conversion Cycle | 1 | 1 | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 |
| Working Capital Days | 813 | 1008 | 959 | 376 | 1121 | 847 | 1102 | 1152 | 1165 | 1250 |
| ROCE % | 17 | 17 | 14 | -41 | -9 | 14 | 15 | 16 | 10 | 12 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Jun 2019 |
| --- | --- | --- | --- | --- |
| Promoters | 1.66% | 1.64% | 1.58% | 1.58% |
| FIIs | 64.97% | 59.02% | 61.25% | 60.27% |
| DIIs | 13.89% | 26.36% | 26.18% | 24.73% |
| Public | 19.46% | 12.96% | 10.99% | 13.42% |
| Others | 0.01% | 0.01% | 0% | 0% |
| No. of Shareholders | 63615 | 37609 | 34186 | 34575 |

### Quarterly

| Category | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 1.75% | 1.66% | 1.66% | 1.66% | 1.65% | 1.65% | 1.64% | 1.59% | 1.58% | 1.58% | 1.58% | 1.58% |
| FIIs | 74.49% | 70.22% | 64.97% | 68.33% | 68.83% | 60.71% | 59.02% | 55.52% | 53.67% | 60.18% | 61.25% | 60.27% |
| DIIs | 9.1% | 10.23% | 13.89% | 14.18% | 16.84% | 23.98% | 26.36% | 29.97% | 32.14% | 27.61% | 26.18% | 24.73% |
| Public | 14.65% | 17.88% | 19.46% | 15.82% | 12.67% | 13.65% | 12.96% | 12.91% | 12.6% | 10.62% | 10.99% | 13.42% |
| Others | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0% | 0% |
| No. of Shareholders | 53706 | 65024 | 63615 | 66236 | 46007 | 42817 | 37609 | 38397 | 37754 | 37572 | 34186 | 34575 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 94.72 | Sell |
| EMA (10) | 95.01 | Sell |
| SMA (20) | 97.05 | Sell |
| EMA (20) | 96.33 | Sell |
| SMA (50) | 98.96 | Sell |
| EMA (50) | 100.32 | Sell |
| SMA (100) | 108.21 | Sell |
| EMA (100) | 105.06 | Sell |
| SMA (200) | 107.8 | Sell |
| EMA (200) | 114.01 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.11 | Neutral |
| MACD (12,26,9) | -1.84 | Buy |
| Stochastic (14,3,3) | 50.81 | Neutral |
| ADX (14) | 12.89 | Neutral |
| Williams %R (14) | -47.15 | Neutral |
| ATR (14) | 5.53 | High Volatility |
| ROC (12) | -3.25 | Sell |
| Stoch RSI (14) | 73.16 | Neutral |
| UO (7,14,28) | 44.91 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 February 2026 - Board approved unaudited Q3 and 9M results (ended 31-Dec-2025); limited review; Rs41.39L exceptional gratuity impact. | [Outcome of Board Meeting 9 February 2026 - Board approved unaudited Q3 and 9M results (ended 31-Dec-2025); limited review; Rs41.39L exceptional gratuity impact.](https://nsearchives.nseindia.com/corporate/UNIINFO_09022026182504_Outcome_of_Board_Meeting.pdf) |
| 6 January 2026 - Certificate under Reg 74(5) confirming dematerialisation for quarter ended 31 Dec 2025. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 January 2026 - Certificate under Reg 74(5) confirming dematerialisation for quarter ended 31 Dec 2025.](https://nsearchives.nseindia.com/corporate/UNIINFO_06012026124032_Certificate_under_Regulation_74_5_.pdf) |
| 5 February 2026 - Clarifies H1 FY2025-26 standalone and consolidated figures identical; wholly-owned subsidiaries inoperative and being closed. | [Reply to Clarification- Financial results 5 February 2026 - Clarifies H1 FY2025-26 standalone and consolidated figures identical; wholly-owned subsidiaries inoperative and being closed.](https://nsearchives.nseindia.com/corporate/UNIINFO_13012026172353_Clarification_Letter_NSE.pdf) |
| 13 January 2026 - Exchange has sought clarification from Uniinfo Telecom Services Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. … | [Clarification - Financial Results 13 January 2026 - Exchange has sought clarification from Uniinfo Telecom Services Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. …](https://www.nseindia.com/get-quotes/equity?symbol=UNIINFO) |
| 10 February 2026 - Published extract of Unaudited Financial Results for quarter/nine months ended 31st Dec 2025; clipping filed. | [Copy of Newspaper Publication 10 February 2026 - Published extract of Unaudited Financial Results for quarter/nine months ended 31st Dec 2025; clipping filed.](https://nsearchives.nseindia.com/corporate/UNIINFO_10022026130441_Newspaper_Advertisement.pdf) |
| — | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 6 Jul 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2E01B3A6_2F6F_4254_9DC2_86D55BA8F350_082405.pdf) |
| — | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 6 Jul 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2E01B3A6_2F6F_4254_9DC2_86D55BA8F350_082405.pdf) |
| — | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 4 Jul 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2979668c-f5bf-4c99-8d32-26813c501f48.pdf) |
| — | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 4 Jul 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2979668c-f5bf-4c99-8d32-26813c501f48.pdf) |
| — | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 3 Jul 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=D805BEF1_EE1D_461E_8531_2AA229119A70_195939.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/AR_28743_UNIINFO_2024_2025_A_35518881_06092025141529.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25581_UNIINFO_2023_2024_03092024175925.pdf) |
| from nse | [Financial Year 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23484_UNIINFO_2022_2023_05092023143313_09052023150014.zip) |
| from nse | [Financial Year 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21531_UNIINFO_2021_2022_06092022190910_09062022200014.zip) |
| from nse | [Financial Year 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19509_UNIINFO_2020_2021_06092021182456_09062021190019.zip) |
| from nse | [Financial Year 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17661_UNIINFO_2019_2020_08092020201208_08092020210005.zip) |
| from nse | [Financial Year 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15817_UNIINFO_2018_2019_05092019175806_05092019180016.zip) |
| from nse | [Financial Year 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_14126_UNIINFO_2017_2018_06102018132511.zip) |
| from nse | [Annual Report 2013 from nse](https://archives.nseindia.com/annual_reports/AR_2860_SKSMICRO_2012_2013_12112013142405.zip) |
| from nse | [Annual Report 2010 from nse](https://archives.nseindia.com/annual_reports/AR_SKSMICRO_2009_2010_16092010120000.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=85477e79-37f6-4d72-b941-7dbbd947aa06.pdf) |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d1336348-fbf8-423d-9342-907aeac12e8b.pdf) |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/10/85477e79-37f6-4d72-b941-7dbbd947aa06.pdf) |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/10/d1336348-fbf8-423d-9342-907aeac12e8b.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8677df18-a585-46ee-861a-477df26d2cc5.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/8677df18-a585-46ee-861a-477df26d2cc5.pdf) |
| May 2019 | [Concall - May 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ad300147-e5f5-4540-9472-fccee75f5796.pdf) |
| May 2019 | [Concall - May 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ad300147-e5f5-4540-9472-fccee75f5796.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b9e69927-1a31-4b24-9ff8-67474b970502.PDF) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/b9e69927-1a31-4b24-9ff8-67474b970502.PDF) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T23:55:38.561Z.