SMC Global Securities Limited

📌Fast Fashion + Gen Z: → Short trend cycles → Brands need agile backend partners → Bella Casa fits

For believers in India’s next decade of consumption-led growth… Bella Casa is a microcap you might want on your radar

Shows stable performance across volatile market cycles — a rare trait in smallcap textile play

9️⃣Risks to Watch 🚨 🔸Execution: Will new capacity scale smoothly? 🔸B2B Concentration: Dependence on top clients 🔸Working Capital: B2C is cash intensive 🔸Margins: Balancing high-volume B2B & brand-driven B2C

It’s a key piece in India’s retail engine: ✔️Back-end enabler for India’s top brands ✔️Affordable lifestyle brand in fast-growing Bharat ✔️Beneficiary of Gen Z fashion & D2C evolution ✔️Backed by FIIs and long-term investors

8️⃣But how does Bella Casa Beats Traditional Textile Players • Not stuck in commodity textiles • No brand building cost in B2B • High-margin branding in B2C • Digitally enabled production + distribution • Focused on high-growth segments (ethnic, kids, casual wear)

6️⃣Tailwinds: Retail is on Fire 📌Income Boost: → Budget 2025: ₹12L tax-free limit → More disposable income → Lifestyle spend 📌Organised Shift: → Branded sourcing > unorganised vendors → Bella Casa benefits from this migration

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🔟Final Take: The Hidden Gem of Retail Infra Bella Casa isn’t “just another textile stock”