Bhatt is ahead of Congress nominee Narendra Rawat with 88,000 votes at the end of four rounds of counting, an Election officer said.
About 1.85 lakhs votes have been counted so far in Vadodara Lok Sabha seat, the officer said.
By-polls were held in Vadodara Lok Sabha constituency after Prime Minister Narendra Modi vacated this seat.
Nearly 45.30 per cent polling were registered in Vadodara Lok Sabha seat.
Bypolls were held for one Lok Sabha and nine Assembly seats in the state on September 13.