Bharat Gears Ltd - Stock Valuation and Financial Performance

BSE: 505688 | NSE: BHARATGEAR | Auto Ancillary | Small Cap

Bharat Gears Share Price

101.05 0.90 0.90%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Bharat Gears

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Somewhat Undervalued

3. Price Trend

Bharat Gears stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
155.5 Cr.
52-wk low:
96
52-wk high:
153

Is Bharat Gears Ltd an attractive stock to invest in?

1. Is Bharat Gears Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Gears Ltd is a average quality company.

2. Is Bharat Gears Ltd undervalued or overvalued?

The key valuation ratios of Bharat Gears Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is Bharat Gears Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bharat Gears Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Bharat Gears:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Gears Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 5.6%3.7%6.1%5.1%9%11%-2.7%3.7%17.4%9.2%-
Value Creation
Index
-0.6-0.7-0.6-0.6-0.4-0.2-1.2-0.70.2-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 420415398407507594463503729766672
Sales YoY Gr.--1.2%-4.2%2.3%24.6%17.3%-22.1%8.6%45%5.1%-
Adj EPS -0.8-3.9-0.7-1.14.47.5-14.9-5.713.95.2-4.7
YoY Gr.-NANANANA72%-299.2%NANA-62.5%-
BVPS (₹) 55.851.8525258.466.4555170.578.573.2
Adj Net
Profit
-1-5-0.9-1.55.810-21.6-8.221.38-7
Cash Flow from Ops. 26.919.723.320.36.150.153.65930.342-
Debt/CF from Ops. 3.75.14.25.521.83.22.81.93.32.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 6.9%8.6%18.3%5.1%
Adj EPS NA3.6%NA-62.5%
BVPS3.9%6.1%12.6%11.4%
Share Price 15.3% -0.7% 29.1% -3.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-1.3-6.8-1.3-2.1812-25.7-10.723.47-6.1
Op. Profit
Mgn %
6.15.37.76.98.59.947.1963.9
Net Profit
Mgn %
-0.2-1.2-0.2-0.41.11.7-4.7-1.62.91-1.1
Debt to
Equity
1.41.51.51.71.71.81.91.50.90.9-
Working Cap
Days
12113514014816016221919012812965
Cash Conv.
Cycle
5036213546516135263818

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.28%

Debt to equity has declined versus last 3 years average to 0.85

Return on Equity is Poor

Sales growth is not so good in last 4 quarters at -13.49%

Latest Financials - Bharat Gears Ltd.

Standalone Consolidated
TTM EPS (₹) -4.7 -
TTM Sales (₹ Cr.) 672 -
BVPS (₹.) 73.2 -
Reserves (₹ Cr.) 97 -
P/BV 1.38 -
PE 0.00 -
From the Market
52 Week Low / High (₹) 96.00 / 153.00
All Time Low / High (₹) 2.86 / 173.00
Market Cap (₹ Cr.) 155
Equity (₹ Cr.) 15.4
Face Value (₹) 10
Industry PE 46.3

Management X-Ray of Bharat Gears:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bharat Gears

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales420415398407507594463503729766
Operating Expenses 394393367379464536444467664720
Manufacturing Costs9691818711113194110158168
Material Costs202196187186235274238249371409
Employee Cost 7078757787989082107116
Other Costs 26282528313323262827
Operating Profit 26223128435819366646
Operating Profit Margin (%) 6.1%5.3%7.7%6.9%8.4%9.8%4.0%7.1%9.0%6.0%
Other Income 3221255149
Interest 14161615172222231817
Depreciation 14141617182227242020
Exceptional Items 0000000040
Profit Before Tax 1-61-2919-25-103418
Tax 0-20-137-6-284
Profit After Tax 1-40-1613-19-82613
PAT Margin (%) 0.1%-1.0%0.1%-0.4%1.2%2.1%-4.1%-1.5%3.5%1.8%
Adjusted EPS (₹)0.5-3.30.2-1.14.79.4-13.0-5.316.88.8
Dividend Payout Ratio (%)131%0%0%0%0%7%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7671716678888074108121
Share Capital 888888991015
Reserves 686363597080706598105
Minority Interest0000000000
Debt90827790129141125899487
Long Term Debt61495137798182676171
Short Term Debt29332652505942223216
Trade Payables87967689117116109157151132
Others Liabilities 535860575589129615070
Total Liabilities 306307283302378434442380402410

Fixed Assets

Gross Block303311311119148202233240244274
Accumulated Depreciation16818219617355783106126142
Net Fixed Assets135129115103113145150134118132
CWIP 42322102112
Investments 0000000001
Inventories596557627794789090100
Trade Receivables69726392128116102106144123
Cash Equivalents 6666577697
Others Assets343439385262103433946
Total Assets 306307283302378434442380402410

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 2720232065054593042
PBT 1-61-2919-25-103418
Adjustment 26273029324044443735
Changes in Working Capital 2-1-7-8-35-13425-37-5
Tax Paid -2-102-1-900-4-5
Cash Flow From Investing Activity -38-5-7-5-21-56-29-2-5-26
Capex -41-5-8-6-21-56-30-4-5-26
Net Investments 000000000-1
Others 20011-11100
Cash Flow From Financing Activity 11-15-16-1827-5-20-57-32-3
Net Proceeds from Shares 00000012090
Net Proceeds from Borrowing 29-38-1830184-18-1916
Interest Paid -13-14-14-13-13-21-19-19-18-16
Dividend Paid -1-10000-1000
Others -43-101210-2-16-20-5-3
Net Cash Flow -100-312-1140-713
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)0.83-6.110.36-2.28.7415.07-22.35-10.0428.3911.79
ROCE (%)9.55.8810.087.313.3717.94-1.336.3126.6316.03
Asset Turnover Ratio1.61.471.461.481.511.461.061.221.871.89
PAT to CFO Conversion(x)27N/AINFN/A13.85N/AN/A1.153.23
Working Capital Days
Receivable Days55575765787586766364
Inventory Days45505250505368614545
Payable Days97142168161160155173195151126

Bharat Gears Ltd Stock News

Bharat Gears Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bharat Gears on 28-Mar-2024 16:01 is ₹101.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Bharat Gears stood at ₹155.5.
The latest P/E ratio of Bharat Gears as of 28-Mar-2024 16:01 is 0.00.
The latest P/B ratio of Bharat Gears as of 28-Mar-2024 16:01 is 1.38.
The 52-week high of Bharat Gears is ₹153.0 and the 52-week low is ₹96.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Gears is ₹671.8 ( Cr.) .

About Bharat Gears Ltd

Bharat Gears was founded by the tireless Raunaq Singh, a man who aspired to take on the challenges of the liberalization of the Indian economy and the opportunities of the 21 st Century. With his dynamic leadership, Raunaq Singh was instrumental in strengthening Bharat Gears to leadership position it is in today.

Incorporated on 23rd December 1971, BGL is India's largest gear manufacturer. Since commencing business in 1974, BGL entered into the technical know-how with Holcroft, Michigan, U.S.A. for manufacturing Furnaces in May 1983 and with ZF Friedrichshafen, AG, Germany, in 1985 to Mid May,2007 technical and Financial collaboration for manufacturing Gear Boxes. BGL manufactures a wide range of gears for HCV, MCV, LCV, utility and off-highway vehicles. The products includes bevel, straight bevel and transmission gears.

BGL combines a modern line of machinery from all over the world. BGL manufactures a wide range of hypoid/spiral gears, differential gears and shafts, complete automotive transmissions, gearbox sub-assemblies and differential assemblies. World class parallel axis gear grinding and welding machines are deployed to enhance the capabilities to produce internals for heavy-duty power shift transmissions.

BGL's furnace division builds a variety of furnaces - sealed quench, continuous gas carburisers, rotary hearths etc. with technical know-how from AFC-Holcroft, USA. With niche markets in the OEM segment being serviced from the Mumbra plant, BGL felt the need to penetrate the untapped replacement market that comprises about 50% of the auto component industry. The fresh capacity needed to address the opportunity was achieved by the amalgamation of Universal Steel and Alloys Limited with BGL under a scheme of rehabilitation sanctioned by BIFR effective April 1, 1998. The facilities so acquired at Faridabad was upgraded and expanded in May 2000 at substantial investment. Apart from being the largest manufacturer of gears for OEM's in India, BGL is a major exporter to countries around the world.

Both plants are ISO/TS-16949:2002 & Faridabad Plant is ISO 14001:1996 also.

Milestones:

• 1972- Foundation Stone laid at Mumbra Factory. 

• 1974- Inauguration of the Hypoid Plant and Commencement of Production with 'Gleason Machines'. 

• 1980- First 'Oerlikon Spiromatic Generator' installed. BGL becomes the First Company in INDIA to have both Cutting Systems under one Roof. 

• 1981- Memorandum of Association signed with AFC-Holcroft, U.S.A. for construction of furnaces in India to AFC-Holcroft design.

• 1985-2007- Collaboration Agreement with ZF AG Germany

• 1987- Delivery for ZF S6-36 Gears & Shafts to Ashok Leyland Ltd. and ZFAG, Germany. 

• 1987- Start of Assembly of ZF S5-24 Gear Boxes for Ashok Leyland. 

• 1988- Start of business with DANA CORPORATION, USA 

• 1994- BGL receives ISO 9002 

• 1996- BGL crosses turnover of Rs. 1 Billion. 

• 1998- Foundation Stone for Faridabad Plant Laid 

• 2000- Start of Commercial Production in Faridabad 

• 2000- BGL receives SQ 9000 for Mumbra Plant 

• 2001- BGL receives SQ 9000 for Faridabad Plant 

• 2004- BGL Faridabad starts supply to Toyota Kirloskar Auto Parts 

• 2004- BGL Faridabad receives ISO 14001 certification 

• 2005- BGL Faridabad & Mumbra receives TS 16949 certification 

• 2008- Introduction of Dry Cut Hobbing process 

• 2009- Introduction of Klinglenberg Close Loop CNC Gear Measuring system 

• 2010- Introduction of Bevel Gear dry cutting process with close loop technology 

• 2011 - BGL Faridabad Receives OHSAS 18001 Certification

Divisions:

• Gears

• Furnaces

• Allied Auto Components

Group Company:

Raunaq International-  Raunaq International is an Engineering Contracting Organization managed by dedicated team of professionals at various levels in different disciplines, is engaged in the service of core sector of industries in India. Raunaq International Limited has sufficient in-house resources in terms of Engineering Manpower, Tools and Plants, and Technical know-how besides separate departments for Design and Engineering, Quality Assurance and Inspection etc. to cater the needs for undertaking the Turnkey Contracts of Mechanical, Civil and associated Electrical and Instrumentation works and offer specialized.

Domestic Clients:

1. Carr ro-India Italy, China

2. JDEPL-India 

3. JCB India, UK 

4. Mahindra & Mahindra

5. Paharpur Cooling Towers Ltd. 

6. Ashok Leyland

7. Spicer India

8. Axles India

9. Swaraj Mazda

10. CLAAS-India, France

11. TATA Motors

12. Escorts Ltd.

13. Toyota Kirloskar Auto Parts

Global Clients:

1. Dana Corporation, USA 

2. EATON USA 

3. JDCW, USA 

4. JOHN DEERE Iberica, Spain

5. New Holland Fiat India

6. GE Aviation LLC, USA 

7. Transaxle Manufacturing of America, (TMA) USA

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