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Bharat Gears Ltd (BHARATGEAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505688 NSE: BHARATGEAR Auto Ancillary | Small Cap | Bharat Gears Share Price
₹104.90 -3.15 (-2.92%)
As on 11-Aug'26 16:59
Bharat Gears Ltd (BHARATGEAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505688 NSE: BHARATGEAR Auto Ancillary | Small Cap | Bharat Gears Share Price
₹104.90 -3.15 (-2.92%)
As on 11-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹161 Cr.
Current Price
₹104.9
52-Week Low / High
₹84 / 154
TTM EPS
₹9.8
TTM Sales
₹820 Cr.
Book Value per Share
₹85.5
P/E Ratio
10.73
Higher than its 5-year historical median
Industry PE
49.9
Price to Book (P/B)
1.23
Lower than its 5-year historical median
Price to Sales (P/S)
0.20
Lower than its 5-year historical median
EV/EBITDA
3.81
Lower than its 5-year historical median
Dividend Yield
0.95%
Profitability Efficiency
Return on Equity (ROE)
13.52%
Outperforms industry median
Return on Capital Employed (ROCE)
19.82%
Outperforms industry median
Return on Assets (ROA)
4.41%
Operating Profit Margin
6.7%
Net Profit Margin
2.1%
Gross Profit Margin
5.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
21.1%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
106.6%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
417.24%
Asset Quality
Promoter Holding
55.33%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹116 Cr.
Equity
₹15.4 Cr.
Face Value
₹10
All Time Low / High
₹2.86 / 173.00
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is Bharat Gears Ltd a good quality company?
Bharat Gears Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Bharat Gears Ltd performance compare with that of its Peers?
Revenue growth of Bharat Gears Ltd vs industry peers?
Bharat Gears Ltd revenue CAGR is 9.29%, compared to the industry median CAGR of 12.83%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Bharat Gears Ltd?
Promoters hold 55.33% of the Bharat Gears Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Bharat Gears Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 7.5% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.3% | 13.4% | 17.9% | -1.3% | 6.3% | 26.6% | 16% | 2.2% | 11.1% | 19.8% | - |
| Value Creation Index ⓘ | -0.5 | -0.1 | 0.3 | -1.1 | -0.6 | 0.9 | 0.2 | -0.9 | -0.2 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 407 | 507 | 594 | 463 | 503 | 729 | 766 | 663 | 648 | 784 | 820 |
| Sales YoY Gr. | - | 24.6% | 17.3% | -22.1% | 8.6% | 45% | 5.1% | -13.5% | -2.3% | 21.1% | - |
| Adj EPS ⓘ | -1.1 | 4.4 | 7.5 | -14.9 | -5.7 | 13.9 | 5.2 | -7.5 | -6.2 | 8.3 | 9.8 |
| YoY Gr. | - | NA | 72% | -299.2% | NA | NA | -62.5% | -244.8% | NA | NA | - |
| BVPS (₹) ⓘ | 52 | 58.4 | 66.4 | 55 | 51 | 70.5 | 78.5 | 72 | 73.5 | 85.4 | 85.5 |
| Adj Net Profit ⓘ | -1.5 | 5.8 | 10 | -21.6 | -8.2 | 21.3 | 8 | -11.6 | -9.5 | 12.8 | 15 |
| Cash Flow from Ops. ⓘ | 20.3 | 6.1 | 50.1 | 53.6 | 59 | 30.3 | 42 | 46.6 | 49 | 29.5 | - |
| Debt/CF from Ops. ⓘ | 5.5 | 21.8 | 3.2 | 2.8 | 1.9 | 3.3 | 2.5 | 2 | 1.3 | 2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.6% | 9.3% | 0.8% | 21.1% | ||||
| Adj EPS ⓘ | NA | NA | 17.1% | NA | ||||
| BVPSⓘ | 5.7% | 10.9% | 2.9% | 16.2% | ||||
| Share Price | 7.3% | 4.8% | -4.5% | 21.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -2.1 | 8 | 12 | -25.7 | -10.7 | 23.4 | 7 | -10 | -8.5 | 10.5 | 11.4 |
| Op. Profit Mgn % ⓘ | 6.9 | 8.5 | 9.9 | 4 | 7.1 | 9 | 6 | 3.6 | 3.9 | 6.7 | 6.2 |
| Net Profit Mgn % ⓘ | -0.4 | 1.1 | 1.7 | -4.7 | -1.6 | 2.9 | 1 | -1.7 | -1.5 | 1.6 | 1.8 |
| Debt to Equity ⓘ | 1.7 | 1.7 | 1.8 | 1.9 | 1.5 | 0.9 | 0.9 | 0.8 | 0.5 | 0.4 | - |
| Working Cap Days ⓘ | 148 | 160 | 162 | 219 | 190 | 128 | 128 | 135 | 124 | 111 | 56 |
| Cash Conv. Cycle ⓘ | 35 | 46 | 51 | 61 | 35 | 26 | 38 | 43 | 38 | 24 | 10 |
Valuation of Bharat Gears - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 407 | 507 | 594 | 463 | 503 | 729 | 766 | 663 | 648 | 784 |
| Operating Expenses ⓘ + | 379 | 464 | 536 | 444 | 467 | 664 | 720 | 640 | 622 | 732 |
| Operating Profit ⓘ | 28 | 43 | 58 | 19 | 36 | 66 | 46 | 24 | 25 | 52 |
| Operating Profit Margin (%) | 6.9% | 8.4% | 9.8% | 4.0% | 7.1% | 9.0% | 6.0% | 3.5% | 3.9% | 6.7% |
| Other Income ⓘ + | 1 | 2 | 5 | 5 | 1 | 4 | 9 | 4 | 3 | 6 |
| Interest ⓘ | 15 | 17 | 22 | 22 | 23 | 18 | 17 | 17 | 17 | 14 |
| Depreciation ⓘ | 17 | 18 | 22 | 27 | 24 | 20 | 20 | 23 | 24 | 23 |
| Profit Before Tax ⓘ | -2 | 9 | 19 | -25 | -10 | 34 | 18 | -13 | 4 | 22 |
| Tax ⓘ | -1 | 3 | 7 | -6 | -2 | 8 | 4 | -3 | 1 | 6 |
| Profit After Tax | -1 | 6 | 13 | -19 | -8 | 26 | 13 | -10 | 3 | 17 |
| PAT Margin (%) | -0.4% | 1.2% | 2.1% | -4.1% | -1.5% | 3.5% | 1.8% | -1.5% | 0.5% | 2.1% |
| Adjusted EPS (₹) | -1.1 | 4.7 | 9.4 | -13.0 | -5.3 | 16.8 | 8.8 | -6.3 | 2.1 | 10.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 6.50% | 0% | 0% | 0% | 0% | 0% | 0% | 9.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 66 | 78 | 88 | 80 | 74 | 108 | 121 | 111 | 113 | 131 | |
| Debt + | 90 | 129 | 141 | 125 | 89 | 94 | 87 | 73 | 54 | 47 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 89 | 117 | 116 | 109 | 157 | 151 | 132 | 121 | 127 | 149 | |
| Others Liabilities ⓘ | 57 | 55 | 89 | 129 | 61 | 50 | 65 | 69 | 60 | 67 | |
| Total Liabilities ⓘ | 302 | 378 | 434 | 442 | 380 | 402 | 405 | 375 | 354 | 395 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 103 | 113 | 145 | 150 | 134 | 118 | 132 | 133 | 128 | 116 | |
| CWIP ⓘ | 2 | 2 | 10 | 2 | 1 | 1 | 2 | 5 | 2 | 4 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| Inventories | 62 | 77 | 94 | 78 | 90 | 90 | 100 | 82 | 93 | 101 | |
| Trade Receivables | 92 | 128 | 116 | 102 | 106 | 144 | 123 | 116 | 97 | 114 | |
| Cash Equivalents | 6 | 5 | 7 | 7 | 6 | 9 | 7 | 9 | 9 | 8 | |
| Others Assets ⓘ | 38 | 52 | 62 | 103 | 43 | 39 | 41 | 28 | 23 | 51 | |
| Total Assets ⓘ | 302 | 378 | 434 | 442 | 380 | 402 | 405 | 375 | 354 | 395 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 20 | 6 | 50 | 54 | 59 | 30 | 42 | 47 | 49 | 29 |
| Cash Flow From Investing Activity ⓘ + | -5 | -21 | -56 | -29 | -2 | -5 | -26 | -13 | 2 | -8 |
| Cash Flow From Financing Activity ⓘ + | -18 | 27 | -5 | -20 | -57 | -32 | -3 | -37 | -51 | -31 |
| Net Cash Flow ⓘ | -3 | 12 | -11 | 4 | 0 | -7 | 13 | -4 | 0 | -9 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.2 | 8.74 | 15.07 | -22.35 | -10.04 | 28.39 | 11.79 | -8.43 | 2.85 | 13.52 |
| ROCE (%) | 7.3 | 13.37 | 17.94 | -1.33 | 6.31 | 26.63 | 16.03 | 2.16 | 11.11 | 19.82 |
| Asset Turnover Ratio | 1.48 | 1.51 | 1.46 | 1.06 | 1.22 | 1.87 | 1.9 | 1.7 | 1.78 | 2.1 |
| PAT to CFO Conversion(x) | N/A | 1 | 3.85 | N/A | N/A | 1.15 | 3.23 | N/A | 16.33 | 1.71 |
| Working Capital Days | ||||||||||
| Receivable Days | 65.20 | 78.40 | 75 | 86 | 75.60 | 62.70 | 63.50 | 65.70 | 60.10 | 49 |
| Inventory Days | 50.30 | 49.60 | 52.50 | 67.90 | 61.10 | 45.30 | 45.40 | 50.10 | 49.40 | 45.20 |
| Payable Days | 161.20 | 160.30 | 155.50 | 172.60 | 194.70 | 151.20 | 126.20 | 129.50 | 132.10 | 121.90 |
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Bharat Gears Ltd FAQs
The current trading price of Bharat Gears on 11-Aug-2026 16:59 is ₹104.9.
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 10-Aug-2026 the market cap of Bharat Gears stood at ₹161.1 Cr
The latest P/E ratio of Bharat Gears as of 10-Aug-2026 is 10.73.
The latest P/B ratio of Bharat Gears as of 10-Aug-2026 is 1.23.
The 52-week high of Bharat Gears is ₹154.3 and the 52-week low is ₹83.65.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Gears is ₹820 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Gears Ltd is a average quality company.
The key valuation ratios of Bharat Gears Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
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.
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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