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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

₹110.80 -1.05 (-0.94%)

As on 10-Jun'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

₹110.80 -1.05 (-0.94%)

As on 10-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹172 Cr.
Current Price
₹110.8
52-Week Low / High
₹84 / 154
TTM EPS
₹10.8
TTM Sales
₹784 Cr.
Book Value per Share
₹85.4
P/E Ratio
10.41
Higher than its 5-year historical median
Industry PE
43
Price to Book (P/B)
1.31
Lower than its 5-year historical median
Price to Sales (P/S)
0.22
Lower than its 5-year historical median
EV/EBITDA
3.79
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
2.85%
Underperforms industry median
Return on Capital Employed (ROCE)
11.11%
Underperforms industry median
Return on Assets (ROA)
0.87%
Operating Profit Margin
3.9%
Net Profit Margin
0.49%
Gross Profit Margin
1.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-2.34%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
7.52%
Net Profit Growth (1 Year)
-
-
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

Bharat Gears stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 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?
Q.1 Revenue growth of Bharat Gears Ltd vs industry peers?
Bharat Gears Ltd revenue CAGR is 6.93%, compared to the industry median CAGR of 11.89%, indicating slower growth and losing its market share.
Q.1 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.
Q.1 Stock return of Bharat Gears Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.7% based on the current price.

10 Year X-Ray : Login to view analysis.

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

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10.1%7.3%13.4%17.9%-1.3%6.3%26.6%16%2.2%11.1%-
Value Creation
Index
-0.3-0.5-0.10.3-1.1-0.60.90.2-0.9-0.2-

Growth Parameters

Sales 398407507594463503729766663648784
Sales YoY Gr.-2.3%24.6%17.3%-22.1%8.6%45%5.1%-13.5%-2.3%-
Adj EPS -0.7-1.14.47.5-14.9-5.713.95.2-7.5-6.210.8
YoY Gr.-NANA72%-299.2%NANA-62.5%-244.8%NA-
BVPS (₹) 525258.466.4555170.578.57273.585.4
Adj Net
Profit
-0.9-1.55.810-21.6-8.221.38-11.6-9.517
Cash Flow from Ops. 23.320.36.150.153.65930.34246.649-
Debt/CF from Ops. 4.25.521.83.22.81.93.32.521.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 5.6%6.9%-3.9%-2.3%
Adj EPS NANA-176.5%NA
BVPS3.9%6%1.4%2.1%
Share Price 8.3% 9.8% -3.1% 23.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-1.3-2.1812-25.7-10.723.47-10-8.513.5
Op. Profit
Mgn %
7.76.98.59.947.1963.63.96.7
Net Profit
Mgn %
-0.2-0.41.11.7-4.7-1.62.91-1.7-1.52.1
Debt to
Equity
1.51.71.71.81.91.50.90.90.80.50.1
Working Cap
Days
14014816016221919012812813512456
Cash Conv.
Cycle
2135465161352638433810

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales398407507594463503729766663648
Operating Expenses + 367379464536444467664720640622
Manufacturing Costs818711113194110158168139129
Material Costs187186235274238249371409357343
Employee Cost 757787989082107116114119
Other Costs 25283133232628272931
Operating Profit 31284358193666462425
Operating Profit Margin (%) 7.7%6.9%8.4%9.8%4.0%7.1%9.0%6.0%3.5%3.9%
Other Income + 2125514943
Exceptional Items 00000040017
Interest 16151722222318171717
Depreciation 16171822272420202324
Profit Before Tax 1-2919-25-103418-134
Tax 0-137-6-284-31
Profit After Tax 0-1613-19-82613-103
PAT Margin (%) 0.1%-0.4%1.2%2.1%-4.1%-1.5%3.5%1.8%-1.5%0.5%
Adjusted EPS (₹)0.2-1.14.79.4-13.0-5.316.88.8-6.32.1
Dividend Payout Ratio (%)0%0%0%6.50%0%0%0%0%0%0%

Valuation of Bharat Gears - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 716678888074108121111113
Share Capital 88889910151515
Reserves 635970807065981059598
Debt +77901291411258994877354
Long Term Debt51377981826761715133
Short Term Debt26525059422232162320
Minority Interest0000000000
Trade Payables7689117116109157151132121127
Others Liabilities 605755891296150656960
Total Liabilities 283302378434442380402405375354

Fixed Assets

Net Fixed Assets +115103113145150134118132133128
Gross Block311119148202233240244274293311
Accumulated Depreciation19617355783106126142160183
CWIP 32210211252
Investments 0000000111
Inventories576277947890901008293
Trade Receivables639212811610210614412311697
Cash Equivalents 6657769799
Others Assets 393852621034339412823
Total Assets 283302378434442380402405375354

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 2320650545930424749
PBT 1-2919-25-103418-134
Adjustment 30293240444437353623
Changes in Working Capital -7-8-35-13425-37-52521
Tax Paid -02-1-9-0-0-4-5-11
Cash Flow From Investing Activity + -7-5-21-56-29-2-5-26-132
Capex -8-6-21-56-30-4-5-26-133
Net Investments 0000000-100
Others 011-111-000-1
Cash Flow From Financing Activity + -16-1827-5-20-57-32-3-37-51
Net Proceeds from Shares 00001209000
Net Proceeds from Borrowing 8-1830184-18-1916-16-31
Interest Paid -14-13-13-21-19-19-18-16-15-14
Dividend Paid -0-0-00-1-0-000-0
Others -101210-2-16-20-5-3-6-6
Net Cash Flow 0-312-1140-713-40

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)0.36-2.28.7415.07-22.35-10.0428.3911.79-8.432.85
ROCE (%)10.087.313.3717.94-1.336.3126.6316.032.1611.11
Asset Turnover Ratio1.461.481.511.461.061.221.871.91.71.78
PAT to CFO Conversion(x)N/AN/A13.85N/AN/A1.153.23N/A16.33
Working Capital Days
Receivable Days5765.2078.40758675.6062.7063.5065.7060.10
Inventory Days51.8050.3049.6052.5067.9061.1045.3045.4050.1049.40
Payable Days167.60161.20160.30155.50172.60194.70151.20126.20129.50132.10

Management X-Ray

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Bharat Gears Ltd FAQs

The current trading price of Bharat Gears on 10-Jun-2026 16:59 is ₹110.8.

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 09-Jun-2026 the market cap of Bharat Gears stood at ₹171.8 Cr

The latest P/E ratio of Bharat Gears as of 09-Jun-2026 is 10.41.

The latest P/B ratio of Bharat Gears as of 09-Jun-2026 is 1.31.

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 ₹784 ( 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 Semi Strong which suggest that the price of Bharat Gears Ltd is likely to Rise-somewhat 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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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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