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Bharat Seats Ltd (BHARATSE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523229 NSE: BHARATSE Auto Ancillary | Small Cap | Bharat Seats Share Price

₹186.25 1.20 (0.65%)

As on 25-Jun'26 16:59

Bharat Seats Ltd (BHARATSE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523229 NSE: BHARATSE Auto Ancillary | Small Cap | Bharat Seats Share Price

₹186.25 1.20 (0.65%)

As on 25-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,170 Cr.
Current Price
₹186.3
52-Week Low / High
₹101 / 240
TTM EPS
₹6.7
TTM Sales
₹1,951 Cr.
Book Value per Share
₹36.6
P/E Ratio
27.70
Higher than its 5-year historical median
Industry PE
45.3
Price to Book (P/B)
5.09
Higher than its 5-year historical median
Price to Sales (P/S)
0.60
Higher than its 5-year historical median
EV/EBITDA
11.53
Higher than its 5-year historical median
Dividend Yield
0.81%
Profitability Efficiency
Return on Equity (ROE)
19.91%
Outperforms industry median
Return on Capital Employed (ROCE)
24.45%
Outperforms industry median
Return on Assets (ROA)
6.10%
Operating Profit Margin
5.1%
Net Profit Margin
2.16%
Gross Profit Margin
4.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
51.37%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
31.41%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
29.14%
Asset Quality
Promoter Holding
74.66%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹217 Cr.
Equity
₹12.6 Cr.
Face Value
₹2
All Time Low / High
₹0.45 / 239.55

Bharat Seats stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is Bharat Seats Ltd a good quality company?
Bharat Seats 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 Seats Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Bharat Seats Ltd vs industry peers?
Bharat Seats Ltd revenue CAGR is 16.97%, compared to the industry median CAGR of 11.89%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Bharat Seats Ltd?
Promoters hold 74.66% of the Bharat Seats Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Bharat Seats Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26.4% 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 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 Seats 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 16.8%39.4%27.9%11%7.4%12.6%18%17.9%19.9%24.5%-
Value Creation
Index
0.21.81.0-0.2-0.5-0.10.30.30.40.8-

Growth Parameters

Sales 8409709045895488181,0511,0671,2891,9511,951
Sales YoY Gr.-15.5%-6.9%-34.9%-7%49.3%28.6%1.5%20.8%51.4%-
Adj EPS 24.53.520.71.93.445.26.96.7
YoY Gr.-130.5%-23.1%-42.7%-64%162.5%81.5%15.5%32.1%32.5%-
BVPS (₹) 9.913.816.71818.620.223.326.63136.636.6
Adj Net
Profit
12.428.521.912.64.511.921.624.932.843.542
Cash Flow from Ops. 38.568.534.727.718.815.642.556.796.1107-
Debt/CF from Ops. 1.60.40.81.21.82.41.41.60.80.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.8%28.9%22.9%51.4%
Adj EPS 15%57.3%26.4%32.5%
BVPS15.6%14.5%16.2%18%
Share Price 25% 36.3% 41.6% 82.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
21.438.322.911.63.99.815.815.918.220.518.4
Op. Profit
Mgn %
4.46.75.66.14.93.94.45.75.95.15.1
Net Profit
Mgn %
1.52.92.42.10.81.52.12.32.62.22.2
Debt to
Equity
10.30.30.30.30.30.40.50.40.20.2
Working Cap
Days
4345495567705756645829
Cash Conv.
Cycle
-11-13-13-15-1045-1-4-3-5

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8409709045895488181,0511,0671,2891,951
Operating Expenses + 8039068545535217851,0051,0061,2131,852
Manufacturing Costs34425643373544485275
Material Costs7358227464614466999018881,0811,679
Employee Cost 21253132243641455366
Other Costs 14172017131619252832
Operating Profit 37655036273246617599
Operating Profit Margin (%) 4.4%6.7%5.5%6.1%4.9%3.9%4.4%5.7%5.9%5.1%
Other Income + 1152254545
Exceptional Items 000000000-1
Interest 43334448910
Depreciation 17192122181817242635
Profit Before Tax 1744311271630344458
Tax 51510-024891115
Profit After Tax 1228211351222253342
PAT Margin (%) 1.5%2.9%2.4%2.1%0.9%1.5%2.1%2.4%2.5%2.2%
Adjusted EPS (₹)1.94.53.42.00.81.93.44.05.26.7
Dividend Payout Ratio (%)23.20%11.10%14.70%12.50%32.70%21.10%20.40%20.10%21.10%22.30%

Valuation of Bharat Seats - 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6287105113117127146167195230
Share Capital 666666661313
Reserves 568098107110121140161182217
Debt +50232632303760836738
Long Term Debt20222024253333535038
Short Term Debt31168552730170
Minority Interest0000000000
Trade Payables12314912072121130118143258319
Others Liabilities 29252224244333113128151
Total Liabilities 265285273242291337358505648737

Fixed Assets

Net Fixed Assets +146136152150126147199276283356
Gross Block261263296317304340400501533646
Accumulated Depreciation115127144166178193201225250291
CWIP 01302230812499012
Investments 0000000000
Inventories15272221305329405560
Trade Receivables949478368311197103197263
Cash Equivalents 131011110315
Others Assets 8111111221720372030
Total Assets 265285273242291337358505648737

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 386935281916435796107
PBT 1744311271630344458
Adjustment 22232025211719303445
Changes in Working Capital 316-7-4-7-151052518
Tax Paid -3-14-10-6-3-3-16-12-7-14
Cash Flow From Investing Activity + -17-23-24-34-12-15-59-73-68-47
Capex -17-23-25-34-12-15-59-73-68-48
Net Investments 0000-0-1-0-0-0-0
Others -0000010001
Cash Flow From Financing Activity + -22-44-4-3-7-21716-25-47
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -13-7-24240264-13
Interest Paid -4-3-3-3-4-4-3-7-11-10
Dividend Paid -3-3-3-4-2-2-3-4-5-7
Others -1-3051-3-1231-13-17
Net Cash Flow 027-9-0-10-0312

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)21.0637.922.3911.494.189.7715.761618.119.91
ROCE (%)16.8139.4227.9211.027.3512.6117.9517.9119.9424.45
Asset Turnover Ratio3.673.653.242.292.052.63.032.472.242.82
PAT to CFO Conversion(x)3.172.461.672.153.81.331.952.282.912.55
Working Capital Days
Receivable Days34.1034.2034.6035.3039.6043.103634.2042.5043
Inventory Days5.707.801013.2016.8018.5014.2011.7013.5010.80
Payable Days55.3060.506676.3079.2065.6050.3053.7067.7062.70

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 Seats Ltd FAQs

The current trading price of Bharat Seats on 25-Jun-2026 16:59 is ₹186.2.

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 24-Jun-2026 the market cap of Bharat Seats stood at ₹1,169.7 Cr

The latest P/E ratio of Bharat Seats as of 24-Jun-2026 is 27.70.

The latest P/B ratio of Bharat Seats as of 24-Jun-2026 is 5.09.

The 52-week high of Bharat Seats is ₹239.6 and the 52-week low is ₹101.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Seats is ₹1,951 ( Cr.) .

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

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

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bharat Seats Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Bharat Seats Ltd

Bharat Seats (BSL) incorporated in 1986, is a joint venture of Suzuki Motor Corporation, Japan, Maruti Suzuki India and the Relans. The company is in the business of manufacturing complete seating systems and interior components for the automotive and surface transport.

Company has received technical guidance by Houwa Kogyo Co., a leading producer of hi-tech seating system for the automobile industry in Japan, and the main suppliers to Suzuki Motor Corporation.

The factory in Gurgaon houses Polyurethane moulding, seat frame manufacture, final seat assembly and head rest moulding and assembly.

Bharat Seats has set up a manufacturing unit for PU Headrests within its existing plant with a capacity to produce 4 lakh sets per annum. It started commercial production of headrest of international standards of quality commenced in May 1999.

BSL had phased out the use of CFC-11(Cholorofluorocarbons), used as a foam-blowing agent for polyol formation in the manufacturing of moulded Puf cushions.

The company also operates research & development centre which handles projects from the concept stage through modelling, designing prototyping to testing and validation for the final product. The centre has received approval from Ministry of Science and Technology Department of Scientific and Industrial Research.

Products

  • Four wheeler seating system
  • Two wheeler seating system
  • Moulded carpets
  • Two wheeler frames and sheet metal components
  • Railway seats and berth
  • Two wheeler main frame

Milestone

  • 1986- Bharat Seats was established as seating system supplier to Maruti
  • 1988- Company installed PU seat pad moulding line
  • 1999- BSL installed Headrestraint PU pad moulding line installed
  • 2000- Company started Suzuki production system techniques and TPM
  • 2002- BSL installed PU Seat Pad Robotic line
  • 2004- Bharat Seats accredited in-house its testing laboratory
  • 2005- It installed an automated carpet moulding line
  • 2006 - Company started production of two wheeler seating systems for Suzuki motorcycles
  • 2007 - BSL bagged TPM award from JIPM, Japan and two wheeler sheet metal components and frames was introduced
  • 2008- Bharat Seats started supplying seating systems to Indian Railways
  • 2009- Company executed capacity expansion by setting third PU moulding line.

Award/Recognition

BSL has already received the ISO 9002 and QS 9000 revised version quality systems certification.

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