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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

₹188.10 5.95 (3.27%)

As on 04-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

₹188.10 5.95 (3.27%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,181 Cr.
Current Price
₹188.1
52-Week Low / High
₹97 / 240
TTM EPS
₹6.7
TTM Sales
₹1,951 Cr.
Book Value per Share
₹36.6
P/E Ratio
27.97
Higher than its 5-year historical median
Industry PE
42.9
Price to Book (P/B)
5.14
Higher than its 5-year historical median
Price to Sales (P/S)
0.61
Higher than its 5-year historical median
EV/EBITDA
11.64
Higher than its 5-year historical median
Dividend Yield
1.43%
Profitability Efficiency
Return on Equity (ROE)
18.10%
Outperforms industry median
Return on Capital Employed (ROCE)
19.94%
Outperforms industry median
Return on Assets (ROA)
5.67%
Operating Profit Margin
5.9%
Net Profit Margin
2.54%
Gross Profit Margin
5.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
20.81%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
24.13%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
30.54%
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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Quality

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Valuation

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Price Trend

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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 : 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 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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 11.4%16.8%39.4%27.9%11%7.4%12.6%18%17.9%19.9%-
Value Creation
Index
-0.20.21.81.0-0.2-0.5-0.10.30.30.4-

Growth Parameters

Sales 7008409709045895488181,0511,0671,2891,951
Sales YoY Gr.-20.1%15.5%-6.9%-34.9%-7%49.3%28.6%1.5%20.8%-
Adj EPS 1.224.53.520.71.93.445.26.7
YoY Gr.-65.6%130.5%-23.1%-42.7%-64%162.5%81.5%15.5%31.6%-
BVPS (₹) 8.59.913.816.71818.620.223.326.63136.6
Adj Net
Profit
7.512.428.521.912.64.511.921.624.932.742
Cash Flow from Ops. 34.438.568.534.727.718.815.642.556.796.1-
Debt/CF from Ops. 2.21.60.40.81.21.82.41.41.60.8-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 7%17%16.4%20.8%
Adj EPS 17.8%21.1%40.2%31.6%
BVPS15.4%11.4%15.3%16.6%
Share Price 26.4% 37.3% 47.5% 81.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
14.921.438.322.911.63.99.815.815.918.119.9
Op. Profit
Mgn %
4.34.46.75.66.14.93.94.45.75.95.1
Net Profit
Mgn %
1.11.52.92.42.10.81.52.12.32.52.2
Debt to
Equity
1.410.30.30.30.30.30.40.50.40.2
Working Cap
Days
5043454955677057566429
Cash Conv.
Cycle
-9-11-13-13-15-1045-1-4-5

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales7008409709045895488181,0511,0671,289
Operating Expenses + 6708039068545535217851,0051,0061,213
Manufacturing Costs33344256433735444852
Material Costs6077358227464614466999018881,081
Employee Cost 17212531322436414553
Other Costs 14141720171316192528
Operating Profit 30376550362732466175
Operating Profit Margin (%) 4.2%4.4%6.7%5.5%6.1%4.9%3.9%4.4%5.7%5.9%
Other Income + 2115225454
Exceptional Items 0000000000
Interest 5433344489
Depreciation 17171921221818172426
Profit Before Tax 1017443112716303444
Tax 351510-0248911
Profit After Tax 712282113512222533
PAT Margin (%) 1.0%1.5%2.9%2.4%2.1%0.9%1.5%2.1%2.4%2.5%
Adjusted EPS (₹)1.21.94.53.42.00.81.93.44.05.2
Dividend Payout Ratio (%)39.20%23.20%11.10%14.70%12.50%32.70%21.10%20.40%20.10%21.10%

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 536287105113117127146167195
Share Capital 66666666613
Reserves 47568098107110121140161182
Debt +54502326323037608367
Long Term Debt22202220242533335350
Short Term Debt323116855273017
Minority Interest0000000000
Trade Payables10012314912072121130118143258
Others Liabilities 4529252224244333113128
Total Liabilities 252265285273242291337358505648

Fixed Assets

Net Fixed Assets +144146136152150126147199276283
Gross Block244261263296317304340400501533
Accumulated Depreciation99115127144166178193201225250
CWIP 1013022308124990
Investments 0000000000
Inventories14152722213053294055
Trade Receivables83949478368311197103197
Cash Equivalents 11310111103
Others Assets 981111112217203720
Total Assets 252265285273242291337358505648

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 34386935281916435796
PBT 1017443112716303444
Adjustment 22222320252117193034
Changes in Working Capital 4316-7-4-7-1510525
Tax Paid -2-3-14-10-6-3-3-16-12-7
Cash Flow From Investing Activity + -6-17-23-24-34-12-15-59-73-68
Capex -6-17-23-25-34-12-15-59-73-68
Net Investments 00000-0-1-0-0-0
Others 0-000001000
Cash Flow From Financing Activity + -28-22-44-4-3-7-21716-25
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -21-13-7-24240264
Interest Paid -5-4-3-3-3-4-4-3-7-11
Dividend Paid -3-3-3-3-4-2-2-3-4-5
Others 1-1-3051-3-1231-13
Net Cash Flow 0027-9-0-10-03

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)14.4721.0637.922.3911.494.189.7715.761618.1
ROCE (%)11.4316.8139.4227.9211.027.3512.6117.9517.9119.94
Asset Turnover Ratio3.053.673.653.242.292.052.63.032.472.24
PAT to CFO Conversion(x)4.863.172.461.672.153.81.331.952.282.91
Working Capital Days
Receivable Days36.7034.1034.2034.6035.3039.6043.103634.2042.50
Inventory Days65.707.801013.2016.8018.5014.2011.7013.50
Payable Days57.6055.3060.506676.3079.2065.6050.3053.7067.70

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 04-Jun-2026 16:59 is ₹188.1.

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 03-Jun-2026 the market cap of Bharat Seats stood at ₹1,181.3 Cr

The latest P/E ratio of Bharat Seats as of 03-Jun-2026 is 27.97.

The latest P/B ratio of Bharat Seats as of 03-Jun-2026 is 5.14.

The 52-week high of Bharat Seats is ₹239.6 and the 52-week low is ₹97.00.

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 Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Bharat Seats Ltd is likely to Rise 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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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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