Bharat Seats Ltd Stock Analysis

BSE: 523229 | NSE: | Auto Ancillary | Small Cap

BSE Share Price Aug 19, 18:03
77.05 -1.85 (-2.34%)

DeciZen - Make an Informed Decision on Bharat Seats

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

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Bharat Seats Price Chart

P/E Ratio (SA) :
16.46
Market Cap :
247.8 Cr.
52-wk low :
63
52-wk high :
89
Bole Toh?

1. Is Bharat Seats Ltd a good quality company?

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

2. Is Bharat Seats Ltd undervalued or overvalued?

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

3. Is Bharat Seats Ltd a good buy now?

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.

10 Year X-Ray of Bharat Seats:

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

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % 8.2%7.8%8.8%8.4%12.2%26%19.6%10.6%5.1%9.3%-
Value Creation Index -0.4-0.4-0.4-0.4-0.10.90.4-0.2-0.6NA-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 602560693700840970904589548818897
YoY Gr. Rt. %--7%23.8%0.9%20.1%15.5%-6.9%-34.9%-7%49.3%-
Adj EPS 1.72.22.52.43.99.1741.43.84.8
YoY Gr. Rt. %-25%18.1%-6.7%66.2%130.5%-23.2%-42.5%-64.1%163.2%-
BVPS (₹) 12.113.314.71719.827.633.336.137.140.541.6
Adj Net Profit 5.46.887.512.428.521.912.64.511.915
Cash Flow from Ops. 5.535.735.734.438.568.534.727.718.815.6-
Debt/CF from Ops. 19.12.92.62.21.60.40.81.21.82.4-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.5%-0.6%-3.3%49.3%
Adj EPS 9.2%-0.8%-18.4%163.2%
BVPS 14.415.46.79
Share Price 18.8% -8.4% 10.6% -9.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % 14.71718.214.921.438.322.911.63.99.811.7
Op. Profit Mgn % 3.95.14.64.34.46.75.66.14.93.94.2
Net Profit Mgn % 0.91.21.21.11.52.92.42.10.81.51.7
Debt to Equity 2.82.521.410.30.30.30.30.3-
Working Cap Days 355250504345495567700
Cash Conv. Cycle -8-6-8-9-11-13-13-15-1040

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 11.70%

Sales growth is good in last 4 quarters at 29.29%

Sales growth has been subdued in last 3 years -3.28%

Net Profit has been subdued in last 3 years -18.38%

Latest Financials - Bharat Seats Ltd.

Standalone Consolidated
TTM EPS (₹) 4.8 -
TTM Sales (₹ Cr.) 897 -
BVPS (₹.) 41.6 -
Reserves (₹ Cr.) 124 -
P/BV 1.90 -
PE 16.46 -
From the Market
52 Week Low / High (₹) 63.00 / 89.00
All Time Low / High (₹) 0.90 / 273.90
Market Cap (₹ Cr.) 248
Equity (₹ Cr.) 6.3
Face Value (₹) 2
Industry PE 40.4

Management X-Ray of Bharat Seats :

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

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Key Ratios of Bharat Seats

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)

News

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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