Bharat Gears

₹113.1 2.4 | 2.2%

WEBSITE BSE:505688 NSE : BHARAT GEARS 18 May, 12:50

Market Cap ₹174 Cr.

Stock P/E -24.3

P/B 1.5

Current Price ₹113.1

Book Value ₹ 73.2

Face Value 10

52W High ₹153

Dividend Yield 0%

52W Low ₹ 99.8

Edit Ratio

Bharat Gears Research see more...

Overview Inc. Year: 1971Industry: Auto Ancillary

Bharat Gears Ltd is an Indian company specializing in the manufacturing and supply of automotive gears and transmission components. the company has become a prominent player in the automotive industry, catering to both domestic and international markets. Bharat Gears boasts state-of-the-art manufacturing facilities equipped with advanced technology and a dedicated team of skilled professionals. The company offers a comprehensive range of products, including precision gears, shafts, and transmission assemblies, catering to various automotive applications. With a focus on quality and reliability, Bharat Gears has earned a reputation for delivering high-performance and durable solutions. Bharat Gears is committed to innovation and continuous improvement, investing in research and development to stay at the forefront of technological advancements. The company has established strong partnerships with leading automotive manufacturers and suppliers, further expanding its global presence. With a customer-centric approach and a commitment to excellence, Bharat Gears Ltd continues to play a significant role in driving the growth and success of the automotive industry.

Bharat Gears Share Price

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Peer Comparison

Bharat Gears Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	187	187	191	184	214	189	179	170	179	143
Other Income	0	0	2	2	2	4	0	0	1	2
Total Income	187	188	192	186	215	193	180	171	180	145
Total Expenditure	169	171	176	172	199	180	170	162	172	142
Operating Profit	17	17	16	15	17	13	10	9	8	3
Interest	5	4	4	4	4	4	5	4	4	4
Depreciation	5	5	5	5	5	5	5	6	6	6
Exceptional Income / Expenses	4	0	0	0	0	0	0	0	0	0
Profit Before Tax	11	8	7	6	8	3	1	-1	-2	-7
Provision for Tax	3	2	2	1	2	1	-0	-0	-1	-2
Profit After Tax	8	6	5	4	6	3	1	-1	-2	-6
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	8	6	5	4	6	3	1	-1	-2	-6
Adjusted Earnings Per Share	5.5	4	3.5	2.8	5.6	1.7	0.5	-0.5	-1.1	-3.6

Bharat Gears Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	393	420	415	398	407	507	594	463	503	729	766	671
Other Income	3	3	2	2	1	2	5	5	1	4	9	3
Total Income	395	423	417	400	408	508	599	468	504	733	775	676
Total Expenditure	365	394	393	367	379	464	536	444	467	664	720	646
Operating Profit	31	29	24	33	29	44	63	24	37	69	55	30
Interest	12	14	16	16	15	17	22	22	23	18	17	17
Depreciation	12	14	14	16	17	18	22	27	24	20	20	23
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	4	0	0
Profit Before Tax	7	1	-6	1	-2	9	19	-25	-10	34	18	-9
Provision for Tax	2	0	-2	0	-1	3	7	-6	-2	8	4	-3
Profit After Tax	5	1	-4	0	-1	6	13	-19	-8	26	13	-8
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	5	1	-4	0	-1	6	13	-19	-8	26	13	-8
Adjusted Earnings Per Share	3.9	0.5	-3.3	0.2	-1.1	4.7	9.4	-13	-5.3	16.8	8.8	-4.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	5%	18%	9%	7%
Operating Profit CAGR	-20%	32%	5%	6%
PAT CAGR	-50%	0%	17%	10%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-7%	26%	7%	14%
ROE Average	12%	10%	5%	3%
ROCE Average	16%	16%	13%	11%

Bharat Gears Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	76	76	71	71	66	78	88	80	74	108	121
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	35	61	49	51	37	79	81	82	67	61	71
Other Non-Current Liabilities	17	29	28	30	28	16	19	19	22	25	31
Total Current Liabilities	139	139	159	131	171	206	245	261	218	208	187
Total Liabilities	266	306	307	283	302	378	434	442	380	402	410
Fixed Assets	91	135	129	115	103	113	145	150	134	118	132
Other Non-Current Assets	32	24	22	28	22	10	19	9	9	10	13
Total Current Assets	144	147	156	141	177	255	271	283	238	274	265
Total Assets	266	306	307	283	302	378	434	442	380	402	410

Bharat Gears Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	7	1	1	0	-25	-28	-16	-27	-22	-22	-29
Cash Flow from Operating Activities	26	27	20	23	20	6	50	54	59	30	42
Cash Flow from Investing Activities	-26	-38	-5	-7	-5	-21	-56	-29	-2	-5	-26
Cash Flow from Financing Activities	1	11	-15	-16	-18	27	-5	-20	-57	-32	-3
Net Cash Inflow / Outflow	1	-1	-0	0	-3	12	-11	4	0	-7	13
Closing Cash & Cash Equivalent	8	1	0	1	-28	-16	-27	-22	-22	-29	-16

Bharat Gears Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.88	0.47	-3.29	0.19	-1.14	4.73	9.41	-12.97	-5.32	16.83	8.78
CEPS(Rs)	12.92	11.2	7.62	13.09	11.91	18.46	25.75	5.46	11.36	30.11	21.85
DPS(Rs)	1.8	1	0	0	0	0	1	0	0	0	0
Book NAV/Share(Rs)	56.06	55.81	51.77	51.96	51.98	58.43	66.44	54.96	50.98	70.46	78.51
Core EBITDA Margin(%)	6.5	5.59	4.84	7.13	6.47	8.34	9.83	4.02	7.12	9.01	6
EBIT Margin(%)	4.44	3.31	2.21	3.87	2.89	5.08	6.97	-0.69	2.59	7.2	4.53
Pre Tax Margin(%)	1.73	0.13	-1.43	0.12	-0.53	1.8	3.27	-5.36	-1.92	4.67	2.3
PAT Margin (%)	1.15	0.13	-0.93	0.06	-0.34	1.23	2.11	-4.05	-1.53	3.54	1.76
Cash Profit Margin (%)	3.84	3.14	2.17	3.88	3.51	4.79	5.77	1.71	3.27	6.34	4.38
ROA(%)	1.86	0.21	-1.37	0.08	-0.5	1.85	3.08	-4.28	-1.87	6.61	3.32
ROE(%)	7.09	0.83	-6.11	0.36	-2.2	8.74	15.07	-22.35	-10.04	28.39	11.79
ROCE(%)	13.78	9.5	5.88	10.08	7.3	13.37	17.94	-1.33	6.31	26.63	16.03
Receivable days	57.71	55.35	56.86	56.99	65.22	78.42	74.98	86	75.63	62.69	63.54
Inventory Days	47.61	44.88	50.28	51.78	50.32	49.6	52.53	67.86	61.14	45.25	45.35
Payable days	97.19	96.56	142.12	167.55	161.18	160.32	155.46	172.61	194.68	151.18	126.24
PER(x)	6.01	51.64	0	205.4	0	21.86	11.14	0	0	5.69	11.73
Price/Book(x)	0.42	0.43	0.86	0.74	1.37	1.77	1.58	0.3	0.93	1.36	1.31
Dividend Yield(%)	4.72	2.54	0	0	0	0	0.58	0	0	0	0
EV/Net Sales(x)	0.25	0.3	0.36	0.36	0.48	0.53	0.49	0.35	0.35	0.33	0.33
EV/Core EBITDA(x)	3.14	4.33	6.33	4.27	6.75	6	4.65	6.99	4.68	3.44	4.65
Net Sales Growth(%)	-8.81	6.94	-1.19	-4.17	2.31	24.57	17.31	-22.09	8.62	45.01	5.06
EBIT Growth(%)	-51.6	-20.98	-34.23	68.1	-24.87	108.12	58.78	-107.66	510.09	303.23	-33.93
PAT Growth(%)	-73.29	-88.02	-806.74	105.7	-709.68	531.48	98.79	-249.87	58.99	435.55	-47.81
EPS Growth(%)	-73.14	-88.02	-806.74	105.7	-709.68	514.26	98.79	-237.86	58.99	416.4	-47.81
Debt/Equity(x)	1.05	1.4	1.51	1.48	1.68	1.72	1.82	1.86	1.51	0.93	0.85
Current Ratio(x)	1.03	1.06	0.98	1.07	1.04	1.24	1.1	1.08	1.09	1.32	1.42
Quick Ratio(x)	0.65	0.63	0.57	0.64	0.67	0.87	0.72	0.79	0.68	0.88	0.88
Interest Cover(x)	1.64	1.04	0.61	1.03	0.85	1.55	1.89	-0.15	0.57	2.85	2.03
Total Debt/Mcap(x)	2.51	3.25	1.76	2	1.23	0.97	1.16	6.21	1.63	0.69	0.65

Bharat Gears Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	55.32	55.32	55.32	55.32	55.32	55.32	55.32	55.32	55.32	55.32
FII	1.15	1.51	1.36	2.1	1.4	1.27	1.45	1.23	1.23	1.31
DII	0.03	0.03	0.03	0.02	0.03	0.03	0.03	0.03	0.03	0.03
Public	43.5	43.14	43.29	42.57	43.25	43.38	43.2	43.42	43.42	43.34
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.57	0.57	0.57	0.85	0.85	0.85	0.85	0.85	0.85	0.85
FII	0.01	0.02	0.01	0.03	0.02	0.02	0.02	0.02	0.02	0.02
DII	0	0	0	0	0	0	0	0	0	0
Public	0.45	0.44	0.44	0.65	0.66	0.67	0.66	0.67	0.67	0.67
Others	0	0	0	0	0	0	0	0	0	0
Total	1.02	1.02	1.02	1.54	1.54	1.54	1.54	1.54	1.54	1.54

Pros

Debtor days have improved from 151.18 to 126.24days.

Cons

Company has a low return on equity of 10% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.