Bharat Seats Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:18 am

Market Cap	685 Cr.
Current Price	109
High / Low	125/62.8
Stock P/E	25.1
Book Value	27.9
Dividend Yield	0.73 %
ROCE	15.3 %
ROE	15.9 %
Face Value	2.00
PEG Ratio	0.61

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for

Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
G S Auto International Ltd	59.6 Cr.	41.1	54.8/24.1	48.5	15.6	0.00 %	10.1 %	3.21 %	5.00
Duncan Engineering Ltd	208 Cr.	563	902/384	32.0	149	0.62 %	18.4 %	13.9 %	10.0
Bharat Seats Ltd	685 Cr.	109	125/62.8	25.1	27.9	0.73 %	15.3 %	15.9 %	2.00
Automobile Corporation of Goa Ltd	1,300 Cr.	2,135	3,449/1,390	28.3	387	0.94 %	18.7 %	18.6 %	10.0
Akar Auto Industries Ltd	134 Cr.	125	170/87.8	21.5	44.4	0.48 %	17.3 %	13.1 %	5.00
Industry Average	5,065.58 Cr	690.44		39.04	148.22	0.62%	16.36%	15.36%	5.85

All Competitor Stocks of

Quarterly Result

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Sales	190.88	197.56	260.95	247.69	290.75	219.18	293.43	252.75	285.98	249.98	278.10	298.85	290.67
Expenses	184.63	189.50	247.29	238.20	278.82	209.03	278.77	240.66	269.04	235.33	260.98	282.34	273.01
Operating Profit	6.25	8.06	13.66	9.49	11.93	10.15	14.66	12.09	16.94	14.65	17.12	16.51	17.66
OPM %	3.27%	4.08%	5.23%	3.83%	4.10%	4.63%	5.00%	4.78%	5.92%	5.86%	6.16%	5.52%	6.08%
Other Income	1.43	0.65	1.38	0.34	0.97	1.44	1.35	1.09	0.84	1.45	1.16	0.95	0.70
Interest	0.99	1.21	0.86	0.71	0.83	0.91	1.18	1.38	2.38	2.24	1.75	2.23	2.27
Depreciation	4.43	4.35	4.37	4.34	4.21	4.21	4.32	5.41	6.30	6.29	6.01	6.35	6.50
Profit before tax	2.26	3.15	9.81	4.78	7.86	6.47	10.51	6.39	9.10	7.57	10.52	8.88	9.59
Tax %	25.22%	25.40%	24.16%	25.52%	25.32%	26.74%	29.88%	26.92%	25.49%	27.08%	23.29%	25.56%	25.96%
Net Profit	1.69	2.36	7.44	3.56	5.87	4.75	7.37	4.67	6.79	5.52	8.08	6.61	7.10
EPS in Rs	0.54	0.75	2.37	1.13	1.87	1.51	2.35	1.49	2.16	1.76	2.57	2.11	2.26

Last Updated: November 6, 2024, 7:10 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	600	560	693	700	840	970	904	589	548	818	1,051	1,067	1,113
Expenses	576	531	661	670	803	905	853	553	521	785	1,005	1,006	1,048
Operating Profit	24	29	32	30	37	65	50	36	27	32	46	61	65
OPM %	4%	5%	5%	4%	4%	7%	6%	6%	5%	4%	4%	6%	6%
Other Income	1	0	2	2	1	1	5	2	2	5	4	5	4
Interest	6	6	6	5	4	3	3	3	4	4	4	8	9
Depreciation	11	14	16	17	17	19	21	22	18	18	17	24	25
Profit before tax	7	9	11	10	17	44	31	12	7	16	30	34	36
Tax %	24%	26%	29%	27%	28%	35%	31%	-2%	28%	25%	27%	25%
Net Profit	5	7	8	7	12	28	21	13	5	12	22	25	27
EPS in Rs	1.70	2.14	2.59	2.30	3.88	8.99	6.82	3.99	1.53	3.79	6.86	7.98	8.60
Dividend Payout %	47%	37%	35%	39%	23%	11%	15%	13%	33%	21%	20%	20%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	40.00%	14.29%	-12.50%	71.43%	133.33%	-25.00%	-38.10%	-61.54%	140.00%	83.33%	13.64%
Change in YoY Net Profit Growth (%)	0.00%	-25.71%	-26.79%	83.93%	61.90%	-158.33%	-13.10%	-23.44%	201.54%	-56.67%	-69.70%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	3%
3 Years:	25%
TTM:	6%

Compounded Profit Growth
10 Years:	14%
5 Years:	3%
3 Years:	76%
TTM:	16%

Stock Price CAGR
10 Years:	23%
5 Years:	27%
3 Years:	45%
1 Year:	38%

Return on Equity
10 Years:	16%
5 Years:	12%
3 Years:	14%
Last Year:	16%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 5:42 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	6	6	6	6	6	6	6	6	6	6	6	6	6
Reserves	32	35	40	47	56	80	98	107	110	121	140	161	169
Borrowings	105	102	91	75	63	25	29	40	35	39	66	160	168
Other Liabilities	79	109	127	122	140	172	140	89	140	171	146	179	199
Total Liabilities	221	253	265	250	265	285	273	242	291	337	358	505	542
Fixed Assets	112	150	150	144	146	136	152	150	126	147	199	276	268
CWIP	32	4	3	1	0	13	0	22	30	8	12	49	82
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	78	99	111	104	119	135	121	69	135	182	147	181	192
Total Assets	221	253	265	250	265	285	273	242	291	337	358	505	542

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	5	36	36	34	38	69	35	28	19	16	43	57
Cash from Investing Activity +	-37	-17	-13	-6	-17	-23	-24	-34	-12	-15	-59	-73
Cash from Financing Activity +	29	-18	-23	-28	-22	-44	-4	-3	-7	-2	17	16
Net Cash Flow	-3	0	0	0	0	2	7	-9	-0	-1	0	-0

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-81.00	-73.00	-59.00	-45.00	-26.00	40.00	21.00	-4.00	-8.00	-7.00	-20.00	-99.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	31	43	40	43	41	35	31	22	55	49	34	35
Inventory Days	10	8	7	9	8	12	11	16	24	28	12	16
Days Payable	41	59	56	60	61	66	59	57	99	68	48	61
Cash Conversion Cycle	-1	-8	-8	-8	-13	-19	-17	-19	-20	9	-3	-9
Working Capital Days	-10	-19	-19	-18	-12	-13	-9	-12	-10	4	-3	-3
ROCE %	11%	11%	13%	12%	17%	40%	28%	11%	7%	12%	18%	15%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%	74.59%
DIIs	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%
Public	25.30%	25.30%	25.30%	25.30%	25.30%	25.30%	25.30%	25.30%	25.30%	25.29%	25.30%	25.30%
No. of Shareholders	13,568	13,584	13,253	12,769	12,223	12,090	11,842	12,783	13,127	13,410	14,894	15,121

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	7.98	6.86	3.79	1.53	3.99
Diluted EPS (Rs.)	7.98	6.86	3.79	1.53	3.99
Cash EPS (Rs.)	15.62	12.30	9.40	7.26	11.14
Book Value[Excl.RevalReserv]/Share (Rs.)	53.13	46.60	40.49	37.14	36.08
Book Value[Incl.RevalReserv]/Share (Rs.)	53.13	46.60	40.49	37.14	36.08
Dividend / Share (Rs.)	1.60	1.40	0.80	0.50	0.50
Revenue From Operations / Share (Rs.)	339.75	334.73	260.39	174.41	187.44
PBDIT / Share (Rs.)	20.80	16.03	11.92	9.20	12.07
PBIT / Share (Rs.)	13.16	10.59	6.31	3.48	4.92
PBT / Share (Rs.)	10.69	9.44	5.07	2.12	3.89
Net Profit / Share (Rs.)	7.98	6.86	3.79	1.53	3.99
PBDIT Margin (%)	6.12	4.78	4.57	5.27	6.43
PBIT Margin (%)	3.87	3.16	2.42	1.99	2.62
PBT Margin (%)	3.14	2.81	1.94	1.21	2.07
Net Profit Margin (%)	2.34	2.05	1.45	0.87	2.12
Return on Networth / Equity (%)	15.01	14.72	9.37	4.12	11.04
Return on Capital Employeed (%)	14.13	17.42	11.75	7.26	10.11
Return On Assets (%)	4.95	6.02	3.53	1.64	5.17
Long Term Debt / Equity (X)	0.31	0.22	0.25	0.21	0.21
Total Debt / Equity (X)	0.52	0.40	0.29	0.25	0.27
Asset Turnover Ratio (%)	2.47	3.02	2.60	2.05	2.29
Current Ratio (X)	0.76	0.78	1.03	0.86	0.69
Quick Ratio (X)	0.57	0.61	0.71	0.65	0.46
Inventory Turnover Ratio (X)	25.91	22.01	16.85	17.83	21.65
Dividend Payout Ratio (NP) (%)	17.54	11.65	13.17	32.66	25.08
Dividend Payout Ratio (CP) (%)	8.96	6.50	5.31	6.88	8.97
Earning Retention Ratio (%)	82.46	88.35	86.83	67.34	74.92
Cash Earning Retention Ratio (%)	91.04	93.50	94.69	93.12	91.03
Interest Coverage Ratio (X)	8.44	13.85	9.59	6.76	11.76
Interest Coverage Ratio (Post Tax) (X)	4.24	6.93	4.05	2.12	4.88
Enterprise Value (Cr.)	538.61	313.58	245.72	222.69	141.59
EV / Net Operating Revenue (X)	0.50	0.29	0.30	0.40	0.24
EV / EBITDA (X)	8.24	6.23	6.56	7.71	3.74
MarketCap / Net Operating Revenue (X)	0.42	0.24	0.25	0.35	0.18
Retention Ratios (%)	82.45	88.34	86.82	67.33	74.91
Price / BV (X)	2.70	1.74	1.65	1.67	0.98
Price / Net Operating Revenue (X)	0.42	0.24	0.25	0.35	0.18
EarningsYield	0.05	0.08	0.05	0.02	0.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 112.16

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 21, 2024, is Undervalued by 2.90% compared to the current share price 109.00

Intrinsic Value of as of December 21, 2024 is: 158.42

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 21, 2024, is Undervalued by 45.34% compared to the current share price 109.00

Last 5 Year EPS CAGR: 41.24%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 16.25%, which is a positive sign. The stock has a low average Working Capital Days of -10.33, which is a positive sign. The stock has a low average Cash Conversion Cycle of -9.67, which is a positive sign. The company has higher reserves (92.00 cr) compared to borrowings (76.77 cr), indicating strong financial stability. The company has shown consistent growth in sales (555.77 cr) and profit (20.31 cr) over the years.

Strength

Weakness

The stock has a high average ROCE of 16.25%, which is a positive sign.
The stock has a low average Working Capital Days of -10.33, which is a positive sign.
The stock has a low average Cash Conversion Cycle of -9.67, which is a positive sign.
The company has higher reserves (92.00 cr) compared to borrowings (76.77 cr), indicating strong financial stability.
The company has shown consistent growth in sales (555.77 cr) and profit (20.31 cr) over the years.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 2.34%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 14.13% (Industry Average ROCE: 16.36%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 15.01% (Industry Average ROE: 15.36%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 4.24
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.57
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 25.1 (Industry average Stock P/E: 39.04)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.52
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Bharat Seats Ltd. is a Public Limited Listed company incorporated on 06/03/1986 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L34300DL1986PLC023540 and registration number is 023540. Currently Company is involved in the business activities of Manufacture of parts and accessories for motor vehicles. Company’s Total Operating Revenue is Rs. 817.63 Cr. and Equity Capital is Rs. 6.28 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Auto Ancl - Others	1, Nelson Mandela Road, New Delhi Delhi 110070	investor_relations@bharatseats.net http://www.bharatseats.com

Management
Name	Position Held
Mr. Rohit Relan	Chairman & Managing Director
Mr. Rishabh Relan	Whole Time Director
Ms. Nisha Malhotra	Independent Director
Mrs. Shyamla Khera	Independent Director
Mr. Arvind Varma	Independent Director
Mr. Sanjay Bhattacharyya	Independent Director
Mr. Sudhir Maheshwari	Independent Director
Ms. Vanita Chhabra	Independent Director
Mr. Raman Venkat Challa	Nominee Director
Mr. Makoto Kunieda	Nominee Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹112.16, which is 2.90% higher than the current market price of ₹109.00. The stock has a market capitalization of 685 Cr. and recorded a high/low of 125/62.8 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹169 Cr and total liabilities of ₹542 Cr.

What is the Market Cap of ?

The Market Cap of is 685 Cr..

What is the current Stock Price of as on 21 December 2024?

The current stock price of as on 21 December 2024 is 109.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 125/62.8.

What is the Stock P/E of ?

The Stock P/E of is 25.1.

What is the Book Value of ?

The Book Value of is 27.9.

What is the Dividend Yield of ?

The Dividend Yield of is 0.73 %.

What is the ROCE of ?

The ROCE of is 15.3 %.

What is the ROE of ?

The ROE of is 15.9 %.

What is the Face Value of ?

The Face Value of is 2.00.