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Last Updated on: 23 April, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 523229 | NSE: BHARATSE

Fundamental Analysis of Bharat Seats Ltd

Basic Stock Data

Last Updated: April 23, 2024, 11:21 am

Market Cap 484 Cr.
Current Price 154
High / Low204/87.6
Stock P/E19.9
Book Value 48.9
Dividend Yield0.91 %
ROCE17.6 %
ROE15.8 %
Face Value 2.00

Data Source: screener.in

Competitors of Bharat Seats Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Lumax Auto Technologies Ltd 3,196 Cr. 469508/28129.0 1030.96 %14.8 %15.9 % 2.00
JBM Auto Ltd 20,626 Cr. 1,7442,428/742136 90.10.07 %11.8 %12.9 % 2.00
Jay Bharat Maruti Ltd 1,274 Cr. 118144/54.837.1 47.60.59 %11.1 %7.56 % 2.00
Shivam Autotech Ltd 526 Cr. 43.249.8/23.6 6.450.00 %3.23 %28.5 % 2.00
Precision Camshafts Ltd 2,027 Cr. 213319/13456.8 75.80.47 %8.30 %6.55 % 10.0
Industry Average5,529.80 Cr517.4451.7864.590.42%9.85%14.28%3.60

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales176.62199.57168.24190.88197.56260.95247.69290.75219.18293.43252.75285.98249.98
Expenses162.49188.21164.06184.63189.50247.29238.20278.82209.03278.77240.66269.04235.33
Operating Profit14.1311.364.186.258.0613.669.4911.9310.1514.6612.0916.9414.65
OPM %8.00%5.69%2.48%3.27%4.08%5.23%3.83%4.10%4.63%5.00%4.78%5.92%5.86%
Other Income0.281.091.811.430.651.380.340.971.441.351.090.841.45
Interest1.110.940.840.991.210.860.710.830.911.181.382.382.24
Depreciation4.454.084.474.434.354.374.344.214.214.325.416.306.29
Profit before tax8.857.430.682.263.159.814.787.866.4710.516.399.107.57
Tax %25.20%27.32%36.76%25.22%25.40%24.16%25.52%25.32%26.74%29.88%26.92%25.49%27.08%
Net Profit6.625.390.431.692.367.443.565.874.757.374.676.795.52
EPS in Rs2.111.720.140.540.752.371.131.871.512.351.492.161.76

Last Updated: April 10, 2024, 6:23 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: April 6, 2024, 1:15 pm

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales4296005606937008409709045895488181,0511,082
Expenses4125765316616708039058535535217851,0051,024
Operating Profit17242932303765503627324658
OPM %4%4%5%5%4%4%7%6%6%5%4%4%5%
Other Income1102211522545
Interest3666543334447
Depreciation7111416171719212218181722
Profit before tax7791110174431127163034
Tax %22%24%26%29%27%28%35%31%-2%28%25%27%
Net Profit65787122821135122224
EPS in Rs1.811.702.142.592.303.888.996.823.991.533.796.867.76
Dividend Payout %44%47%37%35%39%23%11%15%13%33%21%20%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)-16.67%40.00%14.29%-12.50%71.43%133.33%-25.00%-38.10%-61.54%140.00%83.33%
Change in YoY Net Profit Growth (%)0.00%56.67%-25.71%-26.79%83.93%61.90%-158.33%-13.10%-23.44%201.54%-56.67%

Growth

Compounded Sales Growth
10 Years:6%
5 Years:2%
3 Years:21%
TTM:6%
Compounded Profit Growth
10 Years:15%
5 Years:-5%
3 Years:20%
TTM:13%
Stock Price CAGR
10 Years:25%
5 Years:11%
3 Years:30%
1 Year:84%
Return on Equity
10 Years:16%
5 Years:13%
3 Years:10%
Last Year:16%

Last Updated: April 15, 2024, 11:07 am

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital6666666666666
Reserves2932354047568098107110121140147
Borrowings63105102917563252940353966101
Other Liabilities717910912712214017214089140171146163
Total Liabilities170221253265250265285273242291337358418
Fixed Assets90112150150144146136152150126147199237
CWIP2432431013022308123
Investments0000000000000
Other Assets56789911110411913512169135182147178
Total Assets170221253265250265285273242291337358418

Reserves and Borrowings Chart

Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 28536363438693528191643
Cash from Investing Activity -54-37-17-13-6-17-23-24-34-12-15-59
Cash from Financing Activity 2029-18-23-28-22-44-4-3-7-217
Net Cash Flow-7-3000027-9-0-10

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow-46.00-81.00-73.00-59.00-45.00-26.0040.0021.00-4.00-8.00-7.00-20.00

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

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days213143404341353122554934
Inventory Days13108798121116242812
Days Payable524159566061665957996848
Cash Conversion Cycle-17-1-8-8-8-13-19-17-19-209-3
Working Capital Days-35-10-19-19-18-12-13-9-12-104-3
ROCE %13%11%11%13%12%17%40%28%11%7%12%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters74.59%74.59%74.59%74.59%74.59%74.59%74.59%74.59%74.59%74.59%74.59%74.59%
DIIs0.11%0.11%0.11%0.11%0.11%0.11%0.11%0.11%0.11%0.11%0.11%0.11%
Public25.30%25.30%25.30%25.30%25.30%25.30%25.30%25.30%25.30%25.30%25.30%25.29%
No. of Shareholders11,43112,27013,56813,58413,25312,76912,22312,09011,84212,78313,12713,410

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)6.863.791.533.996.82
Diluted EPS (Rs.)6.863.791.533.996.82
Cash EPS (Rs.)12.309.407.2611.1413.39
Book Value[Excl.RevalReserv]/Share (Rs.)46.6040.4937.1436.0833.30
Book Value[Incl.RevalReserv]/Share (Rs.)46.6040.4937.1436.0833.30
Dividend / Share (Rs.)1.400.800.500.501.00
Revenue From Operations / Share (Rs.)334.73260.39174.41187.44287.76
PBDIT / Share (Rs.)16.0311.929.2012.0717.47
PBIT / Share (Rs.)10.596.313.484.9210.91
PBT / Share (Rs.)9.445.072.123.899.94
Net Profit / Share (Rs.)6.863.791.533.996.82
PBDIT Margin (%)4.784.575.276.436.07
PBIT Margin (%)3.162.421.992.623.78
PBT Margin (%)2.811.941.212.073.45
Net Profit Margin (%)2.051.450.872.122.37
Return on Networth / Equity (%)14.729.374.1211.0420.48
Return on Capital Employeed (%)17.4211.757.2610.1124.51
Return On Assets (%)6.023.531.645.177.85
Long Term Debt / Equity (X)0.220.250.210.210.19
Total Debt / Equity (X)0.400.290.250.270.25
Asset Turnover Ratio (%)3.022.602.052.293.24
Current Ratio (X)0.781.030.860.690.85
Quick Ratio (X)0.610.710.650.460.69
Inventory Turnover Ratio (X)22.0116.8517.8321.6530.32
Dividend Payout Ratio (NP) (%)11.6513.1732.6625.0814.65
Dividend Payout Ratio (CP) (%)6.505.316.888.977.47
Earning Retention Ratio (%)88.3586.8367.3474.9285.35
Cash Earning Retention Ratio (%)93.5094.6993.1291.0392.53
Interest Coverage Ratio (X)13.859.596.7611.7618.16
Interest Coverage Ratio (Post Tax) (X)6.934.052.124.888.09
Enterprise Value (Cr.)313.58245.72222.69141.59302.64
EV / Net Operating Revenue (X)0.290.300.400.240.33
EV / EBITDA (X)6.236.567.713.745.52
MarketCap / Net Operating Revenue (X)0.240.250.350.180.31
Retention Ratios (%)88.3486.8267.3374.9185.34
Price / BV (X)1.741.651.670.982.74
Price / Net Operating Revenue (X)0.240.250.350.180.31
EarningsYield0.080.050.020.110.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 155.15

The stock is undervalued by 0.75% compared to the current price ₹154

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.

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 16.08%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -13.00, which is a positive sign.
  3. The stock has a low average Cash Conversion Cycle of -10.33, which is a positive sign.
  4. The company has higher reserves (80.15 cr) compared to borrowings (64.15 cr), indicating strong financial stability.
  5. The company has shown consistent growth in sales (588.69 cr) and profit (18.08 cr) over the years.

    Stock Analysis

    • 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 Bharat Seats Ltd:
      1. Net Profit Margin: 2.05%
        • 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: 17.42% (Industry Average ROCE: 9.85%)
        • 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%: 14.72% (Industry Average ROE: 14.28%)
        • 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): 6.93
        • 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: 0.61
        • 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: 19.9 (Industry average Stock P/E: 51.78)
        • 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: 0.40
        • 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.
    INDUSTRYADDRESSCONTACT
    Auto Ancl - Others1, Nelson Mandela Road, Vasant Kunj, New Delhi Delhi 110070investor_relations@bharatseats.net
    http://www.bharatseats.com
    Management
    NamePosition Held
    Mr. Rohit RelanChairman & Managing Director
    Mr. Rishabh RelanWhole Time Director
    Mr. Girish Narain MehraIndependent Director
    Mr. Ravindra GuptaIndependent Director
    Mrs. Shyamla KheraIndependent Director
    Mr. Arvind VarmaIndependent Director
    Ms. Nisha MalhotraIndependent Director
    Mr. Raman Venkat ChallaNominee Director
    Mr. Shigetoshi ToriiNominee Director

    Bharat Seats Ltd. Share Price Update

    Share PriceValue
    Today₹154.00
    Previous Day₹151.40

    FAQ

    What is the latest fair value of Bharat Seats Ltd?

    The latest fair value of Bharat Seats Ltd is ₹155.15.

    What is the Market Cap of Bharat Seats Ltd?

    The Market Cap of Bharat Seats Ltd is 484 Cr..

    What is the current Stock Price of Bharat Seats Ltd as on 23 April 2024?

    The current stock price of Bharat Seats Ltd as on 23 April 2024 is 154.

    What is the High / Low of Bharat Seats Ltd stocks in FY 2024?

    In FY 2024, the High / Low of Bharat Seats Ltd stocks is ₹204/87.6.

    What is the Stock P/E of Bharat Seats Ltd?

    The Stock P/E of Bharat Seats Ltd is 19.9.

    What is the Book Value of Bharat Seats Ltd?

    The Book Value of Bharat Seats Ltd is 48.9.

    What is the Dividend Yield of Bharat Seats Ltd?

    The Dividend Yield of Bharat Seats Ltd is 0.91 %.

    What is the ROCE of Bharat Seats Ltd?

    The ROCE of Bharat Seats Ltd is 17.6 %.

    What is the ROE of Bharat Seats Ltd?

    The ROE of Bharat Seats Ltd is 15.8 %.

    What is the Face Value of Bharat Seats Ltd?

    The Face Value of Bharat Seats Ltd is 2.00.

    About the Author

    Author Avatar
    Getaka

    Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

    Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bharat Seats Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE