MarketFriction

Bharat Gears Ltd

NSE BHARATGEAR · BSE 505688 · Auto Components & Equipments
₹99.64 -1.76%
NSE close2026-10-01
52 week range83.80 - 145.00
Market cap₹152 Cr.
P/E10.1
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales179.02142.78170.77166.01164.58142.08174.86179.80204.74189.35210.29215.65
Expenses172.11141.99163.47158.48156.85144.65162.27169.96187.70177.36196.89207.53
Operating Profit6.910.797.307.537.73-2.5712.599.8417.0411.9913.408.12
OPM %3.86%0.55%4.27%4.54%4.70%-1.81%7.20%5.47%8.32%6.33%6.37%3.77%
Other Income0.741.990.480.2918.120.280.661.781.900.522.140.41
Interest4.384.334.354.394.334.304.053.663.593.373.393.25
Depreciation5.715.625.675.865.996.045.755.755.795.725.315.08
Profit before tax-2.44-7.17-2.24-2.4315.53-12.633.452.219.563.426.840.20
Tax %-29.10%-23.29%-22.32%-25.51%12.56%-18.53%50.72%24.89%24.37%24.85%25.88%25.00%
Net Profit-1.73-5.50-1.74-1.8113.58-10.291.711.657.222.575.070.15
EPS in Rs-1.13-3.58-1.13-1.188.84-6.701.111.074.701.673.300.10
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales398407508594463503729766663648784820
Expenses367379465536444467664720639622732769
Operating Profit312843591936664624255251
OPM %8%7%8%10%4.0%7%9%6%3.6%3.9%7%6%
Other Income2124517931965
Interest161517222223181717171414
Depreciation161718222724202023242322
Profit before tax1-2919-25-103418-1342220
Tax %54%-36%32%36%-24%-20%24%23%-24%19%25%
Net Profit0-1613-19-82613-1031615
EPS in Rs0.16-0.994.128.19-12.19-5.0016.788.78-6.342.0810.759.77
Dividend Payout %0%0%0%6%0%0%0%0%0%0%9%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%9%1%24%
Compounded Profit Growth53%32%7%282%
Stock Price CAGR3%2%-6%-32%
Return on Equity2%5%-3%13%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital88888991015151515
Reserves63635970807065981059598116
Borrowings100981121341621521181071161138073
Other Liabilities12599112154170143192189171162172197
Total Liabilities295268291366420374384404407385364401
Fixed Assets129115103113145150134118132133128116
CWIP2322102112524
Investments000000001111
Other Assets165150186250264222249285272247232280
Total Assets295268291366420374384404407385364401
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity20232065054593042474929
Cash from Investing Activity-5-7-5-21-56-29-2-5-26-132-8
Cash from Financing Activity-15-16-1827-5-20-57-32-3-37-51-31
Net Cash Flow-00-312-1140-713-40-10
Free Cash Flow151615-15-523552616335219
CFO/OP93%77%66%16%100%287%166%53%102%203%189%61%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days635883927181777258645553
Inventory Days1201121231191251201338989849989
Days Payable178148175181155167229148118124135132
Cash Conversion Cycle62231304133-201330241911
Working Capital Days-841321112102834211619
ROCE %6%10%7%13%18%-1%6%24%15%2%2%18%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters55.32%55.32%55.32%55.32%55.32%55.32%55.32%55.32%55.32%55.33%55.33%55.33%
FIIs1.23%1.23%1.31%1.27%1.25%1.23%1.26%1.23%1.23%1.39%1.41%1.35%
DIIs0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.00%
Public43.42%43.42%43.34%43.37%43.39%43.42%43.39%43.41%43.42%43.26%43.23%43.32%
No. of Shareholders24,97624,49224,81325,08324,95824,88424,76324,59725,97624,16023,21222,703

Fundamentals

Market Cap₹ 152 Cr.
Current Price₹ 99.2
Stock P/E10.1
Book Value₹ 85.4
ROCE18.1 %
ROE13.4 %
Dividend Yield1.01 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)24%
Compounded Profit Growth (TTM)282%
Standalone figures.
Valuation
Market capRs 153 Cr
Enterprise valueRs 218 Cr
P/E (TTM)10.19x
Price to book1.17x
Price to sales0.19x
EV / EBITDA3.93x
EV / EBIT6.49x
EV / sales0.27x
Price to cash flow5.20x
Earnings yield9.81%
Dividend yield1.01%
P/E, 3-year average19.76x
P/B, 3-year average1.10x
P/E, 5-year average13.77x
P/B, 5-year average1.11x
Profitability
Operating margin (excl. other income)6.67%
Operating margin (incl. other income)7.47%
EBITDA margin6.77%
Pre-tax margin2.44%
Net profit margin1.83%
Net margin, latest quarter0.07%
ROE13.52%
ROCE18.16%
ROA4.31%
ROE, 3-year average2.65%
ROCE, 3-year average10.08%
ROA, 3-year average0.90%
ROE, 5-year average9.63%
ROCE, 5-year average14.29%
ROA, 5-year average2.52%
ROIC (approx.)12.84%
Tax rate25.02%
Other income / net worth4.80%
Growth
Sales growth (latest year)21.10%
Profit growth (latest year)417.24%
Sales CAGR, 3 years0.77%
Sales CAGR, 5 years9.29%
Profit CAGR, 3 years6.97%
Sales growth QoQ2.55%
Profit growth QoQ-97.04%
Sales growth YoY (latest quarter)19.94%
Profit growth YoY (latest quarter)-90.91%
Per share
EPS (TTM)Rs 9.78
EPS (latest year)Rs 10.75
EPS (latest quarter)Rs 0.10
EPS, 3-year averageRs 2.16
EPS, 5-year averageRs 8.10
Book value per shareRs 85.44
Sales per shareRs 534.04
Cash flow per shareRs 19.18
Free cash flow per shareRs 12.37
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 1.00
Dividend per share, 5-year averageRs 1.00
Dividends
Dividend payout9.33%
Dividend payout, 3-year average9.33%
Dividend payout, 5-year average9.33%
Efficiency
Asset turnover1.96x
Fixed asset turnover6.77x
Inventory turnover5.60x
Inventory days65 days
Debtor days53 days
Debtors turnover6.89x
Creditor days132 days
Cash conversion cycle11 days
Working capital days19 days
Leverage
Total debtRs 73 Cr
Cash and bankRs 8 Cr
Net debtRs 65 Cr
Debt to equity0.56x
Net debt / EBITDA1.17x
Interest coverage2.47x
Owners' fund to total sources32.73%
Debt to assets18.19%
Cash flow
Cash from Operating Activity (latest year)Rs 29 Cr
Cash from Investing Activity (latest year)Rs -8 Cr
Cash from Financing Activity (latest year)Rs -31 Cr
Net Cash Flow (latest year)Rs -10 Cr
Free cash flow (latest year)Rs 19 Cr
FCFE (approx.: FCF + change in debt)Rs 12 Cr
Cash from ops / profit, 5 years4.10x
Sales to cash flow26.63x
Statement figures
Net sales (TTM)Rs 820 Cr
Net sales (latest year)Rs 784 Cr
Sales (latest quarter)Rs 216 Cr
Operating profit excl. other income (latest year)Rs 52 Cr
Operating profit (latest quarter)Rs 8 Cr
Other income (TTM)Rs 5 Cr
EBITDA (TTM)Rs 56 Cr
PBDT (TTM)Rs 42 Cr
Profit before tax (TTM)Rs 20 Cr
Tax (latest year)Rs 6 Cr
Net profit (TTM)Rs 15 Cr
Net profit (latest year)Rs 16 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 22 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 14 Cr
Cost of goods sold (latest year)Rs 567 Cr
Total expenditure (latest year)Rs 732 Cr
Total income (latest year)Rs 790 Cr
Share capitalRs 15 Cr
ReservesRs 116 Cr
Shareholders' fundsRs 131 Cr
Total assetsRs 401 Cr
Net blockRs 116 Cr
Capital work in progressRs 4 Cr
InvestmentsRs 1 Cr
ReceivablesRs 114 Cr
InventoryRs 101 Cr
Other liabilitiesRs 197 Cr
Shares outstanding (crore)1.54
Ownership
Promoter holding55.33% (+0.01 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 10.2 is at the 40th percentile of its own 5.2-year range (median 12.1, low 2.1, high 45.0).
P/B 1.17 is at the 23th percentile (median 1.52).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBHARATGEARNifty 50Difference
1 week-0.7%-2.8% +2.1 pts
1 month-0.7%-6.8% +6.1 pts
3 months-25.2%-7.6% -17.6 pts
6 months+15.6%+0.4% +15.2 pts
1 year-15.6%-9.9% -5.7 pts
2 years-6.5%-13.6% +7.1 pts
3 years-18.4%+14.2% -32.5 pts
5 years+6.2%+27.9% -21.7 pts

Red flags

F-score 8 of 8
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹216 Cr +19.9% vs Jun 2025. Net profit ₹0 Cr -90.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-06Dividend - Re 1 Per Share
2022-09-27Bonus 1:20.6667
2021-10-28 Rights 1:10 @ Premium Rs 95/-
2019-07-29 Dividend - Re 1 Per Share
2019-04-02 Rights 1:7 @ Premium Rs 95 Per Share
2015-07-23Annual General Meeting
2014-07-24Annual General Meeting / Final Dividend - Re 1/- Per Share
2013-07-25Annual General Meeting / Dividend - Rs 1.80/- Per Share
2012-07-18Annual General Meeting / Dividend Rs 1.80 Per Share
2011-07-19Annual General Meeting And Dividend Rs.1.50 Per Share
2010-07-26Annual General Meeting And Dividend Rs.1.20 Per Share
2009-07-21Agm/Div-Re.1/- Per Share
2008-07-21Agm/Dividend - 10%
2007-07-17Agm
2006-07-11Agm
2006-05-15Rigths-Eq 3:10@Prem Rs.30
DateTypeWhat it says
2026-08-25General UpdatesGeneral Updates: Pursuant to Part-A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclo...
2026-08-14UpdatesVoting Results under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations ).:Pu...
2026-08-13General UpdatesGeneral Updates:Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 ( the Regulations ) this...
2026-08-13General UpdatesGeneral UpdatesWe hereby enclose the gist of the proceedings of 54th Annual General Meeting of the Company held on August 13, 2026.You are requested t...
2026-08-03RetirementRetirement:Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 ( the Regulations ), this is ...
2026-08-03Board meeting outcomeBharat Gears Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026:Pursuant to Regulation 30 of the SEBI (Lis...
2026-07-31UpdatesIntimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.:We refer to our...
2026-07-20Record DateRecord date for the purpose of Dividend is 06-Aug-2026.
2026-07-17UpdatesCompliance of Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 36(1)(b) of ...
2026-07-14Disclosure under SEBI TakeovBharat Gears Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-06-26General UpdatesGeneral Updates: ln accordance with Regulation 30(4) read with Para B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requir...
2026-06-05Disclosure under SEBI TakeovSameer Kanwar has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acq...
2026-06-04General UpdatesGeneral UpdatesPursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( the ...
2026-05-30General UpdatesGeneral UpdatesPursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (the Regulations) this is...
2026-05-30DividendBoard of Directors at its meeting held on May 30, 2026, recommended Final Dividend of Re. 1 per equity share.
2026-05-30Board meeting outcomeBharat Gears Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.Pursuant to Regulation 30 of the SEBI (L...
2026-05-29UpdatesIntimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.This is to inform you that on 26th May,...
2026-04-17UpdatesIntimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We refer to our...
2026-04-08Disclosure under SEBI TakeovSurinder Paul Kanwar has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-03-19Credit Rating- RevisionCredit Rating- RevisionPursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201...
2026-02-10Board meeting outcomeBharat Gears Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.Pursuant to Regulation 30 of the SEBI...
2026-01-23UpdatesIntimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015Ref: Our Letter d...
2025-11-14General UpdatesGeneral UpdatesWe refer to our letter dated November 6, 2025, wherein, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligatio...
2025-11-14Board meeting outcomeBharat Gears Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.Pursuant to Regulation 30 of the SEB...
2025-11-06UpdatesIntimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.Pursuant to the ...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 days
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03