NSE: BHARATSE · BSE: 523229
BHARAT SEATS LIMITED
Manufactures auto components. Suzuki Motor Corporation holds a 14.81% promoter stake, and Maruti Suzuki India Limited had a nominee director on the board until July 2026. Shareholders approved material related party transactions with Suzuki Motorcycle India Private Limited of up to Rs 1,000 crore per year for FY27. FY26 revenue was Rs 1,950.95 crore on total assets of Rs 736.65 crore, with raw materials making up 84.8% of revenue, employees 3.4%, other operating expenses 5.5%, and depreciation 1.8%. Net profit for FY26 was Rs 42.23 crore, with an EBITDA margin of 5.28%. The board has proposed a dividend of Rs 1.50 per share (face value Rs 2) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Auto components, Sales to Suzuki Motorcycle India. Auto components manufacturer with ties to the Suzuki group
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 818 | 1,051 | 1,067 | 1,289 | 1,951 |
| EBITDA (ex other income) | 32 | 46 | 61 | 75 | 98 |
| margin % | 3.9 | 4.4 | 5.7 | 5.9 | 5.0 |
| Owners' profit | 12 | 22 | 25 | 33 | 42 |
| EPS, as reported (₹) | 3.79 | 6.86 | 7.98 | 5.21 | 6.72 |
| ROE % · ROCE % | 9.4 · 11.8 | 14.7 · 17.4 | 15.0 · 14.1 | 16.8 · 16.5 | 18.4 · 20.5 |
| Debt / equity (x) | 0.29 | 0.41 | 0.53 | 0.41 | 0.22 |
| Cash from operations | 16 | 43 | 57 | 96 | 107 |
| Capex | (17) | (61) | (73) | (70) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 291 | 306 | 393 | 427 | 459 | 491 | 574 | 578 |
| Profit before tax | 10 | 10 | 15 | 12 | 13 | 13 | 19 | 18 |
| Net profit | 7 | 8 | 11 | 9 | 10 | 10 | 13 | 13 |
| EPS (₹) | 2.26 | 1.21 | 1.81 | 1.46 | 1.58 | 1.58 | 2.11 | 2.10 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 25.3 | 61 of 119 | 49% |
| P/B | 5.6 | 3.2 | 90 of 117 | 23% |
| ROCE | 17.4 | 12.6 | 35 of 125 | 72% |
| ROE | 18.4 | 11.7 | 29 of 117 | 76% |
| Debt / Equity | 0.2 | 0.3 | 53 of 117 | 55% |
| EBITDA margin | 5.1 | 12.2 | 106 of 118 | 10% |
| Revenue growth | 35.3 | 20.2 | 17 of 113 | 86% |
| Profit growth | 44.0 | 24.4 | 41 of 115 | 65% |
| Market cap | 1285 | 1460 | 66 of 126 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Bharat Seats files published quarter and half-year results for September 2026 | compliance | minimal | — | — |
| 27 Oct 2026 · Board approves results, solar investment and shareholder postal ballot | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board approves results, solar stake and postal ballot notice | board shareholder meetings | low | — | — |
| 27 Oct 2026 · September 2026 results approved; solar investment and shareholder vote planned | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board approves September results, solar investment and shareholder vote | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 27, 2026 to consider Q2 FY27 results | results | low | — | — |
| 9 Oct 2026 · Shareholders approve new directors, higher borrowing powers via postal ballot | general | low | — | — |
| 9 Oct 2026 · Postal ballot results: 2 director appointments and borrowing limit hike approved | business updates | medium | — | — |
| 9 Oct 2026 · Postal Ballot Results: 4 Resolutions Passed Including Director Appointments | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Postal Ballot Results: 4 Resolutions Passed with Overwhelming Majority | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.