Bharat Gears Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 12.56x)
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
- Company converts assets efficiently - asset turnover of 2.1x
CONS
- Company has a low return on equity of 2.7% over last 3 years
- A large part of profit comes from other income (28.7% of PBT)
- Company has a low return on capital employed of 11.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 163.80 | 39.47 | 172881.77 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48900.00 | 61.03 | 144235.93 | 0.55 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1230.45 | 59.10 | 71054.45 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2685.25 | 85.70 | 51979.01 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 800.45 | 71.79 | 49958.36 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2754.35 | 39.95 | 38743.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11855.90 | 66.69 | 31008.43 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2471.00 | 56.33 | 28121.34 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4133.05 | 74.02 | 25791.71 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.71 | 38.80 | 24344.83 | 1.58 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1361.00 | 81.04 | 24121.01 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| BHARATGEAR | 101.40 | 10.37 | 155.70 | 0.99 | 0.15 | -90.97 | 215.65 | 19.94 | 19.82 | 3.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 170 | 179 | 143 | 171 | 166 | 165 | 142 | 175 | 180 | 205 | 189 | 210 | 216 | |
| 162 | 172 | 142 | 163 | 158 | 157 | 145 | 162 | 170 | 188 | 177 | 197 | 216 | |
| Operating Profit | 9 | 7 | 1 | 7 | 8 | 8 | -3 | 13 | 10 | 17 | 12 | 13 | -0 |
| OPM % | 5.01% | 3.86% | 0.55% | 4.27% | 4.54% | 4.70% | -1.81% | 7.21% | 5.47% | 8.32% | 6.33% | 6.38% | -0.10% |
| 0 | 1 | 2 | 0 | 0 | 18 | 0 | 1 | 2 | 2 | 1 | 2 | 0 | |
| Interest | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 3 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 |
| Profit before Tax | -1 | -2 | -7 | -2 | -2 | 16 | -13 | 3 | 2 | 10 | 3 | 7 | 0 |
| Tax % | 25.49% | 29.10% | 23.29% | 22.22% | 25.51% | 12.56% | 18.53% | 50.58% | 25.34% | 24.48% | 24.85% | 25.88% | 25.00% |
| Net Profit | -1 | -2 | -6 | -2 | -2 | 14 | -10 | 2 | 2 | 7 | 3 | 5 | 0 |
| -0.49 | -1.13 | -3.59 | -1.13 | -1.18 | 8.84 | -6.70 | 1.12 | 1.07 | 4.70 | 1.68 | 3.30 | 0.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 407 | 507 | 594 | 463 | 503 | 729 | 766 | 663 | 648 | 784 | 820 | |
| 379 | 464 | 536 | 444 | 467 | 664 | 720 | 640 | 622 | 732 | 778 | |
| Operating Profit | 28 | 43 | 58 | 19 | 36 | 66 | 46 | 24 | 25 | 52 | 42 |
| OPM % | 6.90% | 8.44% | 9.83% | 4.02% | 7.12% | 9.01% | 6.00% | 3.55% | 3.91% | 6.67% | 5.15% |
| 1 | 2 | 5 | 5 | 1 | 7 | 9 | 4 | 19 | 6 | 5 | |
| Interest | 15 | 17 | 22 | 22 | 23 | 18 | 17 | 17 | 17 | 14 | 14 |
| Depreciation | 17 | 18 | 22 | 27 | 24 | 20 | 20 | 23 | 24 | 23 | 22 |
| Profit before Tax | -2 | 9 | 19 | -25 | -10 | 34 | 18 | -13 | 4 | 22 | 20 |
| Tax % | 35.95% | 31.81% | 35.58% | 24.35% | 20.19% | 24.15% | 23.37% | 24.37% | 18.96% | 25.05% | 25.02% |
| Net Profit | -1 | 6 | 13 | -19 | -8 | 26 | 13 | -10 | 3 | 17 | 15 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -8.03 | 17.62 | 8.78 | -6.34 | 2.08 | 10.75 | — |
| Dividend Payout % | 0.00% | 0.00% | 6.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 9.30% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 9%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 53%
- 5 Years:
- —
- 3 Years:
- 7%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 1%
- 3 Years:
- -7%
- 1 Year:
- 6%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 10%
- 3 Years:
- 3%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 9 | 9 | 10 | 15 | 15 | 15 | 15 |
| 59 | 70 | 80 | 70 | 65 | 98 | 105 | 95 | 98 | 116 | |
| 124 | 148 | 179 | 171 | 123 | 111 | 115 | 94 | 72 | 64 | |
| Trade Payables | 89 | 117 | 116 | 109 | 157 | 151 | 132 | 121 | 127 | 149 |
| 23 | 36 | 51 | 83 | 27 | 32 | 38 | 48 | 42 | 50 | |
| Total Liabilities | 302 | 378 | 434 | 442 | 380 | 402 | 405 | 375 | 354 | 395 |
| 103 | 113 | 145 | 150 | 134 | 118 | 132 | 133 | 128 | 116 | |
| Capital Work in Progress | 2 | 2 | 10 | 2 | 1 | 1 | 2 | 5 | 2 | 4 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| 62 | 77 | 94 | 78 | 90 | 90 | 100 | 82 | 93 | 101 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116 | 97 | 114 | |
| Cash & Bank | 6 | 5 | 7 | 7 | 6 | 9 | 7 | 9 | 9 | 8 |
| 130 | 180 | 178 | 205 | 149 | 183 | 163 | 28 | 23 | 51 | |
| Total Assets | 302 | 378 | 434 | 442 | 380 | 402 | 405 | 375 | 354 | 395 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19 | 7 | 59 | 54 | 59 | 35 | 47 | 47 | 49 | 29 | |
| Cash from Investing | -5 | -21 | -56 | -29 | -2 | -5 | -26 | -13 | 2 | -8 |
| Cash from Financing | -18 | 27 | -5 | -20 | -57 | -32 | -3 | -37 | -51 | -31 |
| -3 | 12 | -11 | 4 | 0 | -7 | 13 | -4 | 0 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - Bharat Gears Limited has informed the Exchange about General Updates: Pursuant to Part-A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the minutes of Annual General Meeting of the members of the Company duly convened on August 13, 2026. You are requested to take the same on your records.
2026-08-14 - Bharat Gears Limited has informed the Exchange regarding 'Voting Results under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations )'.:Pursuant to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Voting Results of the 54th Annual General Meeting of the Company held on Thursday, August 13, 2026, at 04:00 P.M. through Video Conference ( VC )/Other Audio Visual Means ( OAVM ).You are requested to take the same on your records.
2026-08-13 - Bharat Gears Limited has informed the Exchange about General Updates:Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 ( the Regulations ) this is to inform that the members of the Company at their Annual General Meeting held on Thursday, August 13, 2026 have considered and approved the business as enclosed.You are requested to kindly take the same on records.
2026-08-13 - Bharat Gears Limited has informed the Exchange about General UpdatesWe hereby enclose the gist of the proceedings of 54th Annual General Meeting of the Company held on August 13, 2026.You are requested to take the same on your records.
2026-08-04 - Bharat Gears Limited has informed the Exchange about Copy of Newspaper Publication: Pursuant to the Regulation 30 & 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Regulations), please find enclosed herewith copy of the Un-Audited Financial Results for the quarter ended June 30, 2026 published by the Company in the newspapers i.e. Financial Express (English) and Jansatta (Hindi) on August 04, 2026.You are requested to take the same on your records.
2026-08-03 - Bharat Gears Limited has informed the Exchange about Retirement:Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 ( the Regulations ), this is to inform that Mr. Wolfgang Rudolf Schilha (DlN: 00374415) has ceased to be the Non-Executive lndependent Director of the Company w.e.f. the close of the business hours on 03 August, 2026, consequent to the end of two consecutive terms of 5 (Five) years each. The Board of Directors and Management of the Company have placed on records their appreciation for valuable contributions and guidance provided by Mr. Wolfgang Rudolf Schilha.The requisite details in accordance with Regulation 30 of the Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are enclosed.You are requested to kindly take the same on records.
2026-08-03 - Bharat Gears Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026:Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 ( the Regulations ), we are enclosing herewith Un-Audited Financial Results of the Company along with Limited Review Report thereon for the quarter ended June 30, 2026 approved by the Board of Directors of the Company at its Meeting held on August 03, 2026 in terms of Regulation 33 of the Regulations.The meeting of Board of Directors of the Company commenced at 03:00 P.M. and concluded at 05:15 P.M.You are requested to kindly take the same on records.
2026-07-31 - Bharat Gears Limited has informed the Exchange regarding 'Intimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.:We refer to our letter dated April 16, 2026 made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Regulations").Pursuant to Regulation 30 read with Schedule III of the Regulations we hereby inform you that Mr. Surinder Paul Kanwar, Chairman and Managing Director of the Company, has intimated the Company that the appeal dated 15.04.2026 filed by him under Section 11 of the Passports Act, 1967, against the revocation of his passport, has been dismissed by an Order dated July 23, 2026 passed by the Joint Secretary (PSP) & Chief Passport Officer (CPO), Ministry of External Affairs, which was received by him on July 29, 2026. Mr. Kanwar has further informed the Company that the said appeal has been disposed of without providing him any opportunity of representing his case, which is contrary to the proviso to Section 11(5) of the Passports Act, 1967, which mandates that a reasonable opportunity has to be given before disposing of the appeal. Accordingly, he is in the process taking appropriate steps for filing a rectification/clarificatory/appropriate application viz. the said order.Mr. Kanwar has also assured that at every juncture, he remains fully mindful of his fiduciary duties and will continue to keep the Board promptly informed of any material developments and advised that the statutory authorities be informed accordingly in a fair and transparent manner.The Company will keep you informed of any material developments in this matter, as and when required, in accordance with applicable laws and regulations.You are requested to kindly take the same on record.
2026-07-21 - Bharat Gears Limited has informed the Exchange about Copy of Newspaper Publication:Pursuant to the Regulation 30 & 47 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (the Regulations), please find enclosed herewith certified true copy of the Notice published by the Company in the newspapers i.e. Financial Express (English) Delhi Edition and Jansatta (Hindi) Delhi Edition on 21st July, 2026 in relation to 54th Annual General Meeting of the Company scheduled to be held on 13th August, 2026.You are requested to take the same on your records.
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