Bharat Seats

NSE: BHARATSE · Auto Components & Equipments

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52W Range₹134 – ₹263

Snapshot

Unlock Bharat Seats's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Bharat Seats Limited is an Indian manufacturer specialising in seating systems and interior components for the automotive and surface transport sectors. Its product portfolio includes seats for four-wheelers, two-wheelers, and railways, alongside carpets, roof liners, and frame parts.

Business Model

The company generates revenue by supplying automotive components and seating solutions directly to original equipment manufacturers (OEMs) in the transport industry. It operates as a key tier-one supplier, leveraging manufacturing facilities to produce interior systems and structural parts.

Growth Outlook

Growth is primarily driven by the expansion of the Indian automotive market and increasing demand for localised interior components. The company is well-positioned to benefit from rising vehicle production volumes across both passenger and two-wheeler segments.

Key Risks

  • Customer Concentration. The company's revenue is highly dependent on a limited number of major automotive OEMs, making it vulnerable to their production fluctuations.
  • Raw Material Price Volatility. Fluctuations in the costs of steel, foam, and fabric can significantly impact operating margins if cost increases cannot be passed on to customers.
  • Cyclicality of Automotive Sector. Demand for automotive components is inherently linked to the cyclical nature of the broader automotive industry and general economic conditions.
  • Technological Obsolescence. Failure to adapt to evolving vehicle interior design trends or the shift towards electric vehicle architectures could negatively affect market share.

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Key Metrics

REVENUE

₹2,352 Cr

TTM · standalone

+48.4%YoY

NET PROFIT

₹52 Cr

TTM · standalone

+35.5%YoY

EPS

₹8.21

TTM · standalone

+35.5%YoY

RETURN ON EQUITY

22.6%

TTM · standalone

+4.2 ppYoY

RETURN ON CAPITAL EMPLOYED

23.5%

TTM · standalone

+4.8 ppYoY

P/E

24.2×

Q2 FY27 · standalone

24.2 vs 31.2x5Y avg

EV/EBITDA

10.9x

Q2 FY27 · standalone

10.9 vs 20.8x5Y avg

EBITDA MARGIN

5.0%

TTM · standalone

-0.8 ppYoY

NET PROFIT MARGIN

2.1%

Q2 FY27 · standalone

-0.1 ppYoY

DEBT TO EQUITY

0.2x

Q2 FY27 · standalone

-0.41xYoY

Peers · Auto Components & Equipments

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Bharat SeatsBHARATSE
₹1,228 Cr24.2×10.8648.4%5.0%22.6%23.5%-1.3%
Alicon Castalloy LimitedALICON
₹1,378 Cr38.2×8.25—10.6%5.8%11.9%-7.9%
Rico Auto Industries LimitedRICOAUTO
₹1,342 Cr45.8×9.4521.4%8.0%4.3%8.5%+25.3%
Jay Bharat Maruti Ltd.JAYBARMARU
₹1,244 Cr10.2×5.8013.3%11.0%22.0%16.0%+44.4%
Igarashi Motors India LimitedIGARASHI
₹1,112 Cr70.7×13.8211.1%9.8%3.5%6.0%-27.0%
Automobile Corporation of Goa LimitedACGL
₹1,079 Cr19.0×12.1424.7%8.8%19.0%24.3%-5.1%

As of Q2 FY27

Financials