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Swing Capital

Bharat Seats Ltd

NSE: BHARATSE BSE: 523229Logistics

Incorporated in 1986, Bharat Seats Ltd manufactures complete seating system and interior component for the automotive and surface transport[1]

₹182
52W: ₹96.6 — ₹240
PE 26.4 · Book ₹36.6 · +397% vs book
Market Cap₹1,141 Cr
Stock P/E26.4Price to Earnings
ROCE20.2%Return on Capital
ROE20.4%Return on Equity
Div. Yield0.6%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 56.6% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 21.2%

Weaknesses

  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.66%
FIIs0.15%
DIIs0.21%
Public24.97%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.59%74.59%74.59%74.66%▲0.174.66%74.66%74.66%74.66%
FIIs0%0%0%0%0.03%▲0.00.27%▲0.20.06%▼0.20.15%▲0.1
DIIs0.11%0.11%0.11%0.11%0.11%0.12%▲0.00.21%▲0.10.21%
Public25.3%25.31%▲0.025.3%▼0.025.22%▼0.125.2%▼0.024.95%▼0.325.05%▲0.124.97%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales250278299291306393427459491574
Expenses235261282273288370405436466545
Operating Profit15171718192322232530
OPM %6%6%6%6%6%6%5%5%5%5%
Net Profit68778119101013
EPS ₹0.881.291.051.131.211.811.461.581.582.11

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,951Cr, up 51.4% YoY. OPM at 5%.

Debt Position

Borrowings at ₹110Cr. Debt-to-equity ratio: 0.51x. Moderate leverage.

Capex Cycle

CWIP at ₹12Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.21% (+0.10pp change). FIIs: 0.15% (+0.15pp change). Promoters hold 74.66%.

Margin & Efficiency

ROCE improving from 13% (Mar 2015) to 20% (Mar 2026). Working capital days: -12.

Valuation

PE 26.4x with 20.2% ROCE. Price is 397% above book value of ₹36.6. Dividend yield: 0.6%.

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