Bharat Seats share price & results
- Sept 2026
- Sept 2026
Maruti Suzuki-Toyo Seat JV making automotive seats and seat systems from 6 plants in Haryana and Gujarat
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 709 | +54.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 4.5 | −0.4 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 15.0 | +50.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 20.88 | +2.1 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.02 | +0.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 48.39 | +30.6 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −2.1% 1Y
1Y: ₹213 on 24 Oct 2025 → ₹208.58. High ₹254.62 (13 Jul 2026), low ₹135.32 (27 Jan 2026).
- Previous close
- ₹185.22
- Market cap
- ₹1.3k Cr
- 52-week range
- ₹135.32 – ₹254.62
- One year
- −7.20%
- Price to earnings (TTM to Sept 2026)
- 24.75×
- Return on equity (TTM to Sept 2026)
- 20.88%
Overview
- Symbol
- NSE:BHARATSE
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What Bharat Seats Limited does
Based on the company's own presentations, annual report and earnings calls.
Bharat Seats Limited is a joint-venture automotive components manufacturer that makes seats and seating systems for passenger cars, primarily supplying Maruti Suzuki India Limited, and has expanded into two-wheeler wheel assemblies for Suzuki Motorcycle India. It operates as a technical/equity collaboration involving Suzuki Motor Corporation (Japan), Toyo Seat Co. Ltd. (Japan, seat technology), Inoac Corporation (Japan, PU foam) and Hayashi Telempu (Thailand, seat trim), and earns by manufacturing and supplying these components on a contract basis to OEM customers under long-term vendor relationships. It runs six manufacturing plants located in and around Gurugram and Sonepat (Haryana) and near Ahmedabad (Gujarat), sited close to its principal customers' assembly plants.
- Manufacturing plants
- 6
- Plant locations
- Gurugram, Bhorakalan, Manesar and Kharkhauda (Sonepat) in Haryana; Surendranagar and Hansalpur (Ahmedabad) in Gujarat
- Principal customer
- Maruti Suzuki India Limited (car seats)
- Other customer
- Suzuki Motorcycle India Private Limited (two-wheeler wheel assembly)
- Technical/JV collaborators
- Suzuki Motor Corporation (Japan), Toyo Seat Co. Ltd. (Japan), Inoac Corporation (Japan), Hayashi Telempu (Thailand)
- Stock exchange listing
- BSE and NSE (NSE listing added March 2025)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +50% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 306 | 393 | 427 | 459 | 491 | 574 | 578 | 709 |
| Expenses | 288 | 370 | 405 | 436 | 466 | 545 | 550 | 677 |
| Operating profit | 19 | 23 | 22 | 23 | 25 | 30 | 28 | 32 |
| Operating margin | 6.0% | 6.0% | 5.0% | 4.9% | 5.0% | 5.0% | 4.9% | 4.5% |
| Other income | 1 | 1 | 1 | 3 | 0 | 1 | 1 | 1 |
| Interest | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 |
| Depreciation | 7 | 7 | 8 | 9 | 9 | 9 | 9 | 10 |
| Profit before tax | 10 | 15 | 12 | 13 | 13 | 19 | 18 | 21 |
| Tax rate | 26.0% | 25.0% | 26.0% | 26.0% | 26.0% | 28.0% | 25.0% | 26.0% |
| Net profit | 8 | 11 | 9 | 10 | 10 | 13 | 13 | 15 |
| EPS (₹ per share) | 1.21 | 1.81 | 1.46 | 1.58 | 1.58 | 2.11 | 2.10 | 2.42 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,051 | 1,067 | 1,289 | 1,951 |
| Expenses | 1,005 | 1,006 | 1,213 | 1,852 |
| Operating profit | 47 | 61 | 77 | 100 |
| Other income | 4 | 4 | 4 | 5 |
| Interest | 3 | 7 | 8 | 9 |
| Depreciation | 17 | 23 | 26 | 35 |
| Profit before tax | 30 | 34 | 44 | 57 |
| Net profit | 21 | 26 | 33 | 42 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 13 | 13 | 13 | 13 |
| Reserves | 140 | 161 | 182 | 194 | 217 | 236 |
| Borrowings | 66 | 160 | 152 | 132 | 110 | 122 |
| Other liabilities | 146 | 179 | 301 | 354 | 397 | 426 |
| Total liabilities | 358 | 505 | 648 | 693 | 737 | 797 |
| Fixed assets | 199 | 276 | 283 | 367 | 356 | 352 |
| Capital work in progress | 12 | 49 | 90 | 6 | 12 | 22 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 147 | 181 | 275 | 320 | 369 | 423 |
| Total assets | 358 | 505 | 648 | 693 | 737 | 797 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 19 | 16 | 43 | 57 | 96 | 107 |
| Cash from investing | -12 | -15 | -59 | -73 | -68 | -47 |
| Cash from financing | -7 | -2 | 17 | 16 | -25 | -47 |
| Net cash flow | 0 | -1 | 0 | 0 | 3 | 12 |
| Free cash flow | 7 | 0 | -17 | -16 | 28 | 59 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 55 | 49 | 34 | 35 | 56 | 49 |
| Inventory days | 24 | 28 | 12 | 16 | 19 | 13 |
| Days payable | 99 | 68 | 48 | 59 | 87 | 69 |
| Cash conversion cycle | -20 | 9 | -3 | -7 | -13 | -7 |
| Working capital days | -13 | 2 | -13 | -17 | -20 | -12 |
| Return on capital employed | 7.0% | 12.0% | 18.0% | 15.0% | 16.0% | 20.0% |
| Dividend payout | 33.0% | 21.0% | 20.0% | 20.0% | 21.0% | 22.0% |
What the price assumes
AttractiveTo justify its price of ₹209, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹301 — upside of 44%.
- Growth the price implies
- 18.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 25.6% a year
- net profit, FY23–FY26 · EPS 25.2%
- The gap
- -0.1 pp
- 44% downside if it only repeats history
Ownership
Who owns it
Promoters hold 74.66% as of Sept 2026; institutions cut 0.09 pts since Jun 2026.
- Promoters 74.66%
- Foreign institutions 0.06%
- Domestic institutions 0.22%
- Government 0.00%
- Public 25.05%
Who is on the register
Named in the Sep 2026 filing
Every holder of Bharat Seats Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 28.66% | unchanged | |
| 16.38% | unchanged | |
| 14.81% | unchanged | |
| Corporate | 14.81% | unchanged |
| 1.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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