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Bharat Gears Limited

Bharat Gears Limited

BHARATGEAR.NS
Bharat Gears LimitedIN flagNational Stock Exchange of India
121.99
INR
+1.08
- -
1.87BMarket Cap
Bharat Gears Limited
BHARATGEAR.NS
(National Stock Exchange of India)

Recent

price

121.99

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
261.99
336.7
307.04
328.35
324.46
310.75
310.2
379.8
437.81
315.19
341.45
485.21
486.69
419.99
422.47
510.77
510.89
Revenue per Share
7.6
14.44
3.88
0.47
-3.29
0.19
-1.14
4.85
9.54
-13.1
-5.35
17.62
8.78
-6.34
2.08
10.75
10.75
Basic EPS, GAAP
2.87
20
20.25
21.01
15.38
12.25
11.29
-11.75
-4.23
16.1
38.17
17.4
10.39
20.91
22.85
12.04
- -
Free Cash Flow per Basic Share
1.06
1
1.08
1.08
0.6
0.01
0.01
0.05
- -
0.66
0.02
0.02
- -
- -
- -
- -
- -
Dividend per Share
18.59
28.56
30.58
30.33
26.28
26.47
25.48
30.9
40.12
23.71
18.27
36.17
46.66
40.32
42.47
10
10
Book Value per Share
45.74
56.57
59.21
58.22
53.82
51.84
51.07
59.07
66.22
54.63
50.59
73.22
78.02
71.6
72.89
84.63
84.65
Tangible Book Value per Share
13
13
13
13
13
13
13
13
13
14
14
15
15
15
15
15
15
Basic Weighted Avg Shares
3,350
4,306
3,926
4,199
4,149
3,974
3,967
4,939
5,752
4,517
4,910
7,115
7,473
6,449
6,475
7,842
7,842
Sales/Revenue/Turnover
6.76
9.04
4.18
2.81
1.9
3.8
2.9
4.99
6.43
-1.77
2.39
6.38
3.49
0.18
0.26
3.79
3.79
Operating Margin (%)
91
108
116
137
140
165
167
183
218
267
241
204
201
226
236
226
226
Depreciation Expense
97
186
50
6
-42
2
-15
63
125
-188
-77
258
135
-97
32
165
165
Net Income, GAAP
32.82
30.53
33.3
0.44
- -
54.32
- -
31.81
35.58
- -
- -
24.15
23.37
- -
18.96
25.05
25.05
Effective Tax Rate (%)
2.9
4.32
1.26
0.14
-1.01
0.06
-0.37
1.28
2.18
-4.16
-1.57
3.63
1.8
-1.51
0.49
2.1
2.1
Profit Margin (%)
15
107
47
82
-31
96
67
498
254
221
197
663
782
476
376
493
493
Working Capital
201
261
346
615
489
512
373
787
813
849
716
654
811
677
477
281
281
LT Debt
591
730
763
758
707
677
665
778
885
796
738
1,082
1,206
1,106
1,129
1,312
1,312
Total Equity
14.06
23.41
8.13
7.64
- -
4.11
- -
8.53
10.17
- -
- -
16.76
8.83
- -
0.65
11.17
11.17
Return on Invested Capital (%)
13.16
34.45
13.03
12.87
- -
4.98
- -
9.85
12.89
- -
- -
24.8
14.07
- -
10.64
23.18
23.18
Return on Capital (%)
45.69
61.28
13.14
1.53
-11.62
0.71
-4.4
17.32
26.98
-43.32
-25.56
65.15
21.63
-14.58
5.02
41.03
41.03
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
408
- -
447
LT Borrowings
251
- -
172
LT Finance Leases
127
- -
109
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15
- -
15
Market Capitalization
1,940
1,681
1,323

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,592
- -
2,597
Cash, Cash Equivalents & STI
139
- -
93
Accounts Receivable, Net
1,133
- -
1,138
Inventories
1,053
- -
1,012
Total Current Liabilities
2,156
- -
2,104
Payables & Accruals
- -
- -
- -
ST Debt
408
- -
447
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.97%
13.61%
16.21%
Free Cash Flow
-68.24%
-5.58%
-47.21%
Net Income, GAAP
-182.19%
-74.13%
417.68%
Sales/Revenue/Turnover
8.58%
11.55%
21.1%
Total Cash Common Dividend
- -
- -
1,400%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,705
1,790
1,428
1,526
6,449
2025
1,660
1,646
1,421
1,749
6,475
2026
1,798
2,047
1,893
2,103
7,842

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.49
-1.13
-3.59
- -
-6.34
2025
-1.18
8.84
-6.7
1.12
2.08
2026
1.07
4.7
1.68
3.3
10.75

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Bharat Gears Limited manufactures automotive gears, shafts, sub-assemblies and heat treatment furnaces for original equipment manufacturers in the automotive, agriculture, construction, utility and electric vehicle sectors; its core products include ring gears and pinions, transmission gears and shafts, differential gears, bevel gears, gear boxes, flywheel assemblies and rings, axle shafts, propeller shaft components, steering components, clutch components, turbocharger kits and driveline products. The company, incorporated in 1971 and headquartered in Mumbai, India, with manufacturing facilities in Mumbra near Mumbai, Faridabad near Delhi and Lonand near Pune, exports to Europe, the USA, Mexico and Asia, serving leading OEMs such as John Deere, Eaton, Carraro, Escorts Kubota, Dana, CNH, JCB, Schaeffler, Toyota, Parker and Mahindra & Mahindra. Bharat Gears maintains certifications including IATF 16949, ISO 9001, 14001 and 45001 across its plants, positioning it as India's largest gear manufacturer with production capacity exceeding one million hypoid/spiral ring gear and pinion sets, seven million transmission gears and 750,000 differential gears annually. In FY 2024-25, the company achieved revenue from operations of INR 64,753 lakhs and EBITDA of INR 2,781 lakhs despite lower export demand; it strengthened partnerships with key OEMs, secured new orders in EV, windmill, recreational, hybrid and defence vehicle segments alongside domestic tractors, became India's first gear manufacturer to supply ground bevel gears, expanded infrastructure for high-quality transmission ground gears and invested in automation, new technologies and operational efficiencies to support growth. ZF Friedrichshafen AG holds a 25.99% stake, providing technical expertise amid the shift to electric vehicles, while recent Q2 FY26 results showed record net sales of INR 204.74 crores, 337% profit surge and operating margin expansion to 8.32%, alongside long-term debt reduction to INR 33.38 crores.