Bharat Gears Limited (BHARATGEAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+196.8%

₹286.56

vs ₹96.55 price

Levered DCF

₹242.57

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.46

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.02×	31.55×	-17.06×	11.78×	5.44×	-8.84×	-1.25×	10.98×
P/B	1.01×	0.89×	1.5×	1.32×	1.3×	0.92×	0.3×	1.55×
P/S	0.17×	0.16×	0.26×	0.21×	0.19×	0.14×	0.05×	0.24×
EV / EBITDA	3.5×	4.04×	11.46×	5.29×	3.48×	5.26×	8.1×	4.93×
Gross margin	27.6%	47.0%	6.4%	7.4%	39.4%	41.3%	40.0%	49.7%
Operating margin	3.8%	0.3%	0.2%	2.2%	6.4%	2.4%	-1.4%	6.4%
Net margin	2.1%	0.5%	-1.5%	1.8%	3.6%	-1.6%	-4.2%	2.2%
Current ratio	1.23×	1.22×	1.27×	1.44×	1.33×	1.09×	1.12×	1.11×
Debt / equity	0.56×	0.71×	1.03×	0.96×	0.99×	1.6×	1.91×	1.82×
Interest coverage	2.12×	0.1×	0.06×	0.99×	2.55×	0.53×	-0.34×	2×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.9%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.1%	-0.4%	-6.1%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	2.8%	-8.8%	11.2%	23.9%	-10.4%	-23.6%	14.2%
Return on invested capital	9.5%	0.6%	0.3%	4.9%	14.4%	4.3%	-1.9%	8.7%
Return on assets	4.1%	0.9%	-2.5%	3.3%	6.4%	-2.0%	-5.0%	3.0%
Free cash flow yield	6.2%	34.8%	19.3%	10.0%	18.2%	80.6%	98.2%	-4.0%
Earnings yield	12.5%	3.2%	-5.9%	8.5%	18.4%	-11.3%	-79.9%	9.1%
Enterprise value	₹2.1B	₹1.8B	₹2.8B	₹2.7B	₹2.4B	₹1.9B	₹1.7B	₹3B
Net debt / EBITDA	1.24×	1.78×	4.6×	2.23×	1.48×	3.33×	7.01×	2.66×
Cash conversion cycle (days)	23	19	46	47	-50	-82	40	53