Bharat Seats Limited (BHARATSE.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

-124.2%

-₹48.86

vs ₹201.73 price

Levered DCF

₹15.39

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	21.01×	15.04×	42.22×	24.62×	44.44×
P/B	3.86×	2.53×	3.18×	3.62×	4.17×
P/S	0.45×	0.38×	0.5×	0.51×	0.65×
EV / EBITDA	9.53×	8.12×	10.57×	11.85×	15.24×
Gross margin	8.7%	13.5%	13.7%	11.4%	11.7%
Operating margin	3.3%	3.9%	3.6%	3.0%	2.1%
Net margin	2.2%	2.5%	2.4%	2.1%	1.5%
Current ratio	0.88×	0.8×	0.76×	0.79×	1.03×
Debt / equity	0.48×	0.78×	0.96×	0.45×	0.31×
Interest coverage	6.28×	5.67×	4.94×	8.76×	4.52×
Dividend yield	0.8%	1.0%	0.8%	0.5%	0.3%
Payout ratio	16.4%	15.4%	17.5%	11.7%	13.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	18.4%	16.8%	15.0%	14.7%	9.4%
Return on invested capital	13.4%	10.5%	8.5%	10.3%	7.4%
Return on assets	5.7%	5.0%	5.0%	6.0%	3.5%
Free cash flow yield	5.7%	5.3%	-3.1%	-3.4%	-0.3%
Earnings yield	4.8%	6.6%	4.7%	4.1%	2.2%
Enterprise value	₹9.8B	₹6.4B	₹6.9B	₹6B	₹5.7B
Net debt / EBITDA	0.92×	1.89×	2.45×	1.3×	1.04×
Cash conversion cycle (days)	-4	-11	-6	-1	10