Bharat Forge Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Forgings: 78.0% • Others: 12.2% • Defence: 9.8%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 21.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.70x)
- Company has been maintaining a healthy dividend payout of 37.6%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 36.8% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Valuation is stretched - P/E of 131.3 is well above its own 5-year median (59.3)
- Stock is trading at 8.4x its book value
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1940.00 | 131.33 | 92749.19 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2167.15 | 62.47 | 20453.29 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 710.70 | 121.12 | 12946.91 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 533.25 | 24.16 | 6473.22 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 632.10 | 18.02 | 3051.88 | 0.63 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.11 | 18.27 | 93.21 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.58 | 0.00 | 53.25 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,877 | 3,774 | 3,866 | 4,164 | 4,106 | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 | |
| 3,282 | 3,153 | 3,169 | 3,521 | 3,365 | 3,041 | 2,851 | 3,171 | 3,236 | 3,306 | 3,593 | 3,750 | 4,283 | |
| Operating Profit | 595 | 621 | 698 | 643 | 741 | 647 | 624 | 681 | 673 | 726 | 750 | 778 | 356 |
| OPM % | 15.36% | 16.47% | 18.05% | 15.45% | 18.05% | 17.55% | 17.97% | 17.68% | 17.22% | 18.00% | 17.27% | 17.19% | 7.68% |
| 64 | 50 | 56 | 45 | -100 | 62 | 38 | 57 | 50 | 54 | -13 | -46 | 415 | |
| Interest | 114 | 124 | 137 | 116 | 124 | 110 | 96 | 88 | 82 | 80 | 77 | 84 | 90 |
| Depreciation | 206 | 211 | 224 | 207 | 218 | 213 | 218 | 224 | 226 | 241 | 249 | 255 | 263 |
| Profit before Tax | 339 | 336 | 393 | 365 | 299 | 386 | 349 | 426 | 414 | 458 | 411 | 393 | 44 |
| Tax % | 37.69% | 36.23% | 35.74% | 37.97% | 41.82% | 36.78% | 38.51% | 33.18% | 30.68% | 34.39% | 32.69% | 40.38% | 302.25% |
| Net Profit | 0 | 0 | 0 | 0 | 175 | 243 | 213 | 283 | 284 | 299 | 273 | 233 | -90 |
| 4.80 | 4.88 | 5.68 | 5.07 | 4.36 | 5.23 | 4.54 | 5.92 | 5.93 | 6.26 | 5.53 | 4.86 | -1.88 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,396 | 8,358 | 10,146 | 8,056 | 6,336 | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 | 17,543 | |
| 5,145 | 6,641 | 8,125 | 6,946 | 5,475 | 8,493 | 11,208 | 13,124 | 12,506 | 13,918 | 14,933 | |
| Operating Profit | 1,251 | 1,717 | 2,021 | 1,110 | 862 | 1,968 | 1,702 | 2,558 | 2,617 | 2,893 | 2,610 |
| OPM % | 19.56% | 20.54% | 19.92% | 13.78% | 13.60% | 18.81% | 13.18% | 16.31% | 17.31% | 17.21% | 14.88% |
| 248 | 47 | 230 | 109 | -137 | 336 | 192 | 220 | 134 | 78 | 410 | |
| Interest | 100 | 107 | 127 | 171 | 108 | 160 | 299 | 496 | 417 | 323 | 331 |
| Depreciation | 452 | 461 | 513 | 543 | 612 | 730 | 736 | 848 | 874 | 971 | 1,008 |
| Profit before Tax | 947 | 1,196 | 1,599 | 462 | -25 | 1,381 | 827 | 1,439 | 1,456 | 1,667 | 1,307 |
| Tax % | 26.32% | 36.95% | 35.42% | 24.36% | -398.81% | 21.98% | 38.52% | 36.75% | 37.27% | 34.66% | 44.77% |
| Net Profit | 698 | 754 | 1,033 | 349 | -127 | 1,077 | 508 | 910 | 913 | 1,089 | 722 |
| EPS | 15.13 | 16.38 | 22.17 | 7.51 | -2.71 | 23.23 | 11.35 | 20.43 | 19.69 | 22.58 | — |
| Dividend Payout % | 24.78% | 27.48% | 22.55% | 46.58% | -73.68% | 30.13% | 61.68% | 44.06% | 43.18% | 37.64% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 22%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- —
- 3 Years:
- 27%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 20%
- 3 Years:
- 22%
- 1 Year:
- 60%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 12%
- 3 Years:
- 12%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 |
| Minority Interest | 10 | 29 | 30 | 32 | 32 | 56 | 36 | -5 | -33 | -23 |
| 4,070 | 4,559 | 5,283 | 5,127 | 5,322 | 6,476 | 6,609 | 7,064 | 9,145 | 9,471 | |
| 2,457 | 2,892 | 3,824 | 4,044 | 5,149 | 5,793 | 7,448 | 7,708 | 6,545 | 7,685 | |
| Trade Payables | 846 | 1,327 | 1,366 | 1,031 | 1,207 | 1,631 | 2,151 | 2,262 | 2,344 | 2,996 |
| 1,411 | 1,077 | 982 | 1,156 | 1,285 | 1,442 | 1,897 | 2,061 | 1,801 | 1,823 | |
| Total Liabilities | 8,841 | 9,977 | 11,578 | 11,482 | 13,088 | 15,492 | 18,235 | 19,184 | 19,898 | 22,048 |
| 3,277 | 3,499 | 3,624 | 4,002 | 4,750 | 4,870 | 6,161 | 6,309 | 6,599 | 8,187 | |
| Capital Work in Progress | 400 | 344 | 831 | 1,143 | 900 | 1,125 | 696 | 977 | 1,725 | 1,251 |
| 1,192 | 1,501 | 1,524 | 1,618 | 2,607 | 2,604 | 2,569 | 1,849 | 2,063 | 1,739 | |
| 1,075 | 1,360 | 1,845 | 1,735 | 1,794 | 2,710 | 3,126 | 3,216 | 3,578 | 4,053 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,167 | 2,900 | 3,910 | |
| Cash & Bank | 336 | 304 | 475 | 575 | 473 | 603 | 1,040 | 1,690 | 1,291 | 990 |
| 2,561 | 2,968 | 3,279 | 2,410 | 2,564 | 3,580 | 4,643 | 1,976 | 1,742 | 1,919 | |
| Total Assets | 8,841 | 9,977 | 11,578 | 11,482 | 13,088 | 15,492 | 18,235 | 19,184 | 19,898 | 22,048 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,325 | 1,360 | 1,462 | 1,755 | 1,113 | 858 | 1,712 | 1,664 | 1,796 | 1,487 | |
| Cash from Investing | -684 | -814 | -1,175 | -1,132 | -1,511 | -690 | -1,671 | -667 | -1,964 | -1,033 |
| Cash from Financing | -401 | -314 | 368 | -381 | 578 | 310 | 280 | -203 | -570 | -442 |
| -33 | -161 | 104 | 8 | 87 | 126 | -97 | 795 | -738 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Bharat Forge Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-09-10 - Bharat Forge Limited has informed the Exchange about Amalgamation/Merger
2026-09-10 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Bharat Forge Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Kalyani Strategic Systems Partners with FN Herstal to Build Small Arms and Counter-UAS Capability in India".
2026-09-03 - Bharat Forge Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Thales and Kalyani Strategic Systems Limited sign Strategic Alliance Agreement for 70-mm Rocket Systems".
2026-09-03 - Bharat Forge Limited has informed the Exchange about Schedule of meet
2026-09-02 - Bharat Forge Limited has informed the Exchange about Sale or disposal
2026-08-31 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - Bharat Forge Limited has informed the Exchange about Presentation
News
Recent coverage and analyst commentary for BHARATFORG
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