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Bharat Forge Ltd.

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bharatforge.comBSE: 500493NSE: BHARATFORG
Market Cap₹ 92,749 Cr.
Current Price
High / Low₹ 2,295 / 1,179
Stock P/E131.3
Book Value₹ 198
Price to Book8.38
Dividend Yield0.44 %
ROCE12.5 %
ROE11.6 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Forgings: 78.0% • Others: 12.2% • Defence: 9.8%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

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.

Confidence
74%
View full sector analysis →

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

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 500NIFTY ALPHA 50NIFTY AUTONIFTY LARGEMID250NIFTYLARGEMIDCAP250
S.No.Name
1.BHARATFORG1940.00131.3392749.190.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2167.1562.4720453.290.1891.4639.24449.4227.0318.1931.34
3.RKFORGE710.70121.1212946.910.1446.88297.761216.6719.845.5617.91
4.BALUFORGE533.2524.166473.220.0366.0915.89300.7228.9522.9528.19
5.MMFL632.1018.023051.880.6390.42371.26420.4818.719.0017.82
6.HILTON18.1118.2793.210.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.580.0053.250.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,8773,7743,8664,1644,1063,6893,4763,8533,9094,0324,3434,5284,640
3,2823,1533,1693,5213,3653,0412,8513,1713,2363,3063,5933,7504,283
Operating Profit595621698643741647624681673726750778356
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%
64505645-1006238575054-13-46415
Interest11412413711612411096888280778490
Depreciation206211224207218213218224226241249255263
Profit before Tax33933639336529938634942641445841139344
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 Profit0000175243213283284299273233-90
4.804.885.685.074.365.234.545.925.936.265.534.86-1.88

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6,3968,35810,1468,0566,33610,46112,91015,68215,12316,81217,543
5,1456,6418,1256,9465,4758,49311,20813,12412,50613,91814,933
Operating Profit1,2511,7172,0211,1108621,9681,7022,5582,6172,8932,610
OPM %19.56%20.54%19.92%13.78%13.60%18.81%13.18%16.31%17.31%17.21%14.88%
24847230109-13733619222013478410
Interest100107127171108160299496417323331
Depreciation4524615135436127307368488749711,008
Profit before Tax9471,1961,599462-251,3818271,4391,4561,6671,307
Tax %26.32%36.95%35.42%24.36%-398.81%21.98%38.52%36.75%37.27%34.66%44.77%
Net Profit6987541,033349-1271,0775089109131,089722
EPS15.1316.3822.177.51-2.7123.2311.3520.4319.6922.58—
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

Corporate actions

2017

Sep 28

1:1

Bharat Forge Ltd has informed BSE that the Board of Directors of the Company in its meeting held on August 10, 2017, inter alia, have recommended issue of Bonus Shares to holders of equity shares of the Company in the ratio of 1:1 (i.e. One bonus equity share of Rs. 2/- each fully paid up for every one fully paid-up equity shares of Rs. 2/- each held) subject to approval of the shareholders of the Company through postal ballot. Subject to shareholders? approval, bonus shares will be credited or share certificates in respect thereof will be dispatched to the shareholders on or before October 09, 2017. The Company will also seek the approval of members of the Company through postal ballot inter alia for increase in authorised share capital of the Company.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital47939393939393939696
Minority Interest10293032325636-5-33-23
4,0704,5595,2835,1275,3226,4766,6097,0649,1459,471
2,4572,8923,8244,0445,1495,7937,4487,7086,5457,685
Trade Payables8461,3271,3661,0311,2071,6312,1512,2622,3442,996
1,4111,0779821,1561,2851,4421,8972,0611,8011,823
Total Liabilities8,8419,97711,57811,48213,08815,49218,23519,18419,89822,048
3,2773,4993,6244,0024,7504,8706,1616,3096,5998,187
Capital Work in Progress4003448311,1439001,1256969771,7251,251
1,1921,5011,5241,6182,6072,6042,5691,8492,0631,739
1,0751,3601,8451,7351,7942,7103,1263,2163,5784,053
00000003,1672,9003,910
Cash & Bank3363044755754736031,0401,6901,291990
2,5612,9683,2792,4102,5643,5804,6431,9761,7421,919
Total Assets8,8419,97711,57811,48213,08815,49218,23519,18419,89822,048

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,3251,3601,4621,7551,1138581,7121,6641,7961,487
Cash from Investing-684-814-1,175-1,132-1,511-690-1,671-667-1,964-1,033
Cash from Financing-401-314368-381578310280-203-570-442
-33-161104887126-97795-73812

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
45.2545.2544.0744.0744.0744.0744.0744.0744.07
17.0418.7217.8716.0814.3713.6212.4014.1515.04
27.9626.3228.3530.2031.2632.1134.0832.6232.18
Government0.000.000.000.000.000.000.000.000.00
9.589.559.559.5110.1510.059.309.018.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Shareholders meeting

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
Amalgamation/Merger

2026-09-10 - Bharat Forge Limited has informed the Exchange about Amalgamation/Merger

2026-09-10
Copy of Newspaper Publication

2026-09-10 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03
Press Release

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
Press Release

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Bharat Forge Limited has informed the Exchange about Schedule of meet

2026-09-02
Sale or disposal

2026-09-02 - Bharat Forge Limited has informed the Exchange about Sale or disposal

2026-08-31
Copy of Newspaper Publication

2026-08-31 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Bharat Forge Limited has informed the Exchange about Presentation

News

Recent coverage and analyst commentary for BHARATFORG

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