Bharat Forge Ltd.
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ABOUT
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 delivered good profit growth of 21.3% CAGR over last 5 years
- Company has delivered good sales growth of 18.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.50x)
- Company has been maintaining a healthy dividend payout of 49.6%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 38.6% versus prior year
- Valuation is stretched - P/E of 117.9 is well above its own 5-year median (42.2)
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 7.3x its book value
- Growth is decelerating - 3Y profit CAGR (-7.8%) trails the 5Y trend (21.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1976.60 | 133.80 | 94499.00 | 0.43 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2255.45 | 65.02 | 21286.65 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 721.35 | 122.94 | 13140.92 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 541.40 | 24.53 | 6572.16 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 617.55 | 17.61 | 2981.63 | 0.65 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.61 | 18.77 | 95.78 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.59 | 0.00 | 53.58 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,127 | 2,249 | 2,263 | 2,329 | 2,338 | 2,247 | 2,096 | 2,163 | 2,105 | 1,947 | 2,084 | 2,260 | 2,347 | |
| 1,579 | 1,643 | 1,600 | 1,669 | 1,687 | 1,621 | 1,486 | 1,546 | 1,533 | 1,396 | 1,517 | 1,643 | 1,920 | |
| Operating Profit | 549 | 607 | 663 | 659 | 651 | 625 | 610 | 617 | 572 | 551 | 566 | 617 | 428 |
| OPM % | 25.79% | 26.98% | 29.30% | 28.31% | 27.86% | 27.84% | 29.10% | 28.51% | 27.17% | 28.30% | 27.18% | 27.31% | 18.21% |
| 47 | 40 | 35 | 25 | -101 | 48 | 30 | 28 | 42 | 39 | -21 | -464 | 59 | |
| Interest | 71 | 73 | 81 | 63 | 70 | 64 | 57 | 59 | 52 | 48 | 41 | 40 | 43 |
| Depreciation | 109 | 113 | 112 | 108 | 109 | 108 | 110 | 112 | 112 | 111 | 112 | 112 | 115 |
| Profit before Tax | 417 | 462 | 504 | 513 | 371 | 502 | 473 | 473 | 449 | 430 | 392 | 0 | 437 |
| Tax % | 25.21% | 25.05% | 25.10% | 24.00% | 27.34% | 28.04% | 26.78% | 27.00% | 24.65% | 27.95% | 26.44% | 51300.00% | 26.50% |
| Net Profit | 312 | 346 | 378 | 390 | 269 | 361 | 346 | 346 | 339 | 310 | 288 | -118 | 321 |
| 6.69 | 7.43 | 8.11 | 8.37 | 5.79 | 7.75 | 7.38 | 7.23 | 7.08 | 6.48 | 6.03 | -2.47 | 6.72 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,865 | 5,316 | 6,520 | 4,564 | 3,652 | 6,255 | 7,573 | 8,969 | 8,844 | 8,396 | 8,638 | |
| 2,792 | 3,779 | 4,644 | 3,548 | 2,924 | 4,587 | 5,732 | 6,500 | 6,417 | 6,108 | 6,476 | |
| Operating Profit | 1,073 | 1,537 | 1,876 | 1,016 | 728 | 1,668 | 1,841 | 2,469 | 2,427 | 2,288 | 2,162 |
| OPM % | 27.75% | 28.91% | 28.77% | 22.25% | 19.93% | 26.66% | 24.31% | 27.53% | 27.44% | 27.25% | 25.03% |
| 138 | -15 | 196 | 67 | 131 | 247 | 181 | 156 | 82 | -386 | -389 | |
| Interest | 73 | 85 | 102 | 145 | 78 | 107 | 213 | 287 | 250 | 182 | 173 |
| Depreciation | 295 | 307 | 347 | 345 | 366 | 412 | 426 | 442 | 440 | 448 | 451 |
| Profit before Tax | 842 | 1,131 | 1,623 | 593 | 415 | 1,396 | 1,383 | 1,895 | 1,819 | 1,271 | 1,259 |
| Tax % | 30.55% | 37.44% | 34.00% | 20.09% | 24.78% | 22.79% | 24.39% | 24.81% | 27.30% | 35.59% | 36.34% |
| Net Profit | 585 | 707 | 1,071 | 474 | 312 | 1,078 | 1,045 | 1,425 | 1,322 | 819 | 802 |
| EPS | 12.56 | 15.19 | 23.00 | 10.17 | 6.70 | 23.15 | 22.45 | 30.61 | 27.66 | 17.13 | — |
| Dividend Payout % | 29.84% | 29.62% | 21.73% | 34.41% | 29.84% | 30.24% | 31.17% | 29.41% | 30.73% | 49.63% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 18%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- 21%
- 3 Years:
- -8%
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 20%
- 3 Years:
- 21%
- 1 Year:
- 63%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 13%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 4,185 | 4,521 | 5,305 | 5,262 | 5,856 | 7,017 | 7,607 | 8,476 | 10,869 | 10,893 | |
| 1,728 | 2,092 | 3,040 | 3,020 | 3,494 | 3,662 | 4,226 | 4,447 | 4,093 | 4,123 | |
| Trade Payables | 464 | 689 | 812 | 611 | 801 | 967 | 1,213 | 1,287 | 1,386 | 1,401 |
| 1,253 | 971 | 689 | 731 | 871 | 1,102 | 1,055 | 885 | 816 | 968 | |
| Total Liabilities | 7,677 | 8,366 | 9,939 | 9,717 | 11,115 | 12,841 | 14,194 | 15,188 | 17,260 | 17,481 |
| 2,373 | 2,528 | 2,634 | 2,808 | 3,459 | 3,301 | 3,238 | 3,156 | 3,101 | 3,088 | |
| Capital Work in Progress | 374 | 302 | 713 | 895 | 270 | 248 | 303 | 376 | 838 | 728 |
| 1,772 | 2,061 | 2,192 | 2,353 | 3,569 | 3,900 | 4,279 | 4,465 | 6,045 | 6,818 | |
| 426 | 538 | 760 | 758 | 875 | 1,111 | 1,264 | 1,329 | 1,540 | 1,570 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,618 | 3,820 | 4,130 | |
| Cash & Bank | 278 | 188 | 370 | 444 | 280 | 383 | 402 | 1,054 | 929 | 370 |
| 2,453 | 2,750 | 3,270 | 2,461 | 2,662 | 3,898 | 4,708 | 1,189 | 987 | 778 | |
| Total Assets | 7,677 | 8,366 | 9,939 | 9,717 | 11,115 | 12,841 | 14,194 | 15,188 | 17,260 | 17,481 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,156 | 1,323 | 1,325 | 1,596 | 893 | 620 | 1,184 | 2,092 | 1,701 | 1,544 | |
| Cash from Investing | -579 | -697 | -1,002 | -729 | -1,130 | -249 | -601 | -809 | -2,841 | -555 |
| Cash from Financing | -372 | -367 | 299 | -620 | 368 | 75 | -172 | -641 | 457 | -984 |
| -59 | -122 | 93 | 28 | 52 | 102 | 15 | 642 | -683 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-10 - 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
2026-08-28 - Bharat Forge Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for BHARATFORG
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Bharat Forge Ltd.
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