Bharat Forge Ltd.
•₹ 2,0630.05%
2026-08-21
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 139.8 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | BHARATFORG | 2065.00 | 139.79 | 98725.30 | 0.41 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| 2. | HAPPYFORGE | 2305.95 | 66.47 | 21763.26 | 0.17 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| 3. | RKFORGE | 748.15 | 127.50 | 13629.05 | 0.13 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| 4. | BALUFORGE | 537.50 | 24.35 | 6524.81 | 0.00 | 66.09 | 15.89 | 300.72 | 28.95 | 31.33 | 28.19 |
| 5. | MMFL | 655.90 | 18.70 | 3166.79 | 0.61 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| 6. | KALYANIFRG | 678.75 | 0.00 | 246.93 | 0.59 | 4.48 | 217.73 | 66.80 | 4.16 | 12.26 | 15.89 |
| 7. | GANGAFORGE | 2.26 | 0.00 | 76.16 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 64 | 52 | 56 | 55 | 52 | 62 | 38 | 62 | 50 | 54 | 42 | 53 | 57 |
| 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 |
| 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 |
| 5 | 5 | 6 | 5 | 4 | 5 | 5 | 6 | 6 | 6 | 6 | 5 | -0 | |
| Equity Capital | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 | 96 | 96 | 96 | 96 | 96 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 | 96 | 96 | 96 | 96 | 96 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 3,877
- 3,282
- Operating Profit
- —
- OPM %
- —
- Other Income
- 64
- Interest
- 114
- Depreciation
- 206
- 339
- Tax %
- 37.69%
- Net Profit
- 0
- 5
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 3,774
- 3,153
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 124
- Depreciation
- 211
- 336
- Tax %
- 36.23%
- Net Profit
- 0
- 5
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 3,866
- 3,169
- Operating Profit
- —
- OPM %
- —
- Other Income
- 56
- Interest
- 137
- Depreciation
- 224
- 393
- Tax %
- 35.74%
- Net Profit
- 0
- 6
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 4,164
- 3,521
- Operating Profit
- —
- OPM %
- —
- Other Income
- 55
- Interest
- 116
- Depreciation
- 207
- 365
- Tax %
- 37.97%
- Net Profit
- 0
- 5
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 4,106
- 3,365
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 124
- Depreciation
- 218
- 299
- Tax %
- 41.82%
- Net Profit
- 175
- 4
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 3,689
- 3,041
- Operating Profit
- —
- OPM %
- —
- Other Income
- 62
- Interest
- 110
- Depreciation
- 213
- 386
- Tax %
- 36.78%
- Net Profit
- 243
- 5
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 93
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 3,476
- 2,851
- Operating Profit
- —
- OPM %
- —
- Other Income
- 38
- Interest
- 96
- Depreciation
- 218
- 349
- Tax %
- 38.51%
- Net Profit
- 213
- 5
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 3,853
- 3,171
- Operating Profit
- —
- OPM %
- —
- Other Income
- 62
- Interest
- 88
- Depreciation
- 224
- 426
- Tax %
- 33.18%
- Net Profit
- 283
- 6
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 3,909
- 3,236
- Operating Profit
- —
- OPM %
- —
- Other Income
- 50
- Interest
- 82
- Depreciation
- 226
- 414
- Tax %
- 30.68%
- Net Profit
- 284
- 6
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 4,032
- 3,306
- Operating Profit
- —
- OPM %
- —
- Other Income
- 54
- Interest
- 80
- Depreciation
- 241
- 458
- Tax %
- 34.39%
- Net Profit
- 299
- 6
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 4,343
- 3,593
- Operating Profit
- —
- OPM %
- —
- Other Income
- 42
- Interest
- 77
- Depreciation
- 249
- 411
- Tax %
- 32.69%
- Net Profit
- 273
- 6
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 4,528
- 3,750
- Operating Profit
- —
- OPM %
- —
- Other Income
- 53
- Interest
- 84
- Depreciation
- 255
- 393
- Tax %
- 40.38%
- Net Profit
- 233
- 5
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 4,640
- 4,283
- Operating Profit
- —
- OPM %
- —
- Other Income
- 57
- Interest
- 90
- Depreciation
- 263
- 44
- Tax %
- 302.25%
- Net Profit
- -90
- -0
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 1,370 | 1,859 | 2,251 | 1,298 | 1,031 | 2,212 | 1,940 | 2,790 | 2,908 | 3,125 | — |
| OPM % | 21 | 22 | 22 | 16 | 16 | 21 | 15 | 18 | 19 | 19 | — |
| Other Income | 119 | 142 | 230 | 188 | 169 | 244 | 238 | 232 | 291 | 232 | 206 |
| 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 |
| 947 | 1,196 | 1,599 | 462 | -25 | 1,381 | 827 | 1,439 | 1,456 | 1,667 | 1,307 | |
| Tax % | 26 | 37 | 35 | 24 | -399 | 22 | 39 | 37 | 37 | 35 | 45 |
| Net Profit | 698 | 754 | 1,033 | 349 | -127 | 1,077 | 508 | 910 | 913 | 1,089 | 722 |
| EPS | 15 | 16 | 22 | 8 | -3 | 23 | 11 | 20 | 20 | 23 | — |
| Dividend Payout % | 25 | 27 | 23 | 47 | -74 | 30 | 62 | 44 | 43 | 38 | — |
| Minority Interest | -6 | 8 | -0 | 1 | 1 | 5 | 20 | 41 | 28 | -10 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17 |
| Adjusted EPS | 15 | 16 | 22 | 8 | -3 | 23 | 11 | 20 | 20 | 23 | — |
| Minority Interest | -6 | 8 | -0 | 1 | 1 | 5 | 20 | 41 | 28 | -10 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17 |
| Adjusted EPS | 15 | 16 | 22 | 8 | -3 | 23 | 11 | 20 | 20 | 23 | — |
Mar 2017
- 6,396
- 5,145
- Operating Profit
- 1,370
- OPM %
- 21
- Other Income
- 119
- Interest
- 100
- Depreciation
- 452
- 947
- Tax %
- 26
- Net Profit
- 698
- EPS
- 15
- Dividend Payout %
- 25
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2018
- 8,358
- 6,641
- Operating Profit
- 1,859
- OPM %
- 22
- Other Income
- 142
- Interest
- 107
- Depreciation
- 461
- 1,196
- Tax %
- 37
- Net Profit
- 754
- EPS
- 16
- Dividend Payout %
- 27
- Minority Interest
- 8
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- 8
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2019
- 10,146
- 8,125
- Operating Profit
- 2,251
- OPM %
- 22
- Other Income
- 230
- Interest
- 127
- Depreciation
- 513
- 1,599
- Tax %
- 35
- Net Profit
- 1,033
- EPS
- 22
- Dividend Payout %
- 23
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 22
Mar 2020
- 8,056
- 6,946
- Operating Profit
- 1,298
- OPM %
- 16
- Other Income
- 188
- Interest
- 171
- Depreciation
- 543
- 462
- Tax %
- 24
- Net Profit
- 349
- EPS
- 8
- Dividend Payout %
- 47
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 8
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 8
Mar 2021
- 6,336
- 5,475
- Operating Profit
- 1,031
- OPM %
- 16
- Other Income
- 169
- Interest
- 108
- Depreciation
- 612
- -25
- Tax %
- -399
- Net Profit
- -127
- EPS
- -3
- Dividend Payout %
- -74
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- -3
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- -3
Mar 2022
- 10,461
- 8,493
- Operating Profit
- 2,212
- OPM %
- 21
- Other Income
- 244
- Interest
- 160
- Depreciation
- 730
- 1,381
- Tax %
- 22
- Net Profit
- 1,077
- EPS
- 23
- Dividend Payout %
- 30
- Minority Interest
- 5
- Share of Associates
- 0
- Adjusted EPS
- 23
- Minority Interest
- 5
- Share of Associates
- 0
- Adjusted EPS
- 23
Mar 2023
- 12,910
- 11,208
- Operating Profit
- 1,940
- OPM %
- 15
- Other Income
- 238
- Interest
- 299
- Depreciation
- 736
- 827
- Tax %
- 39
- Net Profit
- 508
- EPS
- 11
- Dividend Payout %
- 62
- Minority Interest
- 20
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 20
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2024
- 15,682
- 13,124
- Operating Profit
- 2,790
- OPM %
- 18
- Other Income
- 232
- Interest
- 496
- Depreciation
- 848
- 1,439
- Tax %
- 37
- Net Profit
- 910
- EPS
- 20
- Dividend Payout %
- 44
- Minority Interest
- 41
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- 41
- Share of Associates
- 0
- Adjusted EPS
- 20
Mar 2025
- 15,123
- 12,506
- Operating Profit
- 2,908
- OPM %
- 19
- Other Income
- 291
- Interest
- 417
- Depreciation
- 874
- 1,456
- Tax %
- 37
- Net Profit
- 913
- EPS
- 20
- Dividend Payout %
- 43
- Minority Interest
- 28
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- 28
- Share of Associates
- 0
- Adjusted EPS
- 20
Mar 2026
- 16,812
- 13,918
- Operating Profit
- 3,125
- OPM %
- 19
- Other Income
- 232
- Interest
- 323
- Depreciation
- 971
- 1,667
- Tax %
- 35
- Net Profit
- 1,089
- EPS
- 23
- Dividend Payout %
- 38
- Minority Interest
- -10
- Share of Associates
- 0
- Adjusted EPS
- 23
- Minority Interest
- -10
- Share of Associates
- 0
- Adjusted EPS
- 23
TTM
- 17,543
- 14,933
- Operating Profit
- —
- OPM %
- —
- Other Income
- 206
- Interest
- 331
- Depreciation
- 1,008
- 1,307
- Tax %
- 45
- Net Profit
- 722
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -0
- Share of Associates
- -17
- Adjusted EPS
- —
- Minority Interest
- -0
- Share of Associates
- -17
- Adjusted EPS
- —
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:
- 17%
- 5 Years:
- 22%
- 3 Years:
- 28%
- 1 Year:
- 78%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 47 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 |
| 4,070 | 4,559 | 5,283 | 5,127 | 5,322 | 6,476 | 6,609 | 7,064 | 9,145 | 9,471 | |
| 1,341 | 1,697 | 2,101 | 2,004 | 2,363 | 3,390 | 4,439 | 5,154 | 4,720 | 4,876 | |
| Trade Payables | 846 | 1,327 | 1,366 | 1,031 | 1,207 | 1,631 | 2,151 | 2,262 | 2,344 | 2,996 |
| 2,537 | 2,301 | 2,734 | 3,228 | 4,103 | 3,901 | 4,943 | 4,610 | 3,594 | 4,609 | |
| Total Liabilities | 8,841 | 9,977 | 11,578 | 11,482 | 13,088 | 15,492 | 18,235 | 19,184 | 19,898 | 22,048 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 3,124 | 3,257 | 4,029 | 4,348 | 4,995 | 5,655 | 6,797 | 7,466 | 6,251 | 6,862 |
| Net Working Capital | 1,012 | 827 | 1,430 | 1,304 | 1,697 | 1,817 | 725 | 735 | 1,529 | 1,621 |
| Contingent Liabilities | 118 | 61 | 160 | 144 | 136 | 490 | 492 | 559 | 606 | 1,047 |
| Book Value per Share | 176.82 | 99.91 | 115.47 | 112.11 | 116.31 | 141.09 | 143.94 | 153.73 | 193.28 | 200.11 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 3,124 | 3,257 | 4,029 | 4,348 | 4,995 | 5,655 | 6,797 | 7,466 | 6,251 | 6,862 |
| Net Working Capital | 1,012 | 827 | 1,430 | 1,304 | 1,697 | 1,817 | 725 | 735 | 1,529 | 1,621 |
| Contingent Liabilities | 118 | 61 | 160 | 144 | 136 | 490 | 492 | 559 | 606 | 1,047 |
| Book Value per Share | 176.82 | 99.91 | 115.47 | 112.11 | 116.31 | 141.09 | 143.94 | 153.73 | 193.28 | 200.11 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Mar 2017
- Equity Capital
- 47
- 4,070
- 1,341
- Trade Payables
- 846
- 2,537
- Total Liabilities
- 8,841
- 3,277
- Capital Work in Progress
- 400
- 1,192
- 1,075
- 0
- Cash & Bank
- 336
- 2,561
- Total Assets
- 8,841
- Total Debt
- 3,124
- Net Working Capital
- 1,012
- Contingent Liabilities
- 118
- Book Value per Share
- 176.82
- Face Value
- 2.00
- Total Debt
- 3,124
- Net Working Capital
- 1,012
- Contingent Liabilities
- 118
- Book Value per Share
- 176.82
- Face Value
- 2.00
Mar 2018
- Equity Capital
- 93
- 4,559
- 1,697
- Trade Payables
- 1,327
- 2,301
- Total Liabilities
- 9,977
- 3,499
- Capital Work in Progress
- 344
- 1,501
- 1,360
- 0
- Cash & Bank
- 304
- 2,968
- Total Assets
- 9,977
- Total Debt
- 3,257
- Net Working Capital
- 827
- Contingent Liabilities
- 61
- Book Value per Share
- 99.91
- Face Value
- 2.00
- Total Debt
- 3,257
- Net Working Capital
- 827
- Contingent Liabilities
- 61
- Book Value per Share
- 99.91
- Face Value
- 2.00
Mar 2019
- Equity Capital
- 93
- 5,283
- 2,101
- Trade Payables
- 1,366
- 2,734
- Total Liabilities
- 11,578
- 3,624
- Capital Work in Progress
- 831
- 1,524
- 1,845
- 0
- Cash & Bank
- 475
- 3,279
- Total Assets
- 11,578
- Total Debt
- 4,029
- Net Working Capital
- 1,430
- Contingent Liabilities
- 160
- Book Value per Share
- 115.47
- Face Value
- 2.00
- Total Debt
- 4,029
- Net Working Capital
- 1,430
- Contingent Liabilities
- 160
- Book Value per Share
- 115.47
- Face Value
- 2.00
Mar 2020
- Equity Capital
- 93
- 5,127
- 2,004
- Trade Payables
- 1,031
- 3,228
- Total Liabilities
- 11,482
- 4,002
- Capital Work in Progress
- 1,143
- 1,618
- 1,735
- 0
- Cash & Bank
- 575
- 2,410
- Total Assets
- 11,482
- Total Debt
- 4,348
- Net Working Capital
- 1,304
- Contingent Liabilities
- 144
- Book Value per Share
- 112.11
- Face Value
- 2.00
- Total Debt
- 4,348
- Net Working Capital
- 1,304
- Contingent Liabilities
- 144
- Book Value per Share
- 112.11
- Face Value
- 2.00
Mar 2021
- Equity Capital
- 93
- 5,322
- 2,363
- Trade Payables
- 1,207
- 4,103
- Total Liabilities
- 13,088
- 4,750
- Capital Work in Progress
- 900
- 2,607
- 1,794
- 0
- Cash & Bank
- 473
- 2,564
- Total Assets
- 13,088
- Total Debt
- 4,995
- Net Working Capital
- 1,697
- Contingent Liabilities
- 136
- Book Value per Share
- 116.31
- Face Value
- 2.00
- Total Debt
- 4,995
- Net Working Capital
- 1,697
- Contingent Liabilities
- 136
- Book Value per Share
- 116.31
- Face Value
- 2.00
Mar 2022
- Equity Capital
- 93
- 6,476
- 3,390
- Trade Payables
- 1,631
- 3,901
- Total Liabilities
- 15,492
- 4,870
- Capital Work in Progress
- 1,125
- 2,604
- 2,710
- 0
- Cash & Bank
- 603
- 3,580
- Total Assets
- 15,492
- Total Debt
- 5,655
- Net Working Capital
- 1,817
- Contingent Liabilities
- 490
- Book Value per Share
- 141.09
- Face Value
- 2.00
- Total Debt
- 5,655
- Net Working Capital
- 1,817
- Contingent Liabilities
- 490
- Book Value per Share
- 141.09
- Face Value
- 2.00
Mar 2023
- Equity Capital
- 93
- 6,609
- 4,439
- Trade Payables
- 2,151
- 4,943
- Total Liabilities
- 18,235
- 6,161
- Capital Work in Progress
- 696
- 2,569
- 3,126
- 0
- Cash & Bank
- 1,040
- 4,643
- Total Assets
- 18,235
- Total Debt
- 6,797
- Net Working Capital
- 725
- Contingent Liabilities
- 492
- Book Value per Share
- 143.94
- Face Value
- 2.00
- Total Debt
- 6,797
- Net Working Capital
- 725
- Contingent Liabilities
- 492
- Book Value per Share
- 143.94
- Face Value
- 2.00
Mar 2024
- Equity Capital
- 93
- 7,064
- 5,154
- Trade Payables
- 2,262
- 4,610
- Total Liabilities
- 19,184
- 6,309
- Capital Work in Progress
- 977
- 1,849
- 3,216
- 3,167
- Cash & Bank
- 1,690
- 1,976
- Total Assets
- 19,184
- Total Debt
- 7,466
- Net Working Capital
- 735
- Contingent Liabilities
- 559
- Book Value per Share
- 153.73
- Face Value
- 2.00
- Total Debt
- 7,466
- Net Working Capital
- 735
- Contingent Liabilities
- 559
- Book Value per Share
- 153.73
- Face Value
- 2.00
Mar 2025
- Equity Capital
- 96
- 9,145
- 4,720
- Trade Payables
- 2,344
- 3,594
- Total Liabilities
- 19,898
- 6,599
- Capital Work in Progress
- 1,725
- 2,063
- 3,578
- 2,900
- Cash & Bank
- 1,291
- 1,742
- Total Assets
- 19,898
- Total Debt
- 6,251
- Net Working Capital
- 1,529
- Contingent Liabilities
- 606
- Book Value per Share
- 193.28
- Face Value
- 2.00
- Total Debt
- 6,251
- Net Working Capital
- 1,529
- Contingent Liabilities
- 606
- Book Value per Share
- 193.28
- Face Value
- 2.00
Mar 2026
- Equity Capital
- 96
- 9,471
- 4,876
- Trade Payables
- 2,996
- 4,609
- Total Liabilities
- 22,048
- 8,187
- Capital Work in Progress
- 1,251
- 1,739
- 4,053
- 3,910
- Cash & Bank
- 990
- 1,919
- Total Assets
- 22,048
- Total Debt
- 6,862
- Net Working Capital
- 1,621
- Contingent Liabilities
- 1,047
- Book Value per Share
- 200.11
- Face Value
- 2.00
- Total Debt
- 6,862
- Net Working Capital
- 1,621
- Contingent Liabilities
- 1,047
- Book Value per Share
- 200.11
- Face Value
- 2.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,052 | 967 | 911 | 1,522 | 1,020 | 506 | 1,294 | 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 | |
| Free Cash Flow | 643 | 967 | -188 | 360 | -11 | -290 | -299 | 611 | -279 | -1,182 |
| OCF / Net Profit | 1.51 | 1.28 | 0.88 | 4.36 | -8.03 | 0.47 | 2.55 | 1.83 | 1.97 | 1.36 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,772 | 839 | -427 | 372 | -267 | -1,438 |
| OCF / Net Profit | 1.51 | 1.28 | 0.88 | 4.36 | -8.03 | 0.47 | 2.55 | 1.83 | 1.97 | 1.36 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,772 | 839 | -427 | 372 | -267 | -1,438 |
Mar 2017
- 1,052
- Cash from Investing
- -684
- Cash from Financing
- -401
- -33
- Free Cash Flow
- 643
- OCF / Net Profit
- 1.51
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.51
- Cumulative 5-Year FCF
- 0
Mar 2018
- 967
- Cash from Investing
- -814
- Cash from Financing
- -314
- -161
- Free Cash Flow
- 967
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 0
Mar 2019
- 911
- Cash from Investing
- -1,175
- Cash from Financing
- 368
- 104
- Free Cash Flow
- -188
- OCF / Net Profit
- 0.88
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.88
- Cumulative 5-Year FCF
- 0
Mar 2020
- 1,522
- Cash from Investing
- -1,132
- Cash from Financing
- -381
- 8
- Free Cash Flow
- 360
- OCF / Net Profit
- 4.36
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.36
- Cumulative 5-Year FCF
- 0
Mar 2021
- 1,020
- Cash from Investing
- -1,511
- Cash from Financing
- 578
- 87
- Free Cash Flow
- -11
- OCF / Net Profit
- -8.03
- Cumulative 5-Year FCF
- 1,772
- OCF / Net Profit
- -8.03
- Cumulative 5-Year FCF
- 1,772
Mar 2022
- 506
- Cash from Investing
- -690
- Cash from Financing
- 310
- 126
- Free Cash Flow
- -290
- OCF / Net Profit
- 0.47
- Cumulative 5-Year FCF
- 839
- OCF / Net Profit
- 0.47
- Cumulative 5-Year FCF
- 839
Mar 2023
- 1,294
- Cash from Investing
- -1,671
- Cash from Financing
- 280
- -97
- Free Cash Flow
- -299
- OCF / Net Profit
- 2.55
- Cumulative 5-Year FCF
- -427
- OCF / Net Profit
- 2.55
- Cumulative 5-Year FCF
- -427
Mar 2024
- 1,664
- Cash from Investing
- -667
- Cash from Financing
- -203
- 795
- Free Cash Flow
- 611
- OCF / Net Profit
- 1.83
- Cumulative 5-Year FCF
- 372
- OCF / Net Profit
- 1.83
- Cumulative 5-Year FCF
- 372
Mar 2025
- 1,796
- Cash from Investing
- -1,964
- Cash from Financing
- -570
- -738
- Free Cash Flow
- -279
- OCF / Net Profit
- 1.97
- Cumulative 5-Year FCF
- -267
- OCF / Net Profit
- 1.97
- Cumulative 5-Year FCF
- -267
Mar 2026
- 1,487
- Cash from Investing
- -1,033
- Cash from Financing
- -442
- 12
- Free Cash Flow
- -1,182
- OCF / Net Profit
- 1.36
- Cumulative 5-Year FCF
- -1,438
- OCF / Net Profit
- 1.36
- Cumulative 5-Year FCF
- -1,438
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 30.27 | 16.38 | 22.17 | 7.51 | -2.71 | 23.23 | 11.35 | 20.43 | 19.69 | 22.58 |
| Book Value (₹) | 176.82 | 99.91 | 115.47 | 112.11 | 116.31 | 141.09 | 143.94 | 153.73 | 193.28 | 200.11 |
| Dividend per Share (₹) | 7.50 | 4.50 | 5.00 | 3.50 | 2.00 | 7.00 | 7.00 | 9.00 | 8.50 | 8.50 |
| Cash EPS (₹) | 24.69 | 26.09 | 33.20 | 19.17 | 10.42 | 38.82 | 26.72 | 37.77 | 37.38 | 43.09 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 20.77% | 22.09% | 22.18% | 16.11% | 16.27% | 20.99% | 14.99% | 16.17% | 17.12% | 17.31% |
| Net Margin % | 10.57% | 8.96% | 10.18% | 4.34% | -2.00% | 10.22% | 3.93% | 5.75% | 5.97% | 6.52% |
| ROE % | 18.53% | 17.20% | 20.59% | 6.59% | -2.39% | 17.97% | 7.66% | 13.13% | 11.14% | 11.58% |
| ROCE % | 14.92% | 17.19% | 19.94% | 6.67% | 0.82% | 13.61% | 8.75% | 13.75% | 12.43% | 12.46% |
| 8.14% | 8.01% | 9.58% | 3.03% | -1.03% | 7.54% | 3.01% | 4.86% | 4.67% | 5.19% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 76 | 71 | 73 | 83 | 84 | 62 | 74 | 72 | 72 | 74 |
| Inventory Days | 57 | 53 | 58 | 81 | 102 | 78 | 82 | 73 | 81 | 83 |
| Payable Days | 126 | 121 | 117 | 122 | 155 | 123 | 116 | 109 | 127 | 128 |
| 7 | 3 | 14 | 41 | 30 | 17 | 41 | 36 | 26 | 29 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.76x | 0.70x | 0.75x | 0.83x | 0.92x | 0.86x | 1.01x | 1.04x | 0.68x | 0.72x |
| Interest Coverage (x) | 10.47x | 12.22x | 13.57x | 3.69x | 0.76x | 9.61x | 3.77x | 3.90x | 4.49x | 6.16x |
| 1.32x | 1.22x | 1.35x | 1.33x | 1.38x | 1.30x | 1.09x | 1.08x | 1.18x | 1.17x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | -6.07% | 30.67% | 21.39% | -20.60% | -21.35% | 65.10% | 23.41% | 21.47% | -3.57% | 11.17% |
| Operating Profit Growth % | -11.03% | 35.65% | 21.08% | -42.32% | -20.61% | 114.61% | -12.27% | 43.77% | 4.23% | 7.49% |
| Net Profit Growth % | 7.43% | 8.08% | 36.89% | -66.55% | -136.35% | 948.31% | -52.80% | 79.03% | 0.34% | 19.28% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 80.01% | -3.64% | 14.72% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 55.29x | 59.27x | 74.22x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.35x | 6.04x | 8.38x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.80% | 0.73% | 0.51% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.92x | 20.89x | 27.52x |
Mar 2017
- EPS (₹)
- 30.27
- Book Value (₹)
- 176.82
- Dividend per Share (₹)
- 7.50
- Cash EPS (₹)
- 24.69
- Operating Margin %
- 20.77%
- Net Margin %
- 10.57%
- ROE %
- 18.53%
- ROCE %
- 14.92%
- 8.14%
- Debtor Days
- 76
- Inventory Days
- 57
- Payable Days
- 126
- 7
- Debt to Equity (x)
- 0.76x
- Interest Coverage (x)
- 10.47x
- 1.32x
- Revenue Growth %
- -6.07%
- Operating Profit Growth %
- -11.03%
- Net Profit Growth %
- 7.43%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 16.38
- Book Value (₹)
- 99.91
- Dividend per Share (₹)
- 4.50
- Cash EPS (₹)
- 26.09
- Operating Margin %
- 22.09%
- Net Margin %
- 8.96%
- ROE %
- 17.20%
- ROCE %
- 17.19%
- 8.01%
- Debtor Days
- 71
- Inventory Days
- 53
- Payable Days
- 121
- 3
- Debt to Equity (x)
- 0.70x
- Interest Coverage (x)
- 12.22x
- 1.22x
- Revenue Growth %
- 30.67%
- Operating Profit Growth %
- 35.65%
- Net Profit Growth %
- 8.08%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 22.17
- Book Value (₹)
- 115.47
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 33.20
- Operating Margin %
- 22.18%
- Net Margin %
- 10.18%
- ROE %
- 20.59%
- ROCE %
- 19.94%
- 9.58%
- Debtor Days
- 73
- Inventory Days
- 58
- Payable Days
- 117
- 14
- Debt to Equity (x)
- 0.75x
- Interest Coverage (x)
- 13.57x
- 1.35x
- Revenue Growth %
- 21.39%
- Operating Profit Growth %
- 21.08%
- Net Profit Growth %
- 36.89%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 7.51
- Book Value (₹)
- 112.11
- Dividend per Share (₹)
- 3.50
- Cash EPS (₹)
- 19.17
- Operating Margin %
- 16.11%
- Net Margin %
- 4.34%
- ROE %
- 6.59%
- ROCE %
- 6.67%
- 3.03%
- Debtor Days
- 83
- Inventory Days
- 81
- Payable Days
- 122
- 41
- Debt to Equity (x)
- 0.83x
- Interest Coverage (x)
- 3.69x
- 1.33x
- Revenue Growth %
- -20.60%
- Operating Profit Growth %
- -42.32%
- Net Profit Growth %
- -66.55%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- -2.71
- Book Value (₹)
- 116.31
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 10.42
- Operating Margin %
- 16.27%
- Net Margin %
- -2.00%
- ROE %
- -2.39%
- ROCE %
- 0.82%
- -1.03%
- Debtor Days
- 84
- Inventory Days
- 102
- Payable Days
- 155
- 30
- Debt to Equity (x)
- 0.92x
- Interest Coverage (x)
- 0.76x
- 1.38x
- Revenue Growth %
- -21.35%
- Operating Profit Growth %
- -20.61%
- Net Profit Growth %
- -136.35%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 23.23
- Book Value (₹)
- 141.09
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 38.82
- Operating Margin %
- 20.99%
- Net Margin %
- 10.22%
- ROE %
- 17.97%
- ROCE %
- 13.61%
- 7.54%
- Debtor Days
- 62
- Inventory Days
- 78
- Payable Days
- 123
- 17
- Debt to Equity (x)
- 0.86x
- Interest Coverage (x)
- 9.61x
- 1.30x
- Revenue Growth %
- 65.10%
- Operating Profit Growth %
- 114.61%
- Net Profit Growth %
- 948.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 11.35
- Book Value (₹)
- 143.94
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 26.72
- Operating Margin %
- 14.99%
- Net Margin %
- 3.93%
- ROE %
- 7.66%
- ROCE %
- 8.75%
- 3.01%
- Debtor Days
- 74
- Inventory Days
- 82
- Payable Days
- 116
- 41
- Debt to Equity (x)
- 1.01x
- Interest Coverage (x)
- 3.77x
- 1.09x
- Revenue Growth %
- 23.41%
- Operating Profit Growth %
- -12.27%
- Net Profit Growth %
- -52.80%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 20.43
- Book Value (₹)
- 153.73
- Dividend per Share (₹)
- 9.00
- Cash EPS (₹)
- 37.77
- Operating Margin %
- 16.17%
- Net Margin %
- 5.75%
- ROE %
- 13.13%
- ROCE %
- 13.75%
- 4.86%
- Debtor Days
- 72
- Inventory Days
- 73
- Payable Days
- 109
- 36
- Debt to Equity (x)
- 1.04x
- Interest Coverage (x)
- 3.90x
- 1.08x
- Revenue Growth %
- 21.47%
- Operating Profit Growth %
- 43.77%
- Net Profit Growth %
- 79.03%
- 80.01%
- P/E (x)
- 55.29x
- P/B (x)
- 7.35x
- Dividend Yield %
- 0.80%
- 20.92x
Mar 2025
- EPS (₹)
- 19.69
- Book Value (₹)
- 193.28
- Dividend per Share (₹)
- 8.50
- Cash EPS (₹)
- 37.38
- Operating Margin %
- 17.12%
- Net Margin %
- 5.97%
- ROE %
- 11.14%
- ROCE %
- 12.43%
- 4.67%
- Debtor Days
- 72
- Inventory Days
- 81
- Payable Days
- 127
- 26
- Debt to Equity (x)
- 0.68x
- Interest Coverage (x)
- 4.49x
- 1.18x
- Revenue Growth %
- -3.57%
- Operating Profit Growth %
- 4.23%
- Net Profit Growth %
- 0.34%
- -3.64%
- P/E (x)
- 59.27x
- P/B (x)
- 6.04x
- Dividend Yield %
- 0.73%
- 20.89x
Mar 2026
- EPS (₹)
- 22.58
- Book Value (₹)
- 200.11
- Dividend per Share (₹)
- 8.50
- Cash EPS (₹)
- 43.09
- Operating Margin %
- 17.31%
- Net Margin %
- 6.52%
- ROE %
- 11.58%
- ROCE %
- 12.46%
- 5.19%
- Debtor Days
- 74
- Inventory Days
- 83
- Payable Days
- 128
- 29
- Debt to Equity (x)
- 0.72x
- Interest Coverage (x)
- 6.16x
- 1.17x
- Revenue Growth %
- 11.17%
- Operating Profit Growth %
- 7.49%
- Net Profit Growth %
- 19.28%
- 14.72%
- P/E (x)
- 74.22x
- P/B (x)
- 8.38x
- Dividend Yield %
- 0.51%
- 27.52x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Bharat Forge Limited has informed the Exchange about Transcript
- Copy of Newspaper Publication
2026-08-13 - Bharat Forge Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
Credit Ratings
- Credit Rating
2026-03-10 - Bharat Forge Limited has informed the Exchange about Credit Rating
- Credit Rating
2025-12-20 - Bharat Forge Limited has informed the Exchange about Credit Rating
Concalls
Aug 2026
May 2026
Feb 2026