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Bharat Forge

BHARATFORG NSE
₹1,812.80 No trade today
P/E
122.74
View as Markdown
MCP
Close 4 Nov 2026 ₹1,812.80 +493.10 +37.4% 1Y
Start ₹1,319.70

Key Fundamentals

MidcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.60%
Debt to Equity
0.76
EPS (TTM)
₹14.77
Book Value
₹236.94
Market Cap
—
P/E (TTM)
122.74
P/B
7.65
ROE
12.00%
Dividend Yield
0.48%
EBITDA
₹3,125 Cr
52W High
₹2,295.00
52W Low
₹1,299.10
Volume
0

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

Bharat Forge peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge (this company)
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
Median 7 companies₹1,812.8063.56₹67,494 Cr8.700.38%12.00%17.10%₹20,725 Cr₹1,291 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
49
Average
Returns, margins, earnings quality 22% weight
Valuation
26
Poor
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
54
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has delivered good profit growth of 38.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 41.6%

Weaknesses

4
  • Stock is trading at 9.15 times its book value
  • Promoter holding has decreased over last quarter: -0.95%
  • Company has a low return on equity of 12.2% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
48.93
Neutral
MACD (12,26,9)
−40.14
Bullish
SMA (50)
1,898.72
Bearish
SMA (200)
1,888.47
Bearish

As of

Analyst Rating

Based on 23 analysts
SELL39%

8 of 23 analysts rate Buy, 6 Hold, 9 Sell.

As of

BUY
8
35%
HOLD
6
26%
SELL
9
39%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.46%
5Y+21.55%
3Y+9.20%
1Y+11.17%
TTM+17.53%

Net profit

Net profit growth by window
10Y+4.90%
5YTurned to profit
3Y+28.94%
1Y+19.28%
TTM−30.11%

Operating cash flow

Operating cash flow growth by window
10Y+0.93%
5Y+7.83%
3Y+4.74%
1Y−17.20%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.40 pp
5Y+4.22 pp
3Y+3.90 pp
1Y−0.45 pp
TTM−0.76 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹6,396 Cr
Mar 2018₹8,358 Cr
Mar 2019₹10,146 Cr
Mar 2020₹8,056 Cr
Mar 2021₹6,336 Cr
Mar 2022₹10,461 Cr
Mar 2023₹12,910 Cr
Mar 2024₹15,682 Cr
Mar 2025₹15,123 Cr
Mar 2026₹16,812 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹711 Cr
Mar 2018₹754 Cr
Mar 2019₹1,033 Cr
Mar 2020₹349 Cr
Mar 2021−₹127 Cr
Mar 2022₹1,077 Cr
Mar 2023₹508 Cr
Mar 2024₹910 Cr
Mar 2025₹913 Cr
Mar 2026₹1,089 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹780 Cr +96.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Bharat Forge Ltd trades at ₹1,766.3 as of 2026-10-29 with a market cap of ₹86,314 Cr, commanding a TTM P/E of 119.59x and P/B of 7.45x. The company has delivered strong 5-year profit CAGR of ~39% and maintains a 41.6% dividend payout, but TTM profit growth has turned negative at -2% while ROE remains modest at 11.4%.

Bull Case 8
  • Strong 5-year compounded profit growth of 39% CAGR demonstrates the company's ability to scale earnings over a full business cycle
  • TTM sales growth of 18% indicates continued top-line momentum and healthy demand across auto and industrial segments
  • Healthy dividend payout ratio of 41.6% reflects management confidence in cash flow generation and commitment to shareholder returns
  • Stock has delivered 48% returns over the past 1 year, significantly outperforming broader market indices, indicating strong institutional and market interest
  • 5-year compounded sales CAGR of 22% points to a sustained structural growth trajectory beyond cyclical recovery
  • ROCE of 15.7% is reasonable for a capital-intensive forging business and suggests adequate returns on deployed capital
  • Stock is trading 23% below its 52-week high of ₹2,295, offering a potential entry zone for those who believe in the long-term thesis
  • 10-year stock CAGR of 14% shows the company has been a consistent long-term compounder for patient investors
Bear Case 8
  • TTM P/E of 119.59x is extremely elevated, pricing in significant future growth and leaving little room for earnings disappointment
  • TTM compounded profit growth has turned negative at -2%, signalling near-term earnings pressure despite the rich valuation
  • P/B ratio of 7.45x (cited as 9.15x on some metrics) is very high for an industrial manufacturer, implying the stock is priced well above asset value
  • ROE of 11.4% (3-year average ~12%) is modest for a stock commanding such premium multiples, suggesting capital efficiency has not kept pace with valuation expansion
  • Debt-to-equity ratio of 0.76x indicates meaningful leverage on the balance sheet, and the company might be capitalizing interest costs which could mask true borrowing burden
  • Promoter holding decreased by 0.95% in the last quarter, which may signal reduced insider confidence at current valuations
  • Dividend yield of just 0.48% provides negligible income cushion, making returns almost entirely dependent on capital appreciation
  • 10-year compounded sales CAGR of only 9% and profit CAGR of 5% reveal that longer-term growth has been more modest than recent trends suggest, pointing to inherent cyclicality

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Bharat Forge is making a significant strategic push into defence manufacturing with over ₹4,000 crore earmarked for ammunition and energetics capabilities, which diversifies revenue away from cyclical auto markets. However, the sharp 45% YoY decline in North America Class 8 truck orders highlights near-term headwinds in its core CV export business. The legal win is a minor positive removing an overhang. The trend is mixed — defence investments position the company well long-term, but the commercial vehicle cycle appears to be deteriorating.

Headwinds 1
  • Class 8 truck orders plunge Nov 4

    North America Class 8 truck net orders fell 30% MoM and 45% YoY in October, signaling sharp contraction in a key export segment for Bharat Forge's commercial vehicle business.

Positives 2
  • ₹4,030 cr defence investment Oct 16

    Bharat Forge is investing ₹2,400 crore in Kalyani Strategic Systems (KSSL) and ₹1,630 crore in Agneyastra Energetics (AEL) to establish an ammunition shell-filling facility, funded via QIP proceeds and internal accruals. AEL investment to be completed by Sep 30, 2027.

  • Delhi HC rules for Bharat Forge Oct 7

    The Delhi High Court dismissed T K Jain's appeal, upholding the Single Judge's May 2025 ruling that set aside an arbitral award in Bharat Forge's favor.

Quarterly Results

₹ Cr
BHARATFORG quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
3,282
3,153
3,169
3,521
3,365
3,042
2,853
3,174
3,239
3,308
3,597
3,751
3,942
Operating Profit
595
621
698
643
741
647
623
679
670
724
746
777
698
OPM %
15%
16%
18%
15%
18%
18%
18%
18%
17%
18%
17%
17%
15%
Other Income
64.16
51
55.95
45
−99
62
38
57
50
54
−13
−46
−301
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
PBT
339
337
393
365
299
386
349
424
411
457
407
392
44
Tax %
37%
36%
36%
38%
42%
37%
39%
33%
31%
34%
33%
40%
302%
Net Profit
214
215
254
227
175
243
213
283
284
299
273
233
−90
EPS (₹)
4.8
4.88
5.68
5.07
4.36
5.23
4.45
5.9
5.93
6.26
5.53
4.86
−1.88

Profit & Loss

₹ Cr
BHARATFORG profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
7,622
6,809
6,396
8,358
10,146
8,056
6,336
10,461
12,910
15,682
15,123
16,812
17,543
Expenses
6,232
5,397
5,276
6,635
8,098
6,984
5,504
8,478
11,174
13,121
12,431
13,894
14,597
Operating Profit
1,390
1,413
1,121
1,723
2,048
1,072
832
1,983
1,737
2,562
2,692
2,917
2,946
OPM %
18%
21%
18%
21%
20%
13%
13%
19%
13%
16%
18%
17%
17%
Other Income
226
148
391
46
199
109
−138
288
124
217
55
44
−306
Interest
136
116
100
107
127
171
108
160
299
491
417
323
331
Depreciation
362
453
452
467
521
548
612
730
736
848
874
971
1,008
PBT
1,118
992
960
1,196
1,599
462
−25
1,381
827
1,439
1,456
1,667
1,301
Tax %
32%
32%
26%
37%
35%
24%
399%
22%
39%
37%
37%
35%
—
Net Profit
760
675
711
754
1,033
349
−127
1,077
508
910
913
1,089
716
EPS (₹)
16.38
14.57
15.13
16.38
22.17
7.51
−2.71
23.23
11.35
20.43
19.69
22.58
14.77
Div. Payout %
23%
26%
25%
27%
23%
47%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
30%
62%
44%
43%
38%
—

Balance Sheet

₹ Cr
BHARATFORG balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
47
47
47
93
93
93
93
93
93
93
96
96
Reserves
3,398
3,367
4,070
4,559
5,283
5,127
5,322
6,478
6,612
7,077
9,158
9,484
Borrowings
2,546
3,375
3,124
3,257
4,029
4,469
5,271
5,972
7,313
7,948
6,698
7,309
Other Liabilities
2,245
1,504
1,600
2,068
2,173
1,793
2,402
2,950
4,216
4,066
4,017
5,350
Total Liabilities
8,236
8,292
8,841
9,977
11,578
11,482
13,088
15,492
18,235
19,184
19,968
22,238
Fixed Assets
2,629
3,134
3,277
3,500
3,625
4,002
4,750
4,870
6,161
6,309
6,627
8,215
CWIP
870
409
453
344
831
1,143
900
1,125
701
991
1,732
1,298
Investments
496
886
1,192
1,501
1,524
1,618
2,607
2,604
2,569
1,849
2,063
1,738
Other Assets
4,242
3,863
3,919
4,632
5,599
4,720
4,831
6,893
8,804
10,034
9,547
10,987
Total Assets
8,236
8,292
8,841
9,977
11,578
11,482
13,088
15,492
18,235
19,184
19,968
22,238

Cash Flow

₹ Cr
BHARATFORG cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,035
1,356
1,052
967
911
1,522
1,020
506
1,294
1,664
1,796
1,487
Investing
−467
−888
−737
−722
−1,196
−1,114
−1,511
−690
−1,666
−665
−1,964
−1,038
Financing
−360
−448
−401
−314
368
−381
578
310
280
−203
−570
−442
Net Cash Flow
208
19
−86
−69
83
26
87
126
−91
796
−738
6
Free Cash Flow
326
465
408
399
−220
565
129
−459
325
164
352
374
CFO/OP
104
118
118
79
71
164
134
43
99
85
89
70

Ratios

BHARATFORG financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
41
75
77
85
77
68
81
75
87
74
70
85
Inventory Days
131
142
161
151
160
177
249
235
191
159
198
195
Days Payable
144
119
127
148
118
105
167
141
132
112
130
144
Cash Conversion Cycle
28
98
111
88
119
140
163
169
147
121
138
136
Working Capital Days
40
11
−8
6
15
−15
−49
−24
−39
−46
−27
−12
ROCE %
21%
17%
13%
18%
20%
7%
3%
11%
8%
13%
12%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Bharat Forge insights

68 extracted metrics across FY05–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 43.12%
  • DIIs 33.04%
  • FIIs 15.20%
  • Public 6.87%
  • Others 1.77%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Bharat Forge

What does Bharat Forge Ltd do?
Bharat Forge is engaged in the manufacturing and selling of forged and machined components for the auto and industrial sectors.
Where is Bharat Forge Ltd (BHARATFORG) listed?
Bharat Forge Ltd trades as BHARATFORG on the NSE and under code 500493 on the BSE.
Which sector does Bharat Forge Ltd belong to?
Bharat Forge Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Bharat Forge Ltd?
Bharat Forge Ltd trades at a PE ratio of 122.74 as of 4 Nov 2026, on earnings per share of ₹14.77, against a book value of ₹236.94 per share.
What is the 52-week high and low of Bharat Forge Ltd?
Over the last 52 weeks Bharat Forge Ltd has traded between ₹1,299.1 and ₹2,295 as of 4 Nov 2026.
Does Bharat Forge Ltd pay dividends?
Bharat Forge Ltd has a dividend yield of 0.48%.
What is the Return on Equity (ROE) of Bharat Forge Ltd?
Bharat Forge Ltd reported a return on equity of 12.00%. Its debt-to-equity ratio is 0.76.

Company Information

Bharat Forge is engaged in the manufacturing and selling of forged and machined components for the auto and industrial sectors.

Website bharatforge.com
CEO Dr. Babasaheb Neelkanth Kalyani M.S. (MIT)
Employees 3,972
Listed 4 Apr 2003
Face Value ₹2

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