Bharat Forge logo

Bharat Forge

BHARATFORG NSE

Key Fundamentals

MidcapAuto ComponentsAutomobiles
Market Cap
₹91,463 Cr
Volatility
Moderate
P/E Ratio
131.68
EBITDA
₹3,125 Cr
Return on Equity
11.4%
Debt to Equity
0.76
Book Value
₹200.35
EPS
₹22.02
52W High
₹2,295
52W Low
₹1,179

Tapetide Score

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

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

3
  • Stock is trading at 9.71 times its book value
  • Company has a low return on equity of 12.2% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
10.91% higher than 3Y
Net Income Growth
19.28% lower than 3Y
Cash Flow Change
-17.24% lower than 3Y
ROE
15.15% higher than 3Y
ROCE
-4.56% higher than 3Y
EBITDA Margin (Avg.)
-3.11% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Bharat Forge Ltd commands a market cap of ₹91,463 Cr with a PE of 130.3x and a price-to-book of 9.73x, reflecting rich valuations. The company has delivered strong 5-year profit CAGR of ~39% and maintains a 41.6% dividend payout, but ROE remains modest at 12% and TTM profit growth has turned negative at -2%.

Bull Case 7
  • Strong 5-year compounded profit growth of 39% CAGR demonstrates earnings momentum over the medium term
  • Healthy dividend payout ratio of 41.6% signals management commitment to returning capital to shareholders
  • TTM sales growth of 18% indicates continued top-line expansion and demand traction across segments
  • 3-year compounded profit growth of 33% CAGR shows sustained earnings improvement beyond a single-year recovery
  • Stock CAGR of 61% over 1 year reflects strong market confidence and momentum in the counter
  • 10-year stock CAGR of 17% demonstrates long-term wealth creation track record for patient holders
  • 5-year compounded sales growth of 22% points to a structural expansion in revenue base, not just cyclical recovery
Bear Case 8
  • PE ratio of 130.3x is extremely elevated, leaving little margin of safety if earnings disappoint
  • TTM compounded profit growth has turned negative at -2%, signaling recent earnings pressure despite high valuations
  • Price-to-book of 9.73x is very steep, well above typical industrial sector multiples
  • Return on equity of 12% over 3 years and 5 years is modest for a stock commanding such premium multiples
  • 10-year compounded profit CAGR of only 5% suggests long-term earnings growth has been inconsistent
  • 10-year compounded sales CAGR of 9% indicates moderate long-term revenue growth relative to current valuation premium
  • Potential capitalization of interest costs raises questions about the true cost structure and reported profitability
  • Dividend yield of just 0.43% offers limited income cushion at current price levels despite the healthy payout ratio

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • Q1 net loss on exceptionals Sep 10

    Bharat Forge posted a net loss of ₹90 crore in the June quarter vs ₹284 crore profit a year ago, driven by ₹358 crore in exceptional charges. EBITDA margin narrowed 170 bps to 15.29%.

  • Stock down 13.7% in a month Sep 10

    Despite strong long-term returns (+65% 1Y, +153% 5Y), the stock fell 13.7% over the past month and closed at ₹1,946 on Sep 10, down 1.7% on the day.

  • Refu Drive JV stake exited Sep 02

    Kalyani Powertrain completed the sale of its 50% stake in EV drivetrain JV Refu Drive GmbH back to partner Refu Elektronik, ending the joint venture.

Positives 4
  • FY26 profit jumps 19% Aug 28

    Bharat Forge reported FY26 net profit of ₹10,894 crore (+19% YoY) on consolidated revenue of ₹168,117 crore (+11%), with an order book of ₹111,967 crore.

  • Jefferies picks Bharat Forge Sep 07

    Jefferies named Bharat Forge a preferred idea in auto ancillaries, noting the sector delivered 19% YoY EBIT growth in Q1 vs 10% for OEMs, with 16 of 20 component companies outperforming the Nifty Auto Index CYTD.

  • Defence pacts with Thales, FN Herstal Sep 03

    Subsidiary KSSL signed a strategic alliance with Thales for 70mm rocket assembly in India (first fully India-produced rocket targeted early 2027) and an MoU with FN Herstal for small arms and counter-UAS manufacturing.

  • Q1 revenue up 18.7% YoY Sep 10

    Despite the net loss, June-quarter revenue grew 18.7% YoY to ₹4,640 crore and EBITDA rose to ₹709.4 crore from ₹670 crore a year ago.

Neutral 3
  • German subsidiary merger completed Sep 10

    Bharat Forge merged Bharat Forge Holding GmbH into Bharat Forge Global Holding GmbH effective Aug 25, simplifying its German legal structure with no financial impact or change in shareholding.

  • Singapore investor meet scheduled Sep 03

    Bharat Forge scheduled institutional investor group meetings in Singapore on Sep 8, 2026, with no unpublished price-sensitive information to be shared.

  • Mumbai investor meet on Sep 3 Aug 28

    Bharat Forge scheduled an institutional investor meeting in Mumbai on Sep 3, 2026, confirming no UPSI would be disclosed.

TL;DR: Bharat Forge delivered strong FY26 results with 19% profit growth and a ₹1.12 lakh crore order book, while actively expanding its defence portfolio through Thales and FN Herstal partnerships. The June-quarter net loss was driven by one-off exceptional items rather than operational weakness, as underlying revenue grew 18.7% YoY. The stock has corrected ~14% over the past month, creating a valuation reset even as Jefferies flagged it as a top pick. The forward outlook hinges on defence order execution, margin recovery from fading exceptionals, and whether the strong order book converts into sustained earnings growth.

Quarterly Results

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
67
51
58
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
341
337
395
366
300
385
347
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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
-74%
30%
62%
44%
43%
38%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.79%Govt.0.15%Promot.44.07%Public6.75%FIIs15.04%DIIs32.19%As ofJun 2026

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.[1]
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 market capitalisation of Bharat Forge Ltd?
Bharat Forge Ltd has a market capitalisation of ₹91,463 Cr, which places it in the Large Cap band.
What is the PE ratio of Bharat Forge Ltd?
Bharat Forge Ltd trades at a PE ratio of 131.68, on earnings per share of ₹22.02, against a book value of ₹200.35 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 ₹1,179 and ₹2,295.
Does Bharat Forge Ltd pay dividends?
Bharat Forge Ltd has a dividend yield of 0.43%.
What is the Return on Equity (ROE) of Bharat Forge Ltd?
Bharat Forge Ltd reported a return on equity of 11.40%. 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.[1]

Website bharatforge.com
CEO Dr. Babasaheb Neelkanth Kalyani M.S. (MIT)
Employees 3,972
Listed 2003-04-04
Face Value ₹ 2
Issued Size 47,80,88,632

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