Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹91626 Cr.
Stock P/E
84.1
P/B
8
Current Price
₹1875
Book Value
₹ 235.1
Face Value
2
52W High
₹2293
52W Low
₹ 1182.9
Dividend Yield
0.45%

Bharat Forge Overview

Business

Bharat Forge Ltd. is a multinational company based in India, primarily engaged in manufacturing and selling forged and machined components. Its core business model revolves around precision metal forming, supplying critical components and sub-assemblies across various sectors. The company leverages advanced metallurgical expertise, design capabilities, and state-of-the-art manufacturing processes (including forging, machining, heat treatment, and testing) to produce high-quality, high-performance parts. Bharat Forge makes money by selling these components to original equipment manufacturers (OEMs) and Tier-1 suppliers globally, serving both domestic and export markets.

Revenue Mix

Bharat Forge operates primarily across two broad segments:

Automotive: This segment includes components for Commercial Vehicles (heavy, medium, and light commercial vehicles), Passenger Vehicles, and two-wheelers. Traditionally, commercial vehicles have been a significant contributor.

Industrial: This segment is highly diversified, encompassing components for power (thermal, nuclear, renewables), oil & gas, construction & mining, marine, rail, agriculture, aerospace, and defense.

While specific percentage breakdowns fluctuate and are not always consistently disclosed for all sub-segments, the company has been strategically increasing the contribution from its non-automotive and export businesses to de-risk from automotive cyclicality.

Industry

Bharat Forge operates in the global forgings industry, which is capital-intensive, highly specialized, and subject to economic cycles, particularly those of the automotive and industrial sectors. The industry demands precision engineering, material science expertise, and robust manufacturing capabilities. Bharat Forge is one of the world's largest forging companies and a leading global player in the metal forming industry. It holds a strong position in India and has a significant global presence, particularly in the North American and European heavy-duty truck markets. The company is known for its wide product range, material expertise, and capabilities across various forging technologies, positioning it as a preferred supplier for complex and critical components.

MOAT

Bharat Forge benefits from several durable competitive advantages:

Scale and Global Footprint: As one of the largest forging companies globally, it enjoys economies of scale in procurement and manufacturing. Its global manufacturing facilities and sales network provide geographical diversification and proximity to major international customers.

Advanced Technology & R&D: The company invests heavily in R&D, material science, and process innovation, allowing it to produce lightweight, high-strength, and complex components crucial for new-generation vehicles and industrial applications. This technological edge enables it to meet stringent global quality and performance standards.

Integrated Manufacturing Capabilities: From material development to forging, machining, and heat treatment, its integrated operations ensure quality control, cost efficiency, and faster time-to-market.

Customer Relationships & Switching Costs: Long-standing relationships with leading global OEMs and Tier-1 suppliers create high switching costs due to the critical nature of components, extensive qualification processes, and integration into customer supply chains.

Growth Drivers

Global Automotive Recovery: Demand revival in the global commercial vehicle and passenger vehicle markets, especially in North America and Europe.

Defense & Aerospace Indigenization/Exports: Government impetus on 'Make in India' for defense and increasing global aerospace demand.

Infrastructure Spending: Global and domestic infrastructure development projects driving demand for construction, mining, and power generation equipment.

Diversification into New Technologies: Focus on components for e-mobility, lightweighting solutions, and alternative fuel systems.

Increased Exports: Leveraging its global manufacturing footprint and customer base to grow export revenue, particularly from non-automotive segments.

Risks

Cyclicality: High dependence on the cyclical automotive and industrial sectors, making revenues vulnerable to economic downturns.

Commodity Price Volatility: Fluctuations in raw material prices (steel, aluminum, alloys) can impact profit margins.

Technological Disruption: Transition to electric vehicles (EVs) poses a long-term risk to traditional internal combustion engine (ICE) component demand.

Global Trade Policies & Geopolitical Risks: Trade protectionism, tariffs, and geopolitical instability can disrupt supply chains and demand.

Currency Fluctuations: Exposure to foreign exchange rate movements impacts export revenues and import costs.

Intense Competition: Facing competition from other global forging players and alternative manufacturing technologies.

Management & Ownership

Bharat Forge is part of the Kalyani Group, a prominent Indian industrial conglomerate. The company is promoter-led, with the Kalyani family having a significant and long-standing involvement in its management and strategic direction. Baba Kalyani serves as the Chairman and Managing Director, representing the second generation of the promoter family. The management team has a proven track record of strategic vision, global expansion, and technological advancement, driving the company's diversification efforts and global leadership. Promoter ownership is substantial, indicating strong alignment of interests.

Outlook

Bharat Forge is well-positioned to capitalize on a global economic recovery, driven by its diversified product portfolio, advanced manufacturing capabilities, and strong customer relationships. The company's strategic focus on non-automotive sectors like defense, aerospace, and renewables, along with its emphasis on lightweighting and e-mobility components, offers avenues for long-term growth and de-risking from traditional automotive cyclicality. However, the outlook is tempered by the inherent cyclicality of its core markets, the long-term technological shift towards EVs, and potential disruptions from global trade dynamics and commodity price volatility. The ability to successfully navigate these transitions while leveraging its global leadership and technological edge will be crucial for sustained performance.

Bharat Forge Share Price

Live · BSE / NSE · Inception: 1961
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Bharat Forge Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 4164 4106 3689 3476 3853 3909 4032 4343 4528 4640
Other Income 55 52 62 38 62 50 54 42 53 57
Total Income 4219 4158 3750 3514 3915 3958 4085 4385 4581 4697
Total Expenditure 3521 3365 3041 2851 3171 3236 3306 3593 3750 3930
Operating Profit 698 793 709 663 743 723 779 792 831 767
Interest 116 124 110 96 88 82 80 77 84 90
Depreciation 207 218 213 218 224 226 241 249 255 263
Exceptional Income / Expenses -10 -152 0 0 -5 0 0 -56 -99 -358
Profit Before Tax 365 299 386 349 426 414 458 411 393 56
Provision for Tax 139 125 142 134 141 127 158 134 159 134
Profit After Tax 227 174 244 214 285 287 301 277 234 -79
Adjustments 9 29 -0 -2 -3 -4 -1 -13 -2 -11
Profit After Adjustments 236 203 244 213 282 284 299 264 233 -90
Adjusted Earnings Per Share 5.1 4.4 5.2 4.4 5.9 5.9 6.3 5.5 4.9 -1.9

Bharat Forge Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 6809 6396 8358 10146 8056 6336 10461 12910 15682 15123 16812 17543
Other Income 132 119 142 230 188 169 244 238 232 291 232 206
Total Income 6941 6515 8500 10376 8244 6505 10705 13149 15914 15413 17044 17748
Total Expenditure 5401 5145 6641 8125 6946 5475 8493 11208 13124 12506 13918 14579
Operating Profit 1540 1370 1859 2251 1298 1031 2212 1940 2790 2908 3125 3169
Interest 116 100 107 127 171 108 160 299 496 417 323 331
Depreciation 453 452 461 513 543 612 730 736 848 874 971 1008
Exceptional Income / Expenses -5 128 -95 0 -79 -306 92 -46 -12 -157 -154 -513
Profit Before Tax 966 947 1196 1599 462 -25 1381 827 1439 1456 1667 1318
Provision for Tax 316 249 442 566 112 102 303 319 529 543 578 585
Profit After Tax 649 698 754 1033 349 -127 1077 508 910 913 1089 733
Adjustments 29 7 8 -0 1 1 5 20 41 28 -10 -27
Profit After Adjustments 678 705 762 1032 350 -126 1082 528 951 941 1080 706
Adjusted Earnings Per Share 14.6 15.1 16.4 22.2 7.5 -2.7 23.2 11.3 20.4 19.7 22.6 14.8

Bharat Forge Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 3413 4116 4652 5376 5220 5415 6571 6706 7170 9253 9580
Minority's Interest -4 10 29 30 32 32 56 36 -5 -33 -23
Borrowings 1638 1059 1126 1679 1875 2217 1787 1751 1859 1319 1812
Other Non-Current Liabilities 376 449 416 385 389 906 964 1465 880 655 1097
Total Current Liabilities 2869 3206 3754 4109 3967 4518 6114 8277 9280 8703 9581
Total Liabilities 8292 8841 9977 11578 11482 13088 15492 18235 19184 19898 22048
Fixed Assets 3134 3277 3499 3624 4002 4750 4870 6161 6309 6599 8187
Other Non-Current Assets 904 1344 1896 2415 2210 2124 2691 3072 2859 3067 2658
Total Current Assets 4254 4218 4581 5539 5271 6214 7931 9002 10016 10232 11203
Total Assets 8292 8841 9977 11578 11482 13088 15492 18235 19184 19898 22048

Bharat Forge Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 339 358 272 203 286 313 447 558 509 1315 621
Cash Flow from Operating Activities 1356 1052 967 911 1522 1020 506 1294 1664 1796 1487
Cash Flow from Investing Activities -927 -684 -814 -1175 -1132 -1511 -690 -1671 -667 -1964 -1033
Cash Flow from Financing Activities -448 -401 -314 368 -381 578 310 280 -203 -570 -442
Net Cash Inflow / Outflow -19 -33 -161 104 8 87 126 -97 795 -738 12
Closing Cash & Cash Equivalent 358 325 203 286 313 447 558 509 1315 621 848

Bharat Forge Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 14.57 15.13 16.38 22.17 7.51 -2.71 23.23 11.35 20.43 19.69 22.58
CEPS(Rs) 23.68 24.69 26.09 33.2 19.17 10.42 38.82 26.72 37.77 37.38 43.09
DPS(Rs) 7.5 7.5 4.5 5 3.5 2 7 7 9 8.5 8.5
Book NAV/Share(Rs) 73.31 88.41 99.91 115.47 112.11 116.31 141.09 143.94 153.73 193.28 200.11
Core EBITDA Margin(%) 20.11 18.96 20.4 19.92 13.78 13.6 18.67 13.15 16.17 17.12 17.31
EBIT Margin(%) 15.45 15.86 15.48 17.01 7.86 1.3 14.62 8.7 12.23 12.26 11.91
Pre Tax Margin(%) 13.79 14.35 14.21 15.76 5.73 -0.4 13.1 6.39 9.1 9.52 9.97
PAT Margin (%) 9.27 10.57 8.96 10.18 4.34 -2 10.22 3.93 5.75 5.97 6.52
Cash Profit Margin (%) 15.74 17.42 14.44 15.24 11.08 7.66 17.15 9.61 11.12 11.69 12.32
ROA(%) 7.86 8.14 8.01 9.58 3.03 -1.03 7.54 3.01 4.86 4.67 5.19
ROE(%) 18.94 18.53 17.2 20.59 6.59 -2.39 17.97 7.66 13.13 11.14 11.58
ROCE(%) 16.93 14.92 17.19 19.94 6.67 0.82 13.61 8.75 13.75 12.43 12.46
Receivable days 58.78 75.86 71.1 73.48 82.5 83.63 61.85 74.01 72.16 72.43 74.33
Inventory Days 52.93 57.31 52.81 57.64 81.09 101.63 78 82.29 73.17 81.12 83.3
Payable days 136.06 126.14 120.87 116.63 122.33 155.04 122.86 115.8 109.15 127.48 128.4
PER(x) 29.95 34.39 42.75 23.08 31.16 0 30.21 67.86 55.29 59.27 74.22
Price/Book(x) 5.95 5.89 7.01 4.43 2.09 5.13 4.97 5.35 7.35 6.04 8.38
Dividend Yield(%) 0.86 0.72 0.64 0.98 1.5 0.34 1 0.91 0.8 0.73 0.51
EV/Net Sales(x) 3.41 4.22 4.25 2.7 1.82 5.09 3.61 3.22 3.72 4.02 5.12
EV/Core EBITDA(x) 15.09 19.72 19.13 12.16 11.3 31.32 17.06 21.45 20.92 20.89 27.52
Net Sales Growth(%) -10.67 -6.07 30.67 21.39 -20.6 -21.35 65.1 23.41 21.47 -3.57 11.17
EBIT Growth(%) -14 -3.24 24.42 32.51 -63.57 -87 1772.89 -26.96 71.88 -3.17 6.26
PAT Growth(%) -14.96 7.43 8.08 36.89 -66.55 -136.35 948.31 -52.8 79.03 0.34 19.28
EPS Growth(%) -11.03 3.86 8.21 35.38 -66.11 -136.13 955.96 -51.16 80.01 -3.64 14.72
Debt/Equity(x) 0.99 0.76 0.7 0.75 0.83 0.92 0.86 1.01 1.04 0.68 0.72
Current Ratio(x) 1.48 1.32 1.22 1.35 1.33 1.38 1.3 1.09 1.08 1.18 1.17
Quick Ratio(x) 1.14 0.98 0.86 0.9 0.89 0.98 0.85 0.71 0.73 0.76 0.75
Interest Cover(x) 9.33 10.47 12.22 13.57 3.69 0.76 9.61 3.77 3.9 4.49 6.16
Total Debt/Mcap(x) 0.17 0.13 0.1 0.17 0.4 0.18 0.17 0.19 0.14 0.11 0.09

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +11% +9% +22% +9%
Operating Profit CAGR +7% +17% +25% +7%
PAT CAGR +19% +29% — +5%
Share Price CAGR +54% +20% +21% +15%
ROE Average +12% +12% +12% +13%
ROCE Average +12% +13% +12% +13%

Bharat Forge Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 44.07 %
FII 15.04 %
DII (MF + Insurance) 32.34 %
Public (retail) 8.55 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 45.2545.2545.2544.0744.0744.0744.0744.0744.0744.07
FII 16.4717.0318.7217.8816.0714.3713.6212.414.1515.04
DII 28.2428.1326.4728.530.3531.4132.2534.2232.7632.34
Public 10.039.589.559.559.510.1510.059.39.018.55
Others 0000000000
Total 100100100100100100100100100100

Bharat Forge Peer Comparison

Bharat Forge Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Bharat Forge Pros & Cons

Pros

Cons

  • Promoter holding is low: 44.07%.
  • Company has a low return on equity of 12% over the last 3 years.
  • Debtor days have increased from 127.48 to 128.4days.
  • Stock is trading at 8 times its book value.
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