Bharat Forge Ltd logo

Bharat Forge Ltd

BHARATFORG NSE

Key Fundamentals

MidcapAuto ComponentsAutomobiles
Market Cap
₹98,969 Cr
Volatility
Moderate
P/E Ratio
142.11
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
₹1,100.5

Insights

Beta

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

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42 extracted metrics + investor summaries across FY09–FY27.

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Tapetide Score

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

Technical Indicators

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 10.4 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% ↗
Net Income Growth
19.28% ↗
Cash Flow Change
-17.24% ↘
ROE
15.15% ↗
ROCE
-4.56% ↗
EBITDA Margin (Avg.)
-3.11% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Bharat Forge Ltd trades at a market cap of ₹99,768 Cr with a PE of 138.8x and PB of 10.37x, reflecting premium 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 power across cycles
  • Stock has delivered 76% returns over the past 1 year, reflecting strong momentum and investor confidence
  • TTM sales growth of 18% indicates continued top-line expansion and demand visibility
  • Healthy dividend payout ratio of 41.6% signals management commitment to shareholder returns
  • 3-year compounded profit growth of 33% shows sustained earnings trajectory beyond a single year
  • 5-year compounded sales growth of 22% reflects structural demand tailwinds in auto and industrial segments
  • 10-year stock CAGR of 18% demonstrates long-term wealth creation track record
Bear Case 8
  • PE ratio of 138.8x is significantly elevated, leaving little room for execution misses
  • TTM profit growth has turned negative at -2%, suggesting near-term earnings pressure
  • ROE of 12% over 3 years and 5 years is modest for a stock trading at 10.37x book value
  • Stock trades at 10.4x price-to-book, a premium valuation that demands consistently high growth to justify
  • 10-year compounded profit growth of only 5% highlights cyclicality and inconsistent long-term earnings
  • Potential capitalization of interest costs may overstate reported profitability and asset quality
  • Dividend yield of just 0.41% offers minimal income cushion at current elevated valuations
  • 10-year sales CAGR of 9% suggests top-line growth has been lumpy and not consistently high

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

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 3
  • Q1FY27 net loss from restructuring Aug 11

    Consolidated net loss of ₹899 million in Q1FY27 driven by ₹330 million in German subsidiary restructuring charges, despite revenue rising 18.7% YoY to ₹47,000 million.

  • Sharp drop in Class 8 orders Aug 5

    Significant decline in Class 8 truck orders signals demand softness in the heavy commercial vehicle segment, a key revenue vertical for Bharat Forge.

  • Global manufacturing strategy under review Aug 10

    Co-MD flagged ongoing review of global manufacturing strategy amid profitability challenges in international operations, with no specific timelines provided.

Positives 5
  • Defense & aerospace growth targets Aug 11

    Company targets 22-23% defense margins, plans to double aerospace revenue from ₹400 crore within two years, and expects semiconductor business to grow $30-40 million.

  • Q2 margins guided at 27-28% Aug 10

    Management guided for margin recovery to 27-28% range in Q2, signaling confidence in near-term operational improvement after restructuring-hit Q1.

  • ₹25,000 crore fundraising mandate Aug 12

    Postal ballot issued seeking shareholder approval to raise up to ₹25,000 million to finance growth plans, capex, and debt repayment.

  • Heavy-lift airship MoU signed Jul 22

    Strategic MoU with FLYING WHALES to develop and manufacture LCA60T heavy-lift airships (60-tonne capacity) in India for defence and national security applications.

  • ₹1,800 crore organic capex planned Aug 11

    Organic capex plan of around ₹1,800 crore approved, with energy and data center business expected to double over four years.

Neutral 2
  • 65th AGM concludes, dividend declared Aug 11

    Shareholders approved FY26 financials, declared final dividend, and re-appointed Ashish Bharat Ram as Non-Executive Non-Independent Director at the 65th AGM on August 11, 2026.

  • Kalyani sells REFU Drive stake Jul 23

    Kalyani Powertrain sold its 50% stake in REFU Drive GmbH for EUR 12,500, ending the joint venture relationship.

TL;DR: Bharat Forge is navigating a transitional quarter with Q1FY27 reporting a net loss due to German restructuring costs, but underlying revenue growth of 18.7% YoY remains strong. The company is aggressively positioning for future growth through defence, aerospace, semiconductors, and data center verticals with substantial capex plans. Key risks include Class 8 truck demand weakness and unresolved global manufacturing profitability. The trend is cautiously improving as restructuring nears completion and management guides for margin normalization in Q2.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 44.07%
DIIs 32.34%
FIIs 15.04%
Public 6.75%
Others 1.79%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
45.76%
44.76%
44.76%
44.76%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
45.25%
44.07%
44.07%
44.07%
44.07%
44.07%
44.07%
44.07%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.28%
0.00%
16.47%
17.03%
18.72%
17.88%
16.07%
14.37%
13.62%
12.40%
14.15%
15.04%
DIIs
11.98%
11.94%
13.12%
19.83%
23.38%
24.23%
23.25%
26.28%
27.89%
26.31%
28.12%
25.12%
28.24%
28.13%
26.47%
28.50%
30.35%
31.41%
32.26%
34.23%
32.76%
32.34%
Government
0.28%
0.16%
0.16%
0.16%
0.16%
0.16%
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%
0.00%
0.00%
0.00%
Public
8.63%
8.29%
8.28%
8.32%
8.30%
8.21%
8.31%
8.27%
8.43%
8.09%
8.07%
8.01%
7.81%
7.48%
7.50%
7.47%
7.45%
7.78%
7.83%
7.35%
7.23%
6.75%
Others
33.35%
34.84%
33.68%
26.92%
22.91%
22.15%
23.18%
20.20%
18.42%
20.35%
2.27%
21.62%
2.22%
2.10%
2.05%
2.08%
2.05%
2.37%
2.22%
1.95%
1.78%
1.79%
No. of Shareholders
1,44,297
1,36,944
1,41,346
1,51,059
1,53,718
1,56,445
1,58,845
1,55,734
1,62,105
1,56,686
1,69,954
1,79,683
1,89,104
1,82,988
1,99,721
2,03,973
2,14,725
2,42,732
2,49,520
2,27,160
2,28,156
2,32,361

Documents

Frequently Asked Questions about Bharat Forge Ltd

What does Bharat Forge Ltd do?
Bharat Forge is engaged in the manufacturing and selling of forged and machined Compoundant for auto and industry sector.(Source : 201903 Annual Report Page No: 123)
Where is Bharat Forge Ltd (BHARATFORG) listed?
Bharat Forge Ltd is listed on the Indian stock exchanges. It is listed on NSE: BHARATFORG and BSE: 500493. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Bharat Forge Ltd belong to?
Bharat Forge Ltd operates in the Automobiles sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Bharat Forge Ltd?
Bharat Forge Ltd has a market capitalisation of approximately ₹98969.13 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Bharat Forge Ltd?
The Price-to-Earnings (PE) ratio of Bharat Forge Ltd is 142.11. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Bharat Forge Ltd?
Over the past 52 weeks, Bharat Forge Ltd has traded between a low of ₹1,100.5 and a high of ₹2,295. This range helps investors understand the stock's price volatility and recent trading levels.
Does Bharat Forge Ltd pay dividends?
Yes, Bharat Forge Ltd has a dividend yield of 0.41%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Bharat Forge Ltd?
Bharat Forge Ltd has a Return on Equity (ROE) of 11.40%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Bharat Forge Ltd on Tapetide?
On Tapetide, you can view Bharat Forge Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Bharat Forge is engaged in the manufacturing and selling of forged and machined Compoundant for auto and industry sector.(Source : 201903 Annual Report Page No: 123)

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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