Bharat Forge Ltd logo

Bharat Forge Ltd

BHARATFORG NSE

Key Fundamentals

MidcapAuto ComponentsAutomobiles
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
100.32
EBITDA
₹3,125 Cr
Return on Equity
11.4%
Debt to Equity
0.76
Book Value
₹200.35
EPS
₹22.02
52W High
₹2,238
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 11.3 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 3d ago
AI opinion · based on fundamentals
Risk high

Bharat Forge Ltd trades at a market cap of ₹1,05,849 Cr with a PE of 95.7x and PB of 10.88x, reflecting premium valuations. The company has delivered strong profit CAGR of 39% over 5 years but carries a modest ROE of 12% over the same period, presenting a mixed picture of high growth expectations against moderate capital efficiency.

Bull Case 8
  • Compounded profit growth of 39% CAGR over 5 years demonstrates strong earnings momentum
  • TTM sales growth of 11% indicates continued revenue traction in the current period
  • TTM profit growth of 19% shows ongoing bottom-line expansion
  • Healthy dividend payout ratio of 41.6% signals management confidence in cash flow sustainability
  • 3-year compounded profit growth of 33% reflects sustained earnings acceleration
  • Stock CAGR of 89% over 1 year reflects strong market recognition of the company's transformation story
  • 10-year stock CAGR of 18% demonstrates long-term wealth creation track record
  • 5-year compounded sales growth of 22% indicates successful diversification into defence, aerospace, and EV components
Bear Case 8
  • PE ratio of 95.7x is extremely elevated relative to the broader market and auto sector peers, leaving little margin of safety
  • PB ratio of 10.88x means the stock trades at nearly 11 times book value, pricing in substantial future growth
  • 3-year average ROE of only 12% is modest for a company commanding such premium valuations
  • Dividend yield of just 0.39% offers minimal income cushion at current price levels
  • 10-year compounded sales growth of only 9% suggests the recent acceleration may not be structurally sustained
  • 10-year compounded profit growth of just 5% highlights that the recent profit surge follows a prolonged period of stagnation
  • Potential capitalisation of interest costs raises concerns about the true profitability picture and accounting quality
  • Significant gap between 5-year profit CAGR (39%) and 5-year ROE (12%) suggests growth is capital-intensive rather than efficiency-driven

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Class 8 truck orders drop sharply Aug 5

    Bharat Forge reported a sharp drop in Class 8 truck orders, signaling demand softness in the heavy commercial vehicle segment which forms a significant part of its CV business.

  • REFU Drive JV stake sold Jul 23

    Subsidiary Kalyani Powertrain sold its 50% stake in REFU Drive GmbH for just EUR 12,500, ending the joint venture and effectively writing off this EV drivetrain partnership.

Positives 2
  • Heavy-lift airship defence MoU Jul 22

    Bharat Forge signed a strategic MoU with FLYING WHALES to develop and manufacture LCA60T heavy-lift airships (60-tonne capacity) in India for defence, surveillance, and disaster relief under Make in India.

  • Reduced emissions, more renewables Jul 17

    FY 2025-26 BRSR filing shows reduced GHG emissions and increased renewable energy usage, strengthening ESG credentials.

Neutral 2
  • Q1FY27 earnings call Aug 10 Aug 5

    Bharat Forge scheduled its Q1FY27 analyst/investor conference call for August 10, 2026 at 3:30 PM IST to discuss results for the quarter ended June 30, 2026.

  • 65th AGM set for Aug 11 Jul 17

    Annual General Meeting convened for August 11, 2026 with agenda items including dividend declaration, director reappointment, and cost auditor remuneration ratification.

TL;DR: Bharat Forge is diversifying into defence aerospace via its FLYING WHALES airship partnership and maintaining ESG progress, but faces near-term demand headwinds from a sharp drop in Class 8 truck orders in its core commercial vehicle vertical. The REFU Drive exit at nominal value signals a failed EV bet. With Q1FY27 results due August 10, investors will watch for commentary on CV order trends and defence pipeline conversion.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,629
3,877
3,774
3,866
4,164
4,106
3,689
3,476
3,853
3,909
4,032
4,343
4,528
Expenses
3,191
3,282
3,153
3,169
3,521
3,365
3,042
2,853
3,174
3,239
3,308
3,597
3,751
Operating Profit
438
595
621
698
643
741
647
623
679
670
724
746
777
OPM %
12%
15%
16%
18%
15%
18%
18%
18%
18%
17%
18%
17%
17%
Other Income
17
67
51
58
45
-99
62
38
57
50
54
-13
-46
Interest
97
114
124
137
116
124
110
96
88
82
80
77
84
Depreciation
181
206
211
224
207
218
213
218
224
226
241
249
255
PBT
177
341
337
395
366
300
385
347
424
411
457
407
392
Tax %
28%
37%
36%
36%
38%
42%
37%
39%
33%
31%
34%
33%
40%
Net Profit
128
214
215
254
227
175
243
213
283
284
299
273
233
EPS in Rs
2.91
4.8
4.88
5.68
5.07
4.36
5.23
4.45
5.9
5.93
6.26
5.53
4.86
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
18%
21%
18%
21%
20%
13%
13%
19%
13%
16%
18%
17%
Other Income
226
148
391
46
199
109
-138
288
124
217
55
44
Interest
136
116
100
107
127
171
108
160
299
491
417
323
Depreciation
362
453
452
467
521
548
612
730
736
848
874
971
PBT
1,118
992
960
1,196
1,599
462
-25
1,381
827
1,439
1,456
1,667
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
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
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 ₹105686.27 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 100.32. 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 ₹2,238. 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 0.38%. 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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