Bharat Forge Ltd

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Bharat Forge Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Bharat Forge Ltd

₹ 1,740 -0.74%
06 Nov - close price
bharatforge.com BSE: 500493 NSE: BHARATFORG F&O
About

Bharat Forge is engaged in the manufacturing and selling of forged and machined components for the auto and industrial sectors.[1]

Key Points

Part of Kalyani Group [1] [2]
The company is the flagship entity of Pune-based Kalyani Group, a diversified Indian multinational with interests in forging, auto components, engineering steel, infrastructure, renewable energy, and specialty chemicals. The group has a global manufacturing footprint across India, Germany, Sweden, and China, with over US$3 Bn in annual turnover and a workforce of 10,000+ employees.

Website BSE NSE F&O
  • Market Cap ₹ 85,160 Cr.
  • Current Price ₹ 1,740
  • High / Low ₹ 2,295 / 1,301
  • Stock P/E 65.3
  • Book Value ₹ 275
  • Dividend Yield 0.49 %
  • ROCE 12.8 %
  • ROE 10.2 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 36.6%

Cons

  • Stock is trading at 6.33 times its book value
  • Promoter holding has decreased over last quarter: -0.95%
  • Company has a low return on equity of 13.3% over last 3 years.
  • Company has high debtors of 180 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE Auto

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
2,249 2,263 2,329 2,338 2,247 2,096 2,163 2,105 1,947 2,084 2,260 2,347 2,526
1,643 1,600 1,669 1,687 1,621 1,486 1,546 1,533 1,396 1,517 1,643 1,762 1,874
Operating Profit 607 663 659 651 625 610 617 572 551 566 617 586 652
OPM % 27% 29% 28% 28% 28% 29% 29% 27% 28% 27% 27% 25% 26%
40 35 25 -101 48 30 28 42 39 -21 -464 10 10
Interest 73 81 63 70 64 57 59 52 48 41 40 43 48
Depreciation 113 112 108 109 108 110 112 112 111 112 112 115 117
Profit before tax 462 504 513 371 502 473 473 449 430 392 0 437 497
Tax % 25% 25% 24% 27% 28% 27% 27% 25% 28% 26% 51,300% 26% 25%
346 378 390 269 361 346 346 339 310 288 -118 321 371
EPS in Rs 7.43 8.11 8.37 5.79 7.76 7.24 7.23 7.08 6.48 6.02 -2.46 6.72 7.59
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,548 4,334 3,865 5,316 6,520 4,564 3,652 6,255 7,573 8,969 8,844 8,396 9,218
3,218 3,017 2,790 3,779 4,614 3,548 2,924 4,539 5,662 6,491 6,340 6,089 6,796
Operating Profit 1,330 1,317 1,074 1,537 1,906 1,016 728 1,716 1,911 2,478 2,504 2,307 2,422
OPM % 29% 30% 28% 29% 29% 22% 20% 27% 25% 28% 28% 27% 26%
89 108 136 -15 166 67 131 199 110 147 5 -405 -466
Interest 112 91 73 85 102 145 78 107 213 287 250 182 173
Depreciation 251 308 295 307 347 345 366 412 426 442 440 448 456
Profit before tax 1,057 1,026 842 1,131 1,623 593 415 1,396 1,383 1,895 1,819 1,271 1,326
Tax % 32% 32% 31% 37% 34% 20% 25% 23% 24% 25% 27% 36%
719 698 585 707 1,071 474 312 1,078 1,045 1,425 1,322 819 863
EPS in Rs 15.44 14.98 12.57 15.19 23.01 10.17 6.70 23.15 22.45 30.61 27.66 17.13 17.87
Dividend Payout % 24% 25% 30% 30% 22% 34% 30% 30% 31% 29% 31% 50%
Compounded Sales Growth
10 Years: 7%
5 Years: 18%
3 Years: 4%
TTM: 11%
Compounded Profit Growth
10 Years: 5%
5 Years: 33%
3 Years: 5%
TTM: -4%
Stock Price CAGR
10 Years: 15%
5 Years: 17%
3 Years: 18%
1 Year: 32%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 13%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 47 47 47 93 93 93 93 93 93 93 96 96 98
Reserves 3,449 3,535 4,185 4,521 5,305 5,262 5,856 7,017 7,607 8,476 10,869 10,893 13,328
1,797 2,669 2,422 2,510 3,189 3,275 3,814 4,124 4,782 4,756 4,296 4,060 4,506
1,083 929 1,023 1,242 1,352 1,087 1,352 1,607 1,712 1,863 2,000 2,480 2,731
Total Liabilities 6,376 7,179 7,677 8,366 9,939 9,717 11,115 12,841 14,194 15,188 17,260 17,528 20,662
1,956 2,277 2,374 2,528 2,634 2,808 3,459 3,301 3,238 3,157 3,129 3,116 3,052
CWIP 208 322 374 302 713 895 270 248 303 376 838 728 876
Investments 1,104 1,421 1,772 2,061 2,192 2,353 3,569 3,900 4,279 4,465 6,045 6,818 6,638
3,108 3,159 3,157 3,475 4,400 3,662 3,816 5,392 6,374 7,190 7,248 6,866 10,095
Total Assets 6,376 7,179 7,677 8,366 9,939 9,717 11,115 12,841 14,194 15,188 17,260 17,528 20,662

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
903 1,306 892 941 797 1,377 814 275 788 2,092 1,701 1,544
-138 -651 -579 -697 -1,002 -729 -1,130 -248 -596 -807 -2,841 -560
-524 -677 -372 -367 299 -620 368 75 -172 -641 457 -984
Net Cash Flow 241 -22 -59 -122 93 28 52 102 20 644 -682 0
Free Cash Flow 614 731 463 556 -49 864 501 -27 503 1,567 1,085 1,243
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 95% 122% 108% 86% 70% 157% 123% 36% 62% 102% 89% 88%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 45 120 130 123 126 132 158 145 156 147 158 180
Inventory Days 113 90 118 104 114 158 226 159 140 127 156 177
Days Payable 132 106 128 133 122 128 207 138 135 123 141 158
Cash Conversion Cycle 26 104 120 94 119 163 177 165 162 151 173 199
Working Capital Days 96 38 10 22 38 15 -7 17 26 30 32 53
ROCE % 23% 19% 14% 19% 22% 9% 5% 13% 13% 17% 15% 13%

Insights

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Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Standalone Sale Tonnage
MT

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Standalone Commercial Vehicle Revenue
INR Million
Standalone Industrial Revenue
INR Million
Standalone Passenger Vehicle Revenue
INR Million
Defence Revenue
INR Crore
Defence Order Book
INR Crore
Export Revenue - Americas
INR Million
Export Revenue - Europe
INR Million
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
45.26% 45.26% 45.26% 45.26% 44.07% 44.07% 44.07% 44.07% 44.07% 44.07% 44.07% 43.12%
16.60% 16.48% 17.04% 18.72% 17.87% 16.08% 14.37% 13.62% 12.40% 14.15% 15.04% 15.20%
27.74% 28.06% 27.96% 26.32% 28.35% 30.20% 31.26% 32.11% 34.08% 32.62% 32.18% 33.04%
0.18% 0.18% 0.18% 0.16% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.00%
10.22% 10.04% 9.58% 9.55% 9.55% 9.49% 10.15% 10.05% 9.29% 9.00% 8.54% 8.63%
No. of Shareholders 1,79,6831,89,1041,82,9881,99,7212,07,8102,14,7252,42,7322,49,5202,27,1602,28,1562,32,3612,26,687

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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