Bharat Forge Ltd

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

Bharat Forge Ltd

₹ 1,990 -0.16%
08 May - close price
bharatforge.com BSE: 500493 NSE: BHARATFORG
About

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)

Key Points

Part of Kalyani Group
The company belongs to the Kalyani Group which has an annual turnover of more than USD 3 Billion. Apart from the forging Industry, the group has a presence in engineering steel, automotive, industrial, renewable energy, urban infrastructure, and specialty chemicals and maintains a leading position in various business segments. [1]

Website BSE NSE
  • Market Cap ₹ 95,125 Cr.
  • Current Price ₹ 1,990
  • High / Low ₹ 2,044 / 1,100
  • Stock P/E 81.7
  • Book Value ₹ 230
  • Dividend Yield 0.43 %
  • ROCE 13.2 %
  • ROE 10.6 %
  • 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 8.66 times its book value
  • Company has a low return on equity of 13.5% over last 3 years.
  • Company has high debtors of 180 days.
  • Working capital days have increased from 51.9 days to 94.1 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,997 2,127 2,249 2,263 2,329 2,338 2,247 2,096 2,163 2,105 1,947 2,084 2,260
1,509 1,579 1,643 1,600 1,669 1,687 1,621 1,486 1,546 1,533 1,396 1,517 1,643
Operating Profit 488 549 607 663 659 651 625 610 617 572 551 566 617
OPM % 24% 26% 27% 29% 28% 28% 28% 29% 29% 27% 28% 27% 27%
-2 47 40 35 25 -101 48 30 28 42 39 -21 -464
Interest 66 71 73 81 63 70 64 57 59 52 48 41 40
Depreciation 105 109 113 112 108 109 108 110 112 112 111 112 112
Profit before tax 315 417 462 504 513 371 502 473 473 449 430 392 0
Tax % 22% 25% 25% 25% 24% 27% 28% 27% 27% 25% 28% 26% 51,300%
245 312 346 378 390 269 361 346 346 339 310 288 -118
EPS in Rs 5.25 6.69 7.43 8.11 8.37 5.79 7.76 7.24 7.23 7.08 6.48 6.02 -2.46
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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
4,548 4,334 3,865 5,316 6,520 4,564 3,652 6,255 7,573 8,969 8,844 8,396
3,218 3,017 2,790 3,779 4,614 3,548 2,924 4,539 5,662 6,491 6,340 6,089
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
OPM % 29% 30% 28% 29% 29% 22% 20% 27% 25% 28% 28% 27%
89 108 136 -15 166 67 131 199 110 147 5 -405
Interest 112 91 73 85 102 145 78 107 213 287 250 182
Depreciation 251 308 295 307 347 345 366 412 426 442 440 448
Profit before tax 1,057 1,026 842 1,131 1,623 593 415 1,396 1,383 1,895 1,819 1,271
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
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
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: -5%
Compounded Profit Growth
10 Years: 5%
5 Years: 34%
3 Years: 6%
TTM: -13%
Stock Price CAGR
10 Years: 18%
5 Years: 25%
3 Years: 37%
1 Year: 71%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 14%
Last Year: 11%

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
Equity Capital 47 47 47 93 93 93 93 93 93 93 96 96
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
1,797 2,669 2,422 2,510 3,189 3,275 3,814 4,124 4,782 4,756 4,296 4,060
1,083 929 1,023 1,242 1,352 1,087 1,352 1,607 1,712 1,863 2,000 2,480
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
1,956 2,277 2,374 2,528 2,634 2,808 3,459 3,301 3,238 3,157 3,129 3,116
CWIP 208 322 374 302 713 895 270 248 303 376 838 728
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
3,108 3,159 3,157 3,475 4,400 3,662 3,816 5,392 6,374 7,190 7,248 6,866
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

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 -555
-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 5
Free Cash Flow 614 731 463 556 -49 864 501 -27 503 1,567 1,085 1,243
CFO/OP 95% 122% 108% 86% 70% 157% 123% 36% 62% 102% 89% 88%

Ratios

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
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 94
ROCE % 23% 19% 14% 19% 22% 9% 5% 13% 13% 17% 15% 13%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Sale Tonnage (Shipment Tonnage) - Standalone
MT

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Installed Capacity - Iron Casting (JS Auto Cast)
TPA
Installed Capacity - Steel Forging BFL Standalone
TPA
Capacity Utilization - European Aluminum Forging
%
Capacity Utilization - US Aluminum Forging
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
45.26% 45.26% 45.26% 45.26% 45.26% 45.26% 44.07% 44.07% 44.07% 44.07% 44.07% 44.07%
15.79% 16.28% 16.60% 16.48% 17.04% 18.72% 17.87% 16.08% 14.37% 13.62% 12.40% 14.15%
28.61% 27.95% 27.74% 28.06% 27.96% 26.32% 28.35% 30.20% 31.26% 32.11% 34.08% 32.62%
0.18% 0.18% 0.18% 0.18% 0.18% 0.16% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
10.17% 10.35% 10.22% 10.04% 9.58% 9.55% 9.55% 9.49% 10.15% 10.05% 9.29% 9.00%
No. of Shareholders 1,56,6861,69,9541,79,6831,89,1041,82,9881,99,7212,07,8102,14,7252,42,7322,49,5202,27,1602,28,156

* 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

Announcements

Annual reports

DRHP

Credit ratings

Concalls