Bharat Forge Limited (BHARATFORG)

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Bharat Forge Limited (BHARATFORG) · mywealthgrid

About

Bharat Forge manufactures auto components and equipment for the automotive sector. Market cap ₹98,727.65 Cr places it in mid-large cap; Consumer Discretionary classification reflects cyclical demand exposure. Recent quarters (Jun, Mar 2026) show losses despite historical profitability and a 77.77% one-year return.

Founded: 1961
Face value: ₹2

Market cap

₹89,644 Cr

P/E

126.9×

P/B

9.4×

Dividend yield

0.8%

ROE

11.5%

ROCE

17.9%

Debt / equity

0.72

OPM

17.4%

EPS (TTM)

₹14.8

Book value

₹199.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consecutive losses (Jun 2026: ₹-89.89 Cr, Mar 2026: ₹-117.76 Cr) despite 2026 dividends raise cash reserve concerns and forward capital adequacy questions
PE 139.79 prices in strong recovery with minimal downside safety margin
Operating margin swings 13 percentage points (15.29%–28.31% recent range); verify if root cause is input costs, product mix, or demand volatility
Cyclical auto component demand tied to vehicle production; verify OEM order pipeline and production visibility

Generated analysis · source review pending

Growth drivers

Standalone operations reached 28.31% OPM (Sep 2025); if consolidated results converge, ₹4.5 Cr+ revenue base would generate significant earnings leverage
Recent recovery to 5.53–6.48 EPS (Dec 2025, Sep 2025) establishes baseline; verify path to sustain or accelerate from here
D/E 0.72 enables capex deployment if demand recovery materializes; verify capex intensity and investment plans
Indian auto production recovery would lift sector demand; verify latest OEM production guidance to assess timing

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,875.0-3.5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 40.7% over the last 5 years
+Revenue CAGR of 21.6% over the last 5 years
+Dividend payout of 98.2% of profit

Cons

−Expensive at 126.9× trailing earnings
−Trading at 9.4× book value

Research score

Structured signal from quality, growth, valuation and momentum.

35/100

Business quality: 43
Growth: 54
Valuation: 8

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,002	6,598	8,415	10,146	8,056	6,336	10,461	12,910	15,682	15,123	16,812
COGS	—	—	—	—	3,577	2,634	4,216	5,961	7,379	6,594	7,590
Gross profit	—	—	—	—	4,479	3,702	6,245	6,949	8,303	8,528	9,222
	5,593	5,799	7,159	8,611	3,408	2,870	4,262	5,215	5,740	5,838	6,305
	1,408	799	1,256	1,535	1,072	832	1,983	1,734	2,563	2,690	2,917
OPM %	20.1%	12.1%	14.9%	15.1%	13.3%	13.1%	19%	13.4%	16.4%	17.8%	17.4%
Depreciation	453	—	—	—	548	612	730	736	848	874	971
Interest	116	100	107	127	171	108	160	299	491	417	323
	132	119	142	203	109	-137	288	127	215	57	44
Profit before tax	—	—	—	1,599	462	-25	1,381	827	1,439	1,456	1,667
Tax	316	249	442	566	112	102	303	319	529	543	578
Tax %	—	—	—	35.4%	24.4%	398.9%	22%	38.5%	36.8%	37.3%	34.7%
	675	711	754	1,033	349	-127	1,077	508	910	913	1,089
PAT margin %	9.7%	10.8%	9%	10.2%	4.3%	-2%	10.3%	3.9%	5.8%	6%	6.5%
EPS (₹)	—	—	—	22.2	7.5	-2.7	23.2	11.4	20.4	20.1	22.6
EPS adjusted (₹)	14.5	17.4	16.9	22.2	7.5	4.2	23.2	9.9	20.4	19.7	22.6
	—	—	—	22.6%	46.6%	—	30.1%	61.7%	44.1%	42.4%	37.6%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	93	93	93	93	93	93	93	96	96
Reserves	3,529	4,070	4,559	5,283	5,127	5,322	6,478	6,612	7,077	9,125	9,461
Minority interest	—	10	29	30	32	32	56	36	—	—	—
	2,518	2,321	2,711	3,773	3,878	4,995	5,655	6,852	7,522	6,288	6,875
	2,858	2,436	2,624	2,463	2,433	2,736	3,328	4,790	4,657	4,579	5,829
Total equity & liabilities	8,952	8,883	10,016	11,642	11,563	13,178	15,609	18,384	19,349	20,088	22,260
	3,480	3,277	3,499	3,624	3,868	4,750	4,870	6,161	6,309	6,599	8,187
CWIP	566	400	344	831	1,143	900	1,125	696	977	1,725	1,251
Investments	804	1,192	1,501	1,524	1,618	2,607	2,524	2,569	1,849	2,091	1,767
	4,102	4,015	4,672	5,664	4,934	4,921	7,091	8,958	10,214	9,673	11,055
Total assets	8,952	8,883	10,016	11,642	11,563	13,178	15,609	18,384	19,349	20,088	22,260

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Forgings	13,928.58	1,956.09	14,297.12	2,939.44	11,357.68	17.22
Others	2,169.81	154.03

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	55.6%	58.4%	59.7%	53.8%	52.9%	56.4%	54.9%
EBITDA margin %	15.1%	13.8%	13.6%	19.3%	13.7%	16.3%	17.8%	17.4%
EBIT margin %	15.1%	7%	3.9%	12.3%	8%	10.9%	12%	11.6%
PAT margin %	10.2%	4.3%	-2%	10.3%	3.9%	5.8%	6%	6.5%
Working capital
Receivable days	77	68	81	75	87	74	70	85
Inventory days	78	177	249	235	191	159	198	195
Payable days	—	—	167	141	132	112	130	144
NWC days	—	—	163	169	147	121	138	136
Leverage
Current ratio	1.35	1.33	1.38	1.3	1.03	1.08	1.18	1.17
Debt to EBITDA	2.46	3.48	5.8	2.8	3.88	2.94	2.33	2.35
Debt to equity	0.7	0.74	0.92	0.86	1.02	1.05	0.68	0.72
Interest coverage	13.7	4.4	3.9	9.2	4	3.9	4.9	6.7
Asset turnover	0.87	0.7	0.48	0.67	0.7	0.81	0.75	0.76
Return ratios
Return on assets %	8.9%	3%	-1%	6.9%	2.8%	4.7%	4.5%	4.9%
Return on capital employed %	25.2%	10%	5.1%	16.3%	12.3%	19.2%	19%	17.9%
Return on equity %	19.2%	6.7%	-2.3%	16.4%	7.6%	12.7%	9.9%	11.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.25%	45.25%	45.25%	45.25%	45.25%	44.07%	44.07%	44.07%	44.07%	44.07%	44.07%	44.07%
	16.28%	16.6%	16.47%	17.03%	18.72%	17.88%	16.07%	14.37%	13.62%	12.4%	14.15%	15.04%
	28.12%	27.94%	28.24%	28.13%	26.47%	28.5%	30.35%	31.41%	32.11%	34.08%	32.61%	32.19%
	0%	0%	0%	0%	0%	0%	0%	0%	0.15%	0.15%	0.15%	0.15%
	10.35%	10.21%	10.04%	9.59%	9.56%	9.55%	9.51%	10.15%	10.05%	9.3%	9.02%	8.55%
No. of shareholders	—	—	—	—	—	—	—	—	2,49,520	2,27,160	2,28,156	2,32,361

Promoter holding down 1.18 percentage points since Sep 2023.

37 deals · 31 Aug 2021 – 29 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Sept 2025	MOTILAL OSWAL MUTUAL FUND	Bulk	NSE	Buy	31,02,941	₹1,217.32	₹377.73 Cr
11 Sept 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	2,00,439	₹1,213.00	₹24.31 Cr
11 Sept 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	2,00,439	₹1,213.00	₹24.31 Cr
9 Sept 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	4,55,437	₹1,202.80	₹54.78 Cr
9 Sept 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	4,55,437	₹1,202.80	₹54.78 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	3,71,305	₹886.95	₹32.93 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	3,71,305	₹886.95	₹32.93 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,71,305	₹846.30	₹31.42 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,71,305	₹846.30	₹31.42 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,99,762	₹786.35	₹15.71 Cr

1–10 of 37

1 / 4

Mr. BABASAHEB NEELKANTH KALYANIExecutive Director-Chairperson
Mr. AMIT BABASAHEB KALYANIExecutive Director
Mr. BASAVRAJ KALYANIExecutive Director
Mr. ASHISH BHARAT RAMNon-Executive - Non Independent Director
Mr. SUBODH EKNATH TANDALEExecutive Director
Mr. KANWAR BIR SINGH ANANDNon-Executive - Independent Director
Ms. SONIA SINGHNon-Executive - Independent Director
Mr. DIPAK BALASAHEB MANENon-Executive - Independent Director
Mr. ANAND PATHAKNon-Executive - Independent Director
Ms. RASHMI JOSHINon-Executive - Independent Director
Mr. Kedar DixitChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,926.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,930.8	-16.3	-0.8%	₹1,930.8	16,649	+239	2,324	500
23 Nov 2026	₹1,937.8	-20.9	-1.1%	₹1,944.2	234	+11	32	500
29 Dec 2026	₹1,949.6	-21.3	-1.1%	₹1,956.4	1	+1	1	500

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

39

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,560

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

148

across 17 fund houses

Held by these funds

11.91%

of the company's equity

All mutual funds

20.74%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

148 schemes · 17 fund houses

		Shares
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	66 L	1,389.23	2.46%	1.38%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	51 L	1,073.5	2.05%	1.067%	—
Large and Midcap Fund	SBI Mutual Fund	47 L	989.3	2.34%	0.983%	-0
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	42.26 L	889.51	1.25%	0.884%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	36.59 L	770.24	13.93%	0.765%	+92,674
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	34 L	715.67	2.21%	0.711%	—
Midcap Fund	Axis Mutual Fund	32.76 L	689.54	1.95%	0.685%	-0
Midcap Fund	SBI Mutual Fund	27 L	568.32	2.32%	0.565%	-0

1–8 of 148

1 / 19

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

71 announcementsExport CSV

29 Sept 2026, 5:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	55.6%	58.4%	59.7%	53.8%	52.9%	56.4%	54.9%
EBITDA margin %	15.1%	13.8%	13.6%	19.3%	13.7%	16.3%	17.8%	17.4%
EBIT margin %	15.1%	7%	3.9%	12.3%	8%	10.9%	12%	11.6%
PAT margin %	10.2%	4.3%	-2%	10.3%	3.9%	5.8%	6%	6.5%
Working capital
Receivable days	77	68	81	75	87	74	70	85
Inventory days	78	177	249	235	191	159	198	195
Payable days	—	—	167	141	132	112	130	144
NWC days	—	—	163	169	147	121	138	136
Leverage
Current ratio	1.35	1.33	1.38	1.3	1.03	1.08	1.18	1.17
Debt to EBITDA	2.46	3.48	5.8	2.8	3.88	2.94	2.33	2.35
Debt to equity	0.7	0.74	0.92	0.86	1.02	1.05	0.68	0.72
Interest coverage	13.7	4.4	3.9	9.2	4	3.9	4.9	6.7
Asset turnover	0.87	0.7	0.48	0.67	0.7	0.81	0.75	0.76
Return ratios
Return on assets %	8.9%	3%	-1%	6.9%	2.8%	4.7%	4.5%	4.9%
Return on capital employed %	25.2%	10%	5.1%	16.3%	12.3%	19.2%	19%	17.9%
Return on equity %	19.2%	6.7%	-2.3%	16.4%	7.6%	12.7%	9.9%	11.4%

Calls	Strike	Puts
0	0	0	₹0.0	1,560

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

Date	Category	Subject	Filing
29 Sept 2026, 5:57 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
28 Sept 2026, 3:01 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 10:57 pm	Company Update Qualified Institutional Placement	Announcement under Regulation 30 (LODR)-Qualified Institutional Placement	PDF
17 Sept 2026, 6:38 pm	Company Update Qualified Institutional Placement	Announcement under Regulation 30 (LODR)-Qualified Institutional Placement	PDF
15 Sept 2026, 6:01 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
11 Sept 2026, 9:07 pm	AGM/EGM Postal Ballot	Bharat Forge Ltd - 500493 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
10 Sept 2026, 7:40 pm	Company Update Restructuring	Announcement under Regulation 30 (LODR)-Restructuring	PDF
10 Sept 2026, 12:43 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,356	1,052	967	911	1,522	1,020	506	1,294	1,664	1,796	1,487
	-927	-684	-814	-1,175	-1,132	-1,511	-690	-1,671	-667	-1,964	-1,033
	-448	-401	-314	368	-381	578	310	280	-203	-570	-442
Net cash flow	-19	-33	-161	104	8	87	126	-97	795	-738	12
Free cash flow	—	—	—	—	—	106	-562	298	140	346	346
CFO / Operating profit %	96.3%	131.6%	77%	59.4%	136.5%	118.4%	25.1%	73.2%	65.1%	66.7%	50.8%

Bharat Forge Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

39

Fund holders

Documents

Announcements

Events

Announcements

3

39

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

35

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Defence · revenue

Bharat Forge Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain39

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain39

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends35

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Defence · revenue

3

39

3

39

35

1

1