MarketFriction

Bharat Forge Ltd

NSE BHARATFORG · BSE 500493 · Auto Components & Equipments
₹1,875.00 -2.65%
NSE close2026-10-01
52 week range1,179.40 - 2,295.00
Market cap₹94,900 Cr.
P/E94.0
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Midcap SelectNifty AutoNifty India DefenceNifty Infrastructure No price band Delivery 56.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,7743,8664,1644,1063,6893,4763,8533,9094,0324,3434,5284,640
Expenses3,1533,1693,5213,3653,0422,8533,1743,2393,3083,5973,7513,942
Operating Profit621698643741647623679670724746777698
OPM %16%18%15%18%18%18%18%17%18%17%17%15%
Other Income515845-996238575054-13-46-301
Interest12413711612411096888280778490
Depreciation211224207218213218224226241249255263
Profit before tax33739536630038534742441145740739244
Tax %36%36%38%42%37%39%33%31%34%33%40%302%
Net Profit215254227175243213283284299273233-90
EPS in Rs4.885.685.074.365.234.455.905.936.265.534.86-1.88
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6,8096,3968,35810,1468,0566,33610,46112,91015,68215,12316,81217,543
Expenses5,3975,2766,6358,0986,9845,5048,47811,17413,12112,43113,89414,597
Operating Profit1,4131,1211,7232,0481,0728321,9831,7372,5622,6922,9172,946
OPM %21%18%21%20%13%13%19%13%16%18%17%17%
Other Income14839146199109-1382881242175544-306
Interest116100107127171108160299491417323331
Depreciation4534524675215486127307368488749711,008
Profit before tax9929601,1961,599462-251,3818271,4391,4561,6671,301
Tax %32%26%37%35%24%399%22%39%37%37%35%
Net Profit6757117541,033349-1271,0775089109131,089716
EPS in Rs14.5715.1316.3822.177.51-2.7123.2311.3520.4319.6922.5814.77
Dividend Payout %26%25%27%23%47%-74%30%62%44%43%38%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%22%9%18%
Compounded Profit Growth5%39%33%-2%
Stock Price CAGR16%22%21%60%
Return on Equity12%12%12%12%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital474747939393939393939696
Reserves3,3983,3674,0704,5595,2835,1275,3226,4786,6127,0779,1589,484
Borrowings2,5463,3753,1243,2574,0294,4695,2715,9727,3137,9486,6987,309
Other Liabilities2,2451,5041,6002,0682,1731,7932,4022,9504,2164,0664,0175,350
Total Liabilities8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,238
Fixed Assets2,6293,1343,2773,5003,6254,0024,7504,8706,1616,3096,6278,215
CWIP8704094533448311,1439001,1257019911,7321,298
Investments4968861,1921,5011,5241,6182,6072,6042,5691,8492,0631,738
Other Assets4,2423,8633,9194,6325,5994,7204,8316,8938,80410,0349,54710,987
Total Assets8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,238
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,0351,3561,0529679111,5221,0205061,2941,6641,7961,487
Cash from Investing Activity-467-888-737-722-1,196-1,114-1,511-690-1,666-665-1,964-1,038
Cash from Financing Activity-360-448-401-314368-381578310280-203-570-442
Net Cash Flow20819-86-69832687126-91796-7386
Free Cash Flow326465408399-220565129-459325164352374
CFO/OP104%118%118%79%71%164%134%43%99%85%89%70%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days417577857768817587747085
Inventory Days131142161151160177249235191159198195
Days Payable144119127148118105167141132112130144
Cash Conversion Cycle289811188119140163169147121138136
Working Capital Days4011-8615-15-49-24-39-46-27-12
ROCE %21%17%13%18%20%7%3%11%8%13%12%13%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters45.26%45.26%45.26%45.26%44.07%44.07%44.07%44.07%44.07%44.07%44.07%43.12%
FIIs16.60%16.48%17.04%18.72%17.87%16.08%14.37%13.62%12.40%14.15%15.04%15.18%
DIIs27.74%28.06%27.96%26.32%28.35%30.20%31.26%32.11%34.08%32.62%32.18%32.86%
Government0.18%0.18%0.18%0.16%0.15%0.15%0.15%0.15%0.15%0.15%0.15%0.00%
Public10.22%10.04%9.58%9.55%9.55%9.49%10.15%10.05%9.29%9.00%8.54%8.84%
No. of Shareholders1,79,6831,89,1041,82,9881,99,7212,07,8102,14,7252,42,7322,49,5202,27,1602,28,1562,32,3612,27,796

Fundamentals

Market Cap₹ 94,900 Cr.
Current Price₹ 1,942
Stock P/E94.0
Book Value₹ 200
ROCE12.6 %
ROE12.0 %
Dividend Yield0.44 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)18%
Compounded Profit Growth (TTM)-2%
Consolidated figures.
Valuation
Market capRs 89,674 Cr
Enterprise valueRs 95,993 Cr
P/E (TTM)126.97x
Price to book9.36x
Price to sales5.11x
EV / EBITDA36.37x
EV / EBIT58.84x
EV / sales5.47x
Price to cash flow60.32x
Earnings yield0.79%
Dividend yield0.45%
P/E, 3-year average62.97x
P/B, 3-year average7.25x
P/E, 5-year average57.40x
P/B, 5-year average6.41x
Profitability
Operating margin (excl. other income)17.35%
Operating margin (incl. other income)17.62%
EBITDA margin15.05%
Pre-tax margin7.41%
Net profit margin4.03%
Net margin, latest quarter-1.93%
ROE11.47%
ROCE12.12%
ROA5.12%
ROE, 3-year average12.21%
ROCE, 3-year average12.48%
ROA, 3-year average5.00%
ROE, 5-year average12.53%
ROCE, 5-year average11.83%
ROA, 5-year average5.14%
ROIC (approx.)6.71%
Tax rate34.66%
Other income / net worth0.46%
Growth
Sales growth (latest year)11.17%
Profit growth (latest year)14.72%
Sales CAGR, 3 years9.20%
Sales CAGR, 5 years21.55%
Profit CAGR, 3 years26.90%
Sales growth QoQ2.47%
Profit growth QoQ-138.58%
Sales growth YoY (latest quarter)18.71%
Profit growth YoY (latest quarter)-131.63%
Per share
EPS (TTM)Rs 14.77
EPS (latest year)Rs 22.57
EPS (latest quarter)Rs -1.88
EPS, 3-year averageRs 20.89
EPS, 5-year averageRs 19.45
Book value per shareRs 200.31
Sales per shareRs 366.80
Cash flow per shareRs 31.08
Free cash flow per shareRs 7.82
Dividend per share (latest year)Rs 8.50
Dividend per share, 3-year averageRs 8.66
Dividend per share, 5-year averageRs 8.00
Dividends
Dividend payout37.64%
Dividend payout, 3-year average41.63%
Dividend payout, 5-year average43.34%
Efficiency
Asset turnover0.76x
Fixed asset turnover2.05x
Inventory turnover2.54x
Inventory days144 days
Debtor days85 days
Debtors turnover4.30x
Creditor days144 days
Cash conversion cycle136 days
Working capital days-12 days
Leverage
Total debtRs 7,309 Cr
Cash and bankRs 990 Cr
Net debtRs 6,319 Cr
Debt to equity0.76x
Net debt / EBITDA2.39x
Interest coverage4.93x
Current ratio (filing 2026-03-31)1.17x
Quick ratio (filing 2026-03-31)0.75x
Trade payables (filing 2026-03-31)Rs 2,996 Cr
Owners' fund to total sources43.08%
Debt to assets32.86%
Cash flow
Cash from Operating Activity (latest year)Rs 1,487 Cr
Cash from Investing Activity (latest year)Rs -1,038 Cr
Cash from Financing Activity (latest year)Rs -442 Cr
Net Cash Flow (latest year)Rs 6 Cr
Free cash flow (latest year)Rs 374 Cr
FCFE (approx.: FCF + change in debt)Rs 984 Cr
Cash from ops / profit, 5 years1.50x
Sales to cash flow11.31x
Statement figures
Net sales (TTM)Rs 17,543 Cr
Net sales (latest year)Rs 16,812 Cr
Sales (latest quarter)Rs 4,640 Cr
Operating profit excl. other income (latest year)Rs 2,917 Cr
Operating profit (latest quarter)Rs 698 Cr
Other income (TTM)Rs -306 Cr
EBITDA (TTM)Rs 2,640 Cr
PBDT (TTM)Rs 2,309 Cr
Profit before tax (TTM)Rs 1,301 Cr
Tax (latest year)Rs 578 Cr
Net profit (TTM)Rs 706 Cr
Net profit (latest year)Rs 1,080 Cr
Net profit (latest quarter)Rs -90 Cr
Depreciation (TTM)Rs 1,008 Cr
Depreciation (latest quarter)Rs 263 Cr
Interest (TTM)Rs 331 Cr
Cost of goods sold (latest year)Rs 10,298 Cr
Total expenditure (latest year)Rs 13,894 Cr
Total income (latest year)Rs 16,856 Cr
Share capitalRs 96 Cr
ReservesRs 9,484 Cr
Shareholders' fundsRs 9,580 Cr
Total assetsRs 22,238 Cr
Net blockRs 8,215 Cr
Capital work in progressRs 1,298 Cr
InvestmentsRs 1,738 Cr
ReceivablesRs 3,910 Cr
InventoryRs 4,053 Cr
Other liabilitiesRs 5,350 Cr
Shares outstanding (crore)47.83
Ownership
Promoter holding43.12% (-0.95 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 127.0 is at the 96th percentile of its own 8.4-year range (median 53.6, low 10.9, high 142.5).
P/B 9.36 is at the 88th percentile (median 6.40).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBHARATFORGNifty 50Difference
1 week-6.2%-2.8% -3.4 pts
1 month-8.6%-6.8% -1.8 pts
3 months-12.2%-7.6% -4.6 pts
6 months+12.0%+0.4% +11.6 pts
1 year+55.3%-9.9% +65.2 pts
2 years+18.5%-13.6% +32.1 pts
3 years+71.8%+14.2% +57.6 pts
5 years+157.7%+27.9% +129.8 pts
241 mutual fund schemes hold about ₹23,530 Cr. Over three months 162 bought more and 40 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Defence Fund13.40%1,538 +5%
Kotak Flexi Cap Fund2.46%1,389 +11%
Kotak Flexi Cap Fund2.46%1,382 +11%
HDFC Mid Cap Fund1.25%1,355 +4%
Nippon India Growth Mid Cap Fund2.05%1,074 -1%
SBI Large & Midcap Fund2.34%989 +8%
Kotak Mid Cap Fund1.25%890 +6%
Motilal Oswal Nifty India Defence Index Fund13.93%770 +10%
Mirae Asset Large & Midcap Fund1.66%759 +8%
Kotak Large & Mid Cap Fund2.21%716 +8%
Axis Midcap Fund1.95%670 +18%
Aditya Birla SL Flexi Cap Fund2.03%589 -0%
Mirae Asset Midcap Fund2.75%575 +5%
SBI Midcap Fund2.32%568 +10%
SBI Midcap Fund2.32%565 +10%
DSP Midcap Fund2.42%508 +7%
HSBC Midcap Fund2.79%480 -0%
ICICI Pru Large & Mid Cap Fund1.23%412 +100%
HDFC Balanced Advantage Fund0.37%393 +11%
ICICI Pru Multi Cap Fund1.70%332 +4%
ICICI Pru Multi Cap Fund1.70%318 +4%
SBI ELSS Tax Saver Fund0.97%309 +12%
Invesco India Midcap Fund1.85%294 +693%
Edelweiss Mid Cap Fund1.44%287 -0%
HDFC Large & Mid Cap Fund0.94%284 +8%

Red flags

F-score 6 of 8
lookRegulator order or action Regulator order or action 2026-05-13: Bharat Forge Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-09-30KSL Holdings Private LimitedPromoter GroupotherOthers
2021-09-29Sundaram Trading & Investment Pvt.Promoter Groupother7,500,000Rs 558.15 CrPledge Creation
2021-09-27Sundaram Trading & Investment Pvt.Promoter Groupother7,500,000Rs 585.83 CrPledge Creation
2021-06-11Ajinkya Investment And Trading ComPromoter Groupsell4,656,000Rs 349.57 CrMarket Sale
2021-01-27SIVASANKARAN MEmployees/Designated Employebuy200Rs 0.01 CrMarket Purchase
2021-01-25SIVASANKARAN MEmployees/Designated Employebuy300Rs 0.02 CrMarket Purchase
2021-01-21SIVASANKARAN MEmployees/Designated Employesell400Rs 0.03 CrMarket Sale
2021-01-14SIVASANKARAN MEmployees/Designated Employebuy100Rs 0.01 CrMarket Purchase
2021-01-13SIVASANKARAN MEmployees/Designated Employebuy300Rs 0.02 CrMarket Purchase
2021-01-13SIVASANKARAN MEmployees/Designated Employesell100Rs 0.01 CrMarket Sale
2021-01-13SIVASANKARAN MEmployees/Designated Employesell200Rs 0.01 CrMarket Sale
2021-01-11SIVASANKARAN MEmployees/Designated Employebuy100Rs 0.01 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹4,640 Cr +18.7% vs Jun 2025. Net loss ₹90 Cr.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 6.50 Per Share
2026-02-18Interim Dividend - Rs 2 Per Share
2025-07-04Dividend - Rs 6 Per Share
2025-02-18Interim Dividend - Rs 2.5 Per Share
2024-07-05Dividend - Rs 6.50 Per Share
2024-02-23Interim Dividend - Rs 2.50 Per Share
2023-07-07Dividend - Rs 5.50 Per Share
2022-11-24Interim Dividend - Rs 1.50 Per Share
2022-07-14Dividend - Rs 5.50 Per Share
2021-11-25 Interim Dividend - Rs 1.50 Per Share
2021-07-15 Dividend - Rs 2 Per Share
2020-03-03 Interim Dividend - Rs 2 Per Share
2019-11-20 Interim Dividend - Rs 1.50 Per Share
2019-08-01 Annual General Meeting/Dividend Rs 2.50 Per Share
2018-11-15 Interim Dividend Rs - Rs 2.50 Per Share
2018-07-27 Annual General Meeting/Dividend- Rs 2.50 Per Share
2017-11-16 Interim Dividend Rs 2/- Per Share
2017-09-28 Bonus 1:10.5000
2017-07-28 Dividend - Rs 5/- Per Share
2017-02-16 Interim Dividend Rs 2.50 Per Share
2016-07-25 Dividend - Re 0.50/- Per Share
2016-03-18 Interim Dividend - Rs 4/- Per Share (Purpose Revised)
2016-02-17 Interim Dividend Rs 3/- Per Share
2015-07-20Annual General Meeting/Dividend Rs 4.50 Per Share
2015-02-11Interim Dividend - Rs 3/- Per Share
2014-08-21Annual General Meeting / Final Dividend - Rs 2.50/- Per Share (Bc End Date Revised)
2014-02-13Interim Dividend - Rs 2/- Per Share
2013-08-01Annual General Meeting / Final Dividend - Rs 2.40/- Per Share
2013-03-07Interim Dividend Re 1 Per Share
2012-07-19Dividend Rs 2.50 Per Share
2012-03-07Interim Dividend Rs.1.50 Per Share (Purpose Revised)
2011-08-04Dividend-Rs.3.50 Per Share
2010-07-15Dividend-Re.1/- Per Share
2009-07-16Dividend-Re.1/- Per Share
2008-07-31Dividend - 175%
2007-07-19Dividend-175%
2006-07-20Dividend-150%
DateTypeWhat it says
2026-09-29Shareholder meetingProceedings of Postal Ballot
2026-09-23Credit RatingCredit Rating
2026-09-22AllotmentAllotment of 10582010 securities pursuant to Qualified Institution Placement at its meeting held on September 22, 2026
2026-09-22Issue of SecuritiesQIP - closure of Issue
2026-09-17Qualified Institutional PlacQualified Institutional Placement
2026-09-15Press ReleaseA press release dated September 15, 2026, titled "Bharat Forge and RTX s Pratt & Whitney Canada to Explore Turboprop Engines for Indias Indigenous HAL...
2026-09-11Shareholder meetingVoting results.
2026-09-10Amalgamation/MergerAmalgamation/Merger
2026-09-03Press ReleaseA press release dated September 03, 2026, titled "Kalyani Strategic Systems Partners with FN Herstal to Build Small Arms and Counter-UAS Capability in...
2026-09-03Press ReleaseA press release dated September 03, 2026, titled "Thales and Kalyani Strategic Systems Limited sign Strategic Alliance Agreement for 70-mm Rocket Syst...
2026-09-03Concall / analyst meetSchedule of meet
2026-09-02Sale or disposalSale or disposal
2026-08-28Concall / analyst meetPresentation
2026-08-28Concall / analyst meetSchedule of meet
2026-08-13Concall / analyst meetTranscript
2026-08-12Shareholder meetingNotice of Postal Ballot
2026-08-12Shareholder meetingVoting results.
2026-08-11Shareholder meetingProceedings of Annual General Meeting held on August 11, 2026
2026-08-10Concall / analyst meetLink of Recording
2026-08-10AcquisitionAcquisition
2026-08-10Investor PresentationInvestor Presentation
2026-08-10Investor PresentationInvestor Presentation
2026-08-10Board meeting outcomeOutcome of Board Meeting held on August 10, 2026.
2026-08-10Board meeting outcomeBharat Forge Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.79
Max pain (expiry 2026-10-27)1,940
Largest call open interest at2,000
Largest put open interest at2,000
Implied volatility, at the money25.6%
Underlying at snapshot1,875.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-29500
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Bharat Forge Ltd?

Bharat Forge Ltd (BHARATFORG) has a market capitalisation of Rs 94,900 Cr. at the 2026-10-01 close.

What is the P/E ratio of Bharat Forge Ltd?

Bharat Forge Ltd trades at a P/E of 94.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Bharat Forge Ltd's latest quarterly results?

In the Jun 2026 quarter, Bharat Forge Ltd sales was Rs 4,640 Cr (+18.7% vs Jun 2025) with a net loss of Rs 90 Cr.

What is the 52-week high and low of Bharat Forge Ltd?

The 52-week high is Rs 2,295.00 and the 52-week low is Rs 1,179.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03