Bharat Forge Ltd
NSE: BHARATFORG · Auto Components & Equipments · sector
₹1,730.40NSE close 2026-10-26
Key numbers
Market cap₹82,736 cr
Price₹1,730.40
52w high / low₹2,295 / ₹1,235
P/E117.2xSector median 24.3x
P/B8.7xSector median 3.3x
Book value₹199.9
Dividend yield0.46%Sector median 0.55%
ROE7.5%Sector median 14.0%
ROCE10.0%Sector median 15.8%
OPM14.0%Sector median 11.6%
Debt / equity0.72xSector median 0.28x
EV/EBITDA35.7xSector median 13.0x
Interest cover5.0x
Current ratio1.17x
Sales growth 3y+9.2%Sector median +9.0%
Profit growth 3y+33.0%Sector median +9.5%
PEG4.55x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 132 companies in Auto Components & Equipments (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹2,164 cr vs borrowings ₹6,875 cr (FY26): borrowings are higher by ₹4,711 cr.
- Operating profit covered interest 5.0x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 0.95 percentage points in a year, to 43.12% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY22).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 29% of net profit in the last 12 months.
- Debtor days went from 74 (FY24) to 85 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹1,730.40 on 2026-10-26: -24.6% from the 52-week high, +40.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,197.10 · low ₹969.85
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| EBITDA | 647 | 624 | 676 | 673 | 726 | 694 | 679 | 351 |
| OPM % | 17.5% | 18.0% | 17.5% | 17.2% | 18.0% | 16.0% | 15.0% | 7.6% |
| Other income | 62 | 38 | 62 | 50 | 54 | 42 | 53 | 57 |
| Net profit | 244 | 213 | 282 | 284 | 299 | 264 | 233 | -90 |
| EPS (₹) | 5.23 | 4.54 | 5.92 | 5.93 | 6.26 | 5.53 | 4.86 | -1.88 |
| Revenue YoY | +9.3% | +25.0% | +17.5% | +18.7% | ||||
| Profit YoY | +22.8% | +24.2% | -17.5% | -131.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 | 17,543 |
| EBITDA | 2,108 | 1,722 | 2,546 | 2,537 | 2,772 | 2,451 |
| Net profit | 1,082 | 459 | 951 | 941 | 1,080 | 706 |
| EPS (₹) | 23.23 | 11.35 | 20.43 | 20.05 | 22.58 | 14.77 |
| Revenue growth | +23.4% | +21.5% | -3.6% | +11.2% | +17.5% | |
| Profit growth | -57.6% | +107.4% | -1.0% | +14.7% | -30.9% | |
| Dividend / share (₹) | 3.50 | 7.00 | 8.00 | 9.00 | 8.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.2% | +21.6% | +17.5% |
| Net profit | +33.0% | +40.7% | -30.9% |
| EPS | +25.8% | – | – |
| Share price | – | +10.9% (2y) | +42.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 6,706 | 7,170 | 9,221 | 9,557 |
| Borrowings | – | 6,852 | 7,522 | 6,288 | 6,875 |
| Cash & equivalents | – | 2,090 | 2,715 | 2,644 | 2,164 |
| Total assets | – | 18,384 | 19,349 | 20,088 | 22,260 |
| Fixed assets | – | 5,272 | 5,468 | 5,847 | 7,258 |
| Capital work in progress | – | 696 | 977 | 1,725 | 1,251 |
| Investments | – | 1,460 | 760 | 619 | 503 |
| Receivables | – | 3,087 | 3,167 | 2,900 | 3,910 |
| Inventory | – | 3,126 | 3,216 | 3,578 | 4,053 |
| Payables | – | 2,151 | 2,262 | 2,344 | 2,996 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 506 | 1,294 | 1,664 | 1,796 | 1,487 |
| Cash from investing | -690 | -1,671 | -667 | -1,964 | -1,033 |
| Cash from financing | 310 | 280 | -203 | -570 | -442 |
| Capex | 1,068 | 996 | 1,524 | 1,450 | 1,140 |
| Free cash flow | -562 | 298 | 140 | 346 | 346 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.8% | 13.3% | 10.2% | 11.3% |
| ROCE % | – | 8.5% | 13.1% | 12.1% | 12.2% |
| Debtor days | – | 87 | 74 | 70 | 85 |
| Inventory days | – | 191 | 159 | 198 | 195 |
| Payable days | – | 132 | 112 | 130 | 144 |
| Cash conversion cycle (days) | – | 146 | 121 | 138 | 136 |
| Working capital days | – | 7 | 17 | 37 | 35 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 43.12% |
| FIIs | 15.20% |
| DIIs | 33.04% |
| of which Mutual funds | 21.71% |
| of which Insurance | 7.20% |
| Government | 0.00% |
| Public (non-institutions) | 8.64% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 44.07% | 44.07% | 44.07% | 44.07% | 44.07% | 44.07% | 43.12% | 43.12% |
| Promoter group | % |
|---|---|
| Kalyani Investment Company Limited | 12.96% |
| Sundaram Trading and Investment PVT Ltd | 11.31% |
| KSL Holdings Private Limited | 9.47% |
| BF Investment Limited | 3.20% |
| Ajinkya Investment and Trading Company | 3.07% |
| Jannhavi Investment PVT. Ltd. | 0.96% |
| Yusmarg Investment and Trading PVT.LTD. | 0.38% |
| Rajgad Trading Company PVT.LTD. | 0.28% |
| Dandakaranya Investment & Trading PVT Ltd | 0.23% |
| Kalyani Export & Investment PVT. Ltd | 0.21% |
| Kalyani Consultants Private Limited | 0.19% |
| Tangmarg Investment and Trading PVT.LTD. | 0.19% |
| Campanula Investment & Finance Private Limited | 0.15% |
| Amit Babasaheb Kalyani | 0.14% |
| Gaurishankar Neelkanth Kalyani | 0.14% |
| Public holders above 1% | % |
|---|---|
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund | 4.04% |
| NPS Trust A/C - LIC PFL NPS Smart Balance Tier I | 3.76% |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Dividend Yield Fund | 3.43% |
| Lici NEW Pension Plus Growth Fund | 2.45% |
| SBI Arbitrage Fund | 2.17% |
| SBI Life Insurance Co. Ltd | 1.65% |
| ICICI Prudential Retirement Fund-pure Equity Plan | 1.47% |
| Aditya Birla SUN Life Mutual Fund - Apex Hybrid Long-short Fund | 1.32% |
| Nippon Life India Trustee Ltd-a/c Nippon India Nifty Auto Index Fund | 1.31% |
| Mirae Asset Large & Midcap Fund | 1.23% |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund | 1.16% |
| Motilal Oswal Nifty Midcap 100 ETF | 1.11% |
| Government of Singapore | 1.07% |
| HDFC Life Insurance Company Limited | 1.02% |
2,26,687 shareholders. Pledged: 0.00% of promoter shares.
Peers in Auto Components & Equipments
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MOTHERSON | ₹1,62,274 cr | 37.0x | 4.0x | 11.6% | 12.9% | 9.3% | +17.0% | 0.44% |
| BOSCHLTD | ₹1,32,455 cr | 56.0x | 8.9x | 16.5% | 21.7% | 13.4% | +10.3% | 1.14% |
| BHARATFORG | ₹82,736 cr | 117.2x | 8.7x | 7.5% | 10.0% | 14.0% | +9.2% | 0.46% |
| UNOMINDA | ₹61,747 cr | 51.3x | 9.0x | 19.1% | 16.6% | 10.9% | +20.5% | 0.27% |
| SCHAEFFLER | ₹54,960 cr | 43.9x | 8.9x | 21.6% | 27.8% | 18.2% | – | – |
| SONACOMS | ₹48,637 cr | 69.8x | 8.1x | 12.0% | 15.2% | 23.6% | +18.7% | 0.41% |
| TIINDIA | ₹40,369 cr | 66.5x | 5.2x | 9.1% | 23.6% | 9.2% | +15.2% | 0.42% |
| ENDURANCE | ₹31,415 cr | 32.4x | 4.6x | 15.4% | 16.7% | 13.1% | +18.4% | 0.45% |
| EXIDEIND | ₹28,636 cr | 30.7x | 2.1x | 6.7% | 9.7% | 10.3% | +6.1% | 0.60% |
| CRAFTSMAN | ₹28,059 cr | 55.3x | 8.6x | 15.2% | 14.7% | 15.5% | +36.4% | 0.04% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Forgings | ₹13,929 cr | 78.0% | ₹1,956 cr | 14.0% |
| Others | ₹2,170 cr | 12.2% | ₹154 cr | 7.1% |
| Defence | ₹1,757 cr | 9.8% | ₹82 cr | 4.6% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-03 | Dividend | Dividend - Rs 6.50 Per Share |
| 2026-02-18 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2025-07-04 | Dividend | Dividend - Rs 6 Per Share |
| 2025-02-18 | Dividend | Interim Dividend - Rs 2.5 Per Share |
| 2024-07-05 | Dividend | Dividend - Rs 6.50 Per Share |
| 2024-02-23 | Dividend | Interim Dividend - Rs 2.50 Per Share |
| 2023-07-07 | Dividend | Dividend - Rs 5.50 Per Share |
| 2022-11-24 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2022-07-14 | Dividend | Dividend - Rs 5.50 Per Share |
| 2021-11-25 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2021-07-15 | Dividend | Dividend - Rs 2 Per Share |
| 2020-03-03 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2019-11-20 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2019-08-01 | Dividend | Annual General Meeting/Dividend Rs 2.50 Per Share |
| 2018-11-15 | Dividend | Interim Dividend Rs - Rs 2.50 Per Share |
| 2018-07-27 | Dividend | Annual General Meeting/Dividend- Rs 2.50 Per Share |
| 2017-11-16 | Dividend | Interim Dividend Rs 2/- Per Share |
| 2017-09-28 | Bonus | Bonus 1:1 |
| 2017-07-28 | Dividend | Dividend - Rs 5/- Per Share |
| 2017-02-16 | Dividend | Interim Dividend Rs 2.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Metal & Metal Products
| Sector | Consumer Discretionary |
| Industry | Auto Components & Equipments |
| Sub-industry | Auto Components & Equipments |
| Symbol | BHARATFORG |
| BSE code | 500493 |
| ISIN | INE465A01025 |
| Face value | ₹2.0 |
| Incorporated | 1961-06-19 |
| Website | www.bharatforge.com |
| Plants (India / abroad) | 5 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.