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Bharat Forge Limited

Bharat Forge Limited

BHARATFORG.BO
Bharat Forge LimitedIN flagBombay Stock Exchange
2,137.70
INR
-0.40
- -
1.02TMarket Cap
Bharat Forge Limited
BHARATFORG.BO
(Bombay Stock Exchange)

Recent

price

2,137.70

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
107.06
132.72
109.51
142.01
160.58
138.1
130.78
171.08
206.41
164.58
130.57
212.59
263.94
323.1
322.17
- -
351.59
Revenue per Share
6.25
8.87
5.32
10.71
16.38
14.57
15.13
16.38
22.17
7.51
-2.71
23.23
11.35
20.43
20.05
- -
22.58
Basic EPS, GAAP
-3.69
-6.35
3.73
0.89
6.82
9.85
8.51
8.21
-5.71
12.03
2.27
-12.08
6.41
3.01
7.37
- -
- -
Free Cash Flow per Basic Share
0.59
2.88
2.08
2.62
3.26
5.75
1.5
4.5
5
6
- -
3.53
6.99
8.16
8.99
- -
- -
Dividend per Share
20.39
21.94
23.73
30.08
42.1
46.83
62.2
74.33
90
89.85
86.67
106.96
111.84
123.91
133.72
- -
2
Book Value per Share
44.3
49.58
50.38
57.49
72.27
71.65
86.28
99.25
114.75
111.46
115.92
139.76
136.59
145.71
189.82
- -
189.45
Tangible Book Value per Share
464
466
466
466
466
466
466
466
466
466
466
466
466
466
469
- -
478
Basic Weighted Avg Shares
49,686
61,795
50,987
66,116
74,764
64,298
60,891
79,654
96,103
76,626
60,793
98,980
122,889
150,429
151,228
168,117
168,117
Sales/Revenue/Turnover
10.87
11.37
9.96
10.79
15.93
16.04
13.84
16.71
16.25
8.01
4.65
13.09
8.74
11.72
12.04
11.63
11.63
Operating Margin (%)
2,548
3,022
3,195
3,571
3,623
4,530
4,520
4,669
5,208
5,477
6,037
7,216
7,356
8,482
8,736
9,709
9,709
Depreciation Expense
2,902
4,130
2,476
4,985
7,625
6,785
7,046
7,624
10,322
3,498
-1,264
10,818
5,284
9,511
9,412
10,797
10,797
Net Income, GAAP
32
29.94
33.72
28.68
31.96
32.77
26.32
36.95
35.42
24.36
- -
21.98
38.52
36.75
37.27
34.66
34.66
Effective Tax Rate (%)
5.84
6.68
4.86
7.54
10.2
10.55
11.57
9.57
10.74
4.57
-2.08
10.93
4.3
6.32
6.22
6.42
6.42
Profit Margin (%)
7,904
8,661
6,963
11,117
19,680
13,856
10,139
8,270
14,301
13,037
16,967
18,167
7,252
7,354
15,293
16,214
16,214
Working Capital
15,145
19,209
18,274
15,212
19,815
16,381
10,591
11,262
16,785
19,688
24,418
20,709
21,674
22,382
16,818
21,823
21,823
LT Debt
21,072
23,796
24,206
27,003
34,442
34,090
41,264
46,811
54,059
52,517
54,468
66,268
67,416
71,653
92,206
95,568
95,568
Total Equity
9.43
10.76
6.49
9.68
14.34
10.84
8.84
11.04
11.58
4.83
- -
8.66
4.95
7.64
7.37
7.79
7.79
Return on Invested Capital (%)
14.97
14.99
8.99
15.36
20.03
15.11
13.33
12.94
14.85
5.2
- -
11.72
6.04
9.8
9.24
12.61
12.61
Return on Capital (%)
58.56
41.98
23.29
39.79
45.38
32.77
27.76
23.99
26.98
8.36
-3.08
24
10.37
17.33
15.63
33.89
33.89
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
49,889
- -
51,263
LT Borrowings
12,749
- -
18,124
LT Finance Leases
3,946
- -
3,699
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
478
- -
478
Market Capitalization
577,338
702,145
801,425

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
100,633
- -
112,029
Cash, Cash Equivalents & STI
22,180
- -
25,420
Accounts Receivable, Net
30,924
- -
39,098
Inventories
40,107
- -
40,528
Total Current Liabilities
91,250
- -
95,814
Payables & Accruals
- -
- -
- -
ST Debt
49,889
- -
51,263
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.28%
12.4%
3.65%
Free Cash Flow
-126.99%
-138.27%
0.08%
Net Income, GAAP
-106.82%
-182.69%
14.72%
Sales/Revenue/Turnover
12.63%
24.22%
11.17%
Total Cash Common Dividend
- -
14.95%
-10.05%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
38,773
37,742
38,664
35,251
150,429
2025
41,061
36,885
34,755
38,526
151,228
2026
39,087
40,319
43,429
45,280
168,117

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4.8
4.88
5.68
- -
20.43
2025
4.36
5.23
4.54
5.92
20.05
2026
5.93
6.26
5.53
4.86
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8.16
2025
- -
- -
- -
- -
8.99
2026
- -
- -
- -
- -
- -
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Business
Bharat Forge Limited Bharat Forge Ltd manufactures forged and machined components for the automotive, aerospace, defense, power, railway, marine, oil and gas, construction, mining, and heavy engineering sectors. The company produces a broad range of products including crankshafts, connecting rods, front axle beams, steering knuckles, chassis components, powertrain parts, emission systems, fuel injection systems, ring-rolled products, artillery systems such as Bharat-52, armored vehicles, ammunition, missiles, air defense solutions, and lightweight materials; it operates the world's largest single-location forging facility with fully automated press lines and state-of-the-art machining at sites in Mundhwa, Satara, Baramati, and Chakan in India, alongside subsidiaries like Bharat Forge Kilsta, Bharat Forge CDP, and BF Aluminiumtechnik in Europe. Founded in 1961 by Nilkanthrao A. Kalyani and headquartered in Pune, Maharashtra, Bharat Forge serves major global customers including Daimler Group, Volkswagen Group, Meritor, Dana, Rolls-Royce, and Liebherr across more than 90 countries as the flagship of the Kalyani Group. Recent developments include the completion of the acquisition of AAM India Manufacturing Private Limited in July 2025 for approximately Rs 7,465 million to expand automotive offerings for traditional and new mobility OEMs; a strategic partnership with Liebherr announced at Aero India 2025 to establish a Pune-based facility for aerospace components like landing gear parts using advanced ring mill technology; expansion of collaboration with Rolls-Royce in October 2025 for fan blades on Pearl 700 and Pearl 15X engines; and the transfer of its defense business to affiliate Kalyani Strategic Systems Limited in August 2025 for Rs 453 crore as part of internal restructuring.