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Bharat Forge Ltd - Stock Valuation and Financial Performance

BSE: 500493 | NSE: BHARATFORG | Forgings | Mid Cap

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Bharat Forge Share Price

 ₹1,199.05 33.00 2.83%
as on 12-May'25 16:59

DeciZen - make an informed investing decision on Bharat Forge

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Fair
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Bharat Forge stock performance -

PE Chart Key Ratios
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P/E Ratio (CD):
60.91
Market Cap:
57,325.2 Cr.
52-wk low:
919.1
52-wk high:
1,826.2

Is Bharat Forge Ltd an attractive stock to invest in?

1. Is Bharat Forge Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bharat Forge Ltd is a good quality company.

2. Is Bharat Forge Ltd undervalued or overvalued?

The key valuation ratios of Bharat Forge Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Bharat Forge Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Bharat Forge Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Bharat Forge:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bharat Forge Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ22.4%16.9%14.9%17.2%19.9%6.7%0.8%13.6%8.8%13.8%-
Value Creation
Index ⓘ		1.00.30.30.50.8-0.4-0.90.2-0.20.2-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ7,6226,8096,3968,35810,1468,0566,33610,46112,91015,68215,123
Sales YoY Gr.--10.7%-6.1%30.7%21.4%-20.6%-21.4%65.1%23.4%21.5%-
Adj EPS ⓘ16.614.713.216.421.47.40.721.91119.819.7
YoY Gr.--11.8%-9.7%23.8%30.8%-65.6%-90.8%3122.1%-49.9%80%-
BVPS (₹) ⓘ7473.388.499.9115.5112.1116.3141.1143.9153.7193.6
Adj Net
Profit ⓘ		77368261676399734331.61,020511920941
Cash Flow from Ops. ⓘ1,0351,3561,0529679111,5221,0205061,2941,664-
Debt/CF from Ops. ⓘ2.52.533.44.42.94.911.25.34.5-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ8.4%9.1%35.3%21.5%
Adj EPS ⓘ1.9%-1.6%207.4%80%
BVPSⓘ8.5%5.9%9.7%6.8%
Share Price 6.8% 33.2% 24% -15.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		25.319.916.417.419.96.50.6177.713.311.3
Op. Profit
Mgn % ⓘ		19.421.319.921.22014.113.618.913.816.417.8
Net Profit
Mgn % ⓘ		10.1109.799.84.30.59.73.85.66.2
Debt to
Equity ⓘ		0.710.80.70.80.80.90.9110.1
Working Cap
Days ⓘ		158182193172170210245184198186117
Cash Conv.
Cycle ⓘ		344974647210011383958411

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 35.27%

Net Profit is growing at healthy rate in last 3 years 207.39%

Return on Equity has declined versus last 3 years average to 11.30%

Debt to equity has increased versus last 3 years average to 1.04

Sales growth is not so good in last 4 quarters at -3.49%

Latest Financials - Bharat Forge Ltd.

Standalone Consolidated
TTM EPS (₹) 27.7 19.7
TTM Sales (₹ Cr.) 8,844 15,123
BVPS (₹.) ⓘ 229.3 193.6
Reserves (₹ Cr.) ⓘ 10,869 9,158
P/BV ⓘ 5.23 6.20
PE ⓘ 43.35 60.91
From the Market
52 Week Low / High (₹) 919.10 / 1826.20
All Time Low / High (₹) 4.46 / 1826.20
Market Cap (₹ Cr.) 57,325
Equity (₹ Cr.) 95.6
Face Value (₹) 2
Industry PE ⓘ 34.8

Management X-Ray of Bharat Forge:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *7.127.127.127.127.120.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Bharat Forge

Event Update

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Analyst's Notes

Bharat Forge: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

3,877

+36%

Combined order pipeline now is ~Rs. 2,200 crores. Passenger vehicle segment grew by 43% YoY.

EBITDA

595

+40%

 

EBITDA Margin

15.3%

+40 bps

Flat margins YoY, however improved QoQ

PAT

214

+32%

PAT lower due to higher tax expense

Good results. Diversification of revenue base & Defense segment turning profitable will be key metric to track.

 

Key Ratios of Bharat Forge

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales7,6226,8096,3968,35810,1468,0566,33610,46112,91015,682
Operating Expenses ⓘ 6,1815,4015,1456,6418,1256,9465,4758,49311,20813,124
Manufacturing Costs1,8381,2591,1551,4661,7221,3611,1441,8372,2932,533
Material Costs2,8832,5682,4363,2814,2143,5772,6344,2165,9617,379
Employee Cost 9049159311,0891,2461,1951,0711,4651,5631,860
Other Costs ⓘ 5566586238059438136259751,3911,352
Operating Profit ⓘ 1,4411,4081,2511,7172,0211,1108621,9681,7022,558
Operating Profit Margin (%) 18.9%20.7%19.6%20.5%19.9%13.8%13.6%18.8%13.2%16.3%
Other Income ⓘ 137132119142230188169244238232
Interest ⓘ 136116100107127171108160299496
Depreciation ⓘ 362453452461513543612730736848
Exceptional Items ⓘ 43-5128-950-79-30692-46-12
Profit Before Tax ⓘ 1,1229669471,1961,599462-251,3818271,439
Tax ⓘ 359316249442566112102303319529
Profit After Tax 7646496987541,033349-1271,077508910
PAT Margin (%) 10.0%9.5%10.9%9.0%10.2%4.3%-2.0%10.3%3.9%5.8%
Adjusted EPS (₹)16.414.615.116.422.27.5-2.723.211.420.4
Dividend Payout Ratio (%)23%26%25%27%23%47%-74%30%62%44%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 3,4443,4134,1164,6525,3765,2205,4156,5696,7027,157
Share Capital ⓘ 47474793939393939393
Reserves ⓘ 3,3983,3674,0704,5595,2835,1275,3226,4766,6097,064
Minority Interest-2-410293032325636-5
Debt2,3652,9432,3212,7113,7733,8784,5805,1276,1056,864
Long Term Debt1,9821,6381,0591,1261,6791,8752,2171,7871,7511,859
Short Term Debt3831,3051,2621,5852,0942,0042,3633,3394,3535,005
Trade Payables1,1398378461,3271,3661,0311,2071,6312,1512,262
Others Liabilities ⓘ 1,2881,1021,5471,2581,0331,3211,8542,1093,2412,905
Total Liabilities ⓘ 8,2348,2928,8419,97711,57811,48213,08815,49218,23519,184

Fixed Assets

Gross Block5,6986,8337,2334,9395,5526,4027,6758,24610,26811,215
Accumulated Depreciation3,0703,6993,9561,4401,9272,4002,9173,3774,1074,906
Net Fixed Assetsⓘ 2,6293,1343,2773,4993,6244,0024,7584,8706,1616,309
CWIP ⓘ 8704094533448311,1439001,125701991
Investmentsⓘ 4968851,1921,5011,5241,6182,6072,6042,5691,849
Inventories1,0349971,0751,3601,8451,7351,7942,7103,1263,216
Trade Receivables8531,4021,3411,9372,1481,4941,4102,1623,0873,167
Cash Equivalents 6824493363044755754736031,0401,690
Others Assetsⓘ 1,6711,0161,1671,0311,1329161,1461,4181,5511,961
Total Assets ⓘ 8,2348,2928,8419,97711,57811,48213,08815,49218,23519,184

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 1,0351,3561,0529679111,5221,0205061,2941,664
PBT ⓘ 1,1229669471,1961,61046251,4148601,434
Adjustment ⓘ 4414973995625268337256728881,173
Changes in Working Capital ⓘ -119198-21-398-675461384-1227-36-424
Tax Paid ⓘ -409-304-273-393-550-233-93-353-417-519
Cash Flow From Investing Activity ⓘ -467-927-684-814-1,175-1,132-1,511-690-1,671-667
Capex -709-890-644-568-1,132-957-891-965-970-1,500
Net Investments 189-103-94-272-78-160-642405-382778
Others ⓘ 5367532634-1621-130-32056
Cash Flow From Financing Activityⓘ -360-448-401-314368-381578310280-203
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 41000000000
Interest Paid ⓘ -146-121-105-87-104-1380-144-239-490
Dividend Paid ⓘ -152-268-70-210-233-2790-164-325-380
Others ⓘ -103-60-226-1770436578619844667
Net Cash Flow ⓘ 208-19-33-161104887126-97795

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)24.9218.9418.5317.220.596.59-2.3917.977.6613.13
ROCE (%)22.3916.9314.9217.1919.946.670.8213.618.7513.75
Asset Turnover Ratio0.990.850.770.890.940.70.520.740.770.85
PAT to CFO Conversion(x)1.352.091.511.280.884.36N/A0.472.551.83
Working Capital Days
Receivable Days40597671738384627472
Inventory Days495357535881102788273
Payable Days117136126121117122155123116109

Bharat Forge Ltd Stock News

Bharat Forge Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bharat Forge on 12-May-2025 16:59 is ₹1,199.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-May-2025 16:59 the market cap of Bharat Forge stood at ₹57,325.2.
The latest P/E ratio of Bharat Forge as of 12-May-2025 16:59 is 43.35.
The latest P/B ratio of Bharat Forge as of 12-May-2025 16:59 is 5.23.
The 52-week high of Bharat Forge is ₹1,826.2 and the 52-week low is ₹919.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bharat Forge is ₹8,844 ( Cr.) .

About Bharat Forge Ltd

Bharat Forge is a preferred Technology & Engineering driven development partner and global leader in metal forming. It serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. Being the world's largest forging company and amongst one of the best aerospace forging companies and automotive forging company, it has transcontinental presence across different manufacturing locations spread across India, Germany, Sweden, France and North America. It is also a leading supplier of various components for the aviation sector making it a renowned name amongst aerospace forging companies in India and around the world.

Part of the Kalyani Group, the company has the largest repository of metallurgical know-how, design & engineering expertise, and manufacturing prowess in the region, which has established it as one the leading forging manufacturers in India. It is backed by many years of experience in manufacturing a wide range of high performance, critical and safety components. It offers full service supply capability to its geographically dispersed marquee customers from concept to product design, engineering, manufacturing, testing & validation. Developing the company’s own technology, constantly improving its technical processes, adopting the latest manufacturing processes and continuously training its workforce to create a talent factory has been the cornerstone of the company’s success and has contributed towards making it a leading automotive forging company in India.

Business area of the company

The company manufactures an extensive array of critical and safety components for several sectors including Automobiles (across Commercial & Passenger Vehicle), Oil & Gas, Aerospace, Locomotives, Marine, Energy (across renewable and non-renewable sources), Construction, Mining and General Engineering.

Products of the company

Automotive Products: Crankshaft, Connecting Rod, Dosing Components, Common rail, Front Axle Beams, Steering Knuckles, Control Arm, Knuckle, Fork, Reinforcement Bracket, Main & Counter Shafts, Input Shaft & Output Shafts.

Power Products: Proof Machined Rotor, Fully Machined Rotor, Generator, Welded Rotor, Fully Machined, Proof Machined, Thrust Block, Trunion, Labryinth Seal, Bush, Pole End Plate, Wicket Gate, Pelton Bucket, Pelton Disc.

Oil & Gas Products: Spool Body, Mandrel, Connectors, Ring, Casing spool, Gate valve body, Shell, Y block, Quintplex fluid end, Single cyl fluid end, Double bop.

Rail Products: Crankshafts, Connecting Rod, Carrier Plston, Piston Crown, Top Deck End & Center, Retainer Cyl Head, Turbine Wheel Impeller Balance Assembly, Machined Compressor Impeller, Turbine Disc Bucket Assembly, Motor Support, Primary Support, Machined Locomotive Axle, Forged Portal Axle, Forged Gear Blank, Power Electronics.

Marine Products: Propeller, Marine Motor, Stern Tube, Crankshaft, Conrod, Piston Rod, Stock, Trunk, Pintle.

Aerospace Products: Blisk blade, OGV blade, Fan blade, Shaft, LPC Disc, HP Disc, Aft, Flap Track, Trailing Arm, Upper Torque Link.

Construction & Mining Products: Tracklink for Construction, Front Spindle For Construction, Machined Crankshaft, Injector Body.

Awards and Recognitions:

  • 2004: Included in the Forbes ‘Best under a Billion’ list for the second consecutive year.
  • 2009: Achieved a remarkable landmark by receiving the prestigious Golden Peacock Award in the field of Occupational Health & Safety. 
  • 2011: EEPC India National Award for Export Excellence 2009-2010.
  • 2013: Conferred upon with the prestigious international ‘Sword of Honour Award’ by the British Safety Council for company’s Health & Safety Management Systems.
  • 2014: Won prestigious ‘Rail Business--Product of the Year Award - 2014’.
  • 2015: Won the ‘Industry Excellence Award 2015’ in Manufacturing and Processing.
  • 2016: Won the prestigious Make in India Awards for ‘Indigenization through Make in India’.
  • 2017: Secured Second position under the category of Productivity in 8th Kaizen Competition conducted by ACMA.
  • 2017: Adjudged as one of Daimler AG's top global suppliers for the year 2016.
  • 2017: Recognized by General Motors as a 2016 Supplier of the Year Winner.
  • 2017: Awarded the prestigious TIME India Global Manufacturer for the Year 2017.
  • 2018: Won Supply Chain Management Award at the VE Commercial Vehicles Conference.
  • 2018: Awarded the prestigious ‘AIMA Managing India Awards - Indian MNC of the Year’.

Milestones:

  • 1961: Incorporation of the company.
  • 1966: Commercial Production begins. 
  • 1985: Initial exports in Europe.
  • 1990: Investment in state-of-the-art forging technology. 
  • 1990: Commissioning of 16000 MT press line.
  • 1991: Major break-through in Japan, USA and UK for critical supply of power-train & chassis components.
  • 2001: Commissioning of second 16000 MT press line. 
  • 2001: First M&A - Acquired order book of Dana.
  • 2002: Investment in Research & Development, Testing & Validation and state-of-the-art Heavy Duty Truck Crankshaft Machining facilities.
  • 2003: Established Global Manufacturing Footprint across Europe, North America and China.
  • 2004: Joined hands with India's premier institute of technology, BITs Pilani, to enhance internal talent.
  • 2004: Acquires CDP Aluminiumtechnik, Germany. 
  • 2007: Centre for Advanced Manufacturing takes shape in Baramati.
  • 2005: Signs JV Contract with FAW Corporation, China.
  • 2008: Commissioned India's largest commercial open forging press.
  • 2009: Inauguration of forging and high horse power, industrial - rail, marine and oil & gas crankshaft machining facility at Baramati.
  • 2010: Inauguration of the Ring Rolling facility at Baramati. Establishment of the Kalyani Center for Technology and Innovation.
  • 2012: Company's capital goods division won its first commercial order for two 660 MW supercritical turbine generators David Brown 
  • 2012: Opens its first industrial gearbox service and assembly centre in Hosur, India.
  • 2013: Supply of crankshaft for Indian rails, becoming the 1st indigenous supplier of crankshaft.
  • 2014: Safran and Bharat Forge form partnership to address opportunities in Indian civil and military aerospace.
  • 2015: Inauguration of ‘High Tech Rail Component Manufacturing Facility’ at Bharat Forge Centre for Advanced Manufacturing, Baramati.
  • 2015: Production starts at Alstom-Bharat Forge’s new turbine and generator manufacturing facility in India.
  • 2015: Acquisition of Oil & Gas Machining Company, Mecanique Generale Langroise (MGL) in France.
  • 2015: Bharat Forge and Rolls-Royce form agreement for supply of aero engine components.
  • 2016: Start of Metal Injection Molding Advanced Machining Research Centre.
  • 2016: Acquisition of Walker Forge Tennessee LLC in North America.
  • 2016: Divestment of Stake in Power Equipment JV with Alstom. 
  • 2016: Boeing awards 777X titanium forging contract to Bharat Forge.
  • 2017: Established Kalyani Centre for Manufacturing Innovation.
  • 2018: Established E-Mobility Research & Development Centre in MIRA Technology Park, UK.
  • 2018: Inaugurates ‘Industry 4.0 Centre of Excellence’ in partnership with PTC.
  • 2018: Takes a strategic stake in Electric Vehicle company, Tevva Motors (Jersey).
  • 2018: Announces strategic investment of upto Rs 30 crore for eventual stake of 45% in an EV startup, Tork Motorcycles.
  • 2019: Rolled out the ONE MILLIONTH finished machined crankshaft that powers heavy duty engines of Daimler AG.
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