Omega promo web banner
Omega promo Mobile banner

Bharat Forge Ltd - Stock Valuation and Financial Performance

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

Bharat Forge Share Price

1,226 2.25 0.18%
as on 18-Jul'25 09:48

Bharat Forge Ltd - Stock Valuation and Financial Performance

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

DeciZen - make an informed investing decision on Bharat Forge

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Bharat Forge stock performance -

mw4me loader
P/E Ratio (CD):
62.16
Market Cap:
58,506.1 Cr.
52-wk low:
919.1
52-wk high:
1,770.5

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 Semi Strong which suggest that the price of Bharat Forge Ltd is likely to Rise-somewhat 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
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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 16.9%14.9%17.2%19.9%6.7%0.8%13.6%8.8%13.8%12.4%-
Value Creation
Index
0.30.30.50.8-0.4-0.90.2-0.20.20.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,8096,3968,35810,1468,0566,33610,46112,91015,68215,12315,123
Sales YoY Gr.--6.1%30.7%21.4%-20.6%-21.4%65.1%23.4%21.5%-3.6%-
Adj EPS 14.713.216.421.47.40.721.91119.821.319.7
YoY Gr.--9.7%23.8%30.8%-65.6%-90.8%3122.1%-49.9%80%8.1%-
BVPS (₹) 73.388.499.9115.5112.1116.3141.1143.9153.7193.3193.3
Adj Net
Profit
68261676399734331.61,0205119201,020941
Cash Flow from Ops. 1,3561,0529679111,5221,0205061,2941,6641,796-
Debt/CF from Ops. 2.533.44.42.94.911.25.34.53.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.3%13.4%13.1%-3.6%
Adj EPS 4.3%23.7%-0.9%8.1%
BVPS11.4%11.5%11.1%25.7%
Share Price 8.1% 26.6% 23.2% -24.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.916.417.419.96.50.6177.713.312.410.2
Op. Profit
Mgn %
21.319.921.22014.113.618.913.816.41817.8
Net Profit
Mgn %
109.799.84.30.59.73.85.66.66.2
Debt to
Equity
10.80.70.80.80.90.9110.70.1
Working Cap
Days
182193172170210245184198186197117
Cash Conv.
Cycle
497464721001138395848711

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 13.07%

Debt to equity has declined versus last 3 years average to 0.68

Return on Equity has declined versus last 3 years average to 10.20%

Net Profit has been subdued in last 3 years -0.87%

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 (₹.) 229.3 193.3
Reserves (₹ Cr.) 10,869 9,145
P/BV 5.34 6.33
PE 44.25 62.16
From the Market
52 Week Low / High (₹) 919.10 / 1770.45
All Time Low / High (₹) 4.46 / 1826.20
Market Cap (₹ Cr.) 58,506
Equity (₹ Cr.) 95.6
Face Value (₹) 2
Industry PE 38.1

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 (%)

Event Update

Login/Register to view analysis.

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

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales6,8096,3968,35810,1468,0566,33610,46112,91015,68215,123
Operating Expenses 5,4015,1456,6418,1256,9465,4758,49311,20813,12412,506
Manufacturing Costs1,2591,1551,4661,7221,3611,1441,8372,2932,5332,495
Material Costs2,5682,4363,2814,2143,5772,6344,2165,9617,3796,594
Employee Cost 9159311,0891,2461,1951,0711,4651,5631,8601,870
Other Costs 6586238059438136259751,3911,3521,546
Operating Profit 1,4081,2511,7172,0211,1108621,9681,7022,5582,617
Operating Profit Margin (%) 20.7%19.6%20.5%19.9%13.8%13.6%18.8%13.2%16.3%17.3%
Other Income 132119142230188169244238232291
Interest 116100107127171108160299496417
Depreciation 453452461513543612730736848874
Exceptional Items -5128-950-79-30692-46-12-157
Profit Before Tax 9669471,1961,599462-251,3818271,4391,456
Tax 316249442566112102303319529543
Profit After Tax 6496987541,033349-1271,077508910913
PAT Margin (%) 9.5%10.9%9.0%10.2%4.3%-2.0%10.3%3.9%5.8%6.0%
Adjusted EPS (₹)14.615.116.422.27.5-2.723.211.420.419.7
Dividend Payout Ratio (%)26%25%27%23%47%-74%30%62%44%43%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 3,4134,1164,6525,3765,2205,4156,5696,7027,1579,241
Share Capital 47479393939393939396
Reserves 3,3674,0704,5595,2835,1275,3226,4766,6097,0649,145
Minority Interest-410293032325636-5-33
Debt2,9432,3212,7113,7733,8784,5805,1276,1056,8645,589
Long Term Debt1,6381,0591,1261,6791,8752,2171,7871,7511,8591,319
Short Term Debt1,3051,2621,5852,0942,0042,3633,3394,3535,0054,270
Trade Payables8378461,3271,3661,0311,2071,6312,1512,2622,344
Others Liabilities 1,1021,5471,2581,0331,3211,8542,1093,2412,9052,757
Total Liabilities 8,2928,8419,97711,57811,48213,08815,49218,23519,18419,898

Fixed Assets

Gross Block6,8337,2334,9395,5526,4027,6758,24610,26811,04012,367
Accumulated Depreciation3,6993,9561,4401,9272,4002,9173,3774,1074,7315,648
Net Fixed Assets3,1343,2773,4993,6244,0024,7584,8706,1616,3096,719
CWIP 4094533448311,1439001,1257019911,732
Investments 8851,1921,5011,5241,6182,6072,6042,5691,8492,063
Inventories9971,0751,3601,8451,7351,7942,7103,1263,2163,578
Trade Receivables1,4021,3411,9372,1481,4941,4102,1623,0873,1672,900
Cash Equivalents 4493363044755754736031,0401,6901,291
Others Assets1,0161,1671,0311,1329161,1461,4181,5511,9611,615
Total Assets 8,2928,8419,97711,57811,48213,08815,49218,23519,18419,898

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 1,3561,0529679111,5221,0205061,2941,6641,796
PBT 9669471,1961,61046251,4148601,4341,460
Adjustment 4973995625268337256728881,1731,288
Changes in Working Capital 198-21-398-675461384-1227-36-424-346
Tax Paid -304-273-393-550-233-93-353-417-519-605
Cash Flow From Investing Activity -927-684-814-1,175-1,132-1,511-690-1,671-667-1,964
Capex -890-644-568-1,132-957-891-965-970-1,500-1,444
Net Investments -103-94-272-78-160-642405-382778-579
Others 67532634-1621-130-3205658
Cash Flow From Financing Activity -448-401-314368-381578310280-203-570
Net Proceeds from Shares 0000000001,650
Net Proceeds from Borrowing 0000000000
Interest Paid -121-105-87-104-1380-144-239-490-473
Dividend Paid -268-70-210-233-2790-164-325-380-422
Others -60-226-1770436578619844667-1,325
Net Cash Flow -19-33-161104887126-97795-738
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)18.9418.5317.220.596.59-2.3917.977.6613.1311.14
ROCE (%)16.9314.9217.1919.946.670.8213.618.7513.7512.43
Asset Turnover Ratio0.850.770.890.940.70.520.740.770.850.78
PAT to CFO Conversion(x)2.091.511.280.884.36N/A0.472.551.831.97
Working Capital Days
Receivable Days59767173838462747272
Inventory Days535753588110278827381
Payable Days136126121117122155123116109127

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 18-Jul-2025 09:48 is ₹1,226.
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 18-Jul-2025 09:48 the market cap of Bharat Forge stood at ₹58,506.1.
The latest P/E ratio of Bharat Forge as of 18-Jul-2025 09:48 is 44.25.
The latest P/B ratio of Bharat Forge as of 18-Jul-2025 09:48 is 5.34.
The 52-week high of Bharat Forge is ₹1,770.5 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.
Read More Read Less
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
© 2025 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt. Ltd.
×
Please wait your portfolio is updating...