BHARATFORG

Bharat Forge Limited

Safety-critical forged and machined components for autos, aerospace and defence

Consumer Discretionary›Automobile and Auto Components›Auto Components›Auto Components & Equipments

bharatforge.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1835.00
Market cap
89,671 Cr
Stock P/E
124.0
P/B
9.19
Dividend yield
0.4%
ROE (FY26)
11.3%
ROCE (FY26)
12.1%
Operating margin (FY26)
11.6%
Debt / equity (FY26)
0.72
OCF / EBITDA (FY26)
50.8%
OCF / EBITDA (3Y)
60.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Bharat Forge (BFL) makes steel and aluminium forgings and other components for customers in automotive, aerospace, defence, rail, marine, energy and construction and mining.

Company snapshot

3rdBy market cap

Ranked among 94 companies in Auto Components & Equipments.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 83.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Defence
13.8%
509 Cr63 Cr1,339 Cr
Forgings
83.7%
3,086 Cr432 Cr12,981 Cr
Inter-Segment—0 Cr0 Cr-142 Cr
Others
6.3%
234 Cr15 Cr1,170 Cr

Shares add up to 104% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Dividend payout of 35% — the company returns a meaningful share of profits to shareholders.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,774 Cr3,866 Cr4,164 Cr4,106 Cr3,689 Cr3,476 Cr3,853 Cr3,909 Cr4,032 Cr4,343 Cr4,528 Cr4,640 Cr
Operating expenses (approx.)3,153 Cr3,169 Cr3,521 Cr3,365 Cr3,041 Cr2,851 Cr3,171 Cr3,236 Cr3,306 Cr3,593 Cr3,750 Cr3,930 Cr
EBITDA621 Cr698 Cr643 Cr741 Cr647 Cr624 Cr681 Cr673 Cr726 Cr750 Cr778 Cr709 Cr
OPM %16.5%18.0%15.4%18.0%17.5%18.0%17.7%17.2%18.0%17.3%17.2%15.3%
Other income52 Cr56 Cr55 Cr52 Cr62 Cr38 Cr62 Cr50 Cr54 Cr42 Cr53 Cr57 Cr
Interest124 Cr137 Cr116 Cr124 Cr110 Cr96 Cr88 Cr82 Cr80 Cr77 Cr84 Cr90 Cr
Depreciation211 Cr224 Cr207 Cr218 Cr213 Cr218 Cr224 Cr226 Cr241 Cr249 Cr255 Cr263 Cr
Profit before tax337 Cr395 Cr366 Cr300 Cr385 Cr347 Cr424 Cr411 Cr457 Cr407 Cr392 Cr44 Cr
Tax %36.2%35.6%37.9%41.7%36.8%38.7%33.4%30.9%34.5%33.0%40.5%302.3%
Net profit215 Cr254 Cr227 Cr175 Cr243 Cr213 Cr283 Cr284 Cr299 Cr273 Cr233 Cr-90 Cr
EPS (₹)₹4.88₹5.68₹5.07₹4.36₹5.23₹4.54₹5.92₹5.93₹6.26₹5.53₹4.86₹-1.88

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6,598 Cr8,415 Cr10,146 Cr8,056 Cr6,336 Cr10,461 Cr12,910 Cr15,682 Cr15,123 Cr16,812 CrSign in free for the trailing twelve months
Operating expenses (approx.)5,347 Cr6,692 Cr8,090 Cr6,941 Cr5,475 Cr8,445 Cr11,143 Cr13,124 Cr12,429 Cr13,885 CrSign in free for the trailing twelve months
EBITDA1,251 Cr1,723 Cr2,056 Cr1,115 Cr862 Cr2,016 Cr1,768 Cr2,558 Cr2,694 Cr2,927 CrSign in free for the trailing twelve months
OPM %19.0%20.5%20.3%13.8%13.6%19.3%13.7%16.3%17.8%17.4%Sign in free for the trailing twelve months
Other income119 Cr142 Cr203 Cr188 Cr169 Cr196 Cr173 Cr227 Cr214 Cr199 CrSign in free for the trailing twelve months
Interest100 Cr107 Cr127 Cr171 Cr108 Cr160 Cr299 Cr491 Cr417 Cr323 CrSign in free for the trailing twelve months
Depreciation452 Cr467 Cr521 Cr548 Cr612 Cr730 Cr736 Cr848 Cr874 Cr971 CrSign in free for the trailing twelve months
Profit before tax947 Cr1,196 Cr1,599 Cr462 Cr-25 Cr1,381 Cr827 Cr1,439 Cr1,456 Cr1,667 CrSign in free for the trailing twelve months
Tax %26.3%36.9%35.4%24.4%-398.8%22.0%38.5%36.8%37.3%34.7%Sign in free for the trailing twelve months
Net profit711 Cr754 Cr1,033 Cr349 Cr-127 Cr1,077 Cr508 Cr910 Cr913 Cr1,089 CrSign in free for the trailing twelve months
EPS (₹)₹15.13₹16.38₹22.17₹7.51₹-2.71₹23.23₹11.35₹20.43₹20.05₹22.58Sign in free for the trailing twelve months
Dividend payout %—————15.2%64.0%41.8%46.2%34.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital47 Cr93 Cr93 Cr93 Cr93 Cr93 Cr93 Cr93 Cr96 Cr96 Cr
Reserves4,070 Cr4,559 Cr5,283 Cr5,127 Cr5,322 Cr6,478 Cr6,612 Cr7,077 Cr9,125 Cr9,461 Cr
Borrowings2,321 Cr2,711 Cr3,773 Cr3,878 Cr4,580 Cr5,655 Cr6,852 Cr7,522 Cr6,288 Cr6,875 Cr
Other liabilities2,436 Cr2,624 Cr2,463 Cr2,433 Cr3,151 Cr3,328 Cr4,790 Cr4,662 Cr4,579 Cr5,829 Cr
Total liabilities8,883 Cr10,016 Cr11,642 Cr11,563 Cr13,178 Cr15,609 Cr18,384 Cr19,349 Cr20,088 Cr22,260 Cr
Fixed assets (net)3,221 Cr3,439 Cr3,561 Cr3,806 Cr4,414 Cr4,396 Cr5,272 Cr5,468 Cr5,847 Cr7,258 Cr
CWIP400 Cr344 Cr831 Cr1,143 Cr900 Cr1,125 Cr696 Cr977 Cr1,725 Cr1,251 Cr
Investments1,192 Cr1,501 Cr1,524 Cr1,496 Cr2,476 Cr2,604 Cr2,569 Cr1,849 Cr2,091 Cr1,767 Cr
Loans & advances——3 Cr5 Cr3 Cr17 Cr13 Cr20 Cr17 Cr18 Cr
Inventories1,075 Cr1,360 Cr1,845 Cr1,735 Cr1,794 Cr2,710 Cr3,126 Cr3,216 Cr3,578 Cr4,053 Cr
Trade receivables1,341 Cr1,937 Cr2,148 Cr1,494 Cr1,410 Cr2,162 Cr3,087 Cr3,167 Cr2,900 Cr3,910 Cr
Cash & bank288 Cr235 Cr286 Cr313 Cr447 Cr558 Cr509 Cr1,315 Cr621 Cr848 Cr
Other assets1,366 Cr1,201 Cr1,445 Cr1,572 Cr1,734 Cr2,036 Cr3,111 Cr3,336 Cr3,309 Cr3,156 Cr
Total assets8,883 Cr10,016 Cr11,642 Cr11,563 Cr13,178 Cr15,609 Cr18,384 Cr19,349 Cr20,088 Cr22,260 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,052 Cr967 Cr911 Cr1,522 Cr1,020 Cr506 Cr1,294 Cr1,664 Cr1,796 Cr1,487 Cr
Cash from investing-684 Cr-814 Cr-1,175 Cr-1,132 Cr-1,511 Cr-690 Cr-1,671 Cr-667 Cr-1,964 Cr-1,033 Cr
Cash from financing-401 Cr-314 Cr368 Cr-381 Cr578 Cr310 Cr280 Cr-203 Cr-570 Cr-442 Cr
Net cash flow-33 Cr-161 Cr104 Cr8 Cr135 Cr111 Cr-91 Cr807 Cr-694 Cr227 Cr
Free cash flow (OCF − Capex)396 Cr382 Cr-266 Cr560 Cr106 Cr-562 Cr298 Cr140 Cr346 Cr346 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %16.2%17.6%18.8%6.9%0.8%12.5%8.3%13.1%12.1%12.1%
ROE %17.1%16.1%18.6%6.7%-2.3%16.3%7.8%13.3%10.2%11.3%
Debtor days74847768817587747085
Inventory days168156158203263214188164202190
Days payable132152117121177129129116133140
Cash conversion cycle11088118150167160146122140134
OCF / EBITDA %84.1%56.1%44.3%136.5%118.4%25.1%73.2%65.1%66.7%50.8%
OCF / EBITDA % (3 years)——58.3%69.5%85.7%76.3%60.7%54.6%67.7%60.5%
Debt / equity0.560.580.700.740.850.861.021.050.680.72
Current ratio1.321.221.351.331.381.301.031.081.181.17
Net debt / EBITDA1.62—1.703.204.802.533.592.432.102.06