Bharat Forge is engaged in the manufacturing and selling of forged and machined Compoundant for auto and industry sector.(Source : 201903 Annual Report Page No: 123)
Part of Kalyani GroupThe company belongs to the Kalyani Group which has an annual turnover of more thanUSD 3 Billion. Apart from the forging Industry, the group has a presence in engineering steel, automotive, industrial, renewable energy, urban infrastructure, and specialty chemicals and maintains a leading position in various business segments.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Samvardh. Mothe. | 114.95 | 36.13 | 121323.22 | 0.50 | 845.63 | -3.25 | 30172.97 | 8.49 | 13.66 | 117367.72 | 8.86 | 3348.88 | 851.18 | 3.30 | 4.60 | 0.53 |
| 2. | Bosch | 36702.70 | 47.68 | 108249.62 | 1.39 | 554.20 | 10.82 | 4794.80 | 9.11 | 21.11 | 18959.70 | 13.11 | 2271.53 | 554.20 | 7.72 | 10.70 | 0.01 |
| 3. | Bharat Forge | 1460.35 | 51.32 | 69817.73 | 0.59 | 309.94 | -10.26 | 1946.86 | -13.34 | 14.62 | 8310.54 | 28.27 | 1361.15 | 315.50 | 6.32 | 8.24 | 0.33 |
| 4. | Uno Minda | 1186.20 | 62.64 | 68449.85 | 0.19 | 322.79 | 27.14 | 4814.03 | 13.41 | 18.83 | 18015.43 | 11.54 | 1093.46 | 303.99 | 10.98 | 9.36 | 0.46 |
| 5. | Schaeffler India | 3821.10 | 53.47 | 59725.22 | 0.73 | 306.65 | 24.08 | 2360.14 | 13.86 | 25.67 | 8834.57 | 18.98 | 1117.62 | 306.65 | 10.84 | 14.85 | 0.01 |
| 6. | Tube Investments | 2350.65 | 72.55 | 45487.36 | 0.15 | 302.05 | -9.73 | 5522.64 | 12.15 | 21.80 | 20793.88 | 9.22 | 626.78 | 186.66 | 6.08 | 7.33 | 0.09 |
| 7. | Endurance Tech. | 2520.70 | 40.64 | 35456.83 | 0.40 | 227.27 | 11.97 | 3582.82 | 23.01 | 17.26 | 12724.36 | 13.48 | 873.65 | 227.27 | 5.67 | 9.21 | 0.20 |
| – | Median: 126 Co. | 431.38 | 28.46 | 1189.93 | 0.38 | 12.47 | 10.82 | 212.47 | 11.11 | 14.79 | 825.68 | 12.04 | 38.48 | 10.76 | 3.0 | 6.6 | 0.37 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,864 | 1,952 | 1,997 | 2,127 | 2,249 | 2,263 | 2,329 | 2,338 | 2,247 | 2,096 | 2,163 | 2,105 | 1,947 |
Expenses | 1,411 | 1,417 | 1,509 | 1,579 | 1,643 | 1,600 | 1,669 | 1,687 | 1,621 | 1,486 | 1,546 | 1,533 | 1,396 |
Operating Profit | 453 | 535 | 488 | 549 | 607 | 663 | 659 | 651 | 625 | 610 | 617 | 572 | 551 |
Other Income | 47 | 42 | -2 | 47 | 40 | 35 | 25 | -101 | 48 | 30 | 28 | 42 | 39 |
Profit before tax | 358 | 384 | 315 | 417 | 462 | 504 | 513 | 371 | 502 | 473 | 473 | 449 | 430 |
Tax % | 25% | 25% | 22% | 25% | 25% | 25% | 24% | 27% | 28% | 27% | 27% | 25% | 28% |
Net Profit | 268 | 289 | 245 | 312 | 346 | 378 | 390 | 269 | 361 | 346 | 346 | 339 | 310 |
EPS in Rs | 5.76 | 6.21 | 5.25 | 6.69 | 7.43 | 8.11 | 8.37 | 5.79 | 7.76 | 7.24 | 7.23 | 7.08 | 6.48 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,399 | 4,548 | 4,334 | 3,865 | 5,316 | 6,520 | 4,564 | 3,652 | 6,255 | 7,573 | 8,969 | 8,844 | 8,311 |
Expenses | 2,535 | 3,218 | 3,017 | 2,790 | 3,779 | 4,614 | 3,548 | 2,924 | 4,539 | 5,662 | 6,491 | 6,340 | 5,961 |
Operating Profit | 864 | 1,330 | 1,317 | 1,074 | 1,537 | 1,906 | 1,016 | 728 | 1,716 | 1,911 | 2,478 | 2,504 | 2,349 |
Other Income | 126 | 89 | 108 | 136 | -15 | 166 | 67 | 131 | 199 | 110 | 147 | 5 | 139 |
Interest | 150 | 112 | 91 | 73 | 85 | 102 | 145 | 78 | 107 | 213 | 287 | 250 | 217 |
Depreciation | 245 | 251 | 308 | 295 | 307 | 347 | 345 | 366 | 412 | 426 | 442 | 440 | 446 |
Profit before tax | 596 | 1,057 | 1,026 | 842 | 1,131 | 1,623 | 593 | 415 | 1,396 | 1,383 | 1,895 | 1,819 | 1,825 |
Net Profit | 400 | 719 | 698 | 585 | 707 | 1,071 | 474 | 312 | 1,078 | 1,045 | 1,425 | 1,322 | 1,340 |
EPS in Rs | 8.59 | 15.44 | 14.98 | 12.57 | 15.19 | 23.01 | 10.17 | 6.70 | 23.15 | 22.45 | 30.61 | 27.66 | 28.03 |
Dividend Payout % | 26% | 24% | 25% | 30% | 30% | 22% | 34% | 30% | 30% | 31% | 29% | 31% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 47 | 47 | 47 | 47 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 |
Reserves | 2,647 | 3,449 | 3,535 | 4,185 | 4,521 | 5,305 | 5,262 | 5,856 | 7,017 | 7,607 | 8,476 | 10,869 | 10,964 |
Borrowings | 1,994 | 1,797 | 2,669 | 2,422 | 2,510 | 3,189 | 3,275 | 3,814 | 4,124 | 4,782 | 4,756 | 4,296 | 3,618 |
Other Liabilities | 1,011 | 1,083 | 929 | 1,023 | 1,242 | 1,352 | 1,087 | 1,352 | 1,607 | 1,712 | 1,863 | 2,000 | 2,263 |
Total Liabilities | 5,698 | 6,376 | 7,179 | 7,677 | 8,366 | 9,939 | 9,717 | 11,115 | 12,841 | 14,194 | 15,188 | 17,260 | 16,940 |
Fixed Assets | 2,025 | 1,956 | 2,277 | 2,374 | 2,528 | 2,634 | 2,808 | 3,459 | 3,301 | 3,238 | 3,157 | 3,129 | 3,070 |
Gross Block | 3,877.47 | 4,104.63 | 4,860.90 | 5,215.61 | 3,436.97 | 3,880.54 | 4,391.02 | 5,249.61 | 5,398.36 | 5,740.81 | 6,093.50 | 6,475.95 | – |
Accumulated Depreciation | 1,852.04 | 2,148.54 | 2,583.96 | 2,842.00 | 909.06 | 1,246.37 | 1,582.96 | 1,790.31 | 2,096.95 | 2,502.82 | 2,936.81 | 3,346.61 | – |
CWIP | 131 | 208 | 322 | 374 | 302 | 713 | 895 | 270 | 248 | 303 | 376 | 838 | 814 |
Investments | 1,341 | 1,104 | 1,421 | 1,772 | 2,061 | 2,192 | 2,353 | 3,569 | 3,900 | 4,279 | 4,465 | 6,045 | 6,663 |
Other Assets | 2,201 | 3,108 | 3,159 | 3,157 | 3,475 | 4,400 | 3,662 | 3,816 | 5,392 | 6,374 | 7,190 | 7,248 | 6,393 |
Total Assets | 5,698 | 6,376 | 7,179 | 7,677 | 8,366 | 9,939 | 9,717 | 11,115 | 12,841 | 14,194 | 15,188 | 17,260 | 16,940 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 765 | 903 | 1,306 | 892 | 941 | 797 | 1,377 | 814 | 275 | 788 | 2,092 | 1,701 |
Cash from Investing Activity | -425 | -138 | -651 | -579 | -697 | -1,002 | -729 | -1,130 | -248 | -596 | -807 | -2,841 |
Cash from Financing Activity | -397 | -524 | -677 | -372 | -367 | 299 | -620 | 368 | 75 | -172 | -641 | 457 |
Net Cash Flow | -57 | 241 | -22 | -59 | -122 | 93 | 28 | 52 | 102 | 20 | 644 | -682 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 56 | 45 | 120 | 130 | 123 | 126 | 132 | 158 | 145 | 156 | 147 | 158 |
Inventory Days | 135 | 113 | 90 | 118 | 104 | 114 | 158 | 226 | 159 | 140 | 127 | 156 |
Days Payable | 149 | 132 | 106 | 128 | 133 | 122 | 128 | 207 | 138 | 135 | 123 | 141 |
Cash Conversion Cycle | 42 | 26 | 104 | 120 | 94 | 119 | 163 | 177 | 165 | 162 | 151 | 173 |
Working Capital Days | 49 | 96 | 38 | 10 | 22 | 38 | 15 | -7 | 17 | 26 | 30 | 32 |
ROCE % | 16% | 23% | 19% | 14% | 19% | 22% | 9% | 5% | 13% | 13% | 17% | 15% |
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Stock Analysis
Bharat Forge Limited is a Pune-based Indian multinational and a global leader in manufacturing critical components for automotive, defence, and aerospace sectors, emphasizing indigenous technology development.
The company's growing defense segment, particularly in indigenous unmanned systems, is a key growth driver, supported by strong manufacturing capabilities and partnerships.
Bharat Forge secured new contracts worth approximately ₹300 crores for indigenous unmanned systems under the Emergency Procurement – VI (EP-VI) framework.
January 15, 2026 (Army Day Parade showcasing Omega One).
Corporate Announcements
