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Bharat Forge Ltd

NSE: BHARATFORG BSE: 500493

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)

₹1,886
52W: ₹1100 — ₹2044
PE 77.5 · Book ₹230 · +720% vs book
Market Cap₹90,172 Cr
Stock P/E77.5Price to Earnings
ROCE13.2%Return on Capital
ROE10.6%Return on Equity
Div. Yield0.44%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 36.6%

Weaknesses

  • −Stock is trading at 8.17 times its book value
  • −Company has a low return on equity of 13.5% over last 3 years.
  • −Company has high debtors of 180 days.
  • −Working capital days have increased from 51.9 days to 94.1 days

Shareholding Pattern

Promoters44.07%
FIIs14.15%
DIIs32.62%
Public9%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.26%45.26%44.07%▼1.244.07%44.07%44.07%44.07%44.07%
FIIs17.04%18.72%▲1.717.87%▼0.816.08%▼1.814.37%▼1.713.62%▼0.812.4%▼1.214.15%▲1.8
DIIs27.96%26.32%▼1.628.35%▲2.030.2%▲1.831.26%▲1.132.11%▲0.834.08%▲2.032.62%▼1.5
Public9.58%9.55%▼0.09.55%9.49%▼0.110.15%▲0.710.05%▼0.19.29%▼0.89%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,2632,3292,3382,2472,0962,1632,1051,9472,0842,260
Expenses1,6001,6691,6871,6211,4861,5461,5331,3961,5171,643
Operating Profit663659651625610617572551566617
OPM %29%28%28%28%29%29%27%28%27%27%
Net Profit378390269361346346339310288-118
EPS ₹8.118.375.797.767.247.237.086.486.02-2.46

AI Insights

Revenue Trend

Mar 2026 revenue at ₹8,396Cr, down 5.1% YoY. OPM at 27%.

Debt Position

Borrowings at ₹4,060Cr. Debt-to-equity ratio: 0.37x. Healthy balance sheet.

Capex Cycle

CWIP at ₹728Cr (23% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 32.62% (+4.01pp change). FIIs: 14.15% (-1.64pp change). Promoters hold 44.07%.

Margin & Efficiency

ROCE declining from 23% (Mar 2015) to 13% (Mar 2026). Working capital days: 94.

Valuation

PE 77.5x with 13.2% ROCE. Price is 720% above book value of ₹230. Dividend yield: 0.44%.

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