NSE: BHARATFORG · BSE: 500493
BHARAT FORGE LTD
Makes steel forgings and engineered components, primarily supplying automotive and commercial vehicle OEMs in India, the US and Europe. In FY26, consolidated revenue was ₹16,811.653 crore, with the Forgings segment contributing 78.0% of segment revenue (₹13,928.582 crore), Others 12.2% (₹2,169.812 crore) and Defence 9.8% (₹1,757.172 crore). On a standalone basis, turnover was ₹8,396 crore, EU operations ₹3,865 crore, and US operations ₹1,534 crore; exports were 47.78% of standalone turnover and steel forgings made up 96.43% of standalone turnover. The Defence segment carries an order book of about ₹11,000 crore and supplies products including artillery systems (ATAGS, the MArG 155mm 4x4 gun series), the CQB carbine, marine gas turbine generators under a ₹425 crore five-year contract with the Ministry of Defence, and the Simha 4x4 light armoured multi-purpose vehicle. Aerospace is described as 26% of Q4 non-auto exports, with the company selected as the first Indian supplier for critical aerospace OEM components. The Others segment covers newer businesses including aerospace, K-mobility (via the K-Drive acquisition), JSA casting, a 30% stake in Fortuna Engineering (₹130 crore, ₹380 crore revenue) and an explosives facility coming up in Andhra Pradesh. Net new business wins in FY26 totalled ₹4,814 crore, including ₹2,816 crore in defence. The biggest cost is materials at 46.3% of revenue, with employees 12.5%, other operating expenses 24.9%, depreciation 5.8% and capex 6.8% (guided at ₹800-850 crore over 15-18 months). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Forgings (78%), Others (12%), Defence (10%). Cyclical, asset-heavy forging and defence manufacturing with global footprint
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 |
| EBITDA (ex other income) | 2,108 | 1,722 | 2,546 | 2,537 | 2,772 |
| margin % | 20.2 | 13.3 | 16.2 | 16.8 | 16.5 |
| Owners' profit | 1,082 | 459 | 951 | 941 | 1,080 |
| EPS, as reported (₹) | 23.23 | 11.35 | 20.43 | 20.05 | 22.58 |
| ROE % · ROCE % | 16.3 · 16.6 | 7.5 · 11.5 | 12.7 · 19.1 | 9.9 · 16.5 | 11.4 · 15.8 |
| Debt / equity (x) | 0.85 | 1.02 | 1.05 | 0.68 | 0.72 |
| Cash from operations | 506 | 1,294 | 1,664 | 1,796 | 1,487 |
| Capex | (1,068) | (996) | (1,524) | (1,450) | (1,140) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| Profit before tax | 386 | 349 | 426 | 414 | 458 | 411 | 393 | 56 |
| Net profit | 243 | 213 | 283 | 284 | 299 | 273 | 233 | (90) |
| EPS (₹) | 5.23 | 4.54 | 5.92 | 5.93 | 6.26 | 5.53 | 4.86 | (1.88) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Forgings | 13,929 | 78.0 |
| Defence | 1,757 | 9.8 |
| Others | 2,170 | 12.2 |
| Total, before eliminations | 17,856 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD ◆ | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 118.9 | 25.3 | 113 of 119 | 5% |
| P/B | 8.8 | 3.2 | 105 of 117 | 10% |
| ROCE | 13.2 | 12.6 | 60 of 125 | 52% |
| ROE | 11.4 | 11.7 | 62 of 117 | 47% |
| Debt / Equity | 0.7 | 0.3 | 96 of 117 | 18% |
| EBITDA margin | 8.8 | 12.2 | 90 of 118 | 24% |
| Revenue growth | 18.7 | 20.2 | 62 of 113 | 46% |
| Profit growth | (131.7) | 24.4 | 109 of 115 | 5% |
| Market cap | 83937 | 1460 | 3 of 126 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September quarter and half-year results | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Bharat Forge invests Rs 2400 mn in KSSL; funds defence unit AEL | strategic transactions | high | — | — |
| 8 Oct 2026 · Bharat Forge files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 7 Oct 2026 · Delhi HC Division Bench dismisses appeal, arbitral award set aside upheld | regulatory legal | high | — | — |
| 5 Oct 2026 · Bharat Forge signs long-term aerospace engine parts contract with Pratt & Whitney Canada | business updates | high | — | — |
| 29 Sept 2026 · Postal ballot approves securities issuance up to Rs 25,000 mn | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Credit ratings reaffirmed by ICRA at AA plus Stable | credit debt | medium | — | — |
| 23 Sept 2026 · ICRA reaffirms Bharat Forge credit ratings at AA+ Stable | credit debt | medium | — | — |
| 22 Sept 2026 · Bharat Forge raises Rs 2,000 crore via QIP at Rs 1,890 per share | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.