Bharat Forge
- Market cap
- ₹ 81,734 Cr.
- P/E
- 82.8x
- P/B
- 8.69x
- 52-week range
- 1,289 – 2,295
- ROE
- 12%
- ROCE
- 13%
- Dividend yield
- 0.5%
- Debt / equity
- 0.76
- Sector
- Auto Components
- Industry
- Auto Components & Equipments
- Listed on
- NSE, BSE
About
Bharat Forge Limited is an India-based global provider of safety and critical components and solutions to various sectors, including automotive, power, oil and gas, construction and mining, rail, marine, defense and aerospace. Its segments include Forgings, Defence and Others. The Forgings produces and sells forged products comprising forgings and machined components for automotive and industrial sectors. The Defence segment produces and sells products which have an application in defense related activities. Forged components used in defense related activities are included as a part of the Forgings segment. Others include various initiatives which the Company is carrying out other than forging and defense related activities. Its power products include thermal, such as shafts and others; hydro, such as rotor and others; wind, such as shafts and gear boxes, and nuclear, such as high-pressure valves and nozzles. It has a global manufacturing footprint with presence across five countries.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Auto Components & Equipments: 155 companies →Bharat Forge against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)82.8 against a typical 26.6: pricier than most peers (1st = cheapest).140th of 153
- Sales growth+18.7% against a typical +20.7% from a year earlier.81st of 142
- Profit growth−131.7% against a typical +15.3% from a year earlier.123rd of 127
- Share price, 3 months−18.8% against a typical −4.5%.126th of 142
- Size₹ 81,734 Cr. market value against a typical ₹ 728 Cr. (1st = largest).2nd of 138
Latest announcements
Exchange filings and their impact on the company.
- Bharat Forge infused Rs 240 cr into defence arm KSSL, with Rs 163 cr onward to energetics unit AEL.
Bharat Forge has invested Rs 2,400 million (Rs 240 crore) in its wholly owned subsidiary Kalyani Strategic Systems Limited via a rights issue, following board approval on August 10, 2026. The allotment will be completed by October 31, 2026 and was funded from QIP proceeds and internal accruals. KSSL will in turn invest Rs 1,630 million (Rs 163 crore) in its own wholly owned subsidiary Agneyastra Energetics Limited in one or more tranches.
- Delhi High Court upheld setting aside of arbitral award in case involving T.K. Jain, a small win for Bharat Forge.
Bharat Forge said the Delhi High Court Division Bench on October 1, 2026 dismissed the appeal by Mr. T.K. Jain against the May 26, 2025 order that had set aside an arbitral award. The company received the order on October 7, 2026. This upholds the earlier decision in the company's favour and removes the risk of the award being revived, with no financial amount disclosed.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA+ by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AA+ /[ICRA]A1+ | Stable | 22 Sep 2026 |
| CARE | Withdrawn | Stable | 19 Dec 2025 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 22 Sep 2026 | New rating | [ICRA]AA+ /[ICRA]A1+ | — | ICRA | ₹ 800 Cr. | |
| 10 Mar 2026 | Reaffirmed | [ICRA]AA+ /[ICRA]A1+ | — | ICRA | ₹ 5,452 Cr. | |
| 19 Dec 2025 | Withdrawn | was CARE AA+ | — | CARE | ₹ 3,600 Cr. |
Research by Minerva Capital Research Solutions
Our research team's work on Bharat ForgeAlso covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 5 Nov 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 10 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 7 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 12 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 11 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 6 Aug 2025 | Financial Results | To consider and approve the unaudited financial results for the period ended Jun 30, 2025 |
| 8 May 2025 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2025 and dividend |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,774 | 3,866 | 4,164 | 4,106 | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| Expenses | 3,153 | 3,169 | 3,521 | 3,365 | 3,042 | 2,853 | 3,174 | 3,239 | 3,308 | 3,597 | 3,751 | 3,942 |
| Operating Profit | 621 | 698 | 643 | 741 | 647 | 623 | 679 | 670 | 724 | 746 | 777 | 698 |
| OPM % | 16% | 18% | 15% | 18% | 18% | 18% | 18% | 17% | 18% | 17% | 17% | 15% |
| Other Income | 51 | 58 | 45 | −99 | 62 | 38 | 57 | 50 | 54 | −13 | −46 | −301 |
| Interest | 124 | 137 | 116 | 124 | 110 | 96 | 88 | 82 | 80 | 77 | 84 | 90 |
| Depreciation | 211 | 224 | 207 | 218 | 213 | 218 | 224 | 226 | 241 | 249 | 255 | 263 |
| Profit before tax | 337 | 395 | 366 | 300 | 385 | 347 | 424 | 411 | 457 | 407 | 392 | 44 |
| Tax % | 36% | 36% | 38% | 42% | 37% | 39% | 33% | 31% | 34% | 33% | 40% | 302% |
| Net Profit | 215 | 254 | 227 | 175 | 243 | 213 | 283 | 284 | 299 | 273 | 233 | −90 |
| EPS in Rs | 4.88 | 5.68 | 5.07 | 4.36 | 5.23 | 4.45 | 5.9 | 5.93 | 6.26 | 5.53 | 4.86 | −1.88 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 9%
- 5 Years
- 22%
- 3 Years
- 9%
- TTM
- 18%
- 10 Years
- 5%
- 5 Years
- 39%
- 3 Years
- 33%
- TTM
- −2%
- 10 Years
- 17%
- 5 Years
- 22%
- 3 Years
- 28%
- TTM
- —
- 10 Years
- 12%
- 5 Years
- 12%
- 3 Years
- 12%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Bharat Forge | ₹ 1,760.00 | ₹ 81,734 Cr. | 82.8x | 8.7x | 12% | — |
| Havells India | ₹ 1,032.00 | ₹ 64,764 Cr. | 44.1x | 7.9x | — | 6.9% |
| Schaeffler India | ₹ 3,468.00 | ₹ 54,379 Cr. | 56.2x | 10.7x | — | 12% |
| Sterlite Technologies | ₹ 829.00 | ₹ 42,603 Cr. | 464.5x | 11.2x | 2.6% | 1.2% |
| R R Kabel | ₹ 2,150.60 | ₹ 26,329 Cr. | 51.2x | 10.1x | 20.8% | 5.1% |
| Timken India | ₹ 2,731.55 | ₹ 20,553 Cr. | 57x | 8.1x | 14% | 11.8% |
Management
- Babasaheb Neelkanth Kalyani
- Executive Chairman of the Board, Managing Director
- Amit Babasaheb Kalyani
- Executive Vice Chairman of the Board, Joint Managing Director
- Kedar Dixit
- Chief Financial Officer, Senior Vice President
- Tejaswini Ramkrishna Chaudhari
- Compliance Officer, Company Secretary
- Basavraj Prabhakar Kalyani
- Whole-Time Director
- Subodh Eknath Tandale
- Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.