TrueCAGR
Bharat Forge · Research view

Bharat Forge Ltd

NSE: BHARATFORGBSE: 500493ISIN INE465A01025Face value ₹2standalone
₹1,866
−2.95% · 2026-10-01 · 52-wk ₹1,191–₹2,265
Financials to FY2026 · 7 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Premium valuation, soft growth

The P/E of 81.90× is above the auto components and equipments median (40.83×) while profit declined 38.1% last year.

Importance 62 / 95 · valuation

WatchTalking point

Growth slowing

Revenue growth has slowed for 4 consecutive years, from 71.3% to -5.1%.

Importance 61 / 95 · growth

WatchTalking point

Volatile earnings

Profit has swung sharply over 6 years (from ₹312 to ₹1,425) — one year is a weak guide to the earnings power.

Importance 56 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Auto Components › Auto Components & Equipments.

Market cap
₹89,225 cr
FY2026 revenue
₹8,396 cr
FY2026 net profit
₹819 cr
Net worth
₹10,988 cr
Total debt
₹3,764 cr
EPS (basic)
₹17.12
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 5 auto components & equipments.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY20 to FY26₹ crore · consolidated
₹'000 cr02579012REVENUENET PROFIT5k474FY204k312FY216k1,078FY228k1,045FY239k1,425FY249k1,322FY258k819FY26
RevenueNet profit
Watch

Revenue growth has slowed for 4 consecutive years, from 71.3% to -5.1%.

Rule GROWTH_DECELERATING

Revenue growth per year
+10.7%over 6 years
Revenue growth
−5.1%vs last year
Net profit growth
−38.1%vs last year
Change in net profit since FY20
+73%

Profit has swung sharply over 6 years (from ₹312 to ₹1,425) — one year is a weak guide to the earnings power.

Net profit fell 38.1% year on year (FY2025 → FY2026).

Revenue fell 5.1% year on year (FY2025 → FY2026).

Revenue has compounded at 10.7% a year over 6 years (₹4,564 → ₹8,396) — though FY2022 saw a one-off step-change of 71% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Watch

Q4 FY26 net profit declined 17.4% while revenue grew 17.5% vs the same quarter last year — a gap of 34.9 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Concern

Q4 FY26 net profit was ₹233 cr, down 17.4% from ₹283 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q4 FY26 revenue was ₹4,528 cr, up 17.5% from ₹3,853 cr in Q4 FY25 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

A. Quarterly results

Latest quarters — Q1 '25 to Q4 '26₹ crore · consolidated
₹'000 cr01345000REVENUENET PROFIT4k175Q1 '254k243Q2 '253k213Q3 '254k283Q4 '254k284Q1 '264k299Q2 '264k273Q3 '265k233Q4 '26
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q1 FY254,106—175—4.3%
Q2 FY253,689−2.3%243+13.2%6.6%
Q3 FY253,476−10.1%213−16.4%6.1%
Q4 FY253,853−7.5%283+24.4%7.3%
Q1 FY263,909−4.8%284+62.6%7.3%
Q2 FY264,032+9.3%299+23.0%7.4%
Q3 FY264,343+25.0%273+28.2%6.3%
Q4 FY264,528+17.5%233−17.4%5.2%

B. TTM snapshot

Trailing twelve months to 31 Mar 2026 · sum of the last 4 contiguous quarters

Revenue
₹16,812 crTTM
EBITDA
₹3,125 crTTM
EBIT
₹2,154 crTTM
PBT
₹1,677 crTTM
Net profit
₹1,089 crTTM

C. Corporate actions

3 Jul 2026DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
18 Feb 2026DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
4 Jul 2025DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
18 Feb 2025DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
5 Jul 2024DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
23 Feb 2024DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
7 Jul 2023DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share
24 Nov 2022DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
14 Jul 2022DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share
25 Nov 2021DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
15 Jul 2021DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
3 Mar 2020DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
20 Nov 2019DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
1 Aug 2019DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
15 Nov 2018DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
27 Jul 2018DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
16 Nov 2017DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
28 Sept 2017Bonus issueBonus issue 1:1 — 1:2
28 Jul 2017DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
16 Feb 2017DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
25 Jul 2016DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
18 Mar 2016DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
17 Feb 2016DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
20 Jul 2015DividendFinal Dividend - Rs. - 4.5000 — ₹4.50/share
11 Feb 2015DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY20 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%35%29.2%9.6%FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Concern

ROE declined from 13.5% to 7.5% year on year.

Rule ROE_DETERIORATED_YOY

EBITDA margin now
29.2%
7-year range
23.8–30.1%
ROE FY2026
7.5%
ROCE FY2026
13.5%
Section 07 · Financial health

Is financial health improving?

Net worth — FY20 to FY26₹ crore · consolidated
₹'000 cr0713205kFY206kFY217kFY228kFY239kFY2411kFY2511kFY26
Net worth (shareholders' funds)
Strength

Net worth compounded at 12.7% a year over 6 years (₹5,355 → ₹10,988).

Rule NET_WORTH_COMPOUNDING

Operating cash flow vs net profit₹ crore · FY21–FY26
0k1k2k3k814312FY212751kFY227881kFY232k1kFY242k1kFY252k819FY26
Operating cash flowNet profit
Total debt
₹3,764 cr
Operating cash flow ÷ net profit
1.89×FY2026
Free cash flow
₹1,243 cr
Current ratio
1.52×

Free cash flow has been positive in 5 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 5 auto components & equipments (FY2026, consolidated).

Revenue growth

BHARATFORG · 2nd of 5 · set median 10.9%

TIINDIA17.4%BHARATFORG11.2%MOTHERSON10.9%BOSCHLTD10.8%EXIDEIND4.4%

EBITDA margin

BHARATFORG · 1st of 5 · set median 11.6%

BHARATFORG18.6%BOSCHLTD17.5%TIINDIA11.6%EXIDEIND11.0%MOTHERSON9.7%

Return on equity

BHARATFORG · 2nd of 5 · set median 10.2%

BOSCHLTD19.4%BHARATFORG11.6%TIINDIA10.2%MOTHERSON10.1%EXIDEIND6.2%

P/E ratio

BHARATFORG · 5th of 5 · set median 40.8×

MOTHERSON36.5×EXIDEIND37.1×TIINDIA40.8×BOSCHLTD56.9×BHARATFORG81.9×
Watch

The P/E of 81.90× is above the auto components and equipments median (40.83×) while profit declined 38.1% last year.

Rule PRICED_FOR_GROWTH

P / E
81.9×TTM to Mar 26
P / B
9.3×latest book
P / S
5.3×TTM sales
Earnings yield
1.2%TTM to Mar 26

On the trailing twelve months. Last full year: P/E 81.9× · P/S 5.2× · ROE 11.6%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k4k₹1,8662020202120222023202420252026
Context

Over 5 years profit (21.3% a year) and the stock (20.7% a year) compounded at roughly the same rate — but FY2021 profit (₹312) was well below the through-cycle level (~₹1,045), so this rate is inflated by the recovery from a low base.

Rule STOCK_TRACKED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate
Net profit21.3%/yrShare price20.7%/yr
1-year return
+53.0%
3-year return
+71.0%
5-year return
+156.5%
From 52-wk high
−17.6%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹2,050
vs 200-day avg
Above₹1,850
RSI (14)
34.6neutral
MACD histogram
-2.2
From 52-wk high
−17.6%
From 52-wk low
+56.7%
30-day volatility
28.1%ann.
6-month return
+11.4%
RSI (14) · 0–10034.6 — neutral
0305070100OVERSOLDOVERBOUGHT34.6
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Premium valuation, soft growth
    The P/E of 81.90× is above the auto components and equipments median (40.83×) while profit declined 38.1% last year.
    PRICED_FOR_GROWTH · conviction 62
  • Watch
    Growth slowing
    Revenue growth has slowed for 4 consecutive years, from 71.3% to -5.1%.
    GROWTH_DECELERATING · conviction 61
  • Watch
    Volatile earnings
    Profit has swung sharply over 6 years (from ₹312 to ₹1,425) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 56
  • Concern
    Profit fell
    Net profit fell 38.1% year on year (FY2025 → FY2026).
    PROFIT_DECLINED_YOY · conviction 50
  • Watch
    Receivables stretching
    Receivable days rose from 158 to 180 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 50
  • Watch
    Reported profit carries a one-off
    FY2026 pre-tax profit includes a ₹550 exceptional charge (43.2% of PBT) — the underlying trend differs from the reported number.
    PROFIT_INCLUDES_EXCEPTIONALS · conviction 47
  • Concern
    Returns declining
    ROE declined from 13.5% to 7.5% year on year.
    ROE_DETERIORATED_YOY · conviction 47
  • Concern
    Revenue fell
    Revenue fell 5.1% year on year (FY2025 → FY2026).
    REVENUE_DECLINED_YOY · conviction 39
  • Watch
    Unusual tax rate
    Effective tax rate of 35.6% (FY2026) is well above the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
    EFFECTIVE_TAX_UNUSUAL · conviction 37
  • Cash-flow-statement facts are unavailable for FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
  • The price-adjusted series does not correct for a rights issue (ex-date 2004-07-20) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY20FY21FY22FY23FY24FY25FY26
Revenue4,5643,6526,2557,5738,9698,8448,396
Total income4,7253,7926,4227,7239,1319,0038,540
EBITDA1,1768681,8832,0622,6402,6622,451
Profit before tax5934151,3961,3831,8951,8191,271
Net profit4743121,0781,0451,4251,322819
EPS (₹)10.26.723.122.530.628.217.1
Net worth5,3555,9497,1107,7008,56910,96410,988
Total debt2,9713,3173,8994,4364,4253,9823,764
Operating cash flow—8142757882,0921,7011,544
Free cash flow—480−275031,5671,0851,243
Key ratios — consolidated
RatioFY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—-20.071.321.118.4-1.4-5.1
Profit growth YoY—-34.1245.3-3.036.3-7.2-38.1
Profitability
EBITDA margin %25.823.830.127.229.430.129.2
Net margin %10.08.216.813.515.614.79.6
Return on equity %8.85.516.514.117.513.57.5
Return on capital %10.05.714.514.117.515.913.5
Leverage & cash
Debt to equity0.550.560.550.580.520.360.34
Cash flow ÷ profit—2.610.260.751.471.291.89
Current ratio1.661.781.671.361.581.581.52
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.