Bharat Forge Ltd
Bharat Forge Ltd (BHARATFORG) last reported results for the quarter ended Jun 2026, with sales of ₹4,640 crore and net profit of ₹-90 crore. The next scheduled event is a merger acquisition on 31 Mar 2027. The stock last traded at ₹1,817, a market capitalisation of ₹88,569 crore, on a P/E of 87.7. Over the past 52 weeks the stock has ranged between ₹1,200 and ₹2,295. Figures are as of 9 Oct 2026 and are not real time.
Bharat Forge Ltd share price and key metrics
- Current price
- ₹1,817
- Market cap
- ₹88,569 cr
- Stock P/E
- 87.7
- Book value
- ₹200
- ROE
- 12.0%
- ROCE
- 12.6%
- Dividend yield
- 0.47%
- 52w high / low
- 2295/1200
Metrics as of 9 Oct 2026. Not real time.
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Bharat Forge Ltd growth and returns
- 10 Years
- 9%
- 5 Years
- 22%
- 3 Years
- 9%
- TTM
- 18%
- 10 Years
- 5%
- 5 Years
- 39%
- 3 Years
- 33%
- TTM
- -2%
- 10 Years
- 15%
- 5 Years
- 19%
- 3 Years
- 18%
- 1 Year
- 50%
- 10 Years
- 12%
- 5 Years
- 12%
- 3 Years
- 12%
- Last Year
- 12%
Bharat Forge Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹4,640 cr, up 18.7% from ₹3,909 cr a year earlier. Net profit swung to a loss of ₹90 cr.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| Expenses | 3,042 | 2,853 | 3,174 | 3,239 | 3,308 | 3,597 | 3,751 | 3,942 |
| Operating profit | 647 | 623 | 679 | 670 | 724 | 746 | 777 | 698 |
| OPM % | 18% | 18% | 18% | 17% | 18% | 17% | 17% | 15% |
| Other income | 62 | 38 | 57 | 50 | 54 | -13 | -46 | -301 |
| Interest | 110 | 96 | 88 | 82 | 80 | 77 | 84 | 90 |
| Depreciation | 213 | 218 | 224 | 226 | 241 | 249 | 255 | 263 |
| Profit before tax | 385 | 347 | 424 | 411 | 457 | 407 | 392 | 44 |
| Tax % | 37% | 39% | 33% | 31% | 34% | 33% | 40% | 302% |
| Net profit | 243 | 213 | 283 | 284 | 299 | 273 | 233 | -90 |
| EPS (₹) | 5.23 | 4.45 | 5.90 | 5.93 | 6.26 | 5.53 | 4.86 | -1.88 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Bharat Forge Ltd annual results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,396 | 8,358 | 10,146 | 8,056 | 6,336 | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 | 17,543 |
| Operating profit | 1,121 | 1,723 | 2,048 | 1,072 | 832 | 1,983 | 1,737 | 2,562 | 2,692 | 2,917 | 2,946 |
| OPM % | 18% | 21% | 20% | 13% | 13% | 19% | 13% | 16% | 18% | 17% | 17% |
| Net profit | 711 | 754 | 1,033 | 349 | -127 | 1,077 | 508 | 910 | 913 | 1,089 | 716 |
| EPS (₹) | 15.13 | 16.38 | 22.17 | 7.51 | -2.71 | 23.23 | 11.35 | 20.43 | 19.69 | 22.58 | 14.77 |
TTM is the trailing twelve months to the most recent quarter.
Bharat Forge Ltd balance sheet
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 47 | 93 | 93 | 93 | 93 | 93 | 93 | 93 | 96 | 96 |
| Reserves | 4,070 | 4,559 | 5,283 | 5,127 | 5,322 | 6,478 | 6,612 | 7,077 | 9,158 | 9,484 |
| Borrowings | 3,124 | 3,257 | 4,029 | 4,469 | 5,271 | 5,972 | 7,313 | 7,948 | 6,698 | 7,309 |
| Other liabilities | 1,600 | 2,068 | 2,173 | 1,793 | 2,402 | 2,950 | 4,216 | 4,066 | 4,017 | 5,350 |
| Total liabilities | 8,841 | 9,977 | 11,578 | 11,482 | 13,088 | 15,492 | 18,235 | 19,184 | 19,968 | 22,238 |
| Fixed assets | 3,277 | 3,500 | 3,625 | 4,002 | 4,750 | 4,870 | 6,161 | 6,309 | 6,627 | 8,215 |
| CWIP | 453 | 344 | 831 | 1,143 | 900 | 1,125 | 701 | 991 | 1,732 | 1,298 |
| Investments | 1,192 | 1,501 | 1,524 | 1,618 | 2,607 | 2,604 | 2,569 | 1,849 | 2,063 | 1,738 |
| Other assets | 3,919 | 4,632 | 5,599 | 4,720 | 4,831 | 6,893 | 8,804 | 10,034 | 9,547 | 10,987 |
| Total assets | 8,841 | 9,977 | 11,578 | 11,482 | 13,088 | 15,492 | 18,235 | 19,184 | 19,968 | 22,238 |
As reported by the company. Total assets equal total liabilities by construction.
Bharat Forge Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,052 | 967 | 911 | 1,522 | 1,020 | 506 | 1,294 | 1,664 | 1,796 | 1,487 |
| Cash from investing | -737 | -722 | -1,196 | -1,114 | -1,511 | -690 | -1,666 | -665 | -1,964 | -1,038 |
| Cash from financing | -401 | -314 | 368 | -381 | 578 | 310 | 280 | -203 | -570 | -442 |
| Net cash flow | -86 | -69 | 83 | 26 | 87 | 126 | -91 | 796 | -738 | 6 |
| Free cash flow | 408 | 399 | -220 | 565 | 129 | -459 | 325 | 164 | 352 | 374 |
| CFO / operating profit | 118% | 79% | 71% | 164% | 134% | 43% | 99% | 85% | 89% | 70% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Bharat Forge Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 13% | 18% | 20% | 7% | 3% | 11% | 8% | 13% | 12% | 13% |
| Debtor days | 77 | 85 | 77 | 68 | 81 | 75 | 87 | 74 | 70 | 85 |
| Inventory days | 161 | 151 | 160 | 177 | 249 | 235 | 191 | 159 | 198 | 195 |
| Days payable | 127 | 148 | 118 | 105 | 167 | 141 | 132 | 112 | 130 | 144 |
| Cash conversion cycle | 111 | 88 | 119 | 140 | 163 | 169 | 147 | 121 | 138 | 136 |
| Working capital days | -8 | 6 | 15 | -15 | -49 | -24 | -39 | -46 | -27 | -12 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Bharat Forge Ltd shareholding pattern
Promoters held 43.12% at Sep 2026, down from 44.07% at Sep 2025. FIIs 15.18% and DIIs 32.86%.
| % held | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 44.07% | 44.07% | 44.07% | 44.07% | 44.07% | 44.07% | 44.07% | 43.12% |
| FIIs | 17.87% | 16.08% | 14.37% | 13.62% | 12.40% | 14.15% | 15.04% | 15.18% |
| DIIs | 28.35% | 30.20% | 31.26% | 32.11% | 34.08% | 32.62% | 32.18% | 32.86% |
| Government | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.00% |
| Public | 9.55% | 9.49% | 10.15% | 10.05% | 9.29% | 9.00% | 8.54% | 8.84% |
| No. of shareholders | 2,07,810 | 2,14,725 | 2,42,732 | 2,49,520 | 2,27,160 | 2,28,156 | 2,32,361 | 2,27,796 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Upcoming Bharat Forge Ltd events
The next scheduled event is a merger acquisition on 31 Mar 2027.
- Merger acquisitionFurther investment of up to Rs 2,400 million in wholly owned subsidiary Kalyani Strategic Systems Limited
See the full results calendar for every Indian company reporting in the next 30 days.
Cruxal coverage of Bharat Forge Ltd
Bharat Forge Ltd corporate filings
- Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018Company Updatelow impact
- Bharat Forge Ltd updates on litigation status, no financial impact disclosedCompany Updatelow impact
Cruxal's analysis: The company has issued an update regarding ongoing litigation, with no specific financial…
Read the full analysis - Bharat Forge Ltd releases press release; no financial or operational details disclosedCompany Updatelow impact
Cruxal's analysis: The company has issued an intimation regarding a press release without providing…
Read the full analysis - Proceeding of Postal BallotAGM/EGMmedium impact
- Closure of Trading WindowInsider Trading / SASTlow impact
- Bharat Forge Limited receives reaffirmation of [ICRA]AA+(Stable) and [ICRA]A1+ credit ratingsCompany Updatelow impact
Cruxal's analysis: Bharat Forge Limited has announced that ICRA has reaffirmed its long-term credit rating…
Read the full analysis - Bharat Forge completes INR 2,000 crore Qualified Institutions Placement (QIP) to institutional investorsCompany Updatehigh impact
Cruxal's analysis: Bharat Forge Limited has successfully concluded a Qualified Institutions Placement (QIP)…
Read the full analysis - Bharat Forge concludes Qualified Institutions Placement (QIP) raising approximately 2,000 crore INRCompany Updatehigh impact
Cruxal's analysis: Bharat Forge Limited has successfully closed its Qualified Institutions Placement (QIP)…
Read the full analysis - Bharat Forge initiates Qualified Institutions Placement (QIP) with floor price set at INR 1,947.70 per shareCompany Updatehigh impact
Cruxal's analysis: Bharat Forge Limited has officially opened its Qualified Institutions Placement (QIP) to…
Read the full analysis - Bharat Forge Ltd: Intimation regarding Press ReleaseCompany Updatelow impact
Cruxal's analysis: Bharat Forge has filed a routine intimation regarding the release of a press statement…
Read the full analysis - Bharat Forge shareholders approve enabling resolution for fundraising of up to 2,500 croreAGM/EGMmedium impact
Cruxal's analysis: Bharat Forge Limited has received shareholder approval via postal ballot for the issuance…
Read the full analysis - Bharat Forge announces internal restructuring of German subsidiaries to simplify corporate architectureCompany Updatelow impact
Cruxal's analysis: Bharat Forge Limited has completed the merger of its wholly-owned step-down subsidiary…
Read the full analysis - Bharat Forge Ltd: Newspaper publication regarding routine corporate disclosureCompany Updatelow impact
Cruxal's analysis: Bharat Forge Ltd has published a newspaper advertisement in compliance with Regulation 30…
Read the full analysis - Bharat Forge Ltd files routine press release under Regulation 30Company Updatelow impact
Cruxal's analysis: Bharat Forge Ltd has submitted a press release under Regulation 30 of the SEBI (LODR)…
Read the full analysis - Bharat Forge Ltd: Submission of Press Release under Regulation 30Company Updatelow impact
Cruxal's analysis: Bharat Forge Ltd has filed a press release under Regulation 30 of the SEBI (LODR)…
Read the full analysis - Bharat Forge schedules investor meet for September 8, 2026Company Updatelow impact
Cruxal's analysis: Bharat Forge has issued an intimation regarding an investor meeting scheduled to take…
Read the full analysis - Bharat Forge Ltd announces divestment of stake in Joint VentureCompany Updatelow impact
Cruxal's analysis: Bharat Forge has issued an intimation regarding the divestment of its stake held in a…
Read the full analysis - Bharat Forge Ltd: Newspaper publication of financial results noticeCompany Updatelow impact
Cruxal's analysis: Bharat Forge has published a statutory notice in newspapers regarding the disclosure of…
Read the full analysis - Bharat Forge Ltd announces upcoming investor meet and presentationCompany Updatelow impact
Cruxal's analysis: Bharat Forge has issued an intimation regarding an upcoming analyst and investor meet…
Read the full analysis - Bharat Forge Ltd schedules investor meetingCompany Updatelow impact
Cruxal's analysis: Bharat Forge has issued an intimation regarding a scheduled investor meeting. This is a…
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