Company File · BSE 500493 · Latest filing Q4 FY26
Standalone = this company only. Consolidated = including its subsidiaries.
Bharat Forge Ltd
Data as of 19 Oct 2026 close · BSE · Latest results Q4 FY26
ISIN INE465A01025 · BHARATFORG · Automobile and Auto Components › Auto Components
About the business
What does Bharat Forge do? It is the flagship company of the Kalyani group & one of the world's largest makers of forged parts. What is forging? Shaping hot metal under heavy pressure to make strong parts. It supplies engine & suspension parts to truck, car & industrial companies worldwide, makes artillery guns, armoured vehicles & ammunition, & also makes aerospace components.
Price & valuation · BSE close, 19 Oct 2026
Usual 67.2×
Below its usual level
- Sales growth
- +4.5%
- Profit
- Turned to loss
- Op. margin
- 27.3%
- P/E
- 62.7×
- Usual P/E
- 67.2×
- Price/book
- 7.97×
- ROCE
- 9.8%
- ROE
- 7.5%
- Debt/equity
- 0.34×
- Promoter
- 43.12%
- Pledged
- 0.00%
Earnings callsNo earnings-call transcript from Bharat Forge in our data yet. When it files one on BSE, the call notes appear here within a few hours. See its call page
Is it expensive, and is it a good business?
Key ratios
In short Priced below its own usual level (P/E without one-offs 62.7× vs 67.2×), earns low returns on capital (ROCE 9.8%) and has modest borrowings (debt to equity 0.34×).
What you pay Valuation
Leaving out one-off items, buyers pay about ₹63 for every ₹1 the company earned per share over the last year. Below its 1-year median of 67.2×.
Leaves out one-off charges of ₹550 crore over the last 12 months (profit before tax & those items, taxed at 25%); P/E on reported profit 105.
Latest BSE close ÷ last four quarters' EPS without one-off items: profit before tax & exceptional items, taxed at 25%, for the company's own shareholders, on the share count behind its reported EPS. Used when one-off items come to more than a quarter of 12-month pre-tax profit. As of 19th October 2026.
The share price is 8.0 times the accounting value of each share. Below its 1-year median of 8.0×.
Latest BSE close ÷ book value per share (equity ÷ shares) on the latest balance-sheet date. As of 19th October 2026.
The market values the company at 10.4 times its yearly sales.
Market value ÷ last 12 months' revenue. As of 19th October 2026.
The whole business (shares plus debt, minus cash) is valued at about 39.4 years of its operating profit.
Enterprise value ÷ last 12 months' EBITDA. As of 19th October 2026.
EPS fell 9.3% over the latest financial year vs the year before, from ₹31.50 to ₹28.56 a share without one-offs, so PEG does not apply.
P/E ÷ 12-month EPS growth in % (the last four quarters vs the four before; when those are not all held, the latest financial year vs the year before). Growth above 100% counts as 100%; left blank when EPS fell or was below ₹1 a share a year earlier. Without one-off items when either year has large ones, as for the P/E. As of 19th October 2026.
The company paid ₹8.50 a share in the last 12 months (2 payouts), 0.47% of today's share price.
Dividends per share with an ex-date in the last 12 months (restated for any split or bonus since) ÷ the latest BSE close. As of 19th October 2026.
How well it uses money Returns & strength
Each ₹100 of shareholders' money and debt earned about ₹9.8 before interest & tax.
Last 12 months' profit before interest & tax ÷ average (equity + borrowings). As of 31st March 2026.
For every ₹100 of shareholders' money, the company earned about ₹7.5 in a year.
Last 12 months' profit after tax (continuing operations where reported) ÷ average equity. As of 31st March 2026.
The money actually tied up in running the business (leaving out spare cash) earned about 6.6% after tax.
Last 12 months' operating profit after tax (profit before interest & tax × (1 − effective tax rate)) ÷ average invested capital (equity + borrowings − cash & bank balances). As of 31st March 2026.
Every ₹1 of assets generated about ₹0.48 of sales in a year.
Last 12 months' revenue ÷ average total assets. As of 31st March 2026.
Operating profit covered interest costs about 8 times.
Last 12 months' profit before interest & tax ÷ finance costs. As of 31st March 2026.
For every ₹1 of shareholders' money, it has borrowed ₹0.34.
Borrowings ÷ shareholders' equity on the latest balance-sheet date. As of 31st March 2026.
Who owns it Ownership & more
The founders or parent group own 43.12% of the company.
Promoter & promoter group shareholding from the latest shareholding pattern filed with BSE. As of 30th September 2026.
Promoter holding fell by 0.95 percentage points last quarter.
Latest quarter's promoter holding minus the previous quarter's. As of 30th September 2026.
Promoter holding, quarter by quarter
- Sep 202643.12%
- Jun 202644.07%
- Mar 202644.07%
- Dec 202544.07%
- Sep 202544.07%
Promoters reported no pledged shares.
Promoter group shares pledged ÷ all the promoter group's shares, from the shareholding pattern filed with BSE each quarter (other encumbrances, such as non-disposal undertakings, are not counted). As of 30th September 2026.
Pledged, quarter by quarter
- Sep 20260.00%
- Jun 20260.00%
- Mar 20260.00%
- Dec 20250.00%
- Sep 20250.00%
After paying for new plant & equipment, operations left ₹1,221 crore of cash.
Cash from operations − spending on plant & equipment, latest full year. As of 31st March 2026.
Free cash flow, year by year
- FY26₹1,221 Cr
- FY25₹1,084 Cr
Each share has a face (nominal) value of ₹2. It matters for dividends quoted as a percentage, not for valuation.
Face value per share as BSE lists it today.
About 48.87 crore shares were in issue.
BSE's count of listed shares (BSE's market cap ÷ its price), so splits, bonuses & new shares since the latest results are included. The latest results filing gives 47.81 crore. As of 19th October 2026.
Your ratios
Ratios you added. Your choices are remembered on this device.
The stock market values the company at about ₹87,540 crore.
Latest BSE close × BSE's count of listed shares. As of 19th October 2026.
Buying the whole business, including its debt and keeping its cash, would cost about ₹90,934 crore.
Market value + borrowings − cash & bank balances. As of 19th October 2026.
The company reported ₹819 crore of profit over the last four quarters.
Sum of the last four quarters' reported profit after tax. As of 31st March 2026.
Each share earned about ₹17.12 over the last year.
Sum of the last four quarters' basic EPS. Uses earnings per share from continuing operations, so a one-off gain from selling a business does not flatter it. As of 31st March 2026.
Each share is backed by about ₹225 of net assets on the books.
Shareholders' equity ÷ shares. As of 31st March 2026.
About ₹27.5 of every ₹100 of sales was left after running costs.
EBITDA ÷ revenue over the last four quarters. As of 31st March 2026.
It lost about ₹5.2 on every ₹100 of sales last quarter.
Profit after tax ÷ revenue for the latest quarter. As of 31st March 2026.
Sales were 4.5% higher than a year earlier.
Latest quarter's revenue vs the same quarter last year. As of 31st March 2026.
Profit turned into a loss, so a growth rate would mislead.
Latest quarter's profit after tax vs the same quarter last year (continuing operations when a one-off discontinued item exists). As of 31st March 2026.
Short-term assets cover short-term bills 1.52 times.
Current assets ÷ current liabilities. As of 31st March 2026.
Customers take about 180 days to pay.
Trade receivables ÷ last 12 months' revenue × 365. As of 31st March 2026.
Stock on hand equals about 68 days of sales.
Inventories ÷ last 12 months' revenue × 365. As of 31st March 2026.
11.4% of pre-tax profit came from other income (interest, dividends, gains).
Other income ÷ profit before tax, last 12 months. As of 31st March 2026.
Each ₹1 of profit brought in ₹1.89 of operating cash.
Latest full year's cash from operations ÷ profit after tax. As of 31st March 2026.
Borrowings exceed cash by ₹3,394 crore.
Cash & bank balances − borrowings. As of 31st March 2026.
The company paid about 35.6% of its pre-tax profit as tax.
Tax expense ÷ profit before tax (continuing operations), last 12 months. As of 31st March 2026.
Everything the company owns earned 4.7% in a year.
Last 12 months' profit ÷ average total assets. As of 31st March 2026.
Operating profit before interest, depreciation & tax was ₹2,307 crore.
Revenue − expenses + finance costs + depreciation, last four quarters. As of 31st March 2026.
Needs five financial years of cash flows.
Sum over five financial years of (cash from operations − capital expenditure).
The company spent ₹323 crore on plant & equipment.
Purchase of property, plant & equipment, latest full year. As of 31st March 2026.
Borrowings stood at ₹3,764 crore.
Current + non-current borrowings. As of 31st March 2026.
Foreign institutions own 15.20%.
Foreign institutional holding from the latest shareholding pattern. As of 30th September 2026.
Domestic institutions own 33.04%.
Domestic institutional holding (mutual funds, insurers, banks, pension funds). As of 30th September 2026.
The highest price in the last year was ₹2,293.
Highest intraday BSE price in the last 12 months (raw, not adjusted). As of 10th August 2026.
The lowest price in the last year was ₹1,235.4.
Lowest intraday BSE price in the last 12 months (raw, not adjusted). As of 21st October 2025.
The share price moved 43.6% over the last year.
Close today ÷ close a year ago − 1 (raw prices, dividends not included). As of 19th October 2026.
About 50% of the last year's earnings per share was paid out as dividends.
Dividends per share with an ex-date in the last 12 months ÷ the last four quarters' EPS. As of 31st March 2026.
Needs four financial years of results (three years of growth).
Compound annual growth in revenue over three financial years.
Needs four financial years of results (three years of growth).
Compound annual growth in profit after tax over three financial years.
Tap the i beside any ratio for a plain explanation.
How these are worked out
Price-based ratios use the latest BSE close (19th October 2026). Share count 48.87 crore, from paid-up capital in the 19th October 2026 filing. Figures are standalone.
What you pay: Higher numbers mean you pay more for each rupee the company earns or owns.
How well it uses money: Higher returns mean each rupee in the business earns more. Lower debt means less strain.
Who owns it: A steady promoter stake with nothing pledged is a calm sign.
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Last 4 quarters ₹ crore · Standalone
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue from operations | 2,105 | 1,947 | 2,084 | 2,260 |
| EBITDA | 571.8 | 551.1 | 566.4 | 617.3 |
| Operating margin | 27.2% | 28.3% | 27.2% | 27.3% |
| One-off items | – | −7.9 | −48.7 | −493.0 |
| Profit after tax | 338.5 | 309.9 | 288.0 | -117.8 |
| Profit after tax without one-offs | 338.5 | 315.9 | 324.6 | 252.0 |
| Basic EPS (₹) | 7.08 | 6.48 | 6.03 | -2.47 |
One-off items: exceptional items reported separately in the filing. Profit without one-offs takes them out after tax at 25%.
Latest filings BSE
Corporate announcements 20
- 16 Oct 2026Updates on Acquisition
- 7 Oct 2026Announcement Under Regulation 30 - Update On Litigation
- 5 Oct 2026Press Release / Media Release
Quarterly results 1
- 5 Aug 2026Board Meeting Intimation for Board Meeting Intimation For Quarterly Results And Fund Raising
Conference calls 7
- 3 Sep 2026Analyst / Investor Meet - Intimation
- 28 Aug 2026Analyst / Investor Meet - Intimation
- 28 Aug 2026Analyst / Investor Meet - Intimation
Investor presentations 0
None in the filings we hold.
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