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Last Updated: April 2, 2026, 2:42 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500493 | NSE: BHARATFORG

Bharat Forge Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,248.63Overvalued by 25.14%vs CMP ₹1,668.00

P/E (68.3) × ROE (11.6%) × BV (₹196.00) × DY (0.51%)

₹491.37Overvalued by 70.54%vs CMP ₹1,668.00
MoS: -239.5% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,252.8023%Over (-24.9%)
Graham NumberEarnings₹322.7416%Over (-80.7%)
Earnings PowerEarnings₹7.7611%Over (-99.5%)
DCFCash Flow₹126.0814%Over (-92.4%)
Net Asset ValueAssets₹195.757%Over (-88.3%)
EV/EBITDAEnterprise₹755.629%Over (-54.7%)
Earnings YieldEarnings₹236.207%Over (-85.8%)
ROCE CapitalReturns₹134.837%Over (-91.9%)
Revenue MultipleRevenue₹474.375%Over (-71.6%)
Consensus (9 models)₹491.37100%Overvalued
Key Drivers: Wide model spread (₹8–₹1,253) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 0.3%

*Investments are subject to market risks

Investment Snapshot

54
Bharat Forge Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 12.2% GoodROE 11.6% AverageD/E 0.84 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.68% (6mo) SellingDII holding up 3.88% MF buyingPromoter holding at 44.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 17% Steady
Quarterly Momentum58/100 · Moderate
Revenue (4Q): -4% YoY FlatProfit (4Q): +20% YoY Positive
Industry Rank50/100 · Moderate
P/E 68.3 vs industry 63.2 In-lineROCE 12.2% vs industry 10.6% Average3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:42 am

Market Cap 79,764 Cr.
Current Price 1,668
Intrinsic Value₹491.37
High / Low 1,936/919
Stock P/E68.3
Book Value 196
Dividend Yield0.51 %
ROCE12.2 %
ROE11.6 %
Face Value 2.00
PEG Ratio204.77

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bharat Forge Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bharat Forge Ltd 79,764 Cr. 1,668 1,936/91968.3 1960.51 %12.2 %11.6 % 2.00
CIE Automotive India Ltd 17,259 Cr. 455 526/35721.0 1971.54 %14.7 %11.7 % 10.0
Happy Forgings Ltd 11,181 Cr. 1,185 1,370/71639.1 2080.25 %19.2 %15.5 % 2.00
Ramkrishna Forgings Ltd 9,119 Cr. 502 782/46040.8 1690.40 %6.84 %14.4 % 2.00
MM Forgings Ltd (MMFL) 1,955 Cr. 405 501/27619.2 2020.99 %12.5 %15.6 % 10.0
Industry Average12,169.30 Cr418.2163.21155.020.29%10.63%10.60%6.13

All Competitor Stocks of Bharat Forge Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 3,0763,3533,6293,8773,7743,8664,1644,1063,6893,4763,8533,9094,032
Expenses 2,6452,9143,1913,2823,1533,1693,5213,3653,0422,8533,1743,2393,308
Operating Profit 432439438595621698643741647623679670724
OPM % 14%13%12%15%16%18%15%18%18%18%18%17%18%
Other Income 44371767515845-996238575054
Interest 531099711412413711612411096888280
Depreciation 188186181206211224207218213218224226241
Profit before tax 235181177341337395366300385347424411457
Tax % 40%56%28%37%36%36%38%42%37%39%33%31%34%
Net Profit 14279128214215254227175243213283284299
EPS in Rs 3.131.772.914.804.885.685.074.365.234.455.905.936.26

Last Updated: January 2, 2026, 6:32 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6,7047,6226,8096,3968,35810,1468,0566,33610,46112,91015,68215,12316,136
Expenses 5,7836,2325,3975,2766,6358,0986,9845,5048,47811,17413,12112,43113,317
Operating Profit 9211,3901,4131,1211,7232,0481,0728321,9831,7372,5622,6922,819
OPM % 14%18%21%18%21%20%13%13%19%13%16%18%17%
Other Income 29822614839146199109-13828812421755147
Interest 169136116100107127171108160299491417327
Depreciation 357362453452467521548612730736848874940
Profit before tax 6931,1189929601,1961,599462-251,3818271,4391,4561,699
Tax % 30%32%32%26%37%35%24%399%22%39%37%37%
Net Profit 4827606757117541,033349-1271,0775089109131,139
EPS in Rs 10.7116.3814.5715.1316.3822.177.51-2.7123.2311.3520.4319.6923.62
Dividend Payout % 21%23%26%25%27%23%47%-74%30%62%44%43%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)57.68%-11.18%5.33%6.05%37.00%-66.21%-136.39%948.03%-52.83%79.13%0.33%
Change in YoY Net Profit Growth (%)0.00%-68.86%16.52%0.71%30.95%-103.22%-70.17%1084.42%-1000.86%131.97%-78.80%

Bharat Forge Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:13%
3 Years:13%
TTM:-6%
Compounded Profit Growth
10 Years:3%
5 Years:21%
3 Years:1%
TTM:0%
Stock Price CAGR
10 Years:8%
5 Years:18%
3 Years:14%
1 Year:-30%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:11%
Last Year:12%

Last Updated: September 5, 2025, 12:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:02 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 47474747939393939393939696
Reserves 2,6373,3983,3674,0704,5595,2835,1275,3226,4786,6127,0779,1589,265
Borrowings 2,5612,5463,3753,1243,2574,0294,4695,2715,9727,3137,9486,6986,658
Other Liabilities 2,2902,2451,5041,6002,0682,1731,7932,4022,9504,2164,0664,0174,709
Total Liabilities 7,5348,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96820,728
Fixed Assets 2,5342,6293,1343,2773,5003,6254,0024,7504,8706,1616,3096,6277,273
CWIP 5838704094533448311,1439001,1257019911,7321,880
Investments 8014968861,1921,5011,5241,6182,6072,6042,5691,8492,0631,731
Other Assets 3,6174,2423,8633,9194,6325,5994,7204,8316,8938,80410,0349,5479,843
Total Assets 7,5348,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96820,728

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 7161,0351,3561,0529679111,5221,0205061,2941,6641,796
Cash from Investing Activity + -244-467-888-737-722-1,196-1,114-1,511-690-1,666-665-1,964
Cash from Financing Activity + -640-360-448-401-314368-381578310280-203-570
Net Cash Flow -16820819-86-69832687126-91796-738
Free Cash Flow 132326465408399-220565129-459325164352
CFO/OP 101%104%118%118%79%71%164%134%43%99%85%89%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow919.00-1.00-2.00-2.00-2.00-2.00-3.00827.00-4.00-6.00-5.00-4.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 474175778577688175877470
Inventory Days 154131142161151160177249235191159198
Days Payable 157144119127148118105167141132112130
Cash Conversion Cycle 45289811188119140163169147121138
Working Capital Days -54011-8615-15-49-24-39-46-27
ROCE %15%21%17%13%18%20%7%3%11%8%13%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 45.26%45.26%45.26%45.26%45.26%45.26%45.26%44.07%44.07%44.07%44.07%44.07%
FIIs 16.17%15.79%16.28%16.60%16.48%17.04%18.72%17.87%16.08%14.37%13.62%12.40%
DIIs 27.70%28.61%27.95%27.74%28.06%27.96%26.32%28.35%30.20%31.26%32.11%34.08%
Government 0.18%0.18%0.18%0.18%0.18%0.18%0.16%0.15%0.15%0.15%0.15%0.15%
Public 10.70%10.17%10.35%10.22%10.04%9.58%9.55%9.55%9.49%10.15%10.05%9.29%
No. of Shareholders 1,62,1051,56,6861,69,9541,79,6831,89,1041,82,9881,99,7212,07,8102,14,7252,42,7322,49,5202,27,160

Shareholding Pattern Chart

No. of Shareholders

Bharat Forge Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Defence Fund 6,658,981 12.32 959.83N/AN/AN/A
Kotak Flexicap Fund 6,600,000 1.68 951.32N/AN/AN/A
SBI Large & Midcap Fund 6,500,000 2.5 936.91N/AN/AN/A
HDFC Mid Cap Fund 6,436,155 1.01 927.71N/AN/AN/A
Mirae Asset Large & Midcap Fund 5,668,866 1.93 817.115,511,1492026-01-26 05:49:182.86%
Nippon India Growth Mid Cap Fund 5,444,007 1.88 784.7N/AN/AN/A
SBI Midcap Fund 4,500,000 2.89 648.63N/AN/AN/A
Kotak Midcap Fund 4,225,903 1.03 609.12N/AN/AN/A
Mirae Asset Midcap Fund 4,025,811 3.29 580.283,893,3182026-01-26 05:49:183.4%
Kotak Large & Midcap Fund 3,400,000 1.63 490.083,600,0002025-12-15 09:02:03-5.56%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 20.0520.4311.3523.23-2.71
Diluted EPS (Rs.) 20.0520.4311.3523.23-2.71
Cash EPS (Rs.) 37.4537.6527.4339.5211.06
Book Value[Excl.RevalReserv]/Share (Rs.) 193.53153.88144.78142.32116.98
Book Value[Incl.RevalReserv]/Share (Rs.) 193.53153.88144.78142.32116.98
Revenue From Operations / Share (Rs.) 316.29336.79277.26224.66136.08
PBDIT / Share (Rs.) 60.8159.8241.6747.5022.13
PBIT / Share (Rs.) 42.5441.6025.8731.828.99
PBT / Share (Rs.) 30.5330.7918.4830.360.09
Net Profit / Share (Rs.) 19.1819.4311.6423.84-2.08
NP After MI And SOA / Share (Rs.) 19.6820.4311.3523.23-2.71
PBDIT Margin (%) 19.2217.7615.0221.1416.26
PBIT Margin (%) 13.4512.359.3314.166.60
PBT Margin (%) 9.659.146.6613.510.07
Net Profit Margin (%) 6.065.764.1910.61-1.53
NP After MI And SOA Margin (%) 6.226.064.0910.34-1.99
Return on Networth / Equity (%) 10.1713.267.8716.46-2.33
Return on Capital Employeed (%) 17.8619.2311.9215.604.83
Return On Assets (%) 4.684.912.876.93-0.95
Long Term Debt / Equity (X) 0.140.250.260.270.40
Total Debt / Equity (X) 0.671.051.020.860.84
Asset Turnover Ratio (%) 0.760.830.500.480.32
Current Ratio (X) 1.181.081.091.301.38
Quick Ratio (X) 0.760.730.700.850.97
Inventory Turnover Ratio (X) 4.452.251.691.821.15
Dividend Payout Ratio (NP) (%) 44.8539.1661.686.450.00
Dividend Payout Ratio (CP) (%) 23.2620.7025.783.850.00
Earning Retention Ratio (%) 55.1560.8438.3293.550.00
Cash Earning Retention Ratio (%) 76.7479.3074.2296.150.00
Interest Coverage Ratio (X) 6.965.676.5013.799.57
Interest Coverage Ratio (Post Tax) (X) 3.572.872.977.342.94
Enterprise Value (Cr.) 60755.4458418.4241707.4437790.5231897.42
EV / Net Operating Revenue (X) 4.023.733.233.615.03
EV / EBITDA (X) 20.8920.9721.4917.0930.95
MarketCap / Net Operating Revenue (X) 3.693.352.783.124.38
Retention Ratios (%) 55.1460.8338.3193.540.00
Price / BV (X) 6.037.335.354.975.13
Price / Net Operating Revenue (X) 3.693.352.783.124.38
EarningsYield 0.010.010.010.030.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bharat Forge Ltd. is a Public Limited Listed company incorporated on 19/06/1961 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L25209PN1961PLC012046 and registration number is 012046. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company's Total Operating Revenue is Rs. 8843.73 Cr. and Equity Capital is Rs. 95.63 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
ForgingsMundhwa, Pune Cantonment, Pune Maharashtra 411036Contact not found
Management
NamePosition Held
Mr. B N KalyaniChairman & Managing Director
Mr. Amit B KalyaniVice Chairman & Jt Manag. Dir.
Mr. Ashish Bharat RamNon Exe.Non Ind.Director
Mr. B P KalyaniExecutive Director
Mr. S E TandaleExecutive Director
Mr. Ravi KapoorIndependent Director
Mr. Anand S PathakIndependent Director
Mr. Dipak B ManeIndependent Director
Ms. Sonia SinghIndependent Director
Ms. Rashmi JoshiIndependent Director
Mr. K B S AnandIndependent Director

FAQ

What is the intrinsic value of Bharat Forge Ltd and is it undervalued?

As of 20 April 2026, Bharat Forge Ltd's intrinsic value is ₹491.37, which is 70.54% lower than the current market price of ₹1,668.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.6 %), book value (₹196), dividend yield (0.51 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bharat Forge Ltd?

Bharat Forge Ltd is trading at ₹1,668.00 as of 20 April 2026, with a FY2026-2027 high of ₹1,936 and low of ₹919. The stock is currently in the middle of its 52-week range. Market cap stands at ₹79,764 Cr..

How does Bharat Forge Ltd's P/E ratio compare to its industry?

Bharat Forge Ltd has a P/E ratio of 68.3, which is above the industry average of 63.21. The premium over industry average may reflect growth expectations or speculative interest.

Is Bharat Forge Ltd financially healthy?

Key indicators for Bharat Forge Ltd: ROCE of 12.2 % is moderate. Dividend yield is 0.51 %.

Is Bharat Forge Ltd profitable and how is the profit trend?

Bharat Forge Ltd reported a net profit of ₹913 Cr in Mar 2025 on revenue of ₹15,123 Cr. Compared to ₹1,077 Cr in Mar 2022, the net profit shows a declining trend.

Does Bharat Forge Ltd pay dividends?

Bharat Forge Ltd has a dividend yield of 0.51 % at the current price of ₹1,668.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bharat Forge Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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