Bharat Forge Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 22, 2025, 10:11 pm

Market Cap	52,776 Cr.
Current Price	1,104
High / Low	1,826/919
Stock P/E	55.5
Book Value	152
Dividend Yield	0.82 %
ROCE	12.9 %
ROE	12.7 %
Face Value	2.00
PEG Ratio	0.64

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Bharat Forge Ltd

Competitors of Bharat Forge Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Happy Forgings Ltd	7,526 Cr.	799	1,300/716	28.3	182	0.50 %	22.7 %	18.7 %	2.00
EL Forge Ltd	50.2 Cr.	24.7	44.4/14.6	20.5	11.6	0.00 %	%	%	10.0
CIE Automotive India Ltd	16,051 Cr.	424	628/357	19.4	173	1.65 %	16.6 %	13.2 %	10.0
Amforge Industries Ltd	13.8 Cr.	9.60	15.5/7.26		8.93	0.00 %	3.55 %	3.17 %	2.00
Tirupati Forge Ltd	412 Cr.	34.8	72.9/14.0	48.6	5.32	0.00 %	18.3 %	15.0 %	2.00
Industry Average	10,183.89 Cr	294.65		177.70	147.85	0.35%	11.36%	12.83%	5.86

All Competitor Stocks of Bharat Forge Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	2,395	3,573	2,851	3,076	3,353	3,629	3,877	3,774	3,866	4,164	4,106	3,689	3,476
Expenses	1,895	3,030	2,426	2,645	2,914	3,191	3,282	3,153	3,169	3,521	3,365	3,042	2,853
Operating Profit	499	543	425	432	439	438	595	621	698	643	741	647	623
OPM %	21%	15%	15%	14%	13%	12%	15%	16%	18%	15%	18%	18%	18%
Other Income	201	70	30	44	37	17	67	51	58	45	-99	62	38
Interest	24	63	40	53	109	97	114	124	137	116	124	110	96
Depreciation	176	214	181	188	186	181	206	211	224	207	218	213	218
Profit before tax	500	337	235	235	181	177	341	337	395	366	300	385	347
Tax %	16%	31%	32%	40%	56%	28%	37%	36%	36%	38%	42%	37%	39%
Net Profit	422	232	160	142	79	128	214	215	254	227	175	243	213
EPS in Rs	9.05	5.06	3.53	3.13	1.77	2.91	4.80	4.88	5.68	5.07	4.36	5.23	4.45

Last Updated: March 3, 2025, 5:15 pm

Below is a detailed analysis of the quarterly data for Bharat Forge Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 3,476.00 Cr.. The value appears to be declining and may need further review. It has decreased from 3,689.00 Cr. (Sep 2024) to 3,476.00 Cr., marking a decrease of 213.00 Cr..
For Expenses, as of Dec 2024, the value is 2,853.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 3,042.00 Cr. (Sep 2024) to 2,853.00 Cr., marking a decrease of 189.00 Cr..
For Operating Profit, as of Dec 2024, the value is 623.00 Cr.. The value appears to be declining and may need further review. It has decreased from 647.00 Cr. (Sep 2024) to 623.00 Cr., marking a decrease of 24.00 Cr..
For OPM %, as of Dec 2024, the value is 18.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 18.00%.
For Other Income, as of Dec 2024, the value is 38.00 Cr.. The value appears to be declining and may need further review. It has decreased from 62.00 Cr. (Sep 2024) to 38.00 Cr., marking a decrease of 24.00 Cr..
For Interest, as of Dec 2024, the value is 96.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 110.00 Cr. (Sep 2024) to 96.00 Cr., marking a decrease of 14.00 Cr..
For Depreciation, as of Dec 2024, the value is 218.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 213.00 Cr. (Sep 2024) to 218.00 Cr., marking an increase of 5.00 Cr..
For Profit before tax, as of Dec 2024, the value is 347.00 Cr.. The value appears to be declining and may need further review. It has decreased from 385.00 Cr. (Sep 2024) to 347.00 Cr., marking a decrease of 38.00 Cr..
For Tax %, as of Dec 2024, the value is 39.00%. The value appears to be increasing, which may not be favorable. It has increased from 37.00% (Sep 2024) to 39.00%, marking an increase of 2.00%.
For Net Profit, as of Dec 2024, the value is 213.00 Cr.. The value appears to be declining and may need further review. It has decreased from 243.00 Cr. (Sep 2024) to 213.00 Cr., marking a decrease of 30.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 4.45. The value appears to be declining and may need further review. It has decreased from 5.23 (Sep 2024) to 4.45, marking a decrease of 0.78.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:51 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	5,167	6,704	7,622	6,809	6,396	8,358	10,146	8,056	6,336	10,461	12,910	15,682	15,434
Expenses	4,419	5,783	6,232	5,397	5,276	6,635	8,098	6,984	5,504	8,478	11,174	13,121	12,781
Operating Profit	748	921	1,390	1,413	1,121	1,723	2,048	1,072	832	1,983	1,737	2,562	2,654
OPM %	14%	14%	18%	21%	18%	21%	20%	13%	13%	19%	13%	16%	17%
Other Income	94	298	226	148	391	46	199	109	-138	288	124	217	46
Interest	167	169	136	116	100	107	127	171	108	160	299	491	445
Depreciation	320	357	362	453	452	467	521	548	612	730	736	848	857
Profit before tax	355	693	1,118	992	960	1,196	1,599	462	-25	1,381	827	1,439	1,398
Tax %	43%	30%	32%	32%	26%	37%	35%	24%	399%	22%	39%	37%
Net Profit	202	482	760	675	711	754	1,033	349	-127	1,077	508	910	858
EPS in Rs	5.32	10.71	16.38	14.57	15.13	16.38	22.17	7.51	-2.71	23.23	11.35	20.43	19.11
Dividend Payout %	32%	21%	23%	26%	25%	27%	23%	47%	-74%	30%	62%	44%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	138.61%	57.68%	-11.18%	5.33%	6.05%	37.00%	-66.21%	-136.39%	948.03%	-52.83%	79.13%
Change in YoY Net Profit Growth (%)	0.00%	-80.94%	-68.86%	16.52%	0.71%	30.95%	-103.22%	-70.17%	1084.42%	-1000.86%	131.97%

Bharat Forge Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	9%
5 Years:	9%
3 Years:	35%
TTM:	2%

Compounded Profit Growth
10 Years:	7%
5 Years:	-3%
3 Years:	59%
TTM:	15%

Stock Price CAGR
10 Years:	6%
5 Years:	33%
3 Years:	15%
1 Year:	-9%

Return on Equity
10 Years:	13%
5 Years:	9%
3 Years:	12%
Last Year:	13%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 3:54 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	47	47	47	47	47	93	93	93	93	93	93	93	93
Reserves	2,210	2,637	3,398	3,367	4,070	4,559	5,283	5,127	5,322	6,478	6,612	7,077	7,184
Borrowings	2,784	2,561	2,546	3,375	3,124	3,257	4,029	4,469	5,271	5,972	7,313	7,948	7,740
Other Liabilities	2,554	2,290	2,245	1,504	1,600	2,068	2,173	1,793	2,402	2,950	4,216	4,066	3,976
Total Liabilities	7,595	7,534	8,236	8,292	8,841	9,977	11,578	11,482	13,088	15,492	18,235	19,184	18,993
Fixed Assets	2,910	2,534	2,629	3,134	3,277	3,500	3,625	4,002	4,750	4,870	6,161	6,309	6,100
CWIP	632	583	870	409	453	344	831	1,143	900	1,125	701	991	1,806
Investments	416	801	496	886	1,192	1,501	1,524	1,618	2,607	2,604	2,569	1,849	1,699
Other Assets	3,636	3,617	4,242	3,863	3,919	4,632	5,599	4,720	4,831	6,893	8,804	10,034	9,388
Total Assets	7,595	7,534	8,236	8,292	8,841	9,977	11,578	11,482	13,088	15,492	18,235	19,184	18,993

Below is a detailed analysis of the balance sheet data for Bharat Forge Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹93.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 93.00 Cr..
For Reserves, as of Sep 2024, the value is ₹7,184.00 Cr.. The value appears strong and on an upward trend. It has increased from 7,077.00 Cr. (Mar 2024) to ₹7,184.00 Cr., marking an increase of 107.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹7,740.00 Cr.. The value appears to be improving (decreasing). However, Borrowings exceed Reserves, which may signal higher financial risk. It has decreased from 7,948.00 Cr. (Mar 2024) to ₹7,740.00 Cr., marking a decrease of 208.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹3,976.00 Cr.. The value appears to be improving (decreasing). It has decreased from 4,066.00 Cr. (Mar 2024) to ₹3,976.00 Cr., marking a decrease of 90.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹18,993.00 Cr.. The value appears to be improving (decreasing). It has decreased from 19,184.00 Cr. (Mar 2024) to ₹18,993.00 Cr., marking a decrease of 191.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹6,100.00 Cr.. The value appears to be declining and may need further review. It has decreased from 6,309.00 Cr. (Mar 2024) to ₹6,100.00 Cr., marking a decrease of 209.00 Cr..
For CWIP, as of Sep 2024, the value is ₹1,806.00 Cr.. The value appears strong and on an upward trend. It has increased from 991.00 Cr. (Mar 2024) to ₹1,806.00 Cr., marking an increase of 815.00 Cr..
For Investments, as of Sep 2024, the value is ₹1,699.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,849.00 Cr. (Mar 2024) to ₹1,699.00 Cr., marking a decrease of 150.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹9,388.00 Cr.. The value appears to be declining and may need further review. It has decreased from 10,034.00 Cr. (Mar 2024) to ₹9,388.00 Cr., marking a decrease of 646.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹18,993.00 Cr.. The value appears to be declining and may need further review. It has decreased from 19,184.00 Cr. (Mar 2024) to ₹18,993.00 Cr., marking a decrease of 191.00 Cr..

However, the Borrowings (7,740.00 Cr.) are higher than the Reserves (₹7,184.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	735	716	1,035	1,356	1,052	967	911	1,522	1,020	506	1,294	1,664
Cash from Investing Activity +	-232	-244	-467	-888	-737	-722	-1,196	-1,114	-1,511	-690	-1,666	-665
Cash from Financing Activity +	-330	-640	-360	-448	-401	-314	368	-381	578	310	280	-203
Net Cash Flow	173	-168	208	19	-86	-69	83	26	87	126	-91	796

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	746.00	919.00	-1.00	-2.00	-2.00	-2.00	-2.00	-3.00	827.00	-4.00	-6.00	-5.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	56	47	41	75	77	85	77	68	81	75	87	74
Inventory Days	188	154	131	142	161	151	160	177	249	235	191	159
Days Payable	153	157	144	119	127	148	118	105	167	141	132	112
Cash Conversion Cycle	91	45	28	98	111	88	119	140	163	169	147	121
Working Capital Days	18	22	58	81	64	75	90	77	114	112	107	87
ROCE %	11%	15%	21%	17%	13%	18%	20%	7%	3%	11%	8%	13%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	45.25%	45.25%	45.26%	45.26%	45.26%	45.26%	45.26%	45.26%	45.26%	45.26%	45.26%	44.07%
FIIs	19.80%	18.82%	19.30%	17.88%	16.17%	15.79%	16.28%	16.60%	16.48%	17.04%	18.72%	17.87%
DIIs	23.55%	24.33%	24.55%	26.09%	27.70%	28.61%	27.95%	27.74%	28.06%	27.96%	26.32%	28.35%
Government	0.16%	0.16%	0.16%	0.18%	0.18%	0.18%	0.18%	0.18%	0.18%	0.18%	0.16%	0.15%
Public	11.23%	11.44%	10.72%	10.60%	10.70%	10.17%	10.35%	10.22%	10.04%	9.58%	9.55%	9.55%
No. of Shareholders	1,53,718	1,56,445	1,58,845	1,55,734	1,62,105	1,56,686	1,69,954	1,79,683	1,89,104	1,82,988	1,99,721	2,07,810

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Kotak Emerging Equity Fund - Regular Plan	8,132,726	2.57	1004.6	8,132,726	2025-04-22 17:25:40	0%
Kotak Flexicap Fund - Regular Plan	6,600,000	1.84	815.27	6,600,000	2025-04-22 12:42:19	0%
DSP Mid Cap Fund	5,797,525	4.33	716.14	5,797,525	2025-04-22 12:42:19	0%
Kotak Equity Opportunities Fund - Regular Plan	4,700,000	3.17	580.57	4,700,000	2025-04-22 17:25:40	0%
Mirae Asset Large & Midcap Fund	3,772,632	1.4	466.01	3,772,632	2025-04-22 17:25:40	0%
Aditya Birla Sun Life Flexi Cap Fund	3,540,000	2.23	437.28	3,540,000	2025-04-22 17:25:40	0%
Nippon India Growth Fund	3,300,000	1.67	407.63	3,300,000	2025-04-22 17:25:40	0%
Mirae Asset Midcap Fund	2,661,743	2.29	328.79	2,661,743	2025-04-22 17:25:40	0%
SBI Magnum Midcap Fund	2,343,540	1.81	289.49	2,343,540	2025-04-22 12:42:19	0%
Canara Robeco Emerging Equities	2,156,703	1.34	266.41	2,156,703	2025-04-22 17:25:40	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	20.43	11.35	23.23	-2.71	7.51
Diluted EPS (Rs.)	20.43	11.35	23.23	-2.71	7.51
Cash EPS (Rs.)	37.65	27.43	39.52	11.06	20.18
Book Value[Excl.RevalReserv]/Share (Rs.)	153.88	144.78	142.32	116.98	112.79
Book Value[Incl.RevalReserv]/Share (Rs.)	153.88	144.78	142.32	116.98	112.79
Revenue From Operations / Share (Rs.)	336.79	277.26	224.66	136.08	173.01
PBDIT / Share (Rs.)	59.82	41.67	47.50	22.13	27.97
PBIT / Share (Rs.)	41.60	25.87	31.82	8.99	16.21
PBT / Share (Rs.)	30.79	18.48	30.36	0.09	10.84
Net Profit / Share (Rs.)	19.43	11.64	23.84	-2.08	8.42
NP After MI And SOA / Share (Rs.)	20.43	11.35	23.23	-2.71	7.51
PBDIT Margin (%)	17.76	15.02	21.14	16.26	16.16
PBIT Margin (%)	12.35	9.33	14.16	6.60	9.37
PBT Margin (%)	9.14	6.66	13.51	0.07	6.26
Net Profit Margin (%)	5.76	4.19	10.61	-1.53	4.86
NP After MI And SOA Margin (%)	6.06	4.09	10.34	-1.99	4.34
Return on Networth / Equity (%)	13.26	7.87	16.46	-2.33	6.70
Return on Capital Employeed (%)	19.23	11.92	15.60	4.83	9.93
Return On Assets (%)	4.91	2.87	6.93	-0.95	3.02
Long Term Debt / Equity (X)	0.25	0.26	0.27	0.40	0.35
Total Debt / Equity (X)	1.05	1.02	0.86	0.84	0.74
Asset Turnover Ratio (%)	0.83	0.50	0.48	0.32	0.42
Current Ratio (X)	1.08	1.09	1.30	1.38	1.33
Quick Ratio (X)	0.73	0.70	0.85	0.97	0.89
Inventory Turnover Ratio (X)	2.25	1.69	1.82	1.15	1.36
Dividend Payout Ratio (NP) (%)	39.16	61.68	6.45	0.00	79.85
Dividend Payout Ratio (CP) (%)	20.70	25.78	3.85	0.00	31.12
Earning Retention Ratio (%)	60.84	38.32	93.55	0.00	20.15
Cash Earning Retention Ratio (%)	79.30	74.22	96.15	0.00	68.88
Interest Coverage Ratio (X)	5.67	6.50	13.79	9.57	7.60
Interest Coverage Ratio (Post Tax) (X)	2.87	2.97	7.34	2.94	3.75
Enterprise Value (Cr.)	58418.42	41707.44	37790.52	31897.42	14235.75
EV / Net Operating Revenue (X)	3.73	3.23	3.61	5.03	1.77
EV / EBITDA (X)	20.97	21.49	17.09	30.95	10.93
MarketCap / Net Operating Revenue (X)	3.35	2.78	3.12	4.38	1.35
Retention Ratios (%)	60.83	38.31	93.54	0.00	20.14
Price / BV (X)	7.33	5.35	4.97	5.13	2.09
Price / Net Operating Revenue (X)	3.35	2.78	3.12	4.38	1.35
EarningsYield	0.01	0.01	0.03	0.00	0.03

After reviewing the key financial ratios for Bharat Forge Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is 20.43. This value is within the healthy range. It has increased from 11.35 (Mar 23) to 20.43, marking an increase of 9.08.
For Diluted EPS (Rs.), as of Mar 24, the value is 20.43. This value is within the healthy range. It has increased from 11.35 (Mar 23) to 20.43, marking an increase of 9.08.
For Cash EPS (Rs.), as of Mar 24, the value is 37.65. This value is within the healthy range. It has increased from 27.43 (Mar 23) to 37.65, marking an increase of 10.22.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 153.88. It has increased from 144.78 (Mar 23) to 153.88, marking an increase of 9.10.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 153.88. It has increased from 144.78 (Mar 23) to 153.88, marking an increase of 9.10.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 336.79. It has increased from 277.26 (Mar 23) to 336.79, marking an increase of 59.53.
For PBDIT / Share (Rs.), as of Mar 24, the value is 59.82. This value is within the healthy range. It has increased from 41.67 (Mar 23) to 59.82, marking an increase of 18.15.
For PBIT / Share (Rs.), as of Mar 24, the value is 41.60. This value is within the healthy range. It has increased from 25.87 (Mar 23) to 41.60, marking an increase of 15.73.
For PBT / Share (Rs.), as of Mar 24, the value is 30.79. This value is within the healthy range. It has increased from 18.48 (Mar 23) to 30.79, marking an increase of 12.31.
For Net Profit / Share (Rs.), as of Mar 24, the value is 19.43. This value is within the healthy range. It has increased from 11.64 (Mar 23) to 19.43, marking an increase of 7.79.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 20.43. This value is within the healthy range. It has increased from 11.35 (Mar 23) to 20.43, marking an increase of 9.08.
For PBDIT Margin (%), as of Mar 24, the value is 17.76. This value is within the healthy range. It has increased from 15.02 (Mar 23) to 17.76, marking an increase of 2.74.
For PBIT Margin (%), as of Mar 24, the value is 12.35. This value is within the healthy range. It has increased from 9.33 (Mar 23) to 12.35, marking an increase of 3.02.
For PBT Margin (%), as of Mar 24, the value is 9.14. This value is below the healthy minimum of 10. It has increased from 6.66 (Mar 23) to 9.14, marking an increase of 2.48.
For Net Profit Margin (%), as of Mar 24, the value is 5.76. This value is within the healthy range. It has increased from 4.19 (Mar 23) to 5.76, marking an increase of 1.57.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 6.06. This value is below the healthy minimum of 8. It has increased from 4.09 (Mar 23) to 6.06, marking an increase of 1.97.
For Return on Networth / Equity (%), as of Mar 24, the value is 13.26. This value is below the healthy minimum of 15. It has increased from 7.87 (Mar 23) to 13.26, marking an increase of 5.39.
For Return on Capital Employeed (%), as of Mar 24, the value is 19.23. This value is within the healthy range. It has increased from 11.92 (Mar 23) to 19.23, marking an increase of 7.31.
For Return On Assets (%), as of Mar 24, the value is 4.91. This value is below the healthy minimum of 5. It has increased from 2.87 (Mar 23) to 4.91, marking an increase of 2.04.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.25. This value is within the healthy range. It has decreased from 0.26 (Mar 23) to 0.25, marking a decrease of 0.01.
For Total Debt / Equity (X), as of Mar 24, the value is 1.05. This value exceeds the healthy maximum of 1. It has increased from 1.02 (Mar 23) to 1.05, marking an increase of 0.03.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.83. It has increased from 0.50 (Mar 23) to 0.83, marking an increase of 0.33.
For Current Ratio (X), as of Mar 24, the value is 1.08. This value is below the healthy minimum of 1.5. It has decreased from 1.09 (Mar 23) to 1.08, marking a decrease of 0.01.
For Quick Ratio (X), as of Mar 24, the value is 0.73. This value is below the healthy minimum of 1. It has increased from 0.70 (Mar 23) to 0.73, marking an increase of 0.03.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 2.25. This value is below the healthy minimum of 4. It has increased from 1.69 (Mar 23) to 2.25, marking an increase of 0.56.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 39.16. This value is within the healthy range. It has decreased from 61.68 (Mar 23) to 39.16, marking a decrease of 22.52.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 20.70. This value is within the healthy range. It has decreased from 25.78 (Mar 23) to 20.70, marking a decrease of 5.08.
For Earning Retention Ratio (%), as of Mar 24, the value is 60.84. This value is within the healthy range. It has increased from 38.32 (Mar 23) to 60.84, marking an increase of 22.52.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 79.30. This value exceeds the healthy maximum of 70. It has increased from 74.22 (Mar 23) to 79.30, marking an increase of 5.08.
For Interest Coverage Ratio (X), as of Mar 24, the value is 5.67. This value is within the healthy range. It has decreased from 6.50 (Mar 23) to 5.67, marking a decrease of 0.83.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 2.87. This value is below the healthy minimum of 3. It has decreased from 2.97 (Mar 23) to 2.87, marking a decrease of 0.10.
For Enterprise Value (Cr.), as of Mar 24, the value is 58,418.42. It has increased from 41,707.44 (Mar 23) to 58,418.42, marking an increase of 16,710.98.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 3.73. This value exceeds the healthy maximum of 3. It has increased from 3.23 (Mar 23) to 3.73, marking an increase of 0.50.
For EV / EBITDA (X), as of Mar 24, the value is 20.97. This value exceeds the healthy maximum of 15. It has decreased from 21.49 (Mar 23) to 20.97, marking a decrease of 0.52.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 3.35. This value exceeds the healthy maximum of 3. It has increased from 2.78 (Mar 23) to 3.35, marking an increase of 0.57.
For Retention Ratios (%), as of Mar 24, the value is 60.83. This value is within the healthy range. It has increased from 38.31 (Mar 23) to 60.83, marking an increase of 22.52.
For Price / BV (X), as of Mar 24, the value is 7.33. This value exceeds the healthy maximum of 3. It has increased from 5.35 (Mar 23) to 7.33, marking an increase of 1.98.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 3.35. This value exceeds the healthy maximum of 3. It has increased from 2.78 (Mar 23) to 3.35, marking an increase of 0.57.
For EarningsYield, as of Mar 24, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Bharat Forge Ltd as of April 23, 2025 is: 864.13

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 23, 2025, Bharat Forge Ltd is Overvalued by 21.73% compared to the current share price 1,104.00

Intrinsic Value of Bharat Forge Ltd as of April 23, 2025 is: 1,615.26

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 23, 2025, Bharat Forge Ltd is Undervalued by 46.31% compared to the current share price 1,104.00

Last 5 Year EPS CAGR: 86.92%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (4,871.08 cr) compared to borrowings (4,645.31 cr), indicating strong financial stability. The company has shown consistent growth in sales (8.77 cr) and profit (328.46 cr) over the years.	The stock has a low average ROCE of 13.08%, which may not be favorable. The stock has a high average Working Capital Days of 75.42, which may not be favorable. The stock has a high average Cash Conversion Cycle of 110.00, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Bharat Forge Ltd:
1. Net Profit Margin: 5.76%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 19.23% (Industry Average ROCE: 9.74%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 13.26% (Industry Average ROE: 11%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 2.87
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.73
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 55.5 (Industry average Stock P/E: 139.62)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 1.05
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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 Manufacture of other transport equipment. Company's Total Operating Revenue is Rs. 8968.63 Cr. and Equity Capital is Rs. 93.13 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Forgings	Mundhwa, Pune Cantonment, Pune Maharashtra 411036	secretarial@bharatforge.com http://www.bharatforge.com

Management
Name	Position Held
Mr. B N Kalyani	Chairman & Managing Director
Mr. G K Agarwal	Deputy Managing Director
Mr. Amit B Kalyani	Joint Managing Director
Mr. B P Kalyani	Executive Director
Mr. S E Tandale	Executive Director
Mr. Murali G Sivaraman	Independent Director
Mr. Dipak B Mane	Independent Director
Ms. Sonia Singh	Independent Director
Mr. Pratap G Pawar	Independent Director
Mrs. Lalita D Gupte	Independent Director
Mr. P H Ravikumar	Independent Director
Mr. Vimal R Bhandari	Independent Director
Mr. K B S Anand	Independent Director
Mr. Ashish Bharat Ram	Non Exe.Non Ind.Director

FAQ

What is the intrinsic value of Bharat Forge Ltd?

Bharat Forge Ltd's intrinsic value (as of 23 April 2025) is ₹864.13 — 21.73% lower the current market price of 1,104.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 52,776 Cr. market cap, FY2025-2026 high/low of ₹1,826/919, reserves of 7,184 Cr, and liabilities of 18,993 Cr.

What is the Market Cap of Bharat Forge Ltd?

The Market Cap of Bharat Forge Ltd is 52,776 Cr..

What is the current Stock Price of Bharat Forge Ltd as on 23 April 2025?

The current stock price of Bharat Forge Ltd as on 23 April 2025 is 1,104.

What is the High / Low of Bharat Forge Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Bharat Forge Ltd stocks is ₹1,826/919.

What is the Stock P/E of Bharat Forge Ltd?

The Stock P/E of Bharat Forge Ltd is 55.5.

What is the Book Value of Bharat Forge Ltd?

The Book Value of Bharat Forge Ltd is 152.

What is the Dividend Yield of Bharat Forge Ltd?

The Dividend Yield of Bharat Forge Ltd is 0.82 %.

What is the ROCE of Bharat Forge Ltd?

The ROCE of Bharat Forge Ltd is 12.9 %.

What is the ROE of Bharat Forge Ltd?

The ROE of Bharat Forge Ltd is 12.7 %.

What is the Face Value of Bharat Forge Ltd?

The Face Value of Bharat Forge Ltd is 2.00.