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Bharat Forge
World-scale forgings (auto, industrial) + defence (ATAGS artillery won ₹6.9K Cr order, protected vehicles). Defence + aerospace now the re-rating engine.
Order book · ATAGS ₹6.9K Cr + Kalyani protected vehicles
Hold / Watchlist
₹2,208
Mkt cap ₹1.06 L Cr
P/E
89.5x
P/B
11.0x
ROCE
13.1%
ROE
12.5%
Div yield
0.39%
52W high
₹2,238
52W low
₹1,100
Promoter
44.1%
Score bridge (derived from real data)
Fundamental
60
Valuation
41
Technical
83
Moat (curated)
74
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹1,100now ₹2,208₹2,238
97/100
Technical rating A
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BearishGolden cross
RSI-14
RSI-14
66
vs SMA-50
9.3%
vs SMA-200
32.2%
1Y return
81.6%
Ann. vol
29%
Max DD 1Y
-15%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Forgings & Castings
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Bharat Forge ◄ | ₹1.06 L Cr | 89.5x | 17% | 13.1% | 9.2% | 28.9% | 0.76x | 63 |
| Ramkrishna Forgings | ₹10.2K Cr | 127.0x | 15% | 5.6% | 9.9% | -33.8% | 0.74x | 49 |
Financial statements
Source: Screener.inSales 3Y CAGR
9.2%
PAT 3Y CAGR
28.9%
OPM (latest)
17.0%
PAT margin
6.5%
D / E
0.76x
CFO / PAT
1.37x
EV / EBITDA
38.7x
FCF yield
0.4%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 23.4% | 21.5% | -3.6% | 11.2% |
| PAT growth YoY % | — | -52.8% | 79.1% | 0.3% | 19.3% |
| OPM % | 19% | 13% | 16% | 18% | 17% |
| PAT margin % | 10.3% | 3.9% | 5.8% | 6.0% | 6.5% |
| ROE % (PAT / net worth) | 16.4% | 7.6% | 12.7% | 9.9% | 11.4% |
| D / E (x) | 0.91 | 1.09 | 1.11 | 0.72 | 0.76 |
| Asset turnover (x) | 0.68 | 0.71 | 0.82 | 0.76 | 0.76 |
| CFO / PAT (x) | 0.47 | 2.55 | 1.83 | 1.97 | 1.37 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 |
| Operating profit | 1,983 | 1,737 | 2,562 | 2,692 | 2,917 |
| OPM % | 19% | 13% | 16% | 18% | 17% |
| Net profit | 1,077 | 508 | 910 | 913 | 1,089 |
| EPS ₹ | 23.23 | 11.35 | 20.43 | 19.69 | 22.58 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 3,476 | 3,853 | 3,909 | 4,032 |
| OPM % | 18% | 18% | 17% | 18% |
| PAT | 213 | 283 | 284 | 299 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 93 | 93 | 93 | 96 | 96 |
| Reserves | 6,478 | 6,612 | 7,077 | 9,158 | 9,484 |
| Borrowings | 5,972 | 7,313 | 7,948 | 6,698 | 7,309 |
| Total assets | 15,492 | 18,235 | 19,184 | 19,968 | 22,260 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 506 | 1,294 | 1,664 | 1,796 | 1,487 |
| Investing | -690 | -1,666 | -665 | -1,964 | -1,033 |
| Financing | 310 | 280 | -203 | -570 | -442 |
Shareholding
Promoters
44.1%
FII
15.0%
DII
32.2%
Public
8.5%
Mkt cap
₹1.06 L Cr
P/E
89.5x
52W range
₹1,100–2,238