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Bharat Forge (BHARATFORG) had a P/E of 121.8× on 6 Nov 2026, above the industry P/E of 25.1×, and the shares are 24% below their 52-week high. It earns ROCE of 16% and ROE of 6.7%, and sales and net profit grew 9.7% and 27% a year over 3 years. Its dividend yield is 0.5%, and debt is 0.68× equity. It is a mid-cap company with a market cap of ₹85,029 Cr, the largest of 71 Metal Fabrication companies by market cap; the shares rose 32% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹1,725.00
Day high
₹1,740.40
Day low
₹1,680.10
Prev. close
₹1,753.00
Volume
23.4 L

Health check

4 fair · 2 to check
  • ReturnsIn line

    +32.3% over a year, better than 3 of 7 peers.

  • Price tagPricier

    P/E 121.8 vs industry 25.1.

  • GrowthSteady

    Sales +9.7%, profit +26.9% a year over 3 years.

  • ProfitabilityAverage

    ROCE 15.6% vs peer median 7.9%.

  • Balance sheetFair

    Debt 0.68× equity, interest covered 6.4×, Piotroski 6 of 9.

  • Red flags2 to check

    Return on equity is low at 6.7%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Metal Fabrication

70 listed peers. Screen the industry

Mid cap

₹85,029 Cr, the largest of 71 in its industry.

Defensive

Beta 0.54 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹18,381 Cr · profit ₹683 Cr
Market cap
₹85,029 Cr
Mid cap
P/E
121.8
Industry 25.1
Price to book
7.23
Peers 4.11
Dividend yield
0.49%
ROE
6.7%
Peers 8.6%
ROCE
15.6%
Peers 7.9%
Debt to equity
0.68
Debt ₹7,828 Cr
EPS (TTM)
₹14.28
Face value ₹2
OPM (TTM)
14.7%
Net margin 3.7%
Sales growth
+20.8%
Latest quarter vs a year ago
Profit growth
−7.8%
Latest quarter vs a year ago
Price to sales
4.63
EV/EBITDA 30.1

Strengths and risks

Strengths

  • Quarterly sales up 20.8% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Return on equity is low at 6.7%.
  • P/E of 121.8 against an industry P/E of 25.1.

Derived automatically from reported figures. Not a recommendation.

About Bharat Forge

Bharat Forge Limited engages in the manufacture and sale of forged and machined components in India and internationally. It operates through three segments: Forgings, Defence, and Others. The company offers automotive components comprising crankshafts, connecting rods, emission/after treatment, and fuel injection systems; chassis, such as front axle beams, steering knuckles, control arms, knuckle, forks, and reinforcement brackets; transmission and…

Headquarters
Pune
Employees
3,954
Sector
Industrials
ISIN
INE465A01025
Website
bharatforge.com

Price range

52 weeks

₹1,303.70₹2,295.00

Today

₹1,680.10₹1,740.40
Avg volume (3M)
11.4 L
1-year return
plus 32.3%
From 52-week high
minus 24.2%

Analyst consensus

24 analysts
HoldMean target ₹1,897.29 plus 9.0%

Target range, with today’s price

Low ₹1,200.00High ₹2,469.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Metal Fabrication

Compare with peersScreen the whole industry
Company
BHARATFORGBharat Forge1,740.00minus 0.74%85,029121.87.2315.6%6.7%14.7%9.7%26.9%0.49%plus 32.3%
INDOMIMINDO-MIM1,219.50minus 3.93%60,302101.120.9422.8%21.3%28.6%15.8%4.9%0.00%plus 64.4%
PTCILPTC Industries24,335.00plus 0.04%38,564290.623.737.9%8.6%24.6%40.7%57.8%0.00%plus 41.4%
ZETWERKZetwerk Manufacturing Businesses164.89minus 1.10%27,937–−2.47−13.0%−36.0%0.1%56.9%–0.00%plus 19.3%
HAPPYFORGEHappy Forgings1,694.50minus 10.00%15,99649.07.0018.9%15.2%30.6%9.8%13.1%0.24%plus 85.8%
RKFORGERamkrishna Forgings693.85minus 4.25%13,08768.43.514.7%5.6%17.1%10.5%−33.9%0.58%plus 35.6%
GRAVITAGravita India1,493.90minus 0.07%10,88327.34.1118.1%16.2%9.3%14.9%23.5%0.52%minus 15.4%
RHIMRHI MAGNESITA INDIA LTD.359.80minus 0.21%7,430–2.09−7.2%−10.1%11.7%13.9%–0.69%minus 24.4%
Median of 7 peers–−1.10%15,99668.44.117.9%8.6%17.1%14.9%13.1%0.24%35.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
4,0324,3434,5284,6404,870
3,3063,5933,7504,2434,102
726750778397768
18.0%17.3%17.2%8.6%15.8%
52.238.552.135841.5
80.176.684.489.796.9
241249255263270
–−55.7−98.7−358−24.6
45740739244.4418
34.5%33.0%40.5%302.3%33.3%
299264233−89.7276
6.265.534.86-1.885.77

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+9.7%
Profit CAGR 3Y
+26.9%
EPS CAGR 3Y
+25.8%
ROE
6.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
12,28915,04314,53016,224
–+22.4%minus 3.4%+11.7%
10,47912,43211,79213,296
1,8102,6112,7372,928
14.7%17.4%18.8%18.0%
−885.383.1117
266467395312
736848874971
26.558.8−96.6−95.6
8271,4391,4561,667
38.5%36.8%37.3%34.7%
5289519411,080
–+80.0%minus 1.0%+14.7%
11.3520.4320.0522.58

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
93.193.195.695.6
6,6127,0779,1589,484
7,3137,9486,6987,309
4,3654,2314,1375,372
18,38419,34920,08822,260
6,9107,6428,2339,169
1,1281,7011,9391,434
1,460760619503
2,0842,7022,0482,153
6,8026,5457,2499,002
18,38419,34920,08822,260

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,2941,6641,7961,487
−1,671−667−1,964−1,033
280−203−570−442
−96.6795−73811.6
−996−1,524−1,450−1,140
298140346346
−325−380−422−380

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 37.4% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you