Arthneeti

Bharat Forge Q1 FY27 Share Price & Earnings Call Analysis

₹1,766.30+0.36% today
Market cap
₹86,315 Cr
P/E
85.47
ROE
11.99%
PEG
2.57
Price to sales
4.92
Debt to equity
0.76
52W high / low
₹2,265 / ₹1,317
Sales growth (5Y)
21.55%
EBITDA margin
16.79%
Net profit margin
6.77%
Promoter holding
43.12%
Sales (last year)
₹17,543 Cr

Bharat Forge is engaged in the manufacturing and selling of forged and machined components for the auto and industrial sectors.[1]

Guidance scorecard · Q1 FY27 call

What Bharat Forge Ltd's management guided
and where it ranks in Auto Components

#14of 66 in
Auto Components
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

20–40%
  • FY27 and FY28 expected to be remarkably strong years with sustained momentum across segments and geographies.
  • Aerospace business to double in size over the next 2 years, currently at INR400 crores.
  • Semiconductor business targeted to reach INR30-40 million organically in 2 years with plans to double after new machining facilities come online.
  • Data centre/energy business expected to double in the next 4 years with long-term contracts secured.
  • India manufacturing operations planned to grow at a 15% CAGR over the next 5 years.
  • K Drive (EV axles) to grow both in scale and margins with new plant planned in North India.

2 more points from Bharat Forge Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Bharat Forge Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Bharat Forge plans an organic capex of approximately INR 1,800 crores spread over forging, machining, heat treatment, ring rolling, and quality control assets.
  • Capex targets growth in traditional sectors and new sectors like large engine, power generation, semiconductor components, aerospace, and an energetics plant in Andhra Pradesh for propellants and explosives.
  • The capital raise of up to INR 2,500 crores is for funding this growth capex and to maintain a strong cash balance (~INR 2,000 crores) for further acceleration and potential M&A opportunities.
  • New facilities include a modular shell filling plant (Andhra Pradesh) and manufacturing expansions in aerospace, semiconductor machining, and defense (naval power generation systems).

2 more points from Bharat Forge Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Bharat Forge Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Defense order book stands at INR 11,196 crores as of the end of Q1 FY27.
  • Orders are being transferred within entities as part of restructuring, with sizable portions moving to India.
  • The Marine Gas Turbine Generators order is cited as the largest naval order to date.
  • The defense segment is expected to expand with new product rollouts and serial production starting this year.
Full Q1 FY27 analysis
Full Auto Components ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Auto Components
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Bharat Forge Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Auto Components companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹3,020 Cr47.8
240%+Flat₹1,998 Cr63.5
340%+Flat₹428 Cr17.5
420–40%Up 2%+₹25,721 Cr73.8
520–40%Up 2%+₹13,417 Cr40.5
620–40%Up 0–2%₹23,344 Cr37.6

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Bharat Forge Ltd announcements

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Financials of Bharat Forge Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Bharat Forge Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +3,6293,8773,7743,8664,1644,1063,6893,4763,8533,9094,0324,3434,528
Expenses +3,1913,2823,1533,1693,5213,3653,0422,8533,1743,2393,3083,5973,751
Operating Profit438595621698643741647623679670724746777
OPM %12%15%16%18%15%18%18%18%18%17%18%17%17%
Other Income +1767515845-996238575054-13-46
Interest97114124137116124110968882807784
Depreciation181206211224207218213218224226241249255
Profit before tax177341337395366300385347424411457407392
Tax %28%37%36%36%38%42%37%39%33%31%34%33%40%
Net Profit +128214215254227175243213283284299273233
EPS in Rs2.914.804.885.685.074.365.234.455.905.936.265.534.86

Financials of Bharat Forge Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +7,6226,8096,3968,35810,1468,0566,33610,46112,91015,68215,12316,812
Expenses +6,2325,3975,2766,6358,0986,9845,5048,47811,17413,12112,43113,894
Operating Profit1,3901,4131,1211,7232,0481,0728321,9831,7372,5622,6922,917
OPM %18%21%18%21%20%13%13%19%13%16%18%17%
Other Income +22614839146199109-1382881242175544
Interest136116100107127171108160299491417323
Depreciation362453452467521548612730736848874971
Profit before tax1,1189929601,1961,599462-251,3818271,4391,4561,667
Tax %32%32%26%37%35%24%399%22%39%37%37%35%
Net Profit +7606757117541,033349-1271,0775089109131,089
EPS in Rs16.3814.5715.1316.3822.177.51-2.7123.2311.3520.4319.6922.58
Dividend Payout %23%26%25%27%23%47%-74%30%62%44%43%38%

Financials of Bharat Forge Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital474747939393939393939696
Reserves3,3983,3674,0704,5595,2835,1275,3226,4786,6127,0779,1589,484
Borrowings +2,5463,3753,1243,2574,0294,4695,2715,9727,3137,9486,6987,309
Other Liabilities +2,2451,5041,6002,0682,1731,7932,4022,9504,2164,0664,0175,372
Total Liabilities8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,260
Fixed Assets +2,6293,1343,2773,5003,6254,0024,7504,8706,1616,3096,6278,262
CWIP8704094533448311,1439001,1257019911,7321,251
Investments4968861,1921,5011,5241,6182,6072,6042,5691,8492,0631,738
Other Assets +4,2423,8633,9194,6325,5994,7204,8316,8938,80410,0349,54711,008
Total Assets8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,260

Financials of Bharat Forge Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,0351,3561,0529679111,5221,0205061,2941,6641,7961,487
Cash from Investing Activity +-467-888-737-722-1,196-1,114-1,511-690-1,666-665-1,964-1,033
Cash from Financing Activity +-360-448-401-314368-381578310280-203-570-442
Net Cash Flow20819-86-69832687126-91796-73812
Free Cash Flow326465408399-220565129-459325164352374
CFO/OP104%118%118%79%71%164%134%43%99%85%89%70%

Financials of Bharat Forge Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days417577857768817587747085
Inventory Days131142161151160177249235191159198195
Days Payable144119127148118105167141132112130144
Cash Conversion Cycle289811188119140163169147121138136
Working Capital Days4011-8615-15-49-24-39-46-2714
ROCE %21%17%13%18%20%7%3%11%8%13%12%13%

Guidance history

How Bharat Forge Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlannedRising
Q4 FY26 call →20–40%FlatPlannedPlannedRising
Q3 FY26 call →20–40%FlatPlannedPlannedRising
Q2 FY26 call →10–20%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

27out of 100

Momentum score · price trend

27 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+34.5%80%
Last 6 months−7.7%43%
Last 3 months−19.0%21%

The price is 22.3% below its all-time high of ₹2,265.2 (7 Aug 2026). Stocks more than 20% below their peak have their score halved, so 53 became 27.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Bharat Forge Ltd: 0.4 × 80 + 0.4 × 43 + 0.2 × 21 = 53, halved to 27 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Bharat Forge Ltd's management said in earlier quarters

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