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Bharat Forge Ltd share Price

Company details

6M Return 37.56%
1Y Return 53.34%
Mkt Cap.(Cr) 49,394.34
Volume 788,586
Div Yield 0.65%
OI Chg %
Volume 788,586

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About The Stock

    Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy. With total capacity of 6.83 lakh MT per annum, its products find application in domestic, exports markets across PV, CV, oil & gas, construction & mining, power, defence, etc.

    • FY22 standalone segment mix – ~30% CV, ~47% industrial, ~12% PV
    • FY22 standalone export mix - ~68% America, ~29% Europe, ~3% other

    BFL reported a steady performance in Q4FY22.

    • Standalone sales were up 4.5% QoQ to ₹ 1,674 crore, tonnage up 7.8% QoQ
    • EBITDA was at ₹ 431 crore, with margins up 30 bps QoQ to 25.8%
    • PAT was down 22.4% QoQ to ₹ 262 crore (exceptional gains in Q3FY22)
    • For FY23, management commentary is upbeat on demand prospects & revenue from new verticals (including EV)

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Other Industrial Products company Bharat Forge announced Q1FY24 results:

  • Revenues at Rs 21,273 million in Q1FY24 grew by 21% YoY driven by 12.5% growth in export and 33.6% growth in domestic revenue. Domestic revenues in Q1FY24 also include the supply of an artillery system to KSSL for the defence export order won last year.
  • EBITDA margin at 26% in Q1FY24 was relatively flat compared to Q1FY23.
  • PBT before Exchange gain/ (loss) was Rs 4,211 million in Q1FY24 as against Rs 3,532 million in Q1FY23 driven by higher volumes in core business and defence business.

B. N. Kalyani, Chairman & MD, Bharat Forge, said, “During the quarter, standalone revenues from operations rose by 21% YoY to Rs 21,273 million, the highest so far for the company. EBITDA & PBT grew by 20% and 27% respectively. A new business worth Rs 200 crore was secured in the core business, a combination of orders from Passenger Vehicles and the industrial segment.

A very significant milestone was achieved in the quarter by our 100% defence subsidiary, KSSL, with the commencement of supplies of Artillery systems as part of the export order won last year. In Q1FY24, we won cumulative orders worth Rs 277.8 crore in defence from multiple customers and product segments, to be executed over the next 18 months. The defence order book is increasing steadily and over a period will encompass orders across Artillery systems, Armored vehicles, components, solutions for Naval forces, and Unmanned systems. Aligned with the government's ‘Atmanirbhar Bharat’ push in defence, in addition to Artillery systems and specialty vehicles, this marks the beginning of our journey into the other product domain, and expect the share of the same to increase meaningfully in the coming years.

In the overseas business, the European operations have posted an EBITDA of Rs 51 crore in this quarter as against a loss of Rs 14 crore in the previous quarter while the US operation have posted an EBITDA loss of Rs 35 crore in the quarter. Subject to conducive end demand, we expect the US business to turn around by Q4FY24.

The acquisition of ISML’s assets has been completed during the quarter at a cost of around Rs 55 crore. This acquisition further strengthens our presence in the casting space.

As we progress ahead in FY24, we expect consolidated EBITDA to increase from current levels of 16% along with improvement in Return Ratios. For the standalone business, the demand environment remains benign across sectors and geographies, we expect stable demand coupled with the ramp-up of new business to drive topline growth in FY24. Our Last Man Standing strategy is bearing results with the company signing LTA going up to 2035 will all our key customers. We are undertaking a fairly large and diversified capex program in India to create capacity in our core business, EV components & systems, and Defence Products. These capacities and facilities will come online in a phased manner over FY24-26. This capex will be funded out of internal cash accruals.”


Result PDF

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Investment recommendation
Call Date
22 Feb 2023
Entry Price 825.00
Target Price 1,050.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Bharat Forge Ltd Stocks COMPARISION


Equity Capital: 6,704.23 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 15,612.36 -19,132.24
LAST 3M 53,075.98 -4,241.70
LAST 6M 58,662.39 138,824.89
LAST 12M 133,944.68 162,473.45

Bharat Forge Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Bharat Forge Limited is an India-based multinational company engaged in the business of metal forming. The sectors in which this company operates are forging, casting, and fastening. The company serves several industries, including automobile, oil, power, gas, rail, marine, aerospace, mining, and construction. The company was incorporated on 19 June 1961 as a part of the Kalyani Group, and its headquarters are located in Pune, Maharashtra. As of 15 October 2022, the market capitalisation of the company stood at Rs 34,838 crore.


    The company is listed on the National Stock Exchange and the Bombay Stock Exchange under the codes BHARATFORG and 500493, respectively. The company is a part of indices Nifty 200, Nifty 500, Nifty Auto, and S&P BSE 100, among others.

    Bharat Forge is India’s largest manufacturer and exporter of automotive components. Along with India, the company serves several international markets. The company is also one of the leading suppliers of aviation components. As of 15 October 2022, it has 10 manufacturing units spread across India, Sweden, Germany, France, and North America. For the quarter that ended June 2022, the company reported consolidated sales of Rs 2,851.46 crore with a net profit of Rs 164.45 crore.

    The shareholding pattern of the company revealed that a 45.25% stake in the company is owned by promoters, 18.90% of the stake is invested in mutual funds, an 18.82% stake is owned by foreign institutional investors, an 11.69% stake is owned by retail investors, and the remaining 5.34% stake belonged to other domestic institutions. The company’s management team comprises Mr B N Kalyani (Chairman and MD), Mr G K Agarwal (Deputy Managing Director), Mr Amit B Kalyani (Deputy Managing Director), Mr P G Pawar (Independent Director), and Mr B P Kalyani among others.

    On 14 October 2022, after closing, Bharat Forge Limited’s share price was Rs 747.80 at the NSE and Rs 748.45 at the BSE. The 52-week low and 52-week high prices of this share are Rs 595.85 and Rs 848.00, respectively. The shares have provided a six-month return of 2.12% and a one-year return of -6.94%. The top peers of the company include Sundaram Fasteners, Sona BLW Precision, AIA Engineering, and Mahindra CIE.

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code: 07730), BSE Ltd (Member Code: 103) and Member of Multi Commodity Exchange of India Ltd.(Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Ms. Mamta Shetty, Contact number: 022-40701022, E-mail address: complianceofficer@icicisecurities.com. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

Registered Address

Mundhwa, Pune Cantonment, Pune, Maharashtra, 411036

Tel : 91-020-6704 2777/2476
Email : secretarial:bharatforge.com
Website : http://www.bharatforge.com

Bharat Forge Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 500493
Book Closure Date (Month) :
BSE Group : A
ISIN : INE465A01025

FAQ’s on Bharat Forge Ltd Shares

You can buy Bharat Forge Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Bharat Forge Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Oct 04, 2023 03:57 PM the closing price of Bharat Forge Ltd was ₹ 1,060.90.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Oct 04, 2023 03:57 PM, the market cap of Bharat Forge Ltd stood at ₹ 49,394.34.

The latest PE ratio of Bharat Forge Ltd as of Oct 04, 2023 03:57 PM is 83.17

The latest PB ratio of Bharat Forge Ltd as of Oct 04, 2023 03:57 PM is 0.13

The 52-week high of Bharat Forge Ltd is ₹ 1,148.05 while the 52-week low is ₹ 695.10

According to analyst recommendations, Bharat Forge Ltd has a “Buy” rating for the long term.

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