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Bharat Forge shares hit 52-week high, rise 1.62%

With the stock currently trading at Rs 1,617.00, Bharat Forge has demonstrated a strong financial performance and positive market sentiment.

February 10, 2026 / 14:50 IST
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Shares of Bharat Forge touched a 52-week high of Rs 1,616.10, gaining 1.62% on Tuesday. At 12:12 pm, the stock was trading at Rs 1,617.00 on the NSE. The stock is a constituent of the Nifty Midcap 150 index.

Financial Snapshot:

Bharat Forge's financial performance shows a fluctuating but generally positive trend. Here’s a summary of the company’s consolidated financial results:

Quarterly Performance:

HeadingSep 2024Dec 2024Mar 2025Jun 2025Sep 2025
RevenueRs 3,688.51 CroreRs 3,475.55 CroreRs 3,852.60 CroreRs 3,908.75 CroreRs 4,031.93 Crore
Net ProfitRs 243.88 CroreRs 214.32 CroreRs 284.90 CroreRs 287.14 CroreRs 300.27 Crore
EPS5.234.545.925.936.26

The company has demonstrated consistent revenue growth over the quarters, with revenue increasing from Rs 3,688.51 Crore in September 2024 to Rs 4,031.93 Crore in September 2025. Net profit also increased steadily, reaching Rs 300.27 Crore in September 2025.

Annual Performance:

Heading20212022202320242025
RevenueRs 6,336.26 CroreRs 10,461.08 CroreRs 12,910.26 CroreRs 15,682.07 CroreRs 15,122.80 Crore
Net Profit-Rs 96.99 CroreRs 1,110.08 CroreRs 541.83 CroreRs 904.84 CroreRs 916.98 Crore
EPS-2.7123.2311.3520.4320.05
BVPS116.98142.32144.78153.88193.53
ROE-2.3316.467.8713.2610.17
Debt to Equity0.850.861.021.050.68

Bharat Forge has shown strong annual revenue growth from 2021 to 2024, although there was a slight decrease in 2025. After a net loss in 2021, the company has consistently reported net profits. The debt-to-equity ratio decreased in 2025, indicating improved financial leverage.

Income Statement (Yearly):

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
SalesRs 15,122 CroreRs 15,682 CroreRs 12,910 CroreRs 10,461 CroreRs 6,336 Crore
Other IncomeRs 213 CroreRs 227 CroreRs 172 CroreRs 195 CroreRs 168 Crore
Total IncomeRs 15,336 CroreRs 15,909 CroreRs 13,083 CroreRs 10,656 CroreRs 6,505 Crore
Total ExpenditureRs 13,459 CroreRs 13,984 CroreRs 11,924 CroreRs 9,083 CroreRs 6,392 Crore
EBITRs 1,877 CroreRs 1,924 CroreRs 1,159 CroreRs 1,573 CroreRs 112 Crore
InterestRs 417 CroreRs 491 CroreRs 298 CroreRs 160 CroreRs 107 Crore
TaxRs 542 CroreRs 528 CroreRs 318 CroreRs 303 CroreRs 101 Crore
Net ProfitRs 916 CroreRs 904 CroreRs 541 CroreRs 1,110 Crore-Rs 96 Crore

The company’s sales have generally increased year-on-year, with a slight dip in March 2025. After incurring a net loss in March 2021, Bharat Forge has demonstrated a strong turnaround, with net profits rising significantly in subsequent years.

Income Statement (Quarterly):

Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
SalesRs 4,031 CroreRs 3,908 CroreRs 3,852 CroreRs 3,475 CroreRs 3,688 Crore
Other IncomeRs 53 CroreRs 49 CroreRs 62 CroreRs 38 CroreRs 61 Crore
Total IncomeRs 4,085 CroreRs 3,958 CroreRs 3,914 CroreRs 3,513 CroreRs 3,750 Crore
Total ExpenditureRs 3,547 CroreRs 3,461 CroreRs 3,400 CroreRs 3,069 CroreRs 3,254 Crore
EBITRs 537 CroreRs 496 CroreRs 514 CroreRs 444 CroreRs 495 Crore
InterestRs 80 CroreRs 82 CroreRs 88 CroreRs 95 CroreRs 109 Crore
TaxRs 157 CroreRs 127 CroreRs 141 CroreRs 134 CroreRs 141 Crore
Net ProfitRs 300 CroreRs 287 CroreRs 284 CroreRs 214 CroreRs 243 Crore

Quarterly sales and net profit show an increasing trend through September 2025, indicating consistent growth and profitability.

Cash Flow:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Operating ActivitiesRs 1,796 CroreRs 1,664 CroreRs 1,294 CroreRs 505 CroreRs 1,020 Crore
Investing Activities-Rs 1,964 Crore-Rs 666 Crore-Rs 1,671 Crore-Rs 690 Crore-Rs 1,511 Crore
Financing Activities-Rs 569 Crore-Rs 202 CroreRs 280 CroreRs 310 CroreRs 578 Crore
OthersRs 0 CroreRs 1 CroreRs 46 Crore-Rs 14 CroreRs 47 Crore
Net Cash Flow-Rs 737 CroreRs 796 Crore-Rs 49 CroreRs 111 CroreRs 134 Crore

Bharat Forge has shown fluctuating cash flow patterns, with positive net cash flow in 2022, 2024 and 2021, but negative in 2023 and 2025. The cash flow from operating activities has generally increased over the years.

Balance Sheet:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Share CapitalRs 95 CroreRs 93 CroreRs 93 CroreRs 93 CroreRs 93 Crore
Reserves & SurplusRs 9,157 CroreRs 7,064 CroreRs 6,612 CroreRs 6,477 CroreRs 5,321 Crore
Current LiabilitiesRs 8,703 CroreRs 9,280 CroreRs 8,276 CroreRs 6,114 CroreRs 4,517 Crore
Other LiabilitiesRs 2,131 CroreRs 2,911 CroreRs 3,401 CroreRs 2,924 CroreRs 3,244 Crore
Total LiabilitiesRs 20,088 CroreRs 19,349 CroreRs 18,384 CroreRs 15,608 CroreRs 13,177 Crore
Fixed AssetsRs 8,095 CroreRs 7,004 CroreRs 6,566 CroreRs 5,944 CroreRs 5,617 Crore
Current AssetsRs 10,232 CroreRs 10,015 CroreRs 9,002 CroreRs 7,930 CroreRs 6,214 Crore
Other AssetsRs 1,760 CroreRs 2,328 CroreRs 2,815 CroreRs 1,733 CroreRs 1,345 Crore
Total AssetsRs 20,088 CroreRs 19,349 CroreRs 18,384 CroreRs 15,608 CroreRs 13,177 Crore
Contingent LiabilitiesRs 1,819 CroreRs 1,953 CroreRs 1,085 CroreRs 1,201 CroreRs 1,323 Crore

Bharat Forge's balance sheet shows consistent growth in reserves and surplus, and total assets. Fixed assets and current assets have also increased, reflecting business expansion and efficient working capital management.

Key Financial Ratios:

RatioMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Basic EPS (Rs.)-2.7123.2311.3520.4320.05
Diluted EPS (Rs.)-2.7123.2311.3520.4320.05
Book Value/Share (Rs.)116.98142.32144.78153.88193.53
Dividend/Share (Rs.)2.007.007.009.008.50
Face Value22222
Gross Profit Margin (%)16.2621.1415.0217.7619.22
Operating Margin (%)6.6014.169.3312.3513.45
Net Profit Margin (%)-1.5310.614.195.766.06
Return on Equity (%)-2.3316.467.8713.2610.17
ROCE (%)4.8315.6011.9219.2317.86
Return On Assets (%)-0.956.932.874.914.68
Current Ratio (X)1.381.301.091.081.18
Quick Ratio (X)0.980.850.710.730.76
Debt to Equity (x)0.850.861.021.050.68
Interest Coverage (X)3.8813.796.505.676.96
Asset Turnover Ratio (%)48.080.480.510.830.77
Inventory Turnover Ratio (X)3.531.821.692.254.45
3 Yr CAGR Sales (%)-12.931.5426.5957.3220.23
3 Yr CAGR Net Profit (%)-64.143.1217.55205.44-9.11
P/E (x)-219.9130.1667.8855.2958.31
P/B (x)5.134.975.357.336.03
EV/EBITDA (x)30.9517.0921.4920.9720.89
P/S (x)4.383.122.783.353.69

Key financial ratios indicate a robust financial performance. While the P/E ratio and P/B ratio remain high, other indicators like the current ratio and debt-to-equity ratio suggest a stable financial structure.

Corporate Actions:

Bharat Forge has scheduled a board meeting on February 12, 2026, to discuss and approve the unaudited financial results for the quarter and nine months ended December 31, 2025. An analyst/investor conference call is also scheduled for the same day to discuss these results.

Dividend History:

  • May 08, 2025: Final Dividend of Rs 6.00 per share (300%) effective July 04, 2025.
  • February 12, 2025: Interim Dividend of Rs 2.50 per share (125%) effective February 18, 2025.
  • May 08, 2024: Final Dividend of Rs 6.50 per share (325%) effective July 05, 2024.

Bonus History:

  • August 10, 2017: Bonus ratio of 1:1, ex-bonus date September 28, 2017.
  • October 04, 1988: Bonus ratio of 1:1.
  • September 11, 1981: Bonus ratio of 1:1.

Rights History:

  • January 19, 2004: Rights ratio of 1:20, premium Rs 550, ex-rights date July 20, 2004.
  • August 10, 1993: Rights ratio of 1:3, premium Rs 40, ex-rights date December 10, 1993.
  • May 30, 1992: Rights ratio of 1:4, premium Rs 150, ex-rights date July 16, 1992.

Split History:

  • March 02, 2005: Stock split from a face value of Rs 10 to Rs 2, ex-split date July 20, 2005.

Moneycontrol analysis indicates a very bullish sentiment on the stock as of February 3, 2026.

With the stock currently trading at Rs 1,617.00, Bharat Forge has demonstrated a strong financial performance and positive market sentiment.

Alpha Desk
first published: Feb 10, 2026 02:50 pm

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