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:
| Heading | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 3,688.51 Crore | Rs 3,475.55 Crore | Rs 3,852.60 Crore | Rs 3,908.75 Crore | Rs 4,031.93 Crore |
| Net Profit | Rs 243.88 Crore | Rs 214.32 Crore | Rs 284.90 Crore | Rs 287.14 Crore | Rs 300.27 Crore |
| EPS | 5.23 | 4.54 | 5.92 | 5.93 | 6.26 |
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:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 6,336.26 Crore | Rs 10,461.08 Crore | Rs 12,910.26 Crore | Rs 15,682.07 Crore | Rs 15,122.80 Crore |
| Net Profit | -Rs 96.99 Crore | Rs 1,110.08 Crore | Rs 541.83 Crore | Rs 904.84 Crore | Rs 916.98 Crore |
| EPS | -2.71 | 23.23 | 11.35 | 20.43 | 20.05 |
| BVPS | 116.98 | 142.32 | 144.78 | 153.88 | 193.53 |
| ROE | -2.33 | 16.46 | 7.87 | 13.26 | 10.17 |
| Debt to Equity | 0.85 | 0.86 | 1.02 | 1.05 | 0.68 |
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 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 15,122 Crore | Rs 15,682 Crore | Rs 12,910 Crore | Rs 10,461 Crore | Rs 6,336 Crore |
| Other Income | Rs 213 Crore | Rs 227 Crore | Rs 172 Crore | Rs 195 Crore | Rs 168 Crore |
| Total Income | Rs 15,336 Crore | Rs 15,909 Crore | Rs 13,083 Crore | Rs 10,656 Crore | Rs 6,505 Crore |
| Total Expenditure | Rs 13,459 Crore | Rs 13,984 Crore | Rs 11,924 Crore | Rs 9,083 Crore | Rs 6,392 Crore |
| EBIT | Rs 1,877 Crore | Rs 1,924 Crore | Rs 1,159 Crore | Rs 1,573 Crore | Rs 112 Crore |
| Interest | Rs 417 Crore | Rs 491 Crore | Rs 298 Crore | Rs 160 Crore | Rs 107 Crore |
| Tax | Rs 542 Crore | Rs 528 Crore | Rs 318 Crore | Rs 303 Crore | Rs 101 Crore |
| Net Profit | Rs 916 Crore | Rs 904 Crore | Rs 541 Crore | Rs 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 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|
| Sales | Rs 4,031 Crore | Rs 3,908 Crore | Rs 3,852 Crore | Rs 3,475 Crore | Rs 3,688 Crore |
| Other Income | Rs 53 Crore | Rs 49 Crore | Rs 62 Crore | Rs 38 Crore | Rs 61 Crore |
| Total Income | Rs 4,085 Crore | Rs 3,958 Crore | Rs 3,914 Crore | Rs 3,513 Crore | Rs 3,750 Crore |
| Total Expenditure | Rs 3,547 Crore | Rs 3,461 Crore | Rs 3,400 Crore | Rs 3,069 Crore | Rs 3,254 Crore |
| EBIT | Rs 537 Crore | Rs 496 Crore | Rs 514 Crore | Rs 444 Crore | Rs 495 Crore |
| Interest | Rs 80 Crore | Rs 82 Crore | Rs 88 Crore | Rs 95 Crore | Rs 109 Crore |
| Tax | Rs 157 Crore | Rs 127 Crore | Rs 141 Crore | Rs 134 Crore | Rs 141 Crore |
| Net Profit | Rs 300 Crore | Rs 287 Crore | Rs 284 Crore | Rs 214 Crore | Rs 243 Crore |
Quarterly sales and net profit show an increasing trend through September 2025, indicating consistent growth and profitability.
Cash Flow:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 1,796 Crore | Rs 1,664 Crore | Rs 1,294 Crore | Rs 505 Crore | Rs 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 Crore | Rs 280 Crore | Rs 310 Crore | Rs 578 Crore |
| Others | Rs 0 Crore | Rs 1 Crore | Rs 46 Crore | -Rs 14 Crore | Rs 47 Crore |
| Net Cash Flow | -Rs 737 Crore | Rs 796 Crore | -Rs 49 Crore | Rs 111 Crore | Rs 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 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 95 Crore | Rs 93 Crore | Rs 93 Crore | Rs 93 Crore | Rs 93 Crore |
| Reserves & Surplus | Rs 9,157 Crore | Rs 7,064 Crore | Rs 6,612 Crore | Rs 6,477 Crore | Rs 5,321 Crore |
| Current Liabilities | Rs 8,703 Crore | Rs 9,280 Crore | Rs 8,276 Crore | Rs 6,114 Crore | Rs 4,517 Crore |
| Other Liabilities | Rs 2,131 Crore | Rs 2,911 Crore | Rs 3,401 Crore | Rs 2,924 Crore | Rs 3,244 Crore |
| Total Liabilities | Rs 20,088 Crore | Rs 19,349 Crore | Rs 18,384 Crore | Rs 15,608 Crore | Rs 13,177 Crore |
| Fixed Assets | Rs 8,095 Crore | Rs 7,004 Crore | Rs 6,566 Crore | Rs 5,944 Crore | Rs 5,617 Crore |
| Current Assets | Rs 10,232 Crore | Rs 10,015 Crore | Rs 9,002 Crore | Rs 7,930 Crore | Rs 6,214 Crore |
| Other Assets | Rs 1,760 Crore | Rs 2,328 Crore | Rs 2,815 Crore | Rs 1,733 Crore | Rs 1,345 Crore |
| Total Assets | Rs 20,088 Crore | Rs 19,349 Crore | Rs 18,384 Crore | Rs 15,608 Crore | Rs 13,177 Crore |
| Contingent Liabilities | Rs 1,819 Crore | Rs 1,953 Crore | Rs 1,085 Crore | Rs 1,201 Crore | Rs 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:
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | -2.71 | 23.23 | 11.35 | 20.43 | 20.05 |
| Diluted EPS (Rs.) | -2.71 | 23.23 | 11.35 | 20.43 | 20.05 |
| Book Value/Share (Rs.) | 116.98 | 142.32 | 144.78 | 153.88 | 193.53 |
| Dividend/Share (Rs.) | 2.00 | 7.00 | 7.00 | 9.00 | 8.50 |
| Face Value | 2 | 2 | 2 | 2 | 2 |
| Gross Profit Margin (%) | 16.26 | 21.14 | 15.02 | 17.76 | 19.22 |
| Operating Margin (%) | 6.60 | 14.16 | 9.33 | 12.35 | 13.45 |
| Net Profit Margin (%) | -1.53 | 10.61 | 4.19 | 5.76 | 6.06 |
| Return on Equity (%) | -2.33 | 16.46 | 7.87 | 13.26 | 10.17 |
| ROCE (%) | 4.83 | 15.60 | 11.92 | 19.23 | 17.86 |
| Return On Assets (%) | -0.95 | 6.93 | 2.87 | 4.91 | 4.68 |
| Current Ratio (X) | 1.38 | 1.30 | 1.09 | 1.08 | 1.18 |
| Quick Ratio (X) | 0.98 | 0.85 | 0.71 | 0.73 | 0.76 |
| Debt to Equity (x) | 0.85 | 0.86 | 1.02 | 1.05 | 0.68 |
| Interest Coverage (X) | 3.88 | 13.79 | 6.50 | 5.67 | 6.96 |
| Asset Turnover Ratio (%) | 48.08 | 0.48 | 0.51 | 0.83 | 0.77 |
| Inventory Turnover Ratio (X) | 3.53 | 1.82 | 1.69 | 2.25 | 4.45 |
| 3 Yr CAGR Sales (%) | -12.93 | 1.54 | 26.59 | 57.32 | 20.23 |
| 3 Yr CAGR Net Profit (%) | -64.14 | 3.12 | 17.55 | 205.44 | -9.11 |
| P/E (x) | -219.91 | 30.16 | 67.88 | 55.29 | 58.31 |
| P/B (x) | 5.13 | 4.97 | 5.35 | 7.33 | 6.03 |
| EV/EBITDA (x) | 30.95 | 17.09 | 21.49 | 20.97 | 20.89 |
| P/S (x) | 4.38 | 3.12 | 2.78 | 3.35 | 3.69 |
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:
Bonus History:
Rights History:
Split History:
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.
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