Bharat Forge Ltd
BHARATFORGBharat Forge Ltd
BHARATFORG


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Key Metrics
No LabelNo Label | PB RatioPB Ratio | Dividend YieldDiv. Yield |
---|---|---|
57.48 | 7.18 | 0.81% |
Sector PESector PE | Sector PBSector PB | Sector Div YldSctr Div Yld |
---|---|---|
27.80 | 3.16 | 1.50% |
Forecast & Ratings
Detailed Forecast from 21 analysts
Price
Price Upside
Earnings
Earnings Growth
Revenue
Rev. Growth
Company Profile
Bharat Forge Limited is engaged in the business of steel forgings, finished machined crankshafts, and front axles assembly and components. The Company's segments include Forgings and Projects (Capital goods).
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Forecasts
Price
Revenue
Earnings
Price Forecast
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Revenue Forecast
All values in ₹ Thousand cr.
All values in ₹ Thousand cr.
Earnings Per Share Forecast
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Income
Balance Sheet
Cash Flow
Income Statement
Financial Year | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | TTM | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenue | 6,967.31 | 6,657.71 | 8,499.70 | 10,348.52 | 8,243.70 | 6,505.16 | 10,833.99 | 13,083.12 | 15,914.81 | 15,642.15 | ||||||||||
Raw Materials | 2,711.63 | 2,484.36 | 3,407.57 | 4,589.71 | 3,524.19 | 2,653.81 | 4,805.89 | 6,231.40 | 7,383.40 | 12,942.62 | ||||||||||
Power & Fuel Cost | 422.95 | 405.00 | 491.55 | 591.89 | 481.43 | 396.10 | 576.84 | 827.88 | 766.50 | |||||||||||
Employee Cost | 915.26 | 930.92 | 1,089.20 | 1,246.30 | 1,195.46 | 1,071.06 | 1,464.68 | 1,607.31 | 1,862.09 | |||||||||||
Selling & Administrative Expenses | 303.99 | 271.53 | 334.50 | 459.97 | 381.25 | 327.43 | 608.07 | 835.49 | 733.40 | |||||||||||
Operating & Other expenses | 1,052.72 | 1,054.01 | 1,407.71 | 1,213.67 | 1,480.62 | 1,362.33 | 1,107.29 | 1,719.89 | 2,391.06 | |||||||||||
EBITDA | 1,560.76 | 1,511.89 | 1,769.17 | 2,246.98 | 1,180.75 | 694.43 | 2,271.22 | 1,861.15 | 2,778.36 | 2,699.53 | ||||||||||
Depreciation/Amortization | 452.98 | 452.05 | 466.88 | 520.79 | 547.72 | 612.16 | 730.30 | 735.59 | 848.20 | 856.98 | ||||||||||
PBIT | 1,107.78 | 1,059.84 | 1,302.29 | 1,726.19 | 633.03 | 82.27 | 1,540.92 | 1,125.56 | 1,930.16 | 1,842.55 | ||||||||||
Interest & Other Items | 115.96 | 99.96 | 106.53 | 127.22 | 171.33 | 107.73 | 160.41 | 298.62 | 491.17 | 445.00 | ||||||||||
PBT | 991.82 | 959.88 | 1,195.76 | 1,598.97 | 461.70 | -25.46 | 1,380.51 | 826.94 | 1,438.99 | 1,397.55 | ||||||||||
Taxes & Other Items | 313.38 | 255.27 | 433.31 | 566.81 | 111.87 | 100.93 | 298.75 | 298.58 | 487.86 | 502.41 | ||||||||||
Net Income | 678.44 | 704.61 | 762.45 | 1,032.16 | 349.83 | -126.39 | 1,081.76 | 528.36 | 951.13 | 895.14 | ||||||||||
EPS | 14.57 | 15.13 | 16.37 | 22.16 | 7.51 | -2.71 | 23.23 | 11.34 | 20.42 | 19.22 | ||||||||||
DPS | 3.75 | 3.75 | 4.50 | 5.00 | 3.50 | 2.00 | 7.00 | 7.00 | 9.00 | 9.00 | ||||||||||
Payout ratio | 0.26 | 0.25 | 0.27 | 0.23 | 0.47 | — | 0.30 | 0.62 | 0.44 | 0.47 |
Company Updates
Annual report
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PDFPeers & Comparison
MaterialsIron & Steel
Valuation
Technical
Forecast
Stock | PE RatioPE Ratio | PB RatioPB Ratio | Div. YieldDividend Yield |
---|---|---|---|
Bharat Forge Ltd | 54.10 | 7.18 | 0.81% |
JSW Steel Ltd | 26.85 | 2.96 | 0.94% |
Tata Steel Ltd | -38.33 | 1.84 | 2.64% |
Jindal Steel And Power Ltd | 14.32 | 1.90 | 0.24% |
Price Comparison
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Promoter Holdings Trend
Decreased Total Promoter Holding
In last 6 months, promoter holding in the company has decreased by 1.18%
Low Pledged Promoter Holding
Pledged promoter holdings is insignificant
Institutional Holdings Trend
Total Retail Holding
In last 3 months, retail holding in the company has almost stayed constant
Foreign Institutional Holding
In last 3 months, foreign institutional holding of the company has almost stayed constant
Shareholding Pattern
Mar 2024
Jun 2024
Sep 2024
Dec 2024
Shareholding History
Mutual Funds Holding Trend
Increased Mutual Fund Holding
In last 3 months, mutual fund holding of the company has increased by 2.39%
Top 5 Mutual Funds holding Bharat Forge Ltd
Funds (Top 5) | The rupee value of the stock held by the fund divided by the stock’s market cap Market-cap held | Percentage of the fund’s portfolio invested in the stock Weight | Change in the portfolio weight of the stock over the last 3 months 3M holding change | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months Portfolio rank(3M change) |
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The rupee value of the stock held by the fund divided by the stock’s market cap 1.5706% | Percentage of the fund’s portfolio invested in the stock 1.64% | Change in the portfolio weight of the stock over the last 3 months -0.07% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 22/63 (-2) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 1.3481% | Percentage of the fund’s portfolio invested in the stock 1.45% | Change in the portfolio weight of the stock over the last 3 months -0.04% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 52/72 (-2) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 1.2618% | Percentage of the fund’s portfolio invested in the stock 2.02% | Change in the portfolio weight of the stock over the last 3 months 0.71% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 8/103 (+9) |
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Events
Dividend Trend
Dividend Yield
Current dividend yield is 0.22%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹2.20 every year
Dividends
Corp. Actions
Announcements
Legal Orders
Upcoming Dividends
No upcoming dividends are available
Past Dividends
Cash Dividend
Ex DateEx DateJul 5, 2024
Dividend/Share
₹6.50
Ex DateEx Date
Jul 5, 2024
Cash Dividend
Ex DateEx DateFeb 23, 2024
Dividend/Share
₹2.50
Ex DateEx Date
Feb 23, 2024
Cash Dividend
Ex DateEx DateJul 7, 2023
Dividend/Share
₹5.50
Ex DateEx Date
Jul 7, 2023
Cash Dividend
Ex DateEx DateNov 24, 2022
Dividend/Share
₹1.50
Ex DateEx Date
Nov 24, 2022
Cash Dividend
Ex DateEx DateJul 14, 2022
Dividend/Share
₹5.50
Ex DateEx Date
Jul 14, 2022
Shipment tonnage for the period under review was 61,507, down 8.8% YoY. The decline in revenue was on account of weak demand conditions in EU impacting exports and lower sales of defence products on QoQ & YoY basis. EBITDA fell by 8.7% YoY to Rs 589.3 crore in the December'24 quarter. EBITDA margin in Q3 FY25 was 28.1% as against 28.8% in Q3 FY24. The company stated that favorable product mix in Q3FY25 helped to sustain EBITDA margin at 28%. Profit before tax in Q3 FY25 stood at Rs 453 crore, down by 6.9% from Rs 486.5 crore in Q3 FY24. Long term debt as on 31 December 2024 was Rs 1,286.8 crore, which is lower by _ % as compared with the debt value of Rs 1710.7 crore as on 31 March 2024. Cash position was Rs 2,471.7 crore as on 31 December 2024 as against Rs 2525 crore as on 31 March 2024. Debt-equity (net) ratio and net debt-EBITDA ratio were at 0.2 and 0.87 as on 31 December 2024. On a consolidated basis, Bharat Forge has recorded a pre-tax profit (after exchange gain/loss) of Rs 393.3 crore and total revenue of Rs 3,475.6 crore in Q3 FY25. B.N. Kalyani, chairman & managing director, said: Bharat Forge group secured new orders worth Rs 830 Crores across various business verticals in Q3 FY25. BFL group's defence business posted revenue of Rs 337 Crore in Q3. With order wins of Rs 97 Crores in Q3, the executable order book as of December 31st stands at Rs 5,706 Crores. For the Aerospace business, we have approved an investment for setting up a dedicated state of the art machining line for landing gears components and a ring mill for manufacturing high precision forging to address the growing demands for jet engine components from the global aerospace industry. The capacities will come online in FY2027. We expect the aerospace business to witness strong growth over the coming 3 - 4 years. JS Auto continued registering strong performance during the quarter with revenue growing by 20% to Rs 166 Crore and EBITDA growth of 24% at Rs 23 Crores as compared to Q3 FY24. During 9M FY25, JSA won orders worth Rs 183 crores benefiting from the positive momentum built around Indian manufacturing. We expect this business to surpass the Rs 1,000 Crs revenue milestone in the next 2-3 years. Looking ahead into Q4 FY25 & FY26, we expect the consolidated performance to be stable, as pockets of strength emerge from the newer businesses to offset the slowdown in the automotive sector globally. We will undertake a thorough review of our manufacturing footprint of our overseas business with an endeavor to achieve operational stability in this challenging environment.' The board of Bharat Forge has approved an interim dividend of Rs 2.50 per equity share of the face value of Rs 2 each of the company. The interim dividend shall be paid on or before Wednesday, 12 March 2025 to the equity shareholders of the company. The record date for the same is Tuesday, 18 February 2025. Separately, Bharat Forge said that during Aero India 2025, it has entered into a collaboration agreement with Liebherr to establish a manufacturing facility to address the global aerospace industry demand. In another exchange filing, Bharat Forge announced that it has signed a Memorandum of Understanding (MoU) with VEDA Aeronautics to develop unmanned aerial vehicles (UAV) & other high-speed aerial weapon systems used in the battlefield. While VEDA has been engaged in shaping the unmanned system technology for defence services, BFL will supply the micro jet engines used in these unmanned systems. Bharat Forge (BFL) is the flagship company of the Kalyani Group providing engineering solutions for diverse automotive and industrial applications. It is India's one of the largest forging company with forging-based engine and chassis components with focus on crankshafts and front-axle beams, largest exporter of auto components and amongst the leading manufacturers of industrial components. It has a diversified global customer base including the top five CV and PV manufacturers in the world. The scrip shed 0.84% to currently trade at Rs 1096.30 on the BSE. Powered by Capital Market - Live
Net profit of Bharat Forge declined 19.58% to Rs 212.76 crore in the quarter ended December 2024 as against Rs 264.55 crore during the previous quarter ended December 2023. Sales declined 10.11% to Rs 3475.55 crore in the quarter ended December 2024 as against Rs 3866.41 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales3475.553866.41 -10 OPM %17.9218.05 - PBDT565.25618.71 -9 PBT347.00395.04 -12 NP212.76264.55 -20 Powered by Capital Market - Live
Bharat Forge has fixed 18 February 2025 as record date for interim dividend of Rs 2.50 per equity share for FY 2024-25. The dividend will be paid on or before 12 March 2025. Powered by Capital Market - Live
Bharat Forge announced that the Board of Directors of the Company at its meeting held on 12 February 2025, has recommended a Interim dividend of Rs.2.50 per share (i.e.125%), subject to the approval of the shareholders.Powered by Capital Market - Live
Kalyani Strategic Systems (KSSL), a subsidiary of Bharat Forge and L3Harris Technologies signed a Memorandum of Understanding (MOU) for wider collaboration in supporting advanced defense and security equipment in India. Under the two-year agreement, both companies will work in close collaboration to provide solutions for mutually agreed opportunities in Command, Control, Communications, Intelligence, Surveillance and Reconnaissance (C4ISR) technologies. The MOU provides L3Harris with a strong, local partner to support tactical communications network development in India, extending an existing global install footprint of more than 1 million fielded radios across U.S. Department of Defense and allied inventories. Powered by Capital Market - Live
Bharat Forge has approved additional investment in the equity shares of Kalyani Powertrain (KPTL) (wholly owned subsidiary of the company) by way of rights issue. The company shall subscribe to 82,000,000 equity shares of face value Rs. 10/- each of KPTL for an amount of Rs. 82 crore. The current tranche of investment will be completed by 10 February 2025.Powered by Capital Market - Live
Bharat Forge will hold a meeting of the Board of Directors of the Company on 12 February 2025.Powered by Capital Market - Live
Bharat Forge announced that Krishnan Iyer, President & COO, Component Business Unit and Senior Management Personnel (SMP) of the Company has tendered his resignation from the services of the Company. The resignation has been accepted by the Company as of 20 January 2025. His last working day in the organization will be 02 April 2025. Powered by Capital Market - Live
Bharat Forge announced that its wholly owned subsidiary, Kalyani Strategic System (KSSL) has completed the acquisition of 25% of total share capital of Edgelab S.p.A. (Edgelab), pursuant to its proposed initial public offer. KSSL has been allotted 769,000 Ordinary Shares of Edgelab at a price of ' 3.25 per share. Powered by Capital Market - Live
The agency has affirmed the company's short-term rating at 'CARE A1+'. CARE Rating stated that the reaffirmation of the ratings assigned to the bank facilities and instruments of Bharat Forge (BFL) continue to factor its established market position as India's largest manufacturer and exporter of auto components, consistently healthy profitability in the Indian manufacturing operations and long-standing relationship with global automotive original equipment manufacturers (OEMs) and Tier-I suppliers, particularly in the commercial vehicle (CV) segment. The rating has positively factored the robust order book position in the defence segment, ramp-up of the greenfield aluminium forging capacity in North America and the funds raised through qualified institutional placement (QIP), which will be largely utilized towards debt repayment/pre-payment. The rating strengths are constrained due to working capital intensive operations and volatility in end-user sectors. Despite diversification, even today, a large proportion of its revenue is derived from the automotive segment, thereby exposing the company to inherent cyclicality of the automobiles industry. The ratings are further constrained on account of the susceptibility of the operating margins to commodity price risk and forex risk. Turnaround in the performance of overseas operations and any large-sized unanticipated debt-funded capex or acquisitions leading to deterioration in the capital structure and debt coverage metrics from the existing levels would continue to remain the key rating monitorable. Bharat Forge (BFL) is the flagship company of the Kalyani Group providing engineering solutions for diverse automotive and industrial applications. It is India's one of the largest forging company with forging-based engine and chassis components with focus on crankshafts and front-axle beams, largest exporter of auto components and amongst the leading manufacturers of industrial components. It has a diversified global customer base including the top five CV and PV manufacturers in the world. The scrip rose 0.88% to currently trade at Rs 1,291.05 on the BSE. Powered by Capital Market - Live
Lower than Industry Revenue Growth
Over the last 5 years, revenue has grown at a yearly rate of 8.99%, vs industry avg of 9.86%
Increasing Market Share
Over the last 5 years, market share increased from 1.95% to 2.03%
Lower than Industry Net Income
Over the last 5 years, net income has grown at a yearly rate of -1.62%, vs industry avg of 4.95%