BHARATFORG
Bharat Forge share price & financials
- Price
- ₹2,190.5
- Market cap
- ₹97.7k Cr
- Calls analysed
- 7
Bharat Forge Limited Q1 FY27
What went well
- Consolidated revenues of INR4,640 crores, up 18.7% YoY.
- Indian subsidiaries posted strong performance, with Kalyani Strategic Systems showing strong operating performance and JS Auto Cast growing revenue by 27% and EBITDA by 30% YoY.
- Secured new orders of INR522 crores for forging, INR681 crores for defense, and INR150 crores for ferrous casting during the quarter.
What to watch
- EBITDA margin impacted by 160 basis points due to escalation in energy prices and other input costs and logistics.
- Q1 standalone included an exceptional item of INR24 crores towards consultancy charges for BF CDP restructuring.
What Bharat Forge Limited does
Bharat Forge designs, forges and machines safety-critical, high-performance components and solutions for automotive OEMs and Tier-1 suppliers as well as aerospace, defence, railways, marine, oil & gas, construction and general industrial equipment customers, working across steel and aluminium in both forgings and castings. It earns through two reported business lines, Automotive and Industrial, selling to global commercial-vehicle, passenger-vehicle and industrial-equipment manufacturers from its Pune headquarters and a manufacturing footprint spanning five countries. Group subsidiaries extend the business into ferrous castings (JS Auto Cast), strategic defence and aerospace systems (Kalyani Strategic Systems), and EV/commercial-vehicle platforms (K Drive Mobility, formerly AAM India's CV operations).
Segments
- Automotive
- Industrial
- Countries of manufacturing/operating presence
- 5
- Market position
- India's largest exporter of auto components
- Manufacturing track record
- 60+ years of manufacturing experience
- Export track record
- 30+ years of exporting experience
- Industries served
- Automotive, aerospace, defence, railways, marine, oil & gas, construction and industrial equipment
- Key subsidiaries
- Kalyani Strategic Systems (defence & aerospace), JS Auto Cast (ferrous castings), K Drive Mobility (EV/CV platforms), Bharat Forge International Services (BFISL)
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 3 delivered 3 missed 12 open- Aerospace Revenue delivered said Q3 FY25 Promised: Triple-digits per quarter by next year Q1 FY27: Promise achieved in the previous fiscal year.
- E-mobility Profitability missed said Q4 FY25 Promised: Moving towards black numbers towards the end of the second half of the year (FY26) Q1 FY27: Management acknowledges lack of success in this area but hints at new ideas and commentary in the next 3-6 months.
- ATAGS Order Revenue Start delayed said Q3 FY25 Promised: Series deliveries at least 15 to 18 months from now Q1 FY27: Management confirms further procedural delays of 'a few weeks' for ATAGS approval. Deliveries to start 2-3 months after approval.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.7%, net profit down 131.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 +9% | 4,343 +25% | 4,528 +18% | 4,640 +19% |
| EBITDA | 647 | 623 | 679 | 670 | 724 +12% | 746 +20% | 777 +14% | 698 +4% |
| Net profit | 243 | 213 | 283 | 284 | 299 +23% | 273 +28% | 233 −18% | -90 −132% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +62.1% 1Y
1Y: ₹1,199.9 on 10 Sept 2025 → ₹1,944.9. High ₹2,265.2 (7 Aug 2026), low ₹1,181.1 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −7.6%
- 10 Aug
- Q4 FY26
- +6.4%
- 7 May
- Q3 FY26
- +3.0%
- 12 Feb
- Q2 FY26
- +5.5%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.2% a year over 3 years, FY23 to FY26. Operating margin widened to 17.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.9k Cr | ₹15.7k Cr | ₹15.1k Cr | ₹16.8k Cr |
| Operating profit | ₹1.7k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹2.9k Cr |
| Operating margin | 13.4% | 16.3% | 17.8% | 17.4% |
| Interest | ₹299 Cr | ₹491 Cr | ₹418 Cr | ₹323 Cr |
| Depreciation | ₹736 Cr | ₹848 Cr | ₹873 Cr | ₹971 Cr |
| Net profit | ₹509 Cr | ₹910 Cr | ₹914 Cr | ₹1.1k Cr |
| Net margin | 3.9% | 5.8% | 6.0% | 6.5% |
| ROCE | 8.0% | 13.0% | 12.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹93 Cr | ₹93 Cr | ₹93 Cr | ₹93 Cr | ₹96 Cr | ₹96 Cr |
| Reserves | ₹5.3k Cr | ₹6.5k Cr | ₹6.6k Cr | ₹7.1k Cr | ₹9.3k Cr | ₹9.5k Cr |
| Borrowings | ₹5.3k Cr | ₹6.0k Cr | ₹7.3k Cr | ₹7.9k Cr | ₹6.7k Cr | ₹7.3k Cr |
| Other liabilities | ₹2.4k Cr | ₹3.0k Cr | ₹4.2k Cr | ₹4.1k Cr | ₹4.7k Cr | ₹5.3k Cr |
| Total liabilities | ₹13.1k Cr | ₹15.5k Cr | ₹18.2k Cr | ₹19.2k Cr | ₹20.7k Cr | ₹22.2k Cr |
| Fixed assets | ₹4.8k Cr | ₹4.9k Cr | ₹6.2k Cr | ₹6.3k Cr | ₹7.3k Cr | ₹8.2k Cr |
| Capital work in progress | ₹900 Cr | ₹1.1k Cr | ₹701 Cr | ₹991 Cr | ₹1.9k Cr | ₹1.3k Cr |
| Investments | ₹2.6k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹1.8k Cr | ₹1.7k Cr | ₹1.7k Cr |
| Other assets | ₹4.8k Cr | ₹6.9k Cr | ₹8.8k Cr | ₹10.0k Cr | ₹9.8k Cr | ₹11.0k Cr |
| Total assets | ₹13.1k Cr | ₹15.5k Cr | ₹18.2k Cr | ₹19.2k Cr | ₹20.7k Cr | ₹22.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.61 pp while DIIs added +0.92 pp. The shareholder count shrank 4% to 2,32,361.
- Promoters
- 44.1%
- FIIs
- 15.0%
- DIIs
- 32.2%
- Government
- 0.1%
- Public
- 8.5%
Since Jun 2025
- Public −1.61 pp
- DIIs +0.92 pp
- FIIs +0.67 pp
How it drifted, 12 quarters
Over this window DIIs went from 27.9% to 32.2% — +4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 45.3%, FIIs 16.3%, DIIs 27.9%, Government 0.2%, Public 10.3%.Dec '23: Promoters 45.3%, FIIs 16.6%, DIIs 27.7%, Government 0.2%, Public 10.2%.Mar '24: Promoters 45.3%, FIIs 16.5%, DIIs 28.1%, Government 0.2%, Public 10.0%.Jun '24: Promoters 45.3%, FIIs 17.0%, DIIs 28.0%, Government 0.2%, Public 9.6%.Sep '24: Promoters 45.3%, FIIs 18.7%, DIIs 26.3%, Government 0.2%, Public 9.6%.Dec '24: Promoters 44.1%, FIIs 17.9%, DIIs 28.4%, Government 0.1%, Public 9.6%.Mar '25: Promoters 44.1%, FIIs 16.1%, DIIs 30.2%, Government 0.1%, Public 9.5%.Jun '25: Promoters 44.1%, FIIs 14.4%, DIIs 31.3%, Government 0.1%, Public 10.2%.Sep '25: Promoters 44.1%, FIIs 13.6%, DIIs 32.1%, Government 0.1%, Public 10.1%.Dec '25: Promoters 44.1%, FIIs 12.4%, DIIs 34.1%, Government 0.1%, Public 9.3%.Mar '26: Promoters 44.1%, FIIs 14.2%, DIIs 32.6%, Government 0.1%, Public 9.0%.Jun '26: Promoters 44.1%, FIIs 15.0%, DIIs 32.2%, Government 0.1%, Public 8.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF newly disclosed 3.48% held
- HDFC Life Insurance Company Limited Insurer newly disclosed 1.00% held
- SBI Life Insurance Co. Ltd Insurer +0.11 pp 1.82% held
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund +0.10 pp 1.35% held
- HDFC Mutual Fund - HDFC Defence Fund Mutual fund +0.09 pp 3.99% held
- Dronacharya Investment And Trading Limited newly disclosed 0.03% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharat Forge Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kalyani Investment Company Limited | 13.24% | unchanged |
| Sundaram Trading And Investment Pvt Ltd | 11.56% | unchanged |
| Ksl Holdings Private Limited | 9.68% | unchanged |
| HDFC Mutual Fund - HDFC Defence Fund Mutual fund | 3.99% | +0.09 pp |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 3.48% | newly disclosed |
| Life Insurance Corporation Of India Insurer | 3.41% | −1.05 pp |
| Bf Investment Limited | 3.27% | unchanged |
| Kotak Flexicap Fund Mutual fund | 3.16% | unchanged |
| Ajinkya Investment And Trading Company | 3.13% | unchanged |
| SBI Large & Midcap Fund Mutual fund | 2.40% | −0.52 pp |
| SBI Life Insurance Co. Ltd Insurer | 1.82% | +0.11 pp |
| Mirae Asset Large & Midcap Fund Mutual fund | 1.75% | −0.77 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BHARATFORG
Filings to Aug 2026
1 new, 14 added, 5 trimmed, 0 sold out — net +0.12 L shares (+0.0%).
- Held by funds
- ₹6.4k Cr
- 31 schemes
- Biggest holder
- HDFC Defence Fund
- ₹1.6k Cr · 14.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹1.6k Cr | +0.67 L | May '25 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.1k Cr | −3.44 L | Nov '23 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹989 Cr | held | Mar '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹568 Cr | held | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹411 Cr | held | Dec '22 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹309 Cr | held | Feb '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹297 Cr | held | Dec '22 |
| SBI Automotive Opportunities Fund SBI Mutual Fund | ₹253 Cr | held | Jun '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
14 added, 5 trimmed — net +11,874 shares (+0.0%)
- Funds are sitting on
- +74%
- vs est. average cost
- Held by funds
- ₹6.4k Cr
- 31 schemes · ≈ 6.7% of the company
- Biggest holder
- HDFC Defence Fund
- ₹1.6k Cr · 14.8% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 7y 8m · since Jan '19
Shares held by these funds +150%
Aug '23 2.98 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1945, this stock must grow earnings at 46% every year for 7 years. Our analysis caps realistic growth at ~26%. At that growth it is worth ₹737 — downside of 62%.
- Growth the price implies
- 46.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 28.9% a year
- net profit, FY23–FY26 · EPS 25.8%
- The gap
- 0.2 pp
- -62% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Bharat Forge Limited
Guides on how to read this kind of business and the numbers that matter.