₹2,135.3

▲ +30.52 +1.45%

17 Jul 2026

NSE Listed

Bharat Forge Ltd. (BHARATFORG)

Volume: 8,32,197Avg Vol 1W: 6,48,855.6Avg Vol 1M: 11,81,879.952W Range:₹1,100.5₹2,238

NSE BSE www.bharatforge.com

Key Ratios

Checked 3h ago

Market Cap₹1,00,623 Cr

Current Price₹2,135.3

Previous Close₹2,104.78

High / Low (52w)₹2,238 / ₹1,100.5

Volume8,32,197

Avg Vol (1W)6,48,855.6

Avg Vol (1M)11,81,879.9

Stock P/E433.07

Book Value₹200.38

Dividend Yield40%

ROE11.27%

ROA489.4%

Revenue (TTM)₹15,337 Cr

Revenue Growth-3.6%

Profit Margin6.42%

Total Debt₹1,319 Cr

Shares Outstanding48 Cr

Face Value₹2

EPS (TTM)₹24.69

P/B10.5

Debt / Equity0.89

50 DMA₹2,031.43

200 DMA₹1,684.62

Day change+1.45%

Price Chart

₹2,135.3▲ 74.34% · 1Y

2025-07-17

2026-07-16

20-day avg volume: 11.8L shares

Pros

Pays a dividend yield of 40.0%.
Company is almost debt-free.

Cons

Revenue fell 18% YoY.
Stock trades at a high P/E of 433.

Quarterly Results

Metric	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026
Revenue	₹4,106 Cr	₹3,689 Cr	₹3,476 Cr	₹3,853 Cr	₹3,909 Cr	₹4,032 Cr	₹4,343 Cr	₹4,528 Cr
EBITDA	₹574 Cr	₹496 Cr	₹445 Cr	₹520 Cr	₹497 Cr	₹538 Cr	₹544 Cr	₹576 Cr
Net Profit	₹203 Cr	₹244 Cr	₹213 Cr	₹282 Cr	₹284 Cr	₹299 Cr	₹264 Cr	₹233 Cr
EPS	—	—	—	—	—	—	—	—

Profit & Loss (Annual)

Metric	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	₹8,500 Cr	₹10,349 Cr	₹8,244 Cr	₹6,505 Cr	₹10,657 Cr	₹13,083 Cr	₹15,909 Cr	₹15,337 Cr
EBITDA	₹1,398 Cr	₹1,738 Cr	₹755 Cr	₹418 Cr	₹1,482 Cr	₹1,205 Cr	₹1,937 Cr	₹2,034 Cr
Net Profit	₹762 Cr	₹1,032 Cr	₹350 Cr	₹-126 Cr	₹1,082 Cr	₹528 Cr	₹951 Cr	₹941 Cr
EPS	16.38	22.17	7.51	-2.71	23.23	11.35	20.43	20.05

Balance Sheet

Metric	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	₹10,016 Cr	₹11,642 Cr	₹11,563 Cr	₹13,178 Cr	₹15,609 Cr	₹18,384 Cr	₹19,349 Cr	₹20,088 Cr
Total Liabilities	₹5,335 Cr	₹6,236 Cr	₹6,311 Cr	₹7,731 Cr	₹8,982 Cr	₹11,643 Cr	₹12,184 Cr	₹10,868 Cr
Equity	₹4,681 Cr	₹5,406 Cr	₹5,252 Cr	₹5,447 Cr	₹6,627 Cr	₹6,742 Cr	₹7,165 Cr	₹9,221 Cr
Total Debt	—	—	—	—	—	—	—	—

Cash Flow

Metric	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating	₹1,360 Cr	₹1,462 Cr	₹1,755 Cr	₹1,113 Cr	₹858 Cr	₹1,712 Cr	₹2,183 Cr	₹2,401 Cr
Investing	₹-814 Cr	₹-1,175 Cr	₹-1,132 Cr	₹-1,511 Cr	₹-690 Cr	₹-1,671 Cr	₹-667 Cr	₹-1,964 Cr
Financing	₹-314 Cr	₹368 Cr	₹-381 Cr	₹578 Cr	₹310 Cr	₹280 Cr	₹-203 Cr	₹-570 Cr
Free Cash Flow	₹1,360 Cr	₹1,462 Cr	₹1,755 Cr	₹1,113 Cr	₹858 Cr	₹1,712 Cr	₹2,183 Cr	₹2,401 Cr

Shareholding

Promoter 44.07% Institutions 46.92% Public 9.01%

Efficiency & Working Capital

ROCE11.4%

Interest Coverage4.5

Dividend Payout—

Debtor Days70 d

Inventory Days86 d

Payable Days57 d

Cash Conversion Cycle100 d

Working Capital Days156 d

Shareholding Details

As of 2026-03-31

Promoter44.1%

FII14.2%

DII32.8%

Institutions46.9%

Public9%

Promoter Pledge0%

No. of Shareholders2,28,156

Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

Period	Jun 2023	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026
Promoters	45.3%	45.3%	45.3%	45.3%	45.3%	45.3%	44.1%	44.1%	44.1%	44.1%	44.1%	44.1%
FIIs	15.8%	16.3%	16.6%	16.5%	17%	18.7%	17.9%	16.1%	14.4%	13.6%	12.4%	14.2%
DIIs	26.3%	28.1%	25.1%	28.2%	28.1%	26.5%	28.5%	30.4%	31.4%	32.3%	34.2%	32.8%
Public	12.6%	10.3%	13%	10%	9.6%	9.6%	9.6%	9.5%	10.2%	10%	9.3%	9%
Promoter Pledge	7.1%	7.1%	7.1%	0%	0%	0%	0%	0%	0%	0%	0%	0%
No. of Shareholders	1,56,686	1,69,954	1,79,683	1,89,104	1,82,988	1,99,721	2,07,810	2,14,725	2,42,732	2,49,520	2,27,160	2,28,156

Returns History (ROE / ROCE / ROA)

Period	ROE	ROCE	ROA	P/E
202503	—	—	—	—

Major Shareholders (>1%)

Name	Category	Stake	Shares
Kalyani Investment Company Limited	Shareholding of Promoter and Promoter Group	13.2%	6.33 Cr
Sundaram Trading And Investment Pvt Ltd	Shareholding of Promoter and Promoter Group	11.6%	5.53 Cr
Ksl Holdings Private Limited	Shareholding of Promoter and Promoter Group	9.7%	4.63 Cr
Life Insurance Corporation Of India	Public Shareholding	4.5%	2.13 Cr
Hdfc Mutual Fund - Hdfc Defence Fund	Public Shareholding	3.9%	1.87 Cr
Bf Investment Limited	Shareholding of Promoter and Promoter Group	3.3%	1.56 Cr
Kotak Flexicap Fund	Public Shareholding	3.2%	1.52 Cr
Ajinkya Investment And Trading Company	Shareholding of Promoter and Promoter Group	3.1%	1.50 Cr
Nps Trust- A/c Hdfc Pension Fund Management Limited Scheme E - Tier I	Public Shareholding	3%	1.41 Cr
Sbi Large & Midcap Fund	Public Shareholding	2.9%	1.40 Cr
Mirae Asset Large & Midcap Fund	Public Shareholding	2.5%	1.20 Cr
Sbi Life Insurance Co. Ltd	Public Shareholding	1.7%	81,71,260
Nippon Life India Trustee Ltd-a/c Nippon India Growth Mid Cap Fund	Public Shareholding	1.4%	67,30,237
Icici Prudential Multicap Fund	Public Shareholding	1.3%	60,64,046
Aditya Birla Sun Life Trustee Private Limited A/c Aditya Birla Sun Life Flexi Cap Fund	Public Shareholding	1.3%	59,57,303
Motilal Oswal Nifty India Defence Index Fund	Public Shareholding	1.1%	50,86,166
Jannhavi Investment Pvt. Ltd.	Shareholding of Promoter and Promoter Group	1%	46,86,640
Yusmarg Investment And Trading Pvt.ltd.	Shareholding of Promoter and Promoter Group	0.4%	18,47,000
Rajgad Trading Company Pvt.ltd.	Shareholding of Promoter and Promoter Group	0.3%	13,60,260
Dandakaranya Investment & Trading Pvt Ltd	Shareholding of Promoter and Promoter Group	0.2%	11,07,350
Kalyani Export & Investment Pvt. Ltd	Shareholding of Promoter and Promoter Group	0.2%	10,03,240
Kalyani Consultants Private Limited	Shareholding of Promoter and Promoter Group	0.2%	9,36,472
Tangmarg Investment And Trading Pvt.ltd.	Shareholding of Promoter and Promoter Group	0.2%	9,04,200
Amit Babasaheb Kalyani	Shareholding of Promoter and Promoter Group	0.2%	7,00,350
Campanula Investment & Finance Limited	Shareholding of Promoter and Promoter Group	0.2%	7,39,980

Promoter Pledges

Holder	% of Holding	As of
Amit Babasaheb Kalyani	0%	2026-03-31
Gaurishankar Neelkanth Kalyani	0%	2026-03-31
Rohini Gaurishankar Kalyani	0%	2026-03-31
Babasaheb Neelkanth Kalyani	0%	2026-03-31
Sheetal Gaurishankar Kalyani	0%	2026-03-31
Viraj Gaurishankar Kalyani	0%	2026-03-31
Deeksha Amit Kalyani	0%	2026-03-31
Rohini Gaurishankar Kalyani (trustee Of Gnk Family Trust)	0%	2026-03-31
Rohini Gaurishankar Kalyani (trustee Of Sheetal Kalyani Trust)	0%	2026-03-31
Babasaheb Kalyani Family Trust	0%	2026-03-31
Ksl Holdings Private Limited	0%	2026-03-31
Ajinkya Investment And Trading Company	0%	2026-03-31

Board of Directors

Name	Designation	Year
B N Kalyani	Chairman & Managing Director	2025
Amit B Kalyani	Vice Chairman & Joint Managing Director	2025
B P Kalyani	Executive Director	2025
S E Tandale	Executive Director	2025
Tejaswini Chaudhari	Company Sec. & Compli. Officer	2025
Dipak Mane	Independent Director	2025
K B S Anand	Independent Director	2025
Sonia Singh	Independent Director	2025
Ashish Bharat Ram	Non Executive Director	2025
Anand Swarup Pathak	Independent Director	2025
Rashmi Joshi	Independent Director	2025

Segments — Geography

Region	Revenue	Share
Within India	₹4,116 Cr	46.5%
Outside India	₹4,728 Cr	53.5%

Capital Structure (₹ Cr)

Year	Face Value	Authorised	Issued	Paid-up
2025	₹2	195	96	96

Corporate Actions

Type	Date	Value	Remark
dividend	2026-07-03	₹6.5 (325.0%)	Final
dividend	2026-07-03	₹6.5 (325%)	Final
dividend	2026-02-18	₹2 (100%)	Interim

Related-Party Transactions (₹ Cr)

Year	Subsidiaries	KMP	Others	Total
2025	7,394	67	2,536	9,997
2025	3,013	0	81	3,094
2025	166	0	0	166

Insider / Designated-Person Trades

3 recent disclosure(s)

KSL Holdings Private LimitedPledge · —

Sundaram Trading & Investment Pvt. LtdPledge · 75,00,000

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