BHARAT FORGE Ltd (BHARATFORG) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.37%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 15.2%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 12.0%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,687.40

200-Day DMA ● Overlay

₹1,565.00

14-Day RSI ● Overlay

56.8 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹91,626 Cr

Large cap

Stock P/E (TTM) Valuation

90.7x

Price / EPS

Book Value (₹) Assets

₹200.0

P/B: 9.4x

ROE (%) Quality

12.0%

Net Profit / Equity

ROCE (%) Efficiency

12.6%

EBIT / Capital

Dividend Yield Yield

0.45%

Face Value: ₹10

Debt / Equity Solvency

0.76x

Manageable

EPS (TTM) Per Share

₹20.67

Trailing 12M

OPM (%) Spread

17.0%

EBITDA Margin

Free Cash Flow Cash

₹374.00 Cr

CFO - Capex

About BHARAT FORGE Ltd

BHARAT FORGE Ltd (BHARATFORG) is an Indian publicly traded enterprise listed on the National Stock Exchange (NSE).

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 12.2% × Turnover: 0.85x × Leverage: 1.76x = ROE: 12%

✓ Company Strengths (Pros)

• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 9.4x its book value.
• Commanding an elevated valuation multiple with P/E at 90.7x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹17,543 Cr

Latest PAT

₹716.00 Cr

EPS (TTM)

₹20.67

OPM %

17.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹3,877 Cr	₹3,774 Cr	₹3,866 Cr	₹4,164 Cr	₹4,106 Cr	₹3,689 Cr	₹3,476 Cr	₹3,853 Cr	₹3,909 Cr	₹4,032 Cr	₹4,343 Cr	₹4,528 Cr	₹4,640 Cr
Operating Profit (EBITDA)	₹595.00 Cr	₹621.00 Cr	₹698.00 Cr	₹643.00 Cr	₹741.00 Cr	₹647.00 Cr	₹623.00 Cr	₹679.00 Cr	₹670.00 Cr	₹724.00 Cr	₹746.00 Cr	₹777.00 Cr	₹698.00 Cr
OPM %	15.0%	16.0%	18.0%	15.0%	18.0%	18.0%	18.0%	18.0%	17.0%	18.0%	17.0%	17.0%	15.0%
Interest Expense	₹114.00 Cr	₹124.00 Cr	₹137.00 Cr	₹116.00 Cr	₹124.00 Cr	₹110.00 Cr	₹96.00 Cr	₹88.00 Cr	₹82.00 Cr	₹80.00 Cr	₹77.00 Cr	₹84.00 Cr	₹90.00 Cr
Depreciation	₹206.00 Cr	₹211.00 Cr	₹224.00 Cr	₹207.00 Cr	₹218.00 Cr	₹213.00 Cr	₹218.00 Cr	₹224.00 Cr	₹226.00 Cr	₹241.00 Cr	₹249.00 Cr	₹255.00 Cr	₹263.00 Cr
Profit before Tax (PBT)	₹341.00 Cr	₹337.00 Cr	₹395.00 Cr	₹366.00 Cr	₹300.00 Cr	₹385.00 Cr	₹347.00 Cr	₹424.00 Cr	₹411.00 Cr	₹457.00 Cr	₹407.00 Cr	₹392.00 Cr	₹44.00 Cr
Net Profit (PAT)	₹214.00 Cr	₹215.00 Cr	₹254.00 Cr	₹227.00 Cr	₹175.00 Cr	₹243.00 Cr	₹213.00 Cr	₹283.00 Cr	₹284.00 Cr	₹299.00 Cr	₹273.00 Cr	₹233.00 Cr	-₹90.00 Cr
EPS in ₹	₹4.80	₹4.88	₹5.68	₹5.07	₹4.36	₹5.23	₹4.45	₹5.90	₹5.93	₹6.26	₹5.53	₹4.86	₹-1.88

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹7,622 Cr	₹6,809 Cr	₹6,396 Cr	₹8,358 Cr	₹10,146 Cr	₹8,056 Cr	₹6,336 Cr	₹10,461 Cr	₹12,910 Cr	₹15,682 Cr	₹15,123 Cr	₹16,812 Cr	₹17,543 Cr
Expenses	₹6,232 Cr	₹5,397 Cr	₹5,276 Cr	₹6,635 Cr	₹8,098 Cr	₹6,984 Cr	₹5,504 Cr	₹8,478 Cr	₹11,174 Cr	₹13,121 Cr	₹12,431 Cr	₹13,894 Cr	₹14,597 Cr
Operating Profit	₹1,390 Cr	₹1,413 Cr	₹1,121 Cr	₹1,723 Cr	₹2,048 Cr	₹1,072 Cr	₹832.00 Cr	₹1,983 Cr	₹1,737 Cr	₹2,562 Cr	₹2,692 Cr	₹2,917 Cr	₹2,946 Cr
OPM %	18%	21%	18%	21%	20%	13%	13%	19%	13%	16%	18%	17%	17%
Interest	₹136.00 Cr	₹116.00 Cr	₹100.00 Cr	₹107.00 Cr	₹127.00 Cr	₹171.00 Cr	₹108.00 Cr	₹160.00 Cr	₹299.00 Cr	₹491.00 Cr	₹417.00 Cr	₹323.00 Cr	₹331.00 Cr
Depreciation	₹362.00 Cr	₹453.00 Cr	₹452.00 Cr	₹467.00 Cr	₹521.00 Cr	₹548.00 Cr	₹612.00 Cr	₹730.00 Cr	₹736.00 Cr	₹848.00 Cr	₹874.00 Cr	₹971.00 Cr	₹1,008 Cr
Profit before Tax	₹1,118 Cr	₹992.00 Cr	₹960.00 Cr	₹1,196 Cr	₹1,599 Cr	₹462.00 Cr	-₹25.00 Cr	₹1,381 Cr	₹827.00 Cr	₹1,439 Cr	₹1,456 Cr	₹1,667 Cr	₹1,301 Cr
Net Profit	₹760.00 Cr	₹675.00 Cr	₹711.00 Cr	₹754.00 Cr	₹1,033 Cr	₹349.00 Cr	-₹127.00 Cr	₹1,077 Cr	₹508.00 Cr	₹910.00 Cr	₹913.00 Cr	₹1,089 Cr	₹716.00 Cr
EPS in Rs	16.38	14.57	15.13	16.38	22.17	7.51	-2.71	23.23	11.35	20.43	19.69	22.58	14.77

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹47.00 Cr	₹47.00 Cr	₹47.00 Cr	₹93.00 Cr	₹93.00 Cr	₹93.00 Cr	₹93.00 Cr	₹93.00 Cr	₹93.00 Cr	₹93.00 Cr	₹96.00 Cr	₹96.00 Cr
Reserves & Surplus	₹3,398 Cr	₹3,367 Cr	₹4,070 Cr	₹4,559 Cr	₹5,283 Cr	₹5,127 Cr	₹5,322 Cr	₹6,478 Cr	₹6,612 Cr	₹7,077 Cr	₹9,158 Cr	₹9,484 Cr
Borrowings (Debt)	₹2,546 Cr	₹3,375 Cr	₹3,124 Cr	₹3,257 Cr	₹4,029 Cr	₹4,469 Cr	₹5,271 Cr	₹5,972 Cr	₹7,313 Cr	₹7,948 Cr	₹6,698 Cr	₹7,309 Cr
Total Liabilities	₹8,236 Cr	₹8,292 Cr	₹8,841 Cr	₹9,977 Cr	₹11,578 Cr	₹11,482 Cr	₹13,088 Cr	₹15,492 Cr	₹18,235 Cr	₹19,184 Cr	₹19,968 Cr	₹22,238 Cr
Fixed Assets	₹2,629 Cr	₹3,134 Cr	₹3,277 Cr	₹3,500 Cr	₹3,625 Cr	₹4,002 Cr	₹4,750 Cr	₹4,870 Cr	₹6,161 Cr	₹6,309 Cr	₹6,627 Cr	₹8,215 Cr
Total Assets	₹8,236 Cr	₹8,292 Cr	₹8,841 Cr	₹9,977 Cr	₹11,578 Cr	₹11,482 Cr	₹13,088 Cr	₹15,492 Cr	₹18,235 Cr	₹19,184 Cr	₹19,968 Cr	₹22,238 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹1,035 Cr	₹1,356 Cr	₹1,052 Cr	₹967.00 Cr	₹911.00 Cr	₹1,522 Cr	₹1,020 Cr	₹506.00 Cr	₹1,294 Cr	₹1,664 Cr	₹1,796 Cr	₹1,487 Cr
Cash from Investing (CFI)	-₹467.00 Cr	-₹888.00 Cr	-₹737.00 Cr	-₹722.00 Cr	-₹1,196 Cr	-₹1,114 Cr	-₹1,511 Cr	-₹690.00 Cr	-₹1,666 Cr	-₹665.00 Cr	-₹1,964 Cr	-₹1,038 Cr
Cash from Financing (CFF)	-₹360.00 Cr	-₹448.00 Cr	-₹401.00 Cr	-₹314.00 Cr	₹368.00 Cr	-₹381.00 Cr	₹578.00 Cr	₹310.00 Cr	₹280.00 Cr	-₹203.00 Cr	-₹570.00 Cr	-₹442.00 Cr
Free Cash Flow (FCF)	₹326.00 Cr	₹465.00 Cr	₹408.00 Cr	₹399.00 Cr	-₹220.00 Cr	₹565.00 Cr	₹129.00 Cr	-₹459.00 Cr	₹325.00 Cr	₹164.00 Cr	₹352.00 Cr	₹374.00 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	41	75	77	85	77	68	81	75	87	74	70	85
Inventory Days	131	142	161	151	160	177	249	235	191	159	198	195
Cash Conversion Cycle (Days)	28	98	111	88	119	140	163	169	147	121	138	136
ROCE %	21%	17%	13%	18%	20%	7%	3%	11%	8%	13%	12%	13%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹315.69 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,748.60

DCF Fair Value

₹315.69

Graham Number

₹304.98

Margin of Safety

-82.2%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹315.69

Premium / Overvalued (Margin: -82.2%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹307	₹304	₹302	₹299
10%	₹313	₹310	₹307	₹305
12%	₹319	₹316	₹313	₹310
14%	₹324	₹321	₹318	₹316

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹316	Fairly Valued
Benjamin Graham Number	₹305	Market Priced
Historical Sector P/E	₹455	Premium
EV / EBITDA Multiplier	₹1,836	In-Line
Free Cash Flow Yield Model	₹1,714	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

3.2 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 0.76x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 17.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

43.12%

FIIs (Foreign)

15.18%

DIIs (Domestic)

32.86%

Government

0.15%

Public / Retail

8.84%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
+ Promoters	45.26%	45.26%	45.26%	45.26%	44.07%	44.07%	44.07%	44.07%	44.07%	44.07%	44.07%	43.12%
+ FIIs (Foreign Portfolio)	16.60%	16.48%	17.04%	18.72%	17.87%	16.08%	14.37%	13.62%	12.40%	14.15%	15.04%	15.18%
+ DIIs (Mutual Funds / Insurance)	27.74%	28.06%	27.96%	26.32%	28.35%	30.20%	31.26%	32.11%	34.08%	32.62%	32.18%	32.86%
+ Public (Retail & HNIs)	10.22%	10.04%	9.58%	9.55%	9.55%	9.49%	10.15%	10.05%	9.29%	9.00%	8.54%	8.84%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Diversified.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

BHARATFORG Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

BHARATFORG Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

BHARATFORG Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,238.21

Accelerated market share capture in Diversified, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,958.43

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 91x P/E.

🐻 Bear Case (15%) -12.0%

₹1,538.77

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Diversified)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:51 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ BHARAT FORGE Ltd (BHARATFORG)	Target Stock	₹1,748.60	+1.37%	90.7x	12.0%	12.6%	0.76	₹91,626 Cr
LIFE INSURA CORP OF INDIA (LICI)	Diversified Operations	₹400.00	+0.25%	8.3x	37.8%	35.1%	0.00	₹4.97 Lakh Cr
BSE Ltd (BSE)	Diversified Operations	₹3,906.00	+2.34%	43.9x	46.0%	60.0%	0.00	₹1.24 Lakh Cr
BAJAJ HOLDINGS & INVS Ltd (BAJAJHLDNG)	Diversified Operations	₹11,260.00	+2.91%	13.4x	11.9%	11.0%	0.00	₹1.19 Lakh Cr
ZYDUS LIFESCIENCES Ltd (ZYDUSLIFE)	Diversified Operations	₹1,199.50	-1.35%	23.5x	21.2%	21.1%	0.46	₹1.14 Lakh Cr
HDFC AMC Ltd (HDFCAMC)	Diversified Operations	₹2,715.00	+3.64%	33.6x	32.9%	42.9%	0.00	₹99,034 Cr
ASHOK LEYLAND Ltd (ASHOKLEY)	Diversified Operations	₹173.90	-0.55%	23.7x	27.4%	13.6%	4.49	₹88,390 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:51:56 IST	✓ Live Sync
Financial Statements (10Y)	BHARAT FORGE Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

BHARAT FORGE Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About BHARAT FORGE Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Diversified)

Metric Explainer

Stock DNA Methodology

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