Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Bharat Forge signs long-term contract with Pratt & Whitney Canada for critical aerospace engine components.
Source: Bse
Bharat Forge Limited (BHARATFORG)
Mid CapAuto stocks · Mid cap · NSE
Bharat Forge Limited (BFL) is a global manufacturing company specializing in forging and machining. It serves diverse sectors including Automotive, Renewable Energy, Oil & Gas, Defence, Aerospace, Marine, Construction & Mining, and Rail. The company operates standalone and through Indian and overseas subsidiaries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -5.1% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BHARATFORGD candles · FIT view-6.4%TODAY · PROVISIONALLatest price ₹1774.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.5%
RSI
33
MACD hist
-2.74
52W pos
49%
2026-10-21O ₹1801.00H ₹1810.90L ₹1746.00C ₹1774.00Vol 6.8L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BHARATFORGNifty AutoNifty 500
- BHARATFORG
- -18.6%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -13.0 pp
Chart stats
19 Oct 2026- From 52W high
- -21.6%
- 52W range position
- 55%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹152 Cr
- 20D price channel
- ₹1,773.2 - ₹2,023.2
₹2,295
₹1,200.2 - ₹2,295
₹48.7
Latest completed session
20-session average
25.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +18.7% · PAT -131.7% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-211.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -132% YoY · margin compression · Rev +19% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,640 Cr | +18.7% | +2.5% |
| EBITDA | ₹698 Cr | +4.2% | -10.2% |
| Operating margin | 15.0% | -200 bps | -200 bps |
| PAT | ₹-90 Cr | -131.7% | -138.6% |
| PAT margin | -1.9% | -921 bps | -709 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 89.60
- P/B
- 9.26
- EV/EBITDA
- 24.74
- Market Cap
- 90521.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 12.60%
- ROA
- 3.22%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 8.90×
- Altman Z
- 6.27
- Book Value
- 200.00
Cash Flow
- FCF Yield
- 0.50%
- FCF Positive Y
- 7/5
- OCF
- 1487.00 Cr
- EPS TTM
- 14.77
Shareholding
- Promoter Hold
- 43.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 16.8k+11.2% vs prev
Net Profit
₹ CrLatest: 1,089+19.3% vs prev
Return on Equity
%Latest: 11.4+15.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 1 Base / Transition
1M return
-8.3%
3M return
-18.6%
6M return
-5.5%
1Y return
+37.5%
RS 1D
-2
RS 20D
-5
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 8.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 152.84-0.97%
RS vs Nifty 500153
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality2/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -211.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
89.6
PB
9.3
EV/EBITDA
24.7
ROE
12.0%
ROCE
12.6%
FCF Yield
0.5%
Debt/Equity
0.8
MoS
-211.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-211.6%
Previous: -215.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹257.81
-588.1% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹569.38
-211.6% MoS
PEG
2.45
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UNOMINDA
Large
UNO Minda Limited
Auto Components
match 138
47
52.8
19.3%
-35%
FAIR VALUE
EXIDEIND
Mid
Exide Industries Limited
Auto Components
match 137
29
33.9
6.0%
-308%
OVERVALUED
BOSCHLTD
Large
Bosch Limited
Auto Components
match 137
45
55.6
14.6%
-46%
WATCHLIST
MOTHERSON
Large
Samvardhana Motherson International Limited
Auto Components
match 136
43
37.3
11.2%
+1%
WATCHLIST
TIINDIA
Mid
Tube Investments of India Limited
Auto Components
match 135
34
67.0
9.9%
-80%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-14T06:23:39.253Z
Management commentary snapshot
Consolidated FY26 revenue grew 11.2% to Rs 16,812 Cr, with EBITDA up 5.9% to Rs 2,921 Cr. Standalone FY26 revenue declined 5.1% to Rs 8,396 Cr, EBITDA down 8.4%. Q4 FY26 standalone revenue rose 8.5% QoQ to Rs 2,260 Cr, driven by export recovery, with EBITDA up 7.2% QoQ.
While consolidated revenue grew, standalone performance declined in FY26. Q4 standalone showed sequential recovery driven by exports. Significant impairment in EV division and ongoing restructuring in European steel business indicate strategic challenges and a need for re-evaluation of certain segments.
Current business mix
Overseas Manufacturing Revenue by Product (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Steel Forgings56.0%
Al Forgings44.0%
Growth engines
Defence Order Execution
Optimistic of achieving 25% revenue growth for Indian manufacturing operations driven by execution of orders across business, including Defence.
Export Market Recovery
Optimistic of achieving 25% revenue growth for Indian manufacturing operations driven by recovery in the export market.
Aerospace New Customer Onboarding
Order wins across businesses reflect a resurgence in business momentum including in aerospace with onboarding of new customers across Engine, Structural and Landing Gear components.
K-Drive Mobility Product Reorientation
K-Drive mobility is making significant progress in its effort to reorient its product portfolio with new order wins beyond M&HCVs including 4 EV platforms for LCV’s.
Tailwinds
North American Truck Market Rebound
Q4 performance was driven by a combination of inventory restocking and a rebound in NA truck production volumes post the cyclical bottom seen in Q3FY26.
Domestic CV Demand
CV business performance was driven by higher production volumes in Q4 across OEMs as tail winds from GST rate cuts continued to spur demand.
Passenger Car Export Momentum
Passenger car export had a buoyant quarter driven by strong momentum in North & Central America.
Domestic Passenger Car Industry Tailwinds
Passenger car business benefited from the Industry wide tailwinds of GST rate cuts. Product mix also remained healthy as Utility vehicles continued to dominate the market.
Headwinds
Regulatory Volatility
Despite demand challenges and regulatory volatility, the company on a consolidated basis has recorded revenues of Rs 16,812 Crores.
North American Truck Market Destocking (FY26)
FY26 CV business bore the impact of inventory destocking in the North American Truck market.
Subdued Fracking Capex
Oil & Gas reported weakness owing to subdued fracking capex in Q4 FY26 and suffered from low fracking capex in North America for FY26.
Weak Demand in US & Europe
The US & European operations reported modest operating profits despite weak demand.
Risk radar
Geopolitical Crisis Impact
Looking ahead into FY27, barring any geopolitical crisis and its impact of demand, we are optimistic of achieving 25% revenue growth.
EV Adoption Changes
The Rs 450 Crores impairment in KPTL (E-mobility division) is an acceptance of the need to take a fresh look at how we address the EV opportunity as the EV adoption globally has changed significantly.
European Steel Business Restructuring
We have initiated the restructuring of the steel business of CDP Bharat Forge and we expect this process to conclude by end of CY27.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
FY26 results provide an annual overview, showing overall trends and challenges like standalone revenue decline. Q4 FY26 QoQ comparison is crucial to assess recent sequential momentum, especially the stated recovery in exports and domestic CV demand.
Sector KPIs management disclosed
Consolidated Revenue Growth (FY26)
Consolidated revenues of Rs 16,812 Crores, growth of 11.2%.
Standalone Revenue Growth (FY26)
Standalone level, FY26, revenues came in at Rs 8,396 Crores, lower by 5.1%.
Standalone Q4 Revenue Growth (QoQ)
Q4 FY26 saw an 8.5% QoQ growth in Standalone revenue reaching Rs 2,260 crore driven by exports recovery.
Standalone Sale Tonnage (FY26)
Sale Tonnage FY26: 2,38,375 units, down 8.5% YoY from 2,60,415 units in FY25.
Management forward view
FY27 Revenue Growth Outlook
Optimistic of achieving 25% revenue growth with a commensurate increase in EBITDA & profitability for the Indian manufacturing operations in FY27.
Re-evaluating EV Strategy
The impairment in KPTL (E-mobility division) signifies a need to take a fresh look at how we address the EV opportunity.
Leveraging European Footprint
Management is pursuing various alternative business opportunities in Europe to leverage its scaled down manufacturing footprint.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Indian Manufacturing Revenue Growth | FY26 Standalone: -5.1% YoY; Q4 FY26 Standalone: +8.5% QoQ | Achievement of 25% revenue growth in FY27 for Indian manufacturing operations, driven by order execution and export recovery. |
| European Steel Business Restructuring | Initiated, expected to conclude by end of CY27. | Progress and impact of restructuring on profitability and asset utilization in European operations. |
| EV Strategy Reorientation | Rs 450 Cr impairment in KPTL (E-mobility division) due to changed EV adoption globally. | Clarity on new EV strategy and new order wins beyond M&HCVs for K-Drive Mobility. |
| Defence Order Book Execution | Order book at Rs 10,961 Cr as of FY26. | Timely execution of the substantial Defence order book and its contribution to revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 50th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
163 docs text-extracted · 89 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Auto: 50th pctile, median 74 · Mid: 43rd pctile, median 76
Evidence depth
Financial-only
163 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharat Forge Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - ICRA reaffirmed Bharat Forge’s AA+/A1+ ratings on multiple facilities and issuer bonds.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 22 Sep - Bharat Forge allotted 10.58 million shares in ₹2,000 crore QIP at ₹1,890 each.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - KSSL signs MoU with FN Herstal for India-based small arms, counter-UAS manufacturing and potential JV.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - KSSL and Thales sign alliance for 70-mm rocket systems; first India-assembled rocket targeted for early 2027.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.