Bharat Forge logo

Bharat Forge share price

NSE: BHARATFORGBSE: 500493Auto ComponentsMid Cap

Bharat Forge Limited · Face value ₹2 · Listed Mar 1964 on BSE, Apr 2003 on NSE
Last close ₹1,763.00up ₹32.60 (1.88%)BSE ₹1,750.00

Share price at the NSE close on 27 Oct 2026. Previous close ₹1,730.40.

27 Oct: open ₹1,722.90, high ₹1,788.00, low ₹1,719.10

52-week range of traded prices to 27 Oct 2026
₹1,284.00Low, 27 Oct 2025₹2,295.00High, 10 Aug 2026
Market cap
₹86,153 Cr127th largest listed
P/E
121.99
P/E without one-offs
70.69
P/B
9.01
Dividend yield
0.48%
ROE
7.5%
ROE without one-offs
13.0%
ROCE
11.9%
Debt to equity
0.72
Volume, NSE
14,33,47553.3% delivered

Bharat Forge share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+35.5%over a year · Nifty Auto −7.1% · Nifty 500 −8.8%

ResultsDividend20-session average 8,69,448 shares a day, 54.9% delivered

About Bharat Forge

Bharat Forge Limited is an engineering and manufacturing company that makes safety-critical forged and machined components, and defence products such as artillery systems and armoured vehicles.123 It supplies customers in the automotive, aerospace, defence, energy, rail, marine, oil and gas, and construction and mining sectors, with operations in India, North America and Europe.14

Its defence business is run by Kalyani Strategic Systems Limited, a wholly owned subsidiary, which set up Agneyastra Energetics in July 2025 for explosives and propellants.56 Its aerospace business makes engine components, landing gear and aircraft structural parts.5 JS Autocast makes ferrous (iron-based) castings, and K Drive Mobility, bought on 1 Jul 2025, designs and assembles axles.768 In March 2026, Premji Invest took a 23% stake in JS Autocast, on a fully diluted basis, for ₹300 crore.59 Bharat Forge's group operates 18 manufacturing facilities in 5 countries, 11 of them in India, with forging and casting capacity of 716,500 tonnes a year.4

It was incorporated in 1961, is based in Pune and completed 60 years of manufacturing operations in July 2026.1011 It expanded into industrial products in 2008, passenger vehicles at scale in 2014, defence in 2019 and aerospace in 2025.12 It is part of the Kalyani Group, and its promoter is B. N. Kalyani, its chairman and managing director.131415 At the end of March 2026, promoter group companies Kalyani Investment Company Limited, Sundaram Trading and Investment Private Limited and KSL Holdings Private Limited held 13.24%, 11.56% and 9.68% of its shares.14

Bharat Forge key points

Results

  • Consolidated revenue (the group, parent and subsidiaries together) was ₹16,812 crore in the year to Mar 2026, up 11%, and consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹2,911 crore, a margin of 17.3%.16
  • On a standalone basis (the parent company alone), revenue was ₹83,957 million in the year to Mar 2026, down 5.1%; EBITDA was ₹23,121 million and profit after tax ₹8,187 million.1718
  • In the quarter to Jun 2026, consolidated revenue was ₹4,640 crore, up 18.7%, and EBITDA ₹752 crore, a margin of 16.2%. Consolidated profit before tax was ₹557 million after an exchange loss of ₹423 million and one-off items of ₹3,580 million.1920
  • The year to Mar 2026 includes 9 months of K Drive Mobility and the quarter to Jun 2025 does not, so the company says the year-on-year results are not comparable.2122

Business segments

  • Revenue by reporting segment, ₹ million23
    Itemyear to Mar 2026year to Mar 2025
    Forgings139,285.82129,612.33
    Defence17,571.7217,719.86
    Others21,698.129,519.96
    Sales between segments of ₹10,439.13 million are removed to give consolidated revenue of ₹168,116.53 million.

Revenue mix

  • Revenue of Bharat Forge Limited alone, by business242526
    Itemyear to Mar 2026
    Industrial, India and exports₹4,064 crore, up 4%
    Commercial vehicle exports₹1,324 crore, down 34%
    Passenger vehicle exports₹1,145 crore, up 3%
    Commercial vehicles in India₹1,036 crore, up 8%
    Passenger vehicles in India₹397 crore, up 10%
  • On a standalone basis, aerospace revenue was a record ₹2,550 million in the year to Mar 2026, up 11%; the company is the first Indian supplier to Embraer, with a long-term contract for landing gear forgings.2728

Where revenue comes from

  • Standalone revenue by market, ₹ million2930
    Itemquarter to Jun 2026quarter to Jun 2025
    India11,42710,294
    Exports, total12,04710,753
    Exports to the Americas7,9726,933
    Exports to Europe3,0472,937
    Exports to Asia Pacific1,028884

Order book

  • The defence order book (orders received but not yet delivered) was ₹11,196 crore at the end of June 2026, against ₹10,961 crore at the end of March 2026.3132
  • The company won a Ministry of Defence contract for 255,000 close quarter battle (CQB) carbines for the Indian Army.33
  • The company stated in its annual report for the year to Mar 2026 that the carbine contract and the ATAGS (Advanced Towed Artillery Gun System) order give it a revenue pipeline over the next 3 to 4 years.34

Expansion and capital spending

  • In its presentation of 10 Aug 2026, the company said it plans to invest about ₹1,800 crore over 12 to 18 months in forging and machining capacity for new sectors, including the energetics plant (for explosives and propellants) in Andhra Pradesh.3536
  • On its earnings call of 10 Aug 2026, the company said its ring mill (a machine that rolls seamless metal rings) at Baramati, built for aerospace, would start in the quarter to Mar 2027.3738
  • On its earnings call of 10 Aug 2026, the company said it expects to complete the restructuring of Bharat Forge CDP, its German steel business, by December 2027, after which the entity would no longer exist; it took a charge of about €30 million.3940

What the company expects

  • In its presentation of 10 Aug 2026, the company said it expects its Indian manufacturing business to grow 20% to 25% in the year to Mar 2027, more so in the second half.41
  • The company stated in its annual report for the year to Mar 2026 that it aims to grow India manufacturing by 15% a year, compounded, over 5 years, with profits rising faster.42
  • On its earnings call of 10 Aug 2026, the company said it expects its aerospace business to double in about 2 years.43
  • On its earnings call of 10 Aug 2026, the company said it targets a margin of about 22% to 23% a year, at a steady state, in its defence business.44

Recent events

  • On 5 Oct 2026, the company signed a long-term contract with Pratt & Whitney Canada to supply aerospace engine components made at its facility in India.45
  • On 16 Oct 2026, the company said it had invested ₹2,400 million in Kalyani Strategic Systems, partly from its qualified institutional placement (a sale of new shares to large institutional investors), opened on 17 Sep 2026 under a fund raise of up to ₹2,500 crore.464748
  • On 3 Sep 2026, Kalyani Strategic Systems signed a strategic alliance with Thales to build capability for 70-mm rocket systems in India, targeting the first rocket assembled in India for early 2027.49
  • On 19 Jun 2026, the company signed a ₹425 crore, 5-year contract with the Ministry of Defence to supply gas turbine generators for Indian Navy ships, its entry into marine gas turbines.50

Last updated

All 50 sources, each with its page
  1. 1. Annual report, 17 Jul 2026, page 26
  2. 2. Annual report, 17 Jul 2026, page 183
  3. 3. Annual report, 17 Jul 2026, page 27
  4. 4. Annual report, 17 Jul 2026, page 28
  5. 5. Annual report, 17 Jul 2026, page 32
  6. 6. Annual report, 17 Jul 2026, page 65
  7. 7. Annual report, 17 Jul 2026, page 62
  8. 8. Annual report, 17 Jul 2026, page 58
  9. 9. Annual report, 17 Jul 2026, page 70
  10. 10. Annual report, 17 Jul 2026, page 3
  11. 11. Annual report, 17 Jul 2026, page 29
  12. 12. Annual report, 17 Jul 2026, page 33
  13. 13. Exchange filing, 5 Oct 2026, page 2
  14. 14. Annual report, 17 Jul 2026, page 143
  15. 15. Annual report, 17 Jul 2026, page 87
  16. 16. Annual report, 17 Jul 2026, page 32
  17. 17. Annual report, 17 Jul 2026, page 30
  18. 18. Annual report, 17 Jul 2026, page 63
  19. 19. Investor presentation, 10 Aug 2026, page 3
  20. 20. Investor presentation, 10 Aug 2026, page 12
  21. 21. Annual report, 17 Jul 2026, page 62
  22. 22. Investor presentation, 10 Aug 2026, page 8
  23. 23. Annual report, 17 Jul 2026, page 255
  24. 24. Annual report, 17 Jul 2026, page 57
  25. 25. Annual report, 17 Jul 2026, page 56
  26. 26. Annual report, 17 Jul 2026, page 57
  27. 27. Annual report, 17 Jul 2026, page 25
  28. 28. Annual report, 17 Jul 2026, page 63
  29. 29. Investor presentation, 10 Aug 2026, page 10
  30. 30. Investor presentation, 10 Aug 2026, page 7
  31. 31. Investor presentation, 10 Aug 2026, page 3
  32. 32. Annual report, 17 Jul 2026, page 30
  33. 33. Annual report, 17 Jul 2026, page 25
  34. 34. Annual report, 17 Jul 2026, page 58
  35. 35. Investor presentation, 10 Aug 2026, page 3
  36. 36. Annual report, 17 Jul 2026, page 25
  37. 37. Earnings call, 10 Aug 2026, page 4
  38. 38. Annual report, 17 Jul 2026, page 34
  39. 39. Earnings call, 10 Aug 2026, page 4
  40. 40. Earnings call, 10 Aug 2026, page 12
  41. 41. Investor presentation, 10 Aug 2026, page 3
  42. 42. Annual report, 17 Jul 2026, page 33
  43. 43. Earnings call, 10 Aug 2026, page 9
  44. 44. Earnings call, 10 Aug 2026, page 8
  45. 45. Exchange filing, 5 Oct 2026, page 2
  46. 46. Exchange filing, 16 Oct 2026, page 1
  47. 47. Exchange filing, 17 Sep 2026, page 1
  48. 48. Earnings call, 10 Aug 2026, page 5
  49. 49. Exchange filing, 3 Sep 2026, page 2
  50. 50. Exchange filing, 19 Jun 2026, page 2

Results

Consolidated; ₹ crore.Bharat Forge quarterly results

Revenue growth, 12 months
+17.5%
Net profit growth, 12 months
−30.9%

Quarter to Jun 2026, against the quarter before

Revenue
₹4,640 Crup 2.47%
Net profit
−₹90 CrQuarter to Mar 2026: ₹233 Cr
Net margin
−1.9%

Revenue by quarter

₹3,689 CrSep 24₹3,476 CrDec 24₹3,853 CrMar 25₹3,909 CrJun 25₹4,032 CrSep 25₹4,343 CrDec 25₹4,528 CrMar 26₹4,640 CrJun 26
Peak revenue ₹4,640 Cr, quarter to Jun 2026; lowest ₹3,476 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

  • Net profit
  • Loss
₹243 CrSep 24₹213 CrDec 24₹283 CrMar 25₹284 CrJun 25₹299 CrSep 25₹273 CrDec 25₹233 CrMar 26−₹90 CrJun 26
A loss in the quarter to Jun 2026, −₹90 CrA loss in 1 of the 8 quarters shown
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue3,6893,4763,8533,9094,0324,3434,5284,640
Net profit243213283284299273233−90
Net margin6.6%6.1%7.3%7.3%7.4%6.3%5.2%−1.9%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Forgings₹13,929 Crup 7.46%78.0%
  • Defence₹1,757 Crdown 0.84%9.8%
  • Others₹2,170 Crup 127.92%12.2%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Bharat Forge PE ratio and valuation

Price to earnings

At or below today's level on 78% of 2,168 trading days over the last 10 years.

LowestHighest
Its median46.59Industry median23.18
Price to book

At or below today's level on 86% of 1,977 trading days since Nov 2018.

LowestHighest
Its median6.01Industry median2.61
Dividend yield

At or below today's level on 24% of 2,478 trading days over the last 10 years.

LowestHighest
Its median0.68%Industry median0.62%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+43.7%+12.6%+27.2%0.5%
3 years+30.2%+25.8%+3.0%0.7%
5 years+23.7%––0.8%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 and 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2025 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Bharat Forge shareholding pattern

Shareholding by group

  • Promoters43.12%
  • Foreign institutions15.20%
  • Indian institutions33.04%
  • Individuals and others8.64%
Holder
KALYANI INVESTMENT COMPANY LIMITEDPromoter12.96%
SUNDARAM TRADING AND INVESTMENT PVT LTDPromoter11.31%
KSL HOLDINGS PRIVATE LIMITEDPromoter9.47%
NPS TRUST A/C - LIC PFL NPS SMART BALANCE TIER IProvident and pension funds3.76%
BF INVESTMENT LIMITEDPromoter3.20%
AJINKYA INVESTMENT AND TRADING COMPANYPromoter3.07%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Sep 2026: promoters unchanged, foreign institutions +0.01 pts, Indian institutions +0.18 pts, mutual funds +0.14 pts.

Mutual fund holdings

277 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 149 of the 185 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 277 funds holding Bharat Forge

Bought for the first time
8
Bought again
10
Added
138
Cut
47
Held unchanged
73
Sold out
9
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Bharat Forge competitors and peers

Auto Components & Equipments, 155 listed companies, priced on 27 Oct 2026. The table lists the 8 companies closest to Bharat Forge in market cap.Automobile companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Samvardhana Motherson International logoSamvardhana Motherson InternationalMOTHERSON1,66,70738.064.07+14.0%+31.9%11.5%12.2%0.38%
Bosch logoBoschBOSCHLTD1,34,50256.929.06+13.6%−11.3%16.5%16.3%0.59%
UNO Minda logoUNO MindaUNOMINDA62,65552.119.17+18.8%+16.2%19.1%15.9%0.24%
Schaeffler India logoSchaeffler IndiaSCHAEFFLER57,36743.689.33+22.7%+23.3%22.7%26.5%0.95%
Sona BLW Precision Forgings logoSona BLW Precision ForgingsSONACOMS53,16671.708.28+43.1%+21.0%12.2%13.8%0.40%
Tube Investments of India logoTube Investments of IndiaTIINDIA40,74767.185.26+17.6%−6.1%9.1%10.7%0.17%
Endurance Technologies logoEndurance TechnologiesENDURANCE32,04733.044.68+29.3%+12.9%15.4%15.5%0.50%
Dhoot Transmission logoDhoot TransmissionDHOOTTRANS30,064––––––0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Bharat Forge dividend history

Dividend per share, ₹, restated for later splits and bonuses

3.8Mar 174.5Mar 185Mar 193.5Mar 202Mar 217Mar 227Mar 239Mar 248.5Mar 258.5Mar 26
Highest ₹9.00 a share, year to Mar 2024.
Ex-dateTypePer share
3 Jul 2026Final₹6.50
18 Feb 2026Interim₹2.00
4 Jul 2025Final₹6.00
18 Feb 2025Interim₹2.50
5 Jul 2024Final₹6.50
23 Feb 2024Interim₹2.50
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Bharat Forge announcements

Bharat Forge share price by year

Each calendar year to 2025.Bharat Forge share price history

YearClose at year endChangeHighest closeLowest close
20251,470.40+13.2%1,470.40951.60
20241,299.50+4.9%1,791.401,092.45
20231,238.35+40.7%1,245.65750.20
2022879.85+26.1%908.65604.00
2021697.85+32.8%834.05538.10
2020525.30+8.7%557.50218.50
2019483.15−5.0%537.50382.00
2018508.70−30.5%789.85496.95
2017731.50+61.4%732.00453.70
2016453.28+1.6%499.53356.25
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
26 Oct 20261,690.001,730.401,689.001,730.401,711.3012,44,35958.3%
23 Oct 20261,738.001,740.901,680.401,711.201,699.739,15,93349.3%
22 Oct 20261,767.801,767.801,723.401,741.001,738.6013,53,87262.1%
21 Oct 20261,801.001,810.901,746.001,774.001,762.976,84,72156.0%
19 Oct 20261,835.001,840.001,792.101,798.601,810.734,29,05553.1%
16 Oct 20261,860.001,865.001,825.001,835.001,834.9914,88,82069.1%
15 Oct 20261,838.001,863.001,833.601,852.401,849.744,06,73752.2%
14 Oct 20261,839.001,864.501,828.501,838.801,843.384,83,31644.7%
13 Oct 20261,815.301,847.601,797.701,842.201,831.754,45,75854.0%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus share history

Ex-dateEventPrice factorWhat happened
28 Sep 2017Bonus0.5000Holders received 1 bonus share for every 1 held.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chairperson
BABASAHEB NEELKANTH KALYANI
At the end of the quarter to Jun 2026
NSE symbol
BHARATFORG
BSE code
500493
ISIN
INE465A01025
Industry
Auto Components
CIN
L25209PN1961PLC012046
Corporate identity number, the registrar of companies' code for it
Incorporated
1961
Registered office
Mundhwa Pune Cantonment, 411036, Maharashtra
Share registrar
MUFG Intime India Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments