Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Bharat Forge Ltd.
NSE: BHARATFORGConsumer CyclicalAuto Parts
- Last close
- ₹1,711.20
- Day change
- −₹29.80 (−1.71%)vs
- Market cap
- ₹89,671 crIndian rupees
- Research updated
- 2 reports
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About Bharat Forge
Bharat Forge Ltd. is a leading global engineering and manufacturing company based in India, specializing in forging products and services. The company primarily caters to the automotive industry, producing critical components such as crankshafts, connecting rods, and axles. Beyond automotive, Bharat Forge extends its expertise to sectors like aerospace, oil and gas, railways, power generation, and defense, showcasing its diverse application of advanced metal forming technologies. Renowned for its emphasis on technological innovation and sustainability, the company has established a robust presence across multiple continents with several manufacturing units and a strong supply chain. Its market significance is underscored by its ability to serve both domestic and international markets, contributing to the global supply of high-performance forged components. Bharat Forge's role in the financial market is notable due to its consistent performance and adaptability to industry needs, positioning it as a key player in fostering engineering excellence and economic growth on a global scale.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: BHARATFORG
- Chief executive
- Mr. Sumeet Banga
- Employees
- 3,972
- Headquarters
- Pune, India
- ISIN
- INE465A01025
- Website
- bharatforge.com
Public research · Report of
Business model & financial foundation
Bharat Forge (NSE: BHARATFORG), Forged, machined and cast components; defence systems: revenue of ₹16,812 crore in FY26 (+11.2% on FY25), an EBITDA margin of 17.4%, net profit of ₹1,080 crore and net debt of ₹4,464 crore.
- Revenue, FY26 (₹ crore)
- 16,812
- consolidated
- Revenue growth, FY26
- +11.2%
- on FY25
- EBITDA margin, FY26
- 17.4%
- EBITDA (Statutory cost-stack EBITDA including embedded FX) / revenue
- Net profit, FY26 (₹ crore)
- 1,080
- to owners
- Return on equity, FY26
- 11.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,464
- Net debt on company's liquid-assets definition
- Market capitalisation (₹ crore)
- 88,708
- at the close of 16 Oct 2026
Company profile
Bharat Forge manufactures forged, machined and cast components for automotive and industrial customers. Its consolidated group also supplies defence systems, castings and driveline products across India, Europe and the US. Statutory Forgings, Defence and Others differ from management manufacturing-geography disclosures.
| Item | Value |
|---|---|
| Legal name | Bharat Forge Limited |
| Exchange and ticker | NSE: BHARATFORG; BSE: 500493 |
| ISIN | INE465A01025 |
| CIN | L25209PN1961PLC012046 |
| Sector | Industrials |
| Industry | Forged, machined and cast components; defence systems |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹88,708 crore (16 Oct 2026) |
| Shares outstanding | 47.81 crore shares (FY26) |
| Price | ₹1,852 (close, 16 Oct 2026) |
| 52-week range | ₹1,230 - ₹2,295 (to 16 Oct 2026) |
| Website | https://www.bharatforge.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Bharat Forge Global Holding GmbH | 100% | German holding company and European manufacturing group. |
| Bharat Forge Aluminiumtechnik GmbH | 100% | German aluminium forging; group equity interest. |
| Bharat Forge CDP GmbH | 100% | German forging under restructuring; group equity interest. |
| Bharat Forge America Inc. | 100% | US holding company and manufacturing subsidiaries. |
| Kalyani Strategic Systems Limited | 100% | Defence systems. |
| Kalyani Rafael Advanced Systems Private Limited | 50% | Defence; consolidated on control assessment despite 50% equity. |
| Kalyani Powertrain Limited | 100% | E-mobility. |
| JS Auto Cast Foundry India Private Limited | 100% | Castings; annual equity presentation differs from 77% fully diluted parent stake after investor CCPS. |
| K Drive Mobility Solutions Private Limited | 100% | Axle/driveline manufacturing; acquired 1 July 2025. |
| RS Aerostructures Limited | 90% | Stepdown aerospace subsidiary acquired 24 June 2026. |
Material subset; percentages are group equity interests at 31 March 2026 except RS acquisition. Direct and indirect interests distinguished in annual subsidiary roster. No legal corporate parent established.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 44.07% | 44.07% | 44.07% | 43.12% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 12.40% | 14.15% | 15.04% | 15.19% |
| Domestic institutions | 34.07% | 32.61% | 32.19% | 32.86% |
| of which mutual funds | 22.70% | 21.05% | 20.74% | 21.57% |
| Retail | 6.82% | 6.76% | 6.48% | 6.65% |
| Other | 2.64% | 2.40% | 2.22% | 2.19% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bharat Forge is a qualified forging, machining and castings supplier to OEM/Tier1 automotive and industrial buyers, with defence systems, aerospace and acquired driveline exposure. Metallurgy and qualification support long relationships; it does not control truck demand, procurement approvals, acceptance milestones or customer production. India/Europe/US management manufacturing geography is not statutory Forgings/Defence/Others, standalone export destinations or organic revenue. K Drive entered consolidation 1 July 2025. Group scope is necessary because parent-only margins omit overseas losses.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Forgings: automotive/industrial incl forged defence components | 13,929 | 78.0% | 1,956 | 89.3% | 11,358 | 81.2% |
| Defence products | 1,757 | 9.8% | 81.5 | 3.7% | 721.8 | 5.2% |
| Other initiatives | 2,170 | 12.2% | 154.0 | 7.0% | 1,916 | 13.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ramkrishna Forgings (RKFORGE) | Direct forging/CV export comparator. |
| CIE Automotive India (CIEINDIA) | Diversified automotive forging/components and geographic cycle. |
| Sona BLW Precision (SONACOMS) | Precision driveline and electrification; mix differs. |
| PTC Industries (PTCIL) | Specialised aerospace/defence manufacturing; scale differs. |
| Endurance Technologies (ENDURANCE) | Auto-component casting and overseas comparator. |
| Balu Forge (BALUFORGE) | Forging/precision machining; size differs materially. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,898 | 12,289 | 15,682 | 15,123 | 16,812 |
| Cost of revenue (vendor classification) * | 5,116 | 6,946 | 8,503 | 7,670 | 8,702 |
| Other operating costs (vendor classification) * | 1,792 | 2,426 | 2,463 | 2,568 | 2,699 |
| EBITDA (vendor classification) * | 2,047 | 1,802 | 2,686 | 2,821 | 3,045 |
| Statutory operating EBIT including embedded FX | 1,517 | 1,093 | 1,710 | 1,820 | 1,956 |
| Finance costs including lease interest | 136.2 | 265.9 | 491.2 | 417.5 | 323.3 |
| Profit before tax | 1,381 | 827.0 | 1,439 | 1,456 | 1,667 |
| Total income tax expense | 303.5 | 318.6 | 528.8 | 542.6 | 577.8 |
| Group profit after tax before attribution | 1,077 | 508.4 | 910.2 | 913.3 | 1,089 |
| Diluted EPS (₹) | 23.23 | 11.35 | 20.43 | 20.05 | 22.58 |
| Other income | 227.4 | 213.8 | 198.7 | ||
| Raw materials and components consumed | 7,138 | 6,440 | 7,778 | ||
| Purchase of stock in trade | 245.0 | 231.8 | 78.9 | ||
| Change in inventories (negative: increase) | -4.21 | -77.1 | -267.2 | ||
| Materials including purchases and inventory change | 7,379 | 6,594 | 7,590 | ||
| Employee benefits expense | 1,860 | 1,870 | 2,103 | ||
| Other expenses statutory including FX | 3,885 | 3,965 | 4,192 | ||
| Other expenses excluding separately recorded FX | 3,877 | 3,945 | 4,208 | ||
| Statutory cost-stack EBITDA including embedded FX | 2,558 | 2,694 | 2,927 | ||
| Exchange gain/(loss), signed | -8.15 | -19.2 | 15.8 | ||
| Depreciation and amortisation | 848.2 | 873.6 | 970.9 | ||
| Exceptional items signed loss | -12.3 | -157.1 | -154.4 | ||
| Associates and JVs share of profit/(loss) net of tax | 5.32 | -3.71 | -9.47 | ||
| Associates/JVs profit/(loss) before own tax | 6.57 | -2.45 | -7.65 | ||
| Associates/JVs own income tax | 1.26 | 1.26 | 1.82 | ||
| Current tax incl prior-year tax | 569.1 | 584.9 | 560.6 | ||
| Deferred tax expense/(credit) | -40.2 | -42.3 | 17.2 | ||
| Profit/(loss) attributable to non-controlling interests | -41.0 | -27.9 | 9.74 | ||
| Audited profit attributable to owners (EPS numerator) | 951.1 | 941.2 | 1,080 | ||
| Basic EPS (₹) | 20.43 | 20.05 | 22.58 | ||
| Put-option equity remeasurement (NOT P&L charge) | n.a. | 0.00 | 29.5 | ||
| Statutory total income including other income | 15,909 | 15,337 | 17,010 | ||
| Statutory total expenses | 14,463 | 13,720 | 15,179 | ||
| Profit before associates exceptional items and tax | 1,446 | 1,617 | 1,831 | ||
| Company EBITDA excluding FX and other income | 2,566 | 2,713 | 2,911 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total group equity including NCI | 6,627 | 6,742 | 7,165 | 9,221 | 9,557 |
| Total statutory borrowings excluding leases | 5,972 | 7,313 | 7,522 | 6,288 | 6,875 |
| Cash and cash equivalents | 558.4 | 508.7 | 1,315 | 621.0 | 847.9 |
| Current net trade receivables | 2,162 | 3,087 | 3,167 | 2,900 | 3,910 |
| Inventories | 2,710 | 3,126 | 3,216 | 3,578 | 4,053 |
| Total trade payables including MSE dues | 1,631 | 2,151 | 2,262 | 2,344 | 2,996 |
| Net property plant and equipment excluding ROU | 399.6 | 471.2 | 5,468 | 5,847 | 7,258 |
| Capital work in progress | 1,402 | 1,128 | 976.9 | 1,725 | 1,251 |
| Total assets | 15,609 | 18,384 | 19,349 | 20,088 | 22,260 |
| Other bank balances incl earmarked deposits | 374.6 | 670.3 | 142.1 | ||
| Current investments | 1,025 | 1,353 | 1,174 | ||
| Non-current financial investments | 759.6 | 619.2 | 503.2 | ||
| Investments accounted under equity method | 63.9 | 90.5 | 61.4 | ||
| Current borrowings including current maturities | 5,663 | 4,969 | 5,062 | ||
| Non-current borrowings excluding leases | 1,859 | 1,319 | 1,812 | ||
| Current lease liabilities | 46.2 | 47.5 | 64.1 | ||
| Non-current lease liabilities | 379.3 | 362.4 | 369.9 | ||
| Total lease liabilities | 425.5 | 409.9 | 434.0 | ||
| Net debt on company's liquid-assets definition | 4,503 | 3,993 | 4,464 | ||
| Cash and liquid assets used in reported net debt | 3,019 | 2,259 | 2,409 | ||
| Borrowings used by company in net debt note | 7,522 | 6,251 | 6,873 | ||
| Non-current net trade receivables | 9.79 | 13.5 | 16.9 | ||
| Trade payables micro and small enterprises | 53.0 | 77.0 | 84.0 | ||
| Trade payables other enterprises | 2,209 | 2,267 | 2,912 | ||
| Equity attributable to owners of parent | 7,170 | 9,253 | 9,580 | ||
| Non-controlling interests equity | -4.88 | -32.8 | -23.0 | ||
| Contracted capex not provided net of advances | 592.5 | 529.7 | 699.1 | ||
| Gross JS Auto written put-option liability | 0.00 | 0.00 | 329.5 | ||
| Earmarked dividend and CSR bank accounts | 11.9 | 19.3 | 11.1 | ||
| Unspent QIP earmarked acquisition deposit | 0.00 | 550.0 | 0.00 | ||
| Deposits original maturity below twelve months | 362.7 | 101.0 | 130.9 | ||
| Deposits under bank lien (subset of deposits) | 1.62 | 26.5 | 0.00 | ||
| Deposits held as security for authorities (subset) | 0.14 | 0.14 | 0.00 | ||
| Non-current debt mutual funds | 173.4 | 183.9 | 125.5 | ||
| Non-current perpetual bonds | 5.11 | 0.00 | 108.3 | ||
| Non-current FVTOCI equity investments non-treasury | 431.7 | 435.3 | 269.4 | ||
| Current Paragon private equity fund not cash equivalent | 0.00 | 14.9 | 13.0 | ||
| Total current and non-current net trade receivables | 3,177 | 2,913 | 3,927 | ||
| Total current assets | 10,016 | 10,232 | 11,203 | ||
| Total non-current assets | 9,334 | 9,856 | 11,057 | ||
| Total current liabilities | 9,280 | 8,703 | 9,581 | ||
| Total non-current liabilities | 2,904 | 2,165 | 3,122 | ||
| Total liabilities | 12,184 | 10,868 | 12,703 | ||
| Goodwill | 296.0 | 262.8 | 390.3 | ||
| Right-of-use assets separately from net PPE | 474.0 | 447.3 | 478.4 | ||
| Other intangible assets | 70.8 | 41.3 | 60.6 | ||
| Intangible assets under development | 14.4 | 6.37 | 47.0 | ||
| Paid-up equity share capital including forfeited amounts | 93.1 | 95.6 | 95.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after cash taxes | -236.5 | 625.5 | 1,664 | 1,796 | 1,487 |
| Free cash flow (vendor definition) * | -562.5 | 298.3 | 140.4 | 345.9 | 346.2 |
| Cash dividends paid (negative outflow) | -164.2 | -325.3 | -380.1 | -422.1 | -379.7 |
| Gross cash capex (positive spend) | -964.6 | -969.9 | 1,524 | 1,450 | 1,140 |
| Acquisitions cash outflow net of cash acquired | 53.3 | 0.00 | 498.6 | ||
| Gross debt repayments incl revolving bill discounting | 8,801 | 10,094 | 14,205 | ||
| Gross borrowing proceeds incl bill discounting | 9,519 | 8,851 | 14,283 | ||
| QIP gross cash proceeds | 0.00 | 1,650 | 0.00 | ||
| Cash QIP transaction costs | 0.00 | 30.3 | 0.00 | ||
| Subsidiary CCPS cash proceeds | 0.00 | 0.00 | 300.0 | ||
| Principal lease cash payments | 51.3 | 51.6 | 65.5 | ||
| PPE and intangible cash disposal proceeds | 23.7 | 6.54 | 27.4 | ||
| Cash income taxes net of refunds | 518.5 | 605.0 | 564.6 | ||
| Cash generated from operations before cash tax | 2,183 | 2,401 | 2,051 | ||
| CFO less gross cash capex before acquisitions/dividends | 140.4 | 345.9 | 346.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end fully paid shares | 46.56 | 46.56 | 46.56 | 47.81 | 47.81 |
| Weighted average basic and diluted shares | 46.56 | 46.95 | 47.81 | ||
| Capitalised bank and lease interest (aggregate) | 3.43 | 30.9 | 39.7 | ||
| CFO / consolidated group PAT (x) | 1.83x | 1.97x | 1.36x | ||
| Current net trade receivables YoY growth (%) | n.r. | -8.4% | 34.8% | ||
| Revenue YoY growth (%) | n.r. | -3.6% | 11.2% | ||
| Receivable growth / revenue growth (x) | n.r. | 2.37x | 3.12x | ||
| Other-related procurement and services / revenue (%) | 13.3% | 13.5% | 11.3% | ||
| Company net debt / statutory EBITDA (x) | 1.76x | 1.48x | 1.53x | ||
| Consolidated contingencies / group equity (%) | 7.8% | 6.6% | 11.0% | ||
| Statutory operating EBIT / finance cost (x) | 3.48x | 4.36x | 6.05x | ||
| CWIP plus intangible development older than two years (%) | n.r. | n.r. | 7.9% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| Cost of revenue (vendor classification) * | 1,564 | 1,470 | 2,799 | 1,696 | 1,767 | 1,974 | 2,152 | 2,069 |
| Other operating costs (vendor classification) * | 1,010 | 945.2 | -1,289 | 1,026 | 1,018 | 1,084 | 1,063 | 1,268 |
| EBITDA (vendor classification) * | 708.3 | 661.2 | 657.7 | 719.3 | 777.8 | 788.4 | 830.4 | 755.4 |
| Operating EBIT from statutory cost stack | 433.9 | 406.1 | 457.6 | 446.8 | 484.8 | 501.1 | 523.1 | 446.2 |
| Finance costs | 109.8 | 96.0 | 88.0 | 82.2 | 80.1 | 76.6 | 84.4 | 89.7 |
| Statutory PBT after associates and exceptional items | 385.2 | 347.0 | 424.1 | 411.0 | 456.8 | 407.2 | 392.1 | 44.4 |
| Group current plus deferred tax (excludes associate tax) | 141.9 | 134.2 | 141.5 | 127.1 | 157.6 | 134.4 | 158.7 | 134.3 |
| Statutory total group PAT, before NCI attribution | 243.3 | 212.8 | 282.6 | 283.9 | 299.3 | 272.8 | 233.4 | -89.9 |
| Basic and diluted EPS, as disclosed (₹) | 5.23 | 4.54 | 5.92 | 5.93 | 6.26 | 5.53 | 4.86 | -1.88 |
| Materials, traded purchases and inventory movement | 1,564 | 1,470 | 1,723 | 1,696 | 1,767 | 1,974 | 2,152 | 2,069 |
| Employee benefits expense | 467.2 | 436.2 | 467.8 | 513.7 | 520.6 | 534.6 | 534.6 | 593.5 |
| Other expenses, statutory (includes embedded FX) | 1,010 | 945.2 | 980.1 | 1,026 | 1,018 | 1,084 | 1,063 | 1,268 |
| Statutory cost-stack EBITDA (excluding other income) | 647.3 | 624.4 | 681.3 | 672.9 | 725.7 | 749.9 | 778.2 | 709.5 |
| Other income | 61.6 | 38.4 | 62.1 | 49.7 | 53.5 | 42.5 | 53.0 | 57.2 |
| Depreciation and amortisation (FY25 Q2 includes impairment label) | 213.3 | 218.2 | 223.8 | 226.1 | 240.9 | 248.8 | 255.1 | 263.3 |
| Exceptional gain/(loss), signed | 0.00 | 0.00 | -5.30 | 0.00 | 0.00 | -55.7 | -98.7 | -358.0 |
| PAT attributable to non-controlling interests, signed | -0.29 | 0.02 | 0.63 | 0.19 | 0.08 | 8.59 | 0.88 | -0.16 |
| Share of associates and JVs, net of their tax, signed | -0.59 | -1.54 | -2.27 | -3.32 | -1.36 | -3.97 | -0.82 | -11.3 |
| PAT attributable to owners of the parent | 243.6 | 212.8 | 282.0 | 283.7 | 299.2 | 264.2 | 232.6 | -89.7 |
| Cost of raw materials and components consumed | 1,685 | 1,439 | 1,635 | 1,717 | 1,947 | 1,842 | 2,272 | 2,103 |
| Purchase of stock in trade / traded goods | 71.5 | 7.57 | 67.9 | 14.5 | 22.0 | 19.3 | 23.0 | 11.3 |
| Changes in finished/WIP/traded/dies/scrap inventories, signed | -192.0 | 23.6 | 20.3 | -35.3 | -202.0 | 113.1 | -143.1 | -45.8 |
| Current tax expense | 158.3 | 140.1 | 160.3 | 134.1 | 149.0 | 141.0 | 136.6 | 148.0 |
| Deferred tax expense/(credit), signed | -16.4 | -5.88 | -18.8 | -6.94 | 8.59 | -6.57 | 22.1 | -13.6 |
| Associates/JVs share before their tax, signed | -0.28 | -1.21 | -1.79 | -3.27 | -0.99 | -3.80 | 0.41 | -11.0 |
| Tax on associates/JVs share (already netted in associates) | 0.31 | 0.33 | 0.48 | 0.05 | 0.37 | 0.17 | 1.24 | 0.24 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 62.8% | 24.2% | 27.6% | -3.6% | 11.2% |
| EBITDA margin | 16.3% | 17.8% | 17.4% | ||
| Net margin | 6.1% | 6.2% | 6.4% | ||
| Return on equity | 13.7% | 11.5% | 11.5% | ||
| Return on capital employed | 13.0% | 8.2% | 11.9% | 12.1% | 12.2% |
| Return on assets | 5.0% | 4.8% | 5.1% | ||
| Net debt (₹ crore) | 4,503 | 3,993 | 4,464 | ||
| Net debt / EBITDA | 1.76x | 1.48x | 1.53x | ||
| Interest cover | 11.1x | 4.11x | 3.48x | 4.36x | 6.05x |
| Asset turnover | 0.69x | 0.72x | 0.83x | 0.77x | 0.79x |
| Receivable days | 80 | 92 | 74 | 70 | 85 |
| Inventory days (on revenue) | 100 | 93 | 75 | 86 | 88 |
| Payable days (on revenue) | 60 | 64 | 53 | 57 | 65 |
| Cash conversion | 1.75x | 1.91x | 1.38x | ||
| Capex intensity | 9.7% | 7.9% | 9.7% | 9.6% | 6.8% |
| Free cash flow (₹ crore) | -1,201 | -344.4 | 140.4 | 345.9 | 346.1 |
| Dividend payout | 40.0% | 44.8% | 35.2% | ||
| EPS, diluted (₹) | 23.23 | 11.35 | 20.43 | 20.05 | 22.58 |
| Book value per share (₹) | 142.3 | 144.8 | 153.9 | 192.9 | 199.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Statutory cost-stack EBITDA including embedded FX) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt on company's liquid-assets definition; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Statutory cost-stack EBITDA including embedded FX).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Bharat Forge
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₹3,980.20 last close on 23 Oct 2026 +0.16%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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