This analysis examines Bharat Forge Ltd. (BHARATFORG) through the lens of its financial statements, valuation metrics, and institutional ownership patterns.
Bharat Forge Revenue Trend
Top-line pressure showed for Bharat Forge Ltd., with revenue declining 8.7% to ₹14,530 Cr in FY2025.
Stepping back, the 10-year revenue CAGR of 6.7% shows Bharat Forge Ltd. has been growing at a moderate, sustainable pace.
A ₹14,530 Cr revenue base makes Bharat Forge Ltd. a major name in the Indian castings/forgings sector.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹14,530 Cr | -8.7% |
| FY2024 | ₹15,909 Cr | +21.6% |
| FY2023 | ₹13,083 Cr | +22.8% |
| FY2022 | ₹10,657 Cr | +63.8% |
| FY2021 | ₹6,505 Cr | — |
View Bharat Forge Ltd.'s full 10-year revenue trend with CAGR analysis →
Bharat Forge Profitability
Profitability strengthened with net income of ₹941 Cr in FY2025, 3.4% higher than FY2024.
The company squeezed out better margins in FY2025, with net margin at 6.5% versus 5.7% in FY2024.
Earnings per share (diluted) were ₹20.05 in FY2025, down from ₹20.43.
Is Bharat Forge Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹1,322.
Bharat Forge Ltd. shares are currently trading at ₹1,936.50.
Craytheon also calculates intrinsic value using the EPS Growth model. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹1,322 | 31.7% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
See all valuation models for Bharat Forge Ltd. with detailed assumptions →
Bharat Forge Shareholding Pattern
The promoter group has maintained its 44.1% holding through the last 4 quarters.
On the foreign institutional side, the holding is 14.2% as of March 2026 — down from 14.4%.
On the domestic institutional side, the holding is 32.8% as of March 2026 — up from 31.4%.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 44.1% | 14.2% | 32.8% | 9.0% |
| Dec 2025 | 44.1% | 12.4% | 34.2% | 9.3% |
| Sep 2025 | 44.1% | 13.6% | 32.3% | 10.1% |
| Jun 2025 | 44.1% | 14.4% | 31.4% | 10.2% |
Track quarterly shareholding changes for Bharat Forge Ltd. →
Bharat Forge Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹200.88B, up 3.8% YoY from ₹193.49B.
Property, Plant & Equipment accounts for 37.7% of the total, ahead of Inventories (17.8%) and Other Assets (15.0%).
Capital structure: 45.9% equity, 33.4% debt, 20.7% operating liabilities. Over the year, debt is down 15.7% and equity is up 28.7%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 19.74B |
| Receivables | 29.00B |
| Inventories | 35.78B |
| Property, Plant & Equipment | 75.73B |
| Investments | 7.39B |
| Intangibles & Goodwill | 3.10B |
| Other Assets | 30.14B |
| Category | Value |
|---|---|
| Equity | 92.21B |
| Short-term Debt | 50.16B |
| Long-term Debt | 16.82B |
| Trade Payables | 23.44B |
| Other Liabilities | 18.21B |
Bharat Forge Stock Analysis
In summary, Bharat Forge Ltd. (BHARATFORG) presents the following picture for fundamental analysts.
Revenue of ₹14,530 Cr in FY2025, down 8.7% year-over-year.
Long-term revenue has been compounding at 6.7% annually over 10 years.
The company is profitable, with a net margin of 6.5% and net income of ₹941 Cr.
The P/E Ratio model implies 31.7% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
Craytheon's full analysis of Bharat Forge Ltd. goes deeper: three valuation models, growth metrics, and 10 years of financial data.