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Bharat Forge Limited BHARATFORG.NS

IN · National Stock Exchange of India · XNSE · stock · Consumer Cyclical · website

Bharat Forge Limited statistics & valuation

Market cap₹992.9B
P / E92.0×
P / S6.1×
P / B10.4×
P / FCF286.8×
Dividend yield0.38%
Net margin6.7%
Return on equity11.3%
FCF margin2.1%
Net debt₹64.6B
Enterprise value USD$11.1B
Earnings yield EBIT/EV1.9%
Return on capital15.4%
Graham number -84.6%₹319.06

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹319.06); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
4.30% 6.30% 6.50% 6.70% 2023202420252026
Gross margin (%)
43.50% 43.50% 47.20% 46.40% 2023202420252026
Operating margin (%)
8.70% 11.70% 12.80% 12.10% 2023202420252026
Return on equity (%)
7.90% 13.30% 10.20% 11.30% 2023202420252026
Shares outstanding
478.1M 478.1M 478.1M 478.1M 2023202420252026
Net debt (₹)
₹68.05B ₹66.34B ₹61.04B ₹64.61B 2023202420252026
Share buybacks (₹)
2023202420252026
Return on assets (%)
2.90% 4.90% 4.70% 4.90% 2023202420252026
Free cash flow margin (%)
2.40% 0.90% 2.40% 2.10% 2023202420252026
Debt / equity (×)
1.09× 1.11× 0.72× 0.76× 2023202420252026
EPS (₹)
₹11.35 ₹20.43 ₹20.05 ₹22.58 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Bharat Forge Limited trades at about 91.8× earnings — above its 10-year norm (10-year range 55.1×–83.3×, median 70.6×).

55.1× 91.8×

Shaded band = 10-year range (55.1×–83.3×); dot = today's 91.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin46.4%47.2%43.5%43.5%
Operating margin12.1%12.8%11.7%8.7%
Net margin6.7%6.5%6.3%4.3%
FCF margin2.1%2.4%0.9%2.4%
Return on assets4.9%4.7%4.9%2.9%
Return on equity11.3%10.2%13.3%7.9%
Debt / equity0.19×0.14×0.26×0.26×
Current ratio1.171.181.081.09

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.