BHARATFORG
Mid CapBharat Forge Limited
Auto
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -18% YoY · margin compression · Rev +18% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,528 Cr | +17.5% | +4.3% |
| EBITDA | ₹777 Cr | +14.4% | +4.2% |
| Operating margin | 17.0% | -100 bps | +0 bps |
| PAT | ₹233 Cr | -17.7% | -14.7% |
| PAT margin | 5.2% | -219 bps | -114 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Overseas Manufacturing Revenue by Product (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Trend score and candlestick chart
57NeutralSMA20 +21.0% / mo · near 52W high
Technical chart
BHARATFORGweekly · 6M+35.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 61.
- RSI(14) at 61 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 43% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -158.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 67th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 67th pctile, median 71 · Mid: 56th pctile, median 76
143 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 76.70
- P/B
- 9.47
- EV/EBITDA
- 25.16
- Market Cap
- 90507.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 13.10%
- ROA
- 4.89%
- Dividend Y
- 0.45%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 9.03×
- Altman Z
- 6.22
- Book Value
- 200.00
Cash Flow
- FCF Yield
- 0.50%
- FCF Positive Y
- 7/5
- OCF
- 1487.00 Cr
- EPS TTM
- 22.58
Shareholding
- Promoter Hold
- 44.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.