BHARAT FORGE LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,444 INR | +2.58% |
|
+14.38% | +17.69% |
| May. 08 | Bharat Forge Clocks Gains in Fiscal Q4 Consolidated Net Profit; Shares Soar 15% | MT |
| May. 08 | Transcript : Bharat Forge Limited, Q4 2024 Earnings Call, May 08, 2024 |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 238,159 | 108,994 | 277,561 | 326,797 | 358,550 | 655,595 | - | - |
| Enterprise Value (EV) 1 | 271,133 | 142,027 | 318,630 | 377,312 | 410,786 | 525,859 | 694,854 | 694,958 |
| P/E ratio | 23.1 x | 31.2 x | -220 x | 30.2 x | 67.9 x | 55.3 x | 40.4 x | 32.7 x |
| Yield | 0.98% | 1.5% | - | 1% | 0.91% | 0.53% | 0.69% | 0.62% |
| Capitalization / Revenue | 2.35 x | 1.35 x | 4.38 x | 3.12 x | 2.78 x | 4.19 x | 3.73 x | 3.35 x |
| EV / Revenue | 2.67 x | 1.76 x | 5.03 x | 3.61 x | 3.18 x | 4.53 x | 3.96 x | 3.56 x |
| EV / EBITDA | 13.3 x | 12.7 x | 37 x | 18.7 x | 23.2 x | 26.9 x | 21.1 x | 18.6 x |
| EV / FCF | -102 x | 25.4 x | 301 x | -67.1 x | 138 x | 67.7 x | 42.9 x | 36.8 x |
| FCF Yield | -0.98% | 3.94% | 0.33% | -1.49% | 0.73% | 1.48% | 2.33% | 2.72% |
| Price to Book | 4.43 x | 2.09 x | 5.13 x | 4.97 x | 5.35 x | 8.93 x | 15.9 x | 6.9 x |
| Nbr of stocks (in thousands) | 465,518 | 465,589 | 465,589 | 465,589 | 465,589 | 465,589 | - | - |
| Reference price 2 | 511.6 | 234.1 | 596.2 | 701.9 | 770.1 | 1,408 | 1,408 | 1,408 |
| Announcement Date | 5/20/19 | 6/29/20 | 6/4/21 | 5/16/22 | 5/5/23 | 5/8/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 101,457 | 80,558 | 63,363 | 104,611 | 129,103 | 156,630 | 175,659 | 195,465 |
| EBITDA 1 | 20,442 | 11,147 | 8,617 | 20,159 | 17,675 | 26,417 | 32,899 | 37,279 |
| EBIT 1 | 15,234 | 5,670 | 2,496 | 12,856 | 10,319 | 18,158 | 24,175 | 28,054 |
| Operating Margin | 15.02% | 7.04% | 3.94% | 12.29% | 7.99% | 11.59% | 13.76% | 14.35% |
| Earnings before Tax (EBT) 1 | 15,990 | 4,617 | -254.5 | 13,805 | 8,269 | 15,405 | 21,156 | 26,627 |
| Net income 1 | 10,326 | 3,498 | -1,264 | 10,818 | 5,284 | 10,583 | 15,529 | 19,543 |
| Net margin | 10.18% | 4.34% | -1.99% | 10.34% | 4.09% | 6.76% | 8.84% | 10% |
| EPS 2 | 22.17 | 7.510 | -2.710 | 23.23 | 11.35 | 20.43 | 34.86 | 43.10 |
| Free Cash Flow 1 | -2,656 | 5,602 | 1,058 | -5,625 | 2,983 | 10,476 | 16,202 | 18,900 |
| FCF margin | -2.62% | 6.95% | 1.67% | -5.38% | 2.31% | 6.69% | 9.22% | 9.67% |
| FCF Conversion (EBITDA) | - | 50.25% | 12.27% | - | 16.88% | 39.66% | 49.25% | 50.7% |
| FCF Conversion (Net income) | - | 160.13% | - | - | 56.45% | 98.99% | 104.33% | 96.71% |
| Dividend per Share 2 | 5.000 | 3.500 | - | 7.000 | 7.000 | 7.468 | 9.767 | 8.697 |
| Announcement Date | 5/20/19 | 6/29/20 | 6/4/21 | 5/16/22 | 5/5/23 | 5/8/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 17,231 | 20,828 | 21,077 | 23,856 | 23,947 | 35,731 | 28,515 | 30,764 | 33,534 | 36,290 | 38,773 | 39,666 | 34,944 | 37,814 | - |
| EBITDA 1 | 2,838 | 4,258 | 4,503 | 5,099 | 5,018 | 5,539 | 4,278 | 4,320 | 4,693 | 4,385 | 5,954 | 6,468 | 6,623 | 7,102 | - |
| EBIT 1 | 1,228 | 2,651 | - | - | - | 3,401 | 2,446 | 2,439 | 2,837 | 2,573 | 3,893 | 4,100 | 5,667 | 6,054 | - |
| Operating Margin | 7.13% | 12.73% | - | - | - | 9.52% | 8.58% | 7.93% | 8.46% | 7.09% | 10.04% | 10.34% | 16.22% | 16.01% | - |
| Earnings before Tax (EBT) 1 | -1,760 | 2,693 | - | 3,406 | 5,000 | 3,366 | 2,346 | 2,348 | 2,110 | 1,768 | 3,415 | 4,045 | 4,230 | 4,207 | - |
| Net income 1 | -2,092 | 2,086 | 1,536 | 2,712 | 4,212 | 2,357 | 1,645 | 1,459 | 825 | 1,355 | 2,234 | 3,079 | 3,532 | 2,933 | - |
| Net margin | -12.14% | 10.02% | 7.29% | 11.37% | 17.59% | 6.6% | 5.77% | 4.74% | 2.46% | 3.73% | 5.76% | 7.76% | 10.11% | 7.76% | - |
| EPS 2 | -4.490 | 4.480 | - | 5.820 | 9.050 | 5.060 | 3.530 | 3.130 | 1.780 | 2.910 | 4.800 | 6.733 | 8.012 | 6.800 | 13.52 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | 5.500 | - | - | - | - | - |
| Announcement Date | 2/12/21 | 6/4/21 | 8/12/21 | 11/12/21 | 2/10/22 | 5/16/22 | 8/11/22 | 11/14/22 | 2/14/23 | 5/5/23 | 8/9/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 32,974 | 33,032 | 41,069 | 50,515 | 52,237 | 54,055 | 39,259 | 39,362 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.613 x | 2.963 x | 4.766 x | 2.506 x | 2.955 x | 2.046 x | 1.193 x | 1.056 x |
| Free Cash Flow 1 | -2,656 | 5,602 | 1,058 | -5,625 | 2,983 | 10,476 | 16,202 | 18,900 |
| ROE (net income / shareholders' equity) | 20.6% | 7.72% | 5.2% | 16.8% | 7.9% | 15.1% | 21.9% | 21.1% |
| ROA (Net income/ Total Assets) | 9.54% | 3.52% | 1.45% | 7.01% | 3.11% | 6.55% | 8.7% | 10.2% |
| Assets 1 | 108,293 | 99,255 | -86,926 | 154,211 | 169,966 | 161,497 | 178,497 | 190,972 |
| Book Value Per Share 2 | 115.0 | 112.0 | 116.0 | 141.0 | 144.0 | 158.0 | 88.70 | 204.0 |
| Cash Flow per Share 2 | 19.60 | 32.70 | 21.90 | 10.90 | 27.80 | 43.20 | 69.00 | 63.30 |
| Capex 1 | 11,771 | 9,618 | 9,143 | 10,683 | 9,962 | 7,113 | 7,419 | 7,544 |
| Capex / Sales | 11.6% | 11.94% | 14.43% | 10.21% | 7.72% | 4.54% | 4.22% | 3.86% |
| Announcement Date | 5/20/19 | 6/29/20 | 6/4/21 | 5/16/22 | 5/5/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
27
Last Close Price
1,408
INR
Average target price
1,187
INR
Spread / Average Target
-15.68%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +17.69% | 7.85B | |
| -3.21% | 25.21B | |
| +15.35% | 20.54B | |
| -8.33% | 11.65B | |
| +13.03% | 11.08B | |
| +25.26% | 11.33B | |
| +10.27% | 10.12B | |
| -5.27% | 7.9B | |
| +21.46% | 6.84B | |
| -4.83% | 6.53B |
- Stock Market
- Equities
- BHARATFORG Stock
- Financials Bharat Forge Limited