New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Dividend is not well covered by cash flows (117% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Aankondiging • Aug 05
Bharat Forge Limited to Report Q1, 2027 Results on Aug 10, 2026 Bharat Forge Limited announced that they will report Q1, 2027 results on Aug 10, 2026 Reported Earnings • Jul 19
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: ₹22.58 (up from ₹20.05 in FY 2025). Revenue: ₹168.1b (up 11% from FY 2025). Net income: ₹10.8b (up 15% from FY 2025). Profit margin: 6.4% (up from 6.2% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of ₹6.50 per share Eligible shareholders must have bought the stock before 03 July 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.6%). Declared Dividend • Jun 06
Final dividend of ₹6.50 announced Shareholders will receive a dividend of ₹6.50. Ex-date: 3rd July 2026 Payment date: 10th September 2026 Dividend yield will be 0.4%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (117% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 11
Price target increased by 7.7% to ₹1,816 Up from ₹1,686, the current price target is an average from 23 analysts. New target price is 8.6% below last closing price of ₹1,987. Stock is up 66% over the past year. The company is forecast to post earnings per share of ₹36.50 for next year compared to ₹22.58 last year. Reported Earnings • May 08
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹22.58 (up from ₹20.05 in FY 2025). Revenue: ₹168.1b (up 11% from FY 2025). Net income: ₹10.8b (up 15% from FY 2025). Profit margin: 6.4% (up from 6.2% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 07
Bharat Forge Limited, Annual General Meeting, Aug 11, 2026 Bharat Forge Limited, Annual General Meeting, Aug 11, 2026. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹5.53 (vs ₹4.54 in 3Q 2025) Third quarter 2026 results: EPS: ₹5.53 (up from ₹4.54 in 3Q 2025). Revenue: ₹43.9b (up 26% from 3Q 2025). Net income: ₹2.64b (up 24% from 3Q 2025). Profit margin: 6.0% (down from 6.1% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 26% per year. Declared Dividend • Feb 14
First half dividend reduced to ₹2.00 Dividend of ₹2.00 is 20% lower than last year. Ex-date: 18th February 2026 Payment date: 12th March 2026 Dividend yield will be 0.5%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 97% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 13
Price target increased by 16% to ₹1,564 Up from ₹1,349, the current price target is an average from 24 analysts. New target price is 10% below last closing price of ₹1,739. Stock is up 61% over the past year. The company is forecast to post earnings per share of ₹27.48 for next year compared to ₹20.05 last year. Price Target Changed • Nov 13
Price target increased by 7.1% to ₹1,228 Up from ₹1,146, the current price target is an average from 26 analysts. New target price is 12% below last closing price of ₹1,389. Stock is up 4.5% over the past year. The company is forecast to post earnings per share of ₹27.34 for next year compared to ₹20.05 last year. Reported Earnings • Nov 12
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: ₹6.26 (up from ₹5.23 in 2Q 2025). Revenue: ₹40.3b (up 9.3% from 2Q 2025). Net income: ₹2.99b (up 23% from 2Q 2025). Profit margin: 7.4% (up from 6.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 18% per year. New Risk • Jul 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Dividend is not well covered by cash flows (117% cash payout ratio). Aankondiging • Jul 03
Bharat Forge Limited completed the acquisition of AAM India Manufacturing Corporation Private Limited from American Axle & Manufacturing Holdings Inc. (NYSE:AXL) for INR 9.4 billion. Bharat Forge Limited executed a share purchase agreement to acquire AAM India Manufacturing Corporation Private Limited from American Axle & Manufacturing Holdings Inc. (NYSE:AXL) for INR 7.7 billion on October 17, 2024. At the time of execution of the share purchase agreement, an amount of INR 5.45 billion was estimated as the purchase consideration on debt free, cash free basis, subject to adjustments. Based on estimated financial position of AAM India Manufacturing Corporation Private Limited, the total purchase consideration is expected to be revised up to INR 7.7 billion, primarily on account of an increase in cash balances. AAM India Manufacturing Corporation Pvt. Ltd., which includes the commercial vehicle axle business and related assets in India.
For the period ending June 30, 2024, AAM India Manufacturing Corporation Private Limited reported total revenue of INR 13.38 billion.
The transaction is expected to close in fourth quarter of 2024 subject to customary closing conditions, regulatory approvals and Competition Commission of India (CCI) approval. As of February 14, 2025, the expected completion of the transaction is by July 15, 2025. As of February 14, 2025, the sale is expected to close in the first half of 2025. As of April 22, 2025, the deal has received approval from Competition Commission of India.
Lincoln International served as exclusive financial advisor to AAM India Manufacturing Corporation Pvt. Ltd.
Bharat Forge Limited completed the acquisition of AAM India Manufacturing Corporation Private Limited from American Axle & Manufacturing Holdings Inc. (NYSE:AXL) on July 2, 2025. The cash consideration for the transaction was INR 9.4 billion and is subject to net working capital adjustments. Upcoming Dividend • Jun 27
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 06 September 2025. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.7%). Declared Dividend • Jun 09
Final dividend reduced to ₹6.00 Dividend of ₹6.00 is 7.7% lower than last year. Ex-date: 4th July 2025 Payment date: 6th September 2025 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 87% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹20.05 (down from ₹20.43 in FY 2024). Revenue: ₹153.4b (down 2.2% from FY 2024). Net income: ₹9.41b (down 1.0% from FY 2024). Profit margin: 6.1% (in line with FY 2024). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Aankondiging • May 08
Bharat Forge Limited, Annual General Meeting, Aug 07, 2025 Bharat Forge Limited, Annual General Meeting, Aug 07, 2025, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹952, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 24x in the Auto Components industry in India. Total returns to shareholders of 32% over the past three years. Board Change • Mar 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Ravi Kapoor was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Feb 17
Bharat Forge Limited Approves Directorate Appointments Bharat Forge Limited approved appointment of Ms. Rashmi Joshi as an Independent Director of the Company and approved Appointment of Mr. Ravi Kapoor as an Independent Director of the Company. Reported Earnings • Feb 13
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹4.54 (down from ₹5.68 in 3Q 2024). Revenue: ₹35.1b (down 9.1% from 3Q 2024). Net income: ₹2.13b (down 20% from 3Q 2024). Profit margin: 6.1% (down from 6.8% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Feb 13
Price target decreased by 9.1% to ₹1,284 Down from ₹1,413, the current price target is an average from 25 analysts. New target price is 19% above last closing price of ₹1,076. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of ₹25.93 for next year compared to ₹20.43 last year. Aankondiging • Feb 12
Bharat Forge Limited Approves Interim Dividend, Payable on or Before March 12, 2025 The board of directors of Bharat Forge Limited at its meeting held on February 12, 2025, approved to declared an interim dividend of INR 2.50 per equity share of the face value of INR 2 each of the Company (at the rate of 125%). The interim dividend shall be paid on or before March 12, 2025 to the equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on February 18, 2025 which is the Record Date fixed for the purpose. Aankondiging • Jan 21
Bharat Forge Limited Announces Resignation of Krishnan Iyer as President & COO, Component Business Unit, Effective April 2, 2025 Bharat Forge Limited announced that Mr. Krishnan Iyer, President & COO, Component Business Unit and Senior Management Personnel (SMP) of the Company has tendered his resignation from the services of the Company. The resignation has been accepted by the Company as of January 20, 2025. His last working day in the organization will be April 2, 2025. New Risk • Jan 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (74% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Price Target Changed • Jan 03
Price target decreased by 7.1% to ₹1,456 Down from ₹1,567, the current price target is an average from 25 analysts. New target price is 12% above last closing price of ₹1,296. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ₹28.90 for next year compared to ₹20.43 last year. Aankondiging • Dec 11
Bharat Forge Limited has completed a Follow-on Equity Offering in the amount of INR 16.5 billion. Bharat Forge Limited has completed a Follow-on Equity Offering in the amount of INR 16.5 billion.
Security Name: Equity Shares
Security Type: Common Stock
Securities Offered: 12,500,000
Price\Range: INR 1320
Transaction Features: Regulation S; Subsequent Direct Listing Aankondiging • Dec 06
Bharat Forge Limited has filed a Follow-on Equity Offering. Bharat Forge Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Price(minimum): INR 1323.54
Transaction Features: Regulation S; Subsequent Direct Listing Reported Earnings • Nov 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹5.23 (up from ₹4.88 in 2Q 2024). Revenue: ₹36.9b (down 2.3% from 2Q 2024). Net income: ₹2.44b (up 7.2% from 2Q 2024). Profit margin: 6.6% (up from 6.0% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Oct 17
Bharat Forge Limited agreed to acquire Aam India Manufacturing Corporation Private Limited from American Axle & Manufacturing Holdings Inc. Bharat Forge Limited agreed to acquire Aam India Manufacturing Corporation Private Limited from American Axle & Manufacturing Holdings Inc. (NYSE:AXL) for $65 million on October 17, 2024. AAM India Manufacturing Corporation Pvt. Ltd. (AAMIMCPL), which includes the commercial vehicle axle business and related assets in India. The transaction is expected to close in fourth quarter of 2024 subject to customary closing conditions, regulatory approvals and Competition Commission of India (CCI) approval.
Lincoln International served as exclusive financial advisor to AAM India Manufacturing Corporation Pvt. Ltd. Price Target Changed • Sep 16
Price target increased by 7.8% to ₹1,520 Up from ₹1,411, the current price target is an average from 28 analysts. New target price is 5.1% below last closing price of ₹1,601. Stock is up 43% over the past year. The company is forecast to post earnings per share of ₹34.11 for next year compared to ₹20.43 last year. Aankondiging • Sep 13
Bharat Forge Limited Announces Resignation of Jitendra Mande as Sr. Vice-President- Quality, Effective from September 25, 2024 Bharat Forge Limited informed that resignation of Mr. Jitendra Mande, Sr. Vice-President- Quality and Senior Management Personnel has been accepted on September 13, 2024. due to personal reasons. His last working day in the organisation will be September 25, 2024. Aankondiging • Sep 03
Bharat Forge Limited Announces Intimation of Completion of Tenure of Independent Directors Bharat Forge Limited announced that Mr. Prataprao G Pawar, Mrs. Lalita D. Gupte, Mr. P.H Ravikumar and Mr. Vimal Bhandari ceased to be the Independent Directors of the Company upon completion of their second term of 5 (five) consecutive years with effect from the closure of business hours on September 3, 2024 and consequently also ceased to be member(s) /chairperson(s), as the case maybe, of committee(s) of the Board. Aankondiging • Aug 13
Bharat Forge Limited Appoints Anand Pathak as Independent Director Bharat Forge Limited at its Annual General Meeting held on August 9, 2024, approved appointment of Mr. Anand Pathak as Independent Director of the company. Reported Earnings • Jul 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹20.43 (up from ₹11.35 in FY 2023). Revenue: ₹156.8b (up 22% from FY 2023). Net income: ₹9.51b (up 80% from FY 2023). Profit margin: 6.1% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Declared Dividend • Jun 05
Final dividend increased to ₹6.50 Dividend of ₹6.50 is 18% higher than last year. Ex-date: 5th July 2024 Payment date: 8th September 2024 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (299% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • May 25
Bharat Forge Limited Appoints Amit Kalyani as Vice-Chairman Bharat Forge Limited announced that by Postal Ballot the approval of Mr. Amit Kalyani as Whole-time Director designated as Vice-Chairman and Joint Managing Director of the Company. The appointment of Mr. Amit Kalyani as Vice-Chairman and Joint Managing Director is for a period of five (5) consecutive years with effect from May 11, 2024 to May 10, 2029 (both inclusive), liable to retire by rotation, with authority to the Board to alter his designation including elevation as deemed fit, on the recommendations of the NRC and subject to such other approvals, as may be required. Price Target Changed • May 11
Price target increased by 9.4% to ₹1,287 Up from ₹1,176, the current price target is an average from 27 analysts. New target price is 7.9% below last closing price of ₹1,398. Stock is up 85% over the past year. The company is forecast to post earnings per share of ₹34.97 for next year compared to ₹20.43 last year. Aankondiging • May 10
Bharat Forge Limited, Annual General Meeting, Aug 09, 2024 Bharat Forge Limited, Annual General Meeting, Aug 09, 2024. Reported Earnings • May 09
Full year 2024 earnings released: EPS: ₹20.43 (vs ₹11.35 in FY 2023) Full year 2024 results: EPS: ₹20.43 (up from ₹11.35 in FY 2023). Revenue: ₹159.1b (up 23% from FY 2023). Net income: ₹9.51b (up 80% from FY 2023). Profit margin: 6.0% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 28% per year. Aankondiging • May 09
Bharat Forge Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024, Payable on or After August 14, 2024 Bharat Forge Limited at the SBM held on May 8, 2024, the board has recommended a final dividend of INR 6.50 per equity share of the face value of INR 2 each (at the rate of 325%) for the financial year ended March 31, 2024, subject To Approve the Members of the Company at the upcoming Annual General Meeting. The final dividend for the financial year ended March 31, 2024, if approved by members, will be paid on or after August 14, 2024. Aankondiging • Mar 30
Bharat Forge Limited Announces Cessation of G. K. Agarwal as the Director and Deputy Managing Director, Effective March 31, 2024 Bharat Forge Limited informed that Mr. G. K. Agarwal will be superannuating as the Director and Deputy Managing Director of the Company on March 31, 2024, upon expiry of his term as Director & Deputy Managing Director of the Company. Mr. Agarwal was associated with the Company since 1976 and was an integral part of organisation for several years. During his tenure, he played a vital role in the success and growth of the Company. Aankondiging • Mar 08
Bharat Forge Limited Announces Resignation of Atul Dhavle as Senior Vice President and Chief Human Resource Officer Bharat Forge Limited announced that Mr. Atul Dhavle, Senior Vice President and Chief Human Resource Officer of the Company, has resigned from the services of the Company on February 15, 2024, on account of personal reasons. His last working day shall be as per his terms of appointment and the Company policy. Upcoming Dividend • Feb 16
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 12 March 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.7%). Reported Earnings • Feb 13
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ₹5.68 (up from ₹1.78 in 3Q 2023). Revenue: ₹38.7b (up 15% from 3Q 2023). Net income: ₹2.65b (up 221% from 3Q 2023). Profit margin: 6.8% (up from 2.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 12
Bharat Forge Limited Declares Interim Dividend, Payable on or Before March 12, 2024 The board of directors of Bharat Forge Limited at its meeting held on February 12, 2024, Declared an interim dividend of INR 2.50 per equity share of the face value of INR 2 each of the Company (at the rate of 125%). The interim dividend shall be paid on or before March 12, 2024 to the equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on February 23, 2024 which is the Record Date fixed for the purpose. Aankondiging • Dec 01
Bharat Forge Limited Announces Executive Changes Bharat Forge Limited announced that Mr. Sanjeev Nimkar, President & CEO (Industrial Business) forming part of Senior Management Personnel (SMP) has resigned from the services of the company to pursue opportunities outside the company. Mr. Nimkar has demitted his office as President & CEO (Industrial Business) from the end of business hours on December 1, 2023. The company announced that, Mr. Sumeet Banga has been appointed as senior management personnel of the company with effect from December 01, 2023 as President and CEO of Industrial Business. In order to ensure smooth transition, Mr. Nimkar will continue to be with the company till end of February 2024. Mr. Sumeet Banga obtained his Electronics & Communication Engineering degree from BIT-Mesra, Ranchi followed by MBA from IMT Ghaziabad. He spent his earlier years working with Siemens and GE. In his previous assignment with Wabtec Corporation, he was leading the Service Operations. He brings with him more than 30 years of rich experience in formulating and driving business strategy, business development and operations. Reported Earnings • Nov 07
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ₹4.88 (up from ₹3.13 in 2Q 2023). Revenue: ₹37.7b (up 23% from 2Q 2023). Net income: ₹2.27b (up 56% from 2Q 2023). Profit margin: 6.0% (up from 4.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 11
Price target increased by 7.5% to ₹953 Up from ₹886, the current price target is an average from 26 analysts. New target price is approximately in line with last closing price of ₹971. Stock is up 23% over the past year. The company is forecast to post earnings per share of ₹26.01 for next year compared to ₹11.35 last year. 
