Bharat Forge Limited

BSE:500493 Stock Report

Market Cap: ₹1.0t

Bharat Forge Future Growth

Future criteria checks 4/6

Bharat Forge is forecast to grow earnings and revenue by 25.6% and 12.2% per annum respectively. EPS is expected to grow by 25.6% per annum. Return on equity is forecast to be 19.3% in 3 years.

Key information

25.6%

Earnings growth rate

25.57%

EPS growth rate

Auto Components earnings growth18.4%
Revenue growth rate12.2%
Future return on equity19.25%
Analyst coverage

Good

Last updated15 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 30

500493: Defence And Aerospace Contracts Will Drive Future Upside Potential

Analysts have increased the Bharat Forge fair value estimate from ₹2,150 to ₹2,500. They updated their assumptions around revenue growth, profit margins and future P/E to reflect the latest views on the company.
Narrative Update • Jun 16

500493: Aerospace Contract And German Restructuring Will Shape Balanced Medium Term Outlook

Analysts have lifted their Bharat Forge price target from roughly ₹1,686 to about ₹1,841, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E expectations. What’s in the News for Bharat Forge Bharat Forge announced a long term contract with Embraer to manufacture and supply critical landing gear forgings for Embraer’s commercial and defence aircraft programs, highlighting a new aerospace partnership and Embraer’s plan to deepen its supply chain in India.
Narrative Update • Jun 02

500493: Aerospace Contracts And Expansion Will Sustain An Excessive Multiple

Analysts have kept their Bharat Forge fair value estimate steady at ₹1,060, with only small tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E guiding this unchanged price target. What's in the News Bharat Forge announced a long term contract with Embraer to manufacture and supply critical landing gear forgings for Embraer’s commercial and Defence aircraft programs, reinforcing Embraer’s reliance on Bharat Forge’s certified aerospace manufacturing capabilities.
Narrative Update • May 16

500493: Aerospace Contracts Will Sustain An Excessive Multiple Despite Rising Risk

Analysts have increased their price target on Bharat Forge from ₹1,029.16 to ₹1,060.00, citing updated assumptions related to fair value, discount rate, revenue growth, profit margin and expected future P/E multiples. What's in the News Bharat Forge signed a long term contract with Embraer to manufacture and supply critical landing gear forgings for commercial and defence aircraft programs, marking Embraer's first such contract with an Indian company and reinforcing Embraer's reliance on Bharat Forge for high integrity aerospace components (Key Developments).
Narrative Update • Apr 28

500493: Aerospace Expansion And German Restructuring Will Pressure Medium Term Returns

Analysts have lifted their price target for Bharat Forge from ₹1,348.75 to ₹1,686.17, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E as key drivers of the change. What's in the News Bharat Forge has scheduled a board meeting on Feb 12, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
Narrative Update • Apr 14

500493: Defence And Aerospace Expansion Will Drive Future Upside Potential

Analysts have kept the Bharat Forge price target unchanged at ₹2,150, citing a revised mix of assumptions that now combine a slightly higher discount rate and future P/E with adjusted expectations for revenue growth and profit margin. What's in the News Bharat Forge plans a Board Meeting on April 9, 2026, to review a proposal for phased restructuring of its steel forging operations at Bharat Forge CDP GmbH in Germany.
Narrative Update • Mar 31

500493: Defence Wins And Aerospace Deals Will Likely Sustain An Excessive Multiple

Analysts have trimmed their implied fair value estimate for Bharat Forge slightly from about ₹1,036 to about ₹1,029, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Bharat Forge Aerospace Division secured defence contracts worth about ₹3,000 million under the Emergency Procurement VI framework, covering indigenous unmanned systems for the Indian Army and Indian Navy, including ISR platforms and loitering munitions such as Omega One, Omega Nine, Bayonet and Cleaver (Key Developments).
Narrative Update • Mar 16

500493: Defence And Aerospace Orders Will Drive Future Upside Potential

Analysts have revised their price target on Bharat Forge from ₹1,578 to ₹2,150, citing updated assumptions on revenue growth, profit margins, discount rate and forward P/E that together point to a higher assessed fair value for the stock. What's in the News Bharat Forge inaugurated a landing gear components machining facility in Mundhwa, Pune, developed with Liebherr Aerospace & Transportation SAS.
Narrative Update • Mar 02

500493: Defence Contracts Will Likely Fail To Justify Elevated Multiple

Analysts have raised their fair value estimate for Bharat Forge from ₹991.55 to ₹1,035.56, citing updated assumptions on revenue growth, profit margins, and future P/E that collectively support a higher long term price target. What's in the News Bharat Forge signed an MoU with VVDN Technologies to explore collaboration in next generation technologies across Automotive, Defence, AI, and Datacentre solutions, combining electronics design and software capabilities with advanced manufacturing and precision engineering (Key Developments).
Narrative Update • Feb 16

500493: Defence Contracts And Robotics Expansion Will Likely Fail To Justify Premium

Analysts have lifted their price target on Bharat Forge to ₹991.55 from ₹939.11, citing updates to their models that reflect adjusted revenue growth assumptions, a higher profit margin outlook, and a lower future P/E multiple. What's in the News Bharat Forge has scheduled a board meeting on February 12, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
Narrative Update • Feb 02

500493: Defence And Robotics Contracts Will Likely Fail To Justify Premium

Analysts have nudged their price target on Bharat Forge slightly higher to ₹939.11 from ₹930.00, citing updated assumptions around revenue growth, profit margin and future P/E that modestly lift their fair value estimate while applying a slightly lower discount rate. What's in the News Bharat Forge's aerospace division secured contracts of about ₹3,000 million under the Emergency Procurement VI framework for indigenous unmanned systems for the Indian Army and Indian Navy, including ISR platforms and loitering munitions such as Omega One, Omega Nine, Bayonet and Cleaver (Key Developments).
Narrative Update • Jan 19

500493: Defence Orders And Robotics Partnership Will Support Balanced Medium Term Outlook

Analysts have lifted their fair value estimate for Bharat Forge from ₹1,319.96 to ₹1,348.75, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Bharat Forge's Aerospace Division secured defence contracts worth about ₹3,000 million under the Emergency Procurement VI framework, covering indigenous unmanned ISR platforms and loitering munitions for the Indian Army and Indian Navy end use (Key Developments).
Narrative Update • Jan 05

500493: Defence Contract Driven Upside Will Likely Prove Unsustainable

Analysts have raised their price target on Bharat Forge from ₹870 to ₹930, reflecting stronger expectations for revenue growth, despite a slightly higher discount rate and marginally lower projected profit margins and valuation multiples. What's in the News Signed an INR 16,619 million contract with the Indian Ministry of Defence to supply 255,128 indigenously designed CQB carbines to the Indian Army.
Narrative Update • Dec 14

500493: Expanded Aerospace Agreements Will Support Balanced Medium Term Prospects

Narrative Update on Bharat Forge Analysts have modestly raised their fair value estimate for Bharat Forge from Rs 1,310.72 to Rs 1,319.96. This reflects slightly lower perceived risk, broadly steady growth and margin expectations, and a marginally higher future earnings multiple.
Narrative Update • Nov 30

500493: New Collaborations And Aerospace Supply Agreements Will Support Steady Near-Term Prospects

Analysts have raised their price target for Bharat Forge from ₹1,282.81 to ₹1,310.72. They cited improved profit margin expectations and a slightly lower discount rate as key factors driving the upward revision.
Narrative Update • Nov 16

500493: Expansion Into Aerospace Components And Collaborations Set To Shape Outlook

Analysts have raised their price target for Bharat Forge from ₹1,146.23 to ₹1,282.81. They cite increased optimism due to stronger projected revenue growth and a slightly higher profit margin outlook.
Narrative Update • Oct 31

500493: Margins Will Remain Pressured Despite Expanding International Aerospace Partnerships

Analysts have maintained their price target for Bharat Forge at ₹1,146.23, citing steady assumptions across core valuation metrics including revenue growth and profit margin. Only negligible adjustments have been made to the discount rate and future P/E.
Narrative Update • Oct 17

Electrification And Diversification Will Unlock Industry Potential

Analysts have slightly reduced their price target for Bharat Forge, lowering it from ₹1,163.81 to ₹1,146.23. This reflects modest downward adjustments to growth, discount rates, and profit margin expectations.
Narrative Update • Sep 05

Electrification And Diversification Will Unlock Industry Potential

With both the discount rate and future P/E ratio remaining virtually unchanged, analysts have left Bharat Forge’s consensus price target steady at ₹1164. What's in the News Bharat Forge will establish an advanced ring mill dedicated to aerospace applications, supported by contracts with Pratt & Whitney, Canada for aero-engine components; the facility will bolster both domestic and international aerospace programs and position India as a global aerospace manufacturing hub.
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New Narrative • Nov 29

Aerospace And Defense Poised For Exponential Growth With Tactical M&A Boosting Margins

Strong growth in defense and aerospace is expected, driven by substantial new orders and market share expansion, enhancing revenue and margins.

Earnings and Revenue Growth Forecasts

BSE:500493 - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2029246,67926,94124,25632,7909
3/31/2028228,76623,99519,32128,57620
3/31/2027199,25817,72313,93722,73121
3/31/2026168,11710,7973,46114,866N/A
12/31/2025161,36211,291N/AN/AN/A
9/30/2025152,68810,7767,24719,209N/A
6/30/2025149,25410,220N/AN/AN/A
3/31/2025151,2289,4123,45917,963N/A
12/31/2024154,3448,951N/AN/AN/A
9/30/2024158,2539,46949219,480N/A
6/30/2024159,1099,305N/AN/AN/A
3/31/2024156,8219,5111,40416,644N/A
12/31/2023151,4698,507N/AN/AN/A
9/30/2023146,3396,6867,34516,935N/A
6/30/2023139,3615,873N/AN/AN/A
3/31/2023129,1035,2842,98312,945N/A
12/31/2022128,5436,286N/AN/AN/A
9/30/2022118,9569,673-3,6716,737N/A
6/30/2022112,04910,926N/AN/AN/A
3/31/2022104,61110,818-5,6255,058N/A
12/31/202189,70810,546N/AN/AN/A
9/30/202182,9934,242-4,3276,489N/A
6/30/202172,8971,531N/AN/AN/A
3/31/202163,363-1,2641,05810,200N/A
12/31/202059,953-4,071N/AN/AN/A
9/30/202061,031-1,5613,49210,696N/A
6/30/202068,822510N/AN/AN/A
3/31/202080,5583,4985,60215,220N/A
12/31/201989,8477,423N/AN/AN/A
9/30/201996,1789,187N/A16,085N/A
6/30/2019100,5999,657N/AN/AN/A
3/31/2019101,45710,322N/A9,115N/A
3/31/201883,5777,624N/A9,674N/A
3/31/201763,9616,915N/A10,517N/A
3/31/201668,0916,524N/A13,558N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 500493's forecast earnings growth (25.6% per year) is above the savings rate (6.9%).

Earnings vs Market: 500493's earnings (25.6% per year) are forecast to grow faster than the Indian market (16.3% per year).

High Growth Earnings: 500493's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 500493's revenue (12.2% per year) is forecast to grow faster than the Indian market (11% per year).

High Growth Revenue: 500493's revenue (12.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 500493's Return on Equity is forecast to be low in 3 years time (19.3%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 11:41
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bharat Forge Limited is covered by 49 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Annamalai Jayaraj360 ONE Capital Market Private Limited
Ashwin MehtaAmbit Capital