Bharat Forge Past Earnings Performance
Past criteria checks 3/6
Bharat Forge has been growing earnings at an average annual rate of 16.5%, while the Auto Components industry saw earnings growing at 17.1% annually. Revenues have been growing at an average rate of 14.4% per year. Bharat Forge's return on equity is 11.4%, and it has net margins of 6.4%.
Key information
16.52%
Earnings growth rate
16.04%
EPS growth rate
| Auto Components Industry Growth | 16.66% |
| Revenue growth rate | 14.38% |
| Return on equity | 11.40% |
| Net Margin | 6.42% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jul 20
500493: Defence Contracts Will Sustain An Excessive Multiple Going Forward
Analysts have lifted their Bharat Forge fair value estimate from ₹1,060.00 to roughly ₹1,083.21, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E that slightly adjust the overall valuation mix. What's in the News Bharat Forge signed an INR 4,250 million contract with the Ministry of Defence, India, to supply 1.25 MW Gas Turbine Generators for Kolkata class ships over 5 years.
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.
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.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Bharat Forge makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 168,117 | 10,797 | 21,303 | 0 |
| 31 Dec 25 | 161,362 | 11,291 | 20,650 | 0 |
| 30 Sep 25 | 152,688 | 10,776 | 19,666 | 0 |
| 30 Jun 25 | 149,254 | 10,220 | 19,132 | 0 |
| 31 Mar 25 | 151,228 | 9,412 | 18,983 | 0 |
| 31 Dec 24 | 154,344 | 8,951 | 18,942 | 0 |
| 30 Sep 24 | 158,253 | 9,469 | 19,078 | 0 |
| 30 Jun 24 | 159,109 | 9,305 | 19,033 | 0 |
| 31 Mar 24 | 156,821 | 9,511 | 18,772 | 0 |
| 31 Dec 23 | 151,469 | 8,507 | 18,266 | 0 |
| 30 Sep 23 | 146,339 | 6,686 | 17,478 | 0 |
| 30 Jun 23 | 139,361 | 5,873 | 16,857 | 0 |
| 31 Mar 23 | 129,103 | 5,284 | 15,844 | 0 |
| 31 Dec 22 | 128,543 | 6,286 | 17,056 | 0 |
| 30 Sep 22 | 118,956 | 9,673 | 16,304 | 0 |
| 30 Jun 22 | 112,049 | 10,926 | 15,484 | 0 |
| 31 Mar 22 | 104,611 | 10,818 | 15,059 | 0 |
| 31 Dec 21 | 89,708 | 10,546 | 12,770 | 0 |
| 30 Sep 21 | 82,993 | 4,242 | 12,384 | 0 |
| 30 Jun 21 | 72,897 | 1,531 | 11,638 | 0 |
| 31 Mar 21 | 63,363 | -1,264 | 11,315 | 0 |
| 31 Dec 20 | 59,953 | -4,071 | 10,829 | 0 |
| 30 Sep 20 | 61,031 | -1,561 | 11,216 | 0 |
| 30 Jun 20 | 68,822 | 510 | 11,701 | 0 |
| 31 Mar 20 | 80,558 | 3,498 | 12,074 | 0 |
| 31 Dec 19 | 89,847 | 7,423 | 12,639 | 0 |
| 30 Sep 19 | 96,178 | 9,187 | 12,733 | 0 |
| 30 Jun 19 | 100,599 | 9,657 | 12,853 | 0 |
| 31 Mar 19 | 101,457 | 10,322 | 12,830 | 0 |
| 31 Mar 18 | 83,577 | 7,624 | 11,172 | 0 |
| 31 Mar 17 | 63,961 | 6,915 | 9,556 | 0 |
| 31 Mar 16 | 68,091 | 6,524 | 9,380 | 0 |
Quality Earnings: 500493 has high quality earnings.
Growing Profit Margin: 500493's current net profit margins (6.4%) are higher than last year (6.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 500493 has become profitable over the past 5 years, growing earnings by 16.5% per year.
Accelerating Growth: 500493's earnings growth over the past year (14.7%) is below its 5-year average (16.5% per year).
Earnings vs Industry: 500493 earnings growth over the past year (14.7%) did not outperform the Auto Components industry 15.1%.
Return on Equity
High ROE: 500493's Return on Equity (11.4%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/29 04:44 |
| End of Day Share Price | 2026/07/29 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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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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 51 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.
| Analyst | Institution |
|---|---|
| null null | 360 ONE Capital Market Private Limited |
| Viraj Sanghvi | Ambit Capital |
| Ashwin Mehta | Ambit Capital |