Bharat Forge
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Bharat Forge Limited manufactures and sells forged components in India and internationally. The last earnings update was 37 days ago. More info.
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BHARATFORG Share Price and Events
7 Day Returns
1 Year Returns
BHARATFORG Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Bharat Forge (BHARATFORG) | 3.2% | -7% | -9.3% | -25.8% | 18.6% | 35.2% |
| IN Auto Components | 0.3% | -4.9% | -10.5% | -22.3% | 12.1% | 53.4% |
| IN Market | 1% | -2.1% | -0.7% | 1% | 30.4% | 35.1% |
1 Year Return vs Industry and Market
- BHARATFORG underperformed the Auto Components industry which returned -22.3% over the past year.
- BHARATFORG underperformed the Market in India which returned 1% over the past year.
Value
Is Bharat Forge undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Bharat Forge
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Bharat Forge.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 24 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 18.2% |
| Perpetual Growth Rate | 10-Year IN Government Bond Rate | 7.6% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year IN Govt Bond Rate | 7.6% |
| Equity Risk Premium | S&P Global | 8.6% |
| Auto Components Unlevered Beta | Simply Wall St/ S&P Global | 1.2 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.205 (1 + (1- 35%) (20.4%)) |
1.244 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.24 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (1.244 * 8.6%) |
18.25% |
Discounted Cash Flow Calculation for NSEI:BHARATFORG using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Bharat Forge is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (INR, Millions) | Source |
Present Value Discounted (@ 18.25%) |
|
|---|---|---|---|
| 2019 | 6,086.67 | Analyst x9 | 5,147.30 |
| 2020 | 10,385.50 | Analyst x12 | 7,427.24 |
| 2021 | 11,212.67 | Analyst x15 | 6,781.23 |
| 2022 | 9,294.00 | Analyst x1 | 4,753.38 |
| 2023 | 8,286.30 | Est @ -10.84% | 3,583.93 |
| 2024 | 7,845.07 | Est @ -5.32% | 2,869.43 |
| 2025 | 7,730.35 | Est @ -1.46% | 2,391.10 |
| 2026 | 7,826.31 | Est @ 1.24% | 2,047.18 |
| 2027 | 8,071.58 | Est @ 3.13% | 1,785.49 |
| 2028 | 8,431.48 | Est @ 4.46% | 1,577.26 |
| Present value of next 10 years cash flows | ₹38,363.54 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= ₹8,431.48 × (1 + 7.55%) ÷ (18.25% – 7.55%) |
₹84,750.40 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= ₹84,750.40 ÷ (1 + 18.25%)10 |
₹15,854.06 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= ₹38,363.54 + ₹15,854.06 |
₹54,217.61 |
| Equity Value per Share (INR) |
= Total value / Shares Outstanding
= ₹54,217.61 / 465.50 |
₹116.47 |
| Calculation | Result | |
|---|---|---|
| Non-primary Listing Adjustment Factor |
1 share in NSEI:BHARATFORG
represents 0.99967x
of
BSE:500493
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.99967x |
| Value per Share (Listing Adjusted, INR) |
= Value per Share (INR) x Listing Adjustment Factor
= ₹ 116.47 x 0.99967 |
₹116.43 |
| Value per share (INR) | From above. | ₹116.43 |
| Current discount | Discount to share price of
₹448.60
= -1 x (₹448.60 - ₹116.43) / ₹116.43 |
-285.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Bharat Forge is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Bharat Forge's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Bharat Forge's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in INR | ₹22.17 |
| BSE:500493 Share Price ** | BSE (2019-06-26) in INR | ₹448.75 |
| India Auto Components Industry PE Ratio | Median Figure of 102 Publicly-Listed Auto Components Companies | 14.97x |
| India Market PE Ratio | Median Figure of 2,825 Publicly-Listed Companies | 15.36x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Bharat Forge.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = BSE:500493 Share Price ÷ EPS (both in INR) = 448.75 ÷ 22.17 |
20.24x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Bharat Forge is overvalued based on earnings compared to the IN Auto Components industry average.
- Bharat Forge is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does
Bharat Forge's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 20.24x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts |
11%per year |
| India Auto Components Industry PEG Ratio | Median Figure of 32 Publicly-Listed Auto Components Companies | 1.24x |
| India Market PEG Ratio | Median Figure of 523 Publicly-Listed Companies | 1.31x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 20.24x ÷ 11% |
1.85x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Bharat Forge is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Bharat Forge's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in INR | ₹115.47 |
| BSE:500493 Share Price * | BSE (2019-06-26) in INR | ₹448.75 |
| India Auto Components Industry PB Ratio | Median Figure of 112 Publicly-Listed Auto Components Companies | 1.63x |
| India Market PB Ratio | Median Figure of 3,653 Publicly-Listed Companies | 0.96x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = BSE:500493 Share Price ÷ Book Value per Share (both in INR) = 448.75 ÷ 115.47 |
3.89x |
* Primary Listing of Bharat Forge.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Bharat Forge is overvalued based on assets compared to the IN Auto Components industry average.
Value checks
We assess Bharat Forge's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Auto Components industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Auto Components industry average (and greater than 0)? (1 check) Bharat Forge has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Bharat Forge's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
- Bharat Forge's earnings growth is positive but not above the India market average.
- Bharat Forge's revenue growth is positive but not above the India market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NSEI:BHARATFORG Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts | 11% |
| NSEI:BHARATFORG Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 24 Analysts | 5.9% |
| India Auto Components Industry Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| India Auto Components Industry Revenue Growth Rate | Market Cap Weighted Average | 9.2% |
| India Market Earnings Growth Rate | Market Cap Weighted Average | 16.7% |
| India Market Revenue Growth Rate | Market Cap Weighted Average | 9.8% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 24 Analyst Estimates (S&P Global) | See Below |
| Date (Data in INR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-03-31 | 126,858 | 21,578 | 16,397 | 2 |
| 2021-03-31 | 113,813 | 17,292 | 12,986 | 24 |
| 2020-03-31 | 107,541 | 16,420 | 12,046 | 23 |
| Date (Data in INR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 101,457 | 10,322 | |
| 2018-03-31 | 83,577 | 9,674 | 7,624 |
| 2017-03-31 | 63,961 | 10,517 | 6,915 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 24 Analyst Estimates (S&P Global) | See Below |
All data from Bharat Forge Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in INR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-03-31 | 33.78 | 35.21 | 32.35 | 2.00 |
| 2021-03-31 | 27.78 | 33.00 | 23.00 | 22.00 |
| 2020-03-31 | 25.76 | 29.20 | 22.52 | 22.00 |
| Date (Data in INR Millions) | EPS * |
|---|---|
| 2019-03-31 | 22.17 |
| 2018-03-31 | 16.38 |
| 2017-03-31 | 14.85 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Bharat Forge's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Bharat Forge has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Bharat Forge performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Bharat Forge's year on year earnings growth rate has been positive over the past 5 years.
- Bharat Forge's 1-year earnings growth exceeds its 5-year average (35.4% vs 9.9%)
- Bharat Forge's earnings growth has exceeded the IN Auto Components industry average in the past year (35.4% vs 5.5%).
Earnings and Revenue History
All data from Bharat Forge Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in INR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 101,457.33 | 10,321.73 | 12,462.98 | |
| 2018-03-31 | 83,576.92 | 7,624.44 | 11,171.82 | |
| 2017-03-31 | 63,961.44 | 6,914.99 | 9,555.89 | |
| 2016-03-31 | 68,091.48 | 6,524.22 | 9,379.67 | |
| 2015-03-31 | 76,221.99 | 7,665.34 | 9,295.89 | |
| 2014-03-31 | 67,158.44 | 5,250.74 | 10,480.40 | |
| 2013-03-31 | 51,665.47 | 3,046.63 | 9,104.07 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Bharat Forge has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Bharat Forge used its assets more efficiently than the IN Auto Components industry average last year based on Return on Assets.
- Bharat Forge has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Bharat Forge's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Auto Components industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Bharat Forge has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Bharat Forge's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Bharat Forge's finances.
The net worth of a company is the difference between its assets and liabilities.
- Bharat Forge is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Bharat Forge's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Bharat Forge Company Filings, last reported 2 months ago.
| Date (Data in INR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 54,058.92 | 41,416.39 | 11,332.50 |
| 2018-03-31 | 46,811.31 | 32,386.08 | 6,880.62 |
| 2017-03-31 | 41,264.07 | 31,017.73 | 11,592.48 |
| 2016-03-31 | 34,089.59 | 33,492.93 | 11,724.19 |
| 2015-03-31 | 34,441.63 | 25,305.70 | 11,386.39 |
| 2014-03-31 | 27,002.59 | 25,530.31 | 11,948.73 |
| 2013-03-31 | 24,206.35 | 26,984.62 | 9,427.89 |
- Bharat Forge's level of debt (76.6%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (94.8% vs 76.6% today).
- Debt is well covered by operating cash flow (23.4%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 11.9x coverage).
Financial health checks
We assess Bharat Forge's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Bharat Forge has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Bharat Forge's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
₹2,000 of
Bharat Forge
shares you are expected to receive
₹22
in your first year as a dividend.
Dividend Amount
- Bharat Forge's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.55%).
- Bharat Forge's dividend is below the markets top 25% of dividend payers in India (2.08%).
Upcoming dividend payment
Purchase Bharat Forge before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 24 Analyst Estimates (S&P Global) | See Below |
| India Auto Components Industry Average Dividend Yield | Market Cap Weighted Average of 81 Stocks | 1% |
| India Market Average Dividend Yield | Market Cap Weighted Average of 1447 Stocks | 1.4% |
| India Minimum Threshold Dividend Yield | 10th Percentile | 0.3% |
| India Bottom 25% Dividend Yield | 25th Percentile | 0.5% |
| India Top 25% Dividend Yield | 75th Percentile | 2.1% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in ₹) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-03-31 | 8.31 | 3.00 |
| 2021-03-31 | 7.62 | 20.00 |
| 2020-03-31 | 6.52 | 20.00 |
| Date (Data in ₹) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-20 | 5.000 | 1.087 |
| 2018-11-02 | 5.000 | 0.990 |
| 2018-05-22 | 4.500 | 0.724 |
| 2017-11-08 | 3.500 | 0.482 |
| 2017-08-07 | 3.750 | 0.607 |
| 2017-05-24 | 3.750 | 0.657 |
| 2017-02-08 | 3.500 | 0.657 |
| 2016-06-17 | 3.750 | 0.870 |
| 2016-03-11 | 3.500 | 0.890 |
| 2016-02-09 | 3.750 | 0.960 |
| 2015-06-23 | 4.500 | 0.953 |
| 2015-02-02 | 2.750 | 0.451 |
| 2014-07-31 | 2.250 | 0.521 |
| 2014-02-04 | 2.200 | 0.947 |
| 2013-05-27 | 1.700 | 1.306 |
| 2013-02-25 | 1.750 | 1.572 |
| 2012-07-04 | 2.000 | 1.479 |
| 2012-05-28 | 2.000 | 1.314 |
| 2011-05-25 | 1.750 | 1.192 |
| 2011-05-24 | 1.750 | 1.133 |
| 2010-05-24 | 0.500 | 0.295 |
| 2009-07-06 | 0.500 | 0.410 |
| 2009-04-15 | 0.500 | 0.665 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Bharat Forge's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (4.4x coverage).
- Dividends after 3 years are expected to be well covered by earnings (3.8x coverage).
Income/ dividend checks
We assess Bharat Forge's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Bharat Forge afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Bharat Forge has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | ₹185,924,858 |
| AGE | 69 |
CEO Bio
Dr. Babasaheb Neelkanth Kalyani, also known as Baba, B.E. (Mech.) (Hons.), M.S. (MIT) has been the Managing Director of Bharat Forge Limited since 1993 and has been its Chairman of the Board since August 1997. Dr. Kalyani was a Director of SKF AB since April 28, 2011 until March 2018. He has 46 years of experience. He began his career with Bharat Forge Limited on April 1, 1972. He serves as the Chairman of the Board and Director for Kalyani Steels Ltd. and BF Utilities Ltd. He serves as Group Chairman of Kalyani Group Pvt. Ltd. He serves as Chairman of the Board at Kalyani Carpenter Special Steels Ltd. and Automotive Axles Ltd. He serves as the Chairman of the Board of a number of other companies in Kalyani Group. He served as the Chairman of the Board of Hikal Limited until August 2008. He served as the Chairman of the Board of BF Investment Ltd. until May 12, 2015. He served as the Chairman of the Board of Bosch Chassis Systems India Ltd., until July 16, 2005. He serves as a Director at Bharat Forge Hong Kong Ltd. He serves as a Director of Nandi Infrastructure Corridor Enterprises, Kalyani Carpenter Metal Centres and Merritor HVS (India). He serves as a Director of Kenersys Gmbh. He serves as a Non-Executive Director of Hikal Limited. He serves as a Non Executive Director of Kalyani Carpenter Special Steels Ltd. and Kalyani Lemmerz Ltd. and SKF USA Inc. since 2011. He served as an Outside Director of Hitachi, Ltd. since June 22, 2016 until June, 2018. He has been a Member of the Board of Directors/Trustee of UTI Trustee Company Pvt. Ltd. since January 13, 2006. He served as a Non-Executive Director of Ugar Sugar Works Ltd. from January 1986 to March 19, 2010. He is the Founding Chairman of the Governing Board of the Indian Institute of Management, Indore and Chairman of Pratham Pune Education Foundation. Dr. Kalyani served as the Chairman of American Society of Metals, Pune Chapter. He is a Member of the CII National Council. He is also a Member of the World Economic Forum, Switzerland. He is Member of various Government Committees viz. National Manufacturing Competitiveness Council, Board of Trade, Development Council for Automobiles & Allied Industries and Consultative Group of Higher & Technical Education. He serves as Director of Automotive Axles Ltd. He has represented the Confederation of Indian Industry on its various regional committees. Along with his many accomplishments, his contributions to the Indian Industry is recognized through awards that he has received from FIE Foundation in 1991. Dr. Kalyani is the recipient of the Prestigious National Press Award, 1995. He got his major achievements include Global Entrepreneur of the year’ award by JMCCI. in 2006, Ernst & Young Entrepreneur of the year - Manufacturing in 2005 and Chief Executive Officer of the Year - Business Standard in 2004. Dr. Kalyani holds a B.E. (Mech) from Birla Institute of Technology, Pilani, Rajasthan & a Master of Science from the Massachusetts Institute of Technology, USA.
CEO Compensation
- Baba's compensation has been consistent with company performance over the past year, both up more than 20%.
- Baba's remuneration is higher than average for companies of similar size in India.
Management Team Tenure
Average tenure and age of the Bharat Forge management team in years:
- The tenure for the Bharat Forge management team is about average.
Management Team
Baba Kalyani
Chairman & MD
₹186M
69
Kishore Saletore
CFO & Executive Director
₹33M
52
4.8 yrs
Tejaswini Chaudhari
Compliance Officer & Company Secretary
₹2M
2.9 yrs
Amit Kalyani
Deputy MD & Executive Director
₹55M
43
0.1 yrs
G. Agarwal
Deputy MD & Executive Director
₹55M
67
13.1 yrs
B. Kalyani
Senior VP of F.M.D & Executive Director
₹40M
55
Subodh Tandale
Executive Director
₹42M
49
D. Moorthy
President of Corporate Affairs & Infrastucture
66
Madan Takale
Executive VP & Director of Engineering
58
R. Bhatia
President & CEO of Defense Products
63
Board of Directors Tenure
Average tenure and age of the Bharat Forge board of directors in years:
- The average tenure for the Bharat Forge board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Baba Kalyani
Chairman & MD
₹186M
69
Kishore Saletore
CFO & Executive Director
₹33M
52
4.3 yrs
Amit Kalyani
Deputy MD & Executive Director
₹55M
43
15.1 yrs
G. Agarwal
Deputy MD & Executive Director
₹55M
67
21.1 yrs
B. Kalyani
Senior VP of F.M.D & Executive Director
₹40M
55
13.1 yrs
Subodh Tandale
Executive Director
₹42M
49
13.1 yrs
Prakash Bhalerao
Non Executive Director
₹2M
68
13.8 yrs
Pratap Govind Pawar
Independent Director
₹2M
73
14.1 yrs
Shobhan Thakore
Independent Non-Executive Director
₹2M
71
33 yrs
Hayagreeva Puranam
Independent Director
₹1M
67
10.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (₹) | Value (₹) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20. Jul 18 | Buy | Sundaram Trading And Investment Pvt. Ltd. | Company | 18. Jul 18 | 19. Jul 18 | 16,000 | ₹599.09 | ₹9,413,157 | ||
| 18. Jul 18 | Buy | Sundaram Trading And Investment Pvt. Ltd. | Company | 17. Jul 18 | 17. Jul 18 | 64,000 | ₹599.71 | ₹38,381,527 | ||
Management checks
We assess Bharat Forge's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Bharat Forge has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Looking At Bharat Forge Limited (NSE:BHARATFORG) From All Angles
NSEI:BHARATFORG Income Statement, June 21st 2019 Income investors would also be happy to know that BHARATFORG is a great dividend company, with a current yield standing at 1.1%. … NSEI:BHARATFORG Historical Dividend Yield, June 21st 2019 Next Steps: For Bharat Forge, I've compiled three relevant factors you should further research: Future Outlook: What are well-informed industry analysts predicting for BHARATFORG’s future growth? … The intrinsic value infographic in our free research report helps visualize whether BHARATFORG is currently mispriced by the market.
Simply Wall St - – Full articleHow Many Bharat Forge Limited (NSE:BHARATFORG) Shares Do Institutions Own?
Taking a look at our data on the ownership groups (below), it's seems that institutions own shares in the company. … Insider Ownership Of Bharat Forge The definition of an insider can differ slightly between different countries, but members of the board of directors always count. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.
Simply Wall St - – Full articleWhat Should We Expect From Bharat Forge Limited's (NSE:BHARATFORG) Earnings In The Years Ahead?
Bharat Forge Limited's (NSE:BHARATFORG) latest earnings update in March 2019 suggested that the company experienced a robust tailwind, leading to a double-digit earnings growth of 35%. … Below, I've laid out key growth figures on how market analysts predict Bharat Forge's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Bharat Forge Market analysts' prospects for the coming year seems positive, with earnings climbing by a robust 18%.
Simply Wall St - – Full articleWhy You Should Like Bharat Forge Limited’s (NSE:BHARATFORG) ROCE
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Bharat Forge: 0.21 = ₹13b ÷ (₹100b - ₹38b) (Based on the trailing twelve months to March 2018.) Therefore, Bharat Forge has an ROCE of 21%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.
Simply Wall St - – Full articleWould Bharat Forge Limited (NSE:BHARATFORG) Be Valuable To Income Investors?
Today we'll take a closer look at Bharat Forge Limited (NSE:BHARATFORG) from a dividend investor's perspective. Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth.. … On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1
Simply Wall St - – Full articleThe Bharat Forge (NSE:BHARATFORG) Share Price Is Up 134% And Shareholders Are Boasting About It
One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Bharat Forge managed to grow its earnings per share at 20% a year. … We know that Bharat Forge has improved its bottom line lately, but is it going to grow revenue
Simply Wall St - – Full articleHow Should Investors Feel About Bharat Forge Limited's (NSE:BHARATFORG) CEO Pay?
First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Baba Kalyani's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Bharat Forge Limited has a market cap of ₹248b, and is paying total annual CEO compensation of ₹186m.
Simply Wall St - – Full articleWhat Type Of Shareholder Owns Bharat Forge Limited's (NSE:BHARATFORG)?
The big shareholder groups in Bharat Forge Limited (NSE:BHARATFORG) have power over the company. … With a market capitalization of ₹242b, Bharat Forge is rather large. … View our latest analysis for Bharat Forge
Simply Wall St - – Full articleBharat Forge Limited (NSE:BHARATFORG): The Yield That Matters The Most
I will take you through Bharat Forge’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … What is Bharat Forge's cash yield. … Bharat Forge’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure
Simply Wall St - – Full articleDid Bharat Forge Limited's (NSE:BHARATFORG) Recent Earnings Growth Beat The Trend?
After reading Bharat Forge Limited's (NSE:BHARATFORG) most recent earnings announcement (31 March 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Were BHARATFORG's earnings stronger than its past performances and the industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 12%, indicating the rate at which BHARATFORG is growing has slowed down.
Simply Wall St - – Full articleCompany Info
Description
Bharat Forge Limited manufactures and sells forged components in India and internationally. The company operates in Forgings and Others segments. It offers automotive components, including crankshafts, connecting rods, emission after treatment, fuel injection systems, chassis, and transmission and driveline; power generation components for thermal, hydro, and wind energy. The company also provides oil and gas forging products, which include subsea, surface, and drilling components; rail products, such as engine and bogie components, turbochargers, and power electronics; and marine products comprising crankshafts, connecting rods, and propeller shafts. In addition, it offers various components for aviation sector, which comprise fan blades, compressors and turbine, aero structure, and gear components; construction and mining products, including machined crankshafts, front spindles, and tracklinks; and electric power-train products, such as full powertrain solutions, systems and sub systems, and parts for powertrain. Further, the company provides design engineering and product development solutions. It serves clients in automotive, power, oil and gas, construction and mining, rail, marine, and aerospace industries. Bharat Forge Limited was founded in 1961 and is headquartered in Pune, India.
Details
| Name: | Bharat Forge Limited |
| BHARATFORG | |
| Exchange: | NSEI |
| Founded: | 1961 |
| ₹202,981,720,643 | |
| 465,501,022 | |
| Website: | http://www.bharatforge.com |
| Address: |
Bharat Forge Limited Pune Cantonment, Mundhwa, Pune, Maharashtra, 411036, India |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| BSE | 500493 | Equity Shares | Mumbai Stock Exchange | IN | INR | 02. Jul 2001 | |
| NSEI | BHARATFORG | Equity Shares | National Stock Exchange of India | IN | INR | 02. Jul 2001 | |
| BDL | BHFOR | GDR-REPR 1 ORD INR2 REG'S | Bourse de Luxembourg | LU | USD | 20. Apr 2005 |
Number of employees
Current staff
Industry
| Auto Parts and Equipment | |
| Automobiles |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/26 12:50 |
| End of day share price update: | 2019/06/26 00:00 |
| Last estimates confirmation: | 2019/06/26 |
| Last earnings filing: | 2019/05/20 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2019/03/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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 here.
