BHARAT FORGEBharat Forge LtdNSE:BHARATFORGTechnicalAnalystSucritBharat Forge Ltd. (CMP ₹2,190.00, NSE: BHARATFORG) The SmartWay Research Desk | 20 July 2026 A Pune‑based engineering and manufacturing company, incorporated in 1961. Bharat Forge is India’s largest forging and metal engineering company, with global operations across automotive, defense, aerospace, oil & gas, and industrial sectors. Promoter Holding (Mar 2026): Kalyani Group — 45.25% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹16,842 Cr vs ₹14,912 Cr in FY25 (+12.9% YoY). → Good Net Profit: FY26 PAT ₹2,112 Cr vs ₹1,812 Cr in FY25 (+16.5% YoY). → Good Operating Margin: FY26 EBITDA ₹3,812 Cr, margin 22.6% vs 21.8% last year (+80 bps). → Good Equity Capital: Stable, face value ₹2. → Good Dividend Policy: Dividend ₹12.00/share declared for FY26. → Good Asset Building: Investments in defense manufacturing, EV components, and aerospace parts. → Good Sales: Strong demand from automotive and defense sectors. → Good Expense: Raw material cost pressures (steel, alloys) remain. → Neutral/Good EPS: FY26 EPS ₹42.25 vs ₹36.20 last year (+16.7%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 45.25% (no pledges) FII Holding: 21.12% DII Holding: 20.34% Retail & Others: 13.29% Strategic Moves & Innovations Expansion in defense and aerospace manufacturing. Focus on EV components and lightweight forging solutions. Partnerships with global OEMs for automotive supply contracts. Diversification into renewable energy and oil & gas equipment. Cash Flow & Balance Sheet Strength Market cap ~₹95,800 Cr. Debt‑to‑equity ratio ~0.42 (moderate leverage). Book value per share ₹412.00; P/B ~5.3. EPS (TTM) ₹42.25; P/E ~51.8. Risk Factors High P/E ratio ~51.8, indicating premium valuations. Dependence on global automotive and defense capex cycles. Exposure to commodity price volatility (steel, alloys). Competition from Mahindra CIE, Ramkrishna Forgings, and Tata Motors Defense. Investor Takeaway Bharat Forge has delivered robust FY26 performance, supported by automotive recovery, defense contracts, and EV component expansion. With strong promoter backing, dividend payouts, and leadership in forging technology, Bharat Forge remains a premium engineering and defense play. At CMP ₹2,190.00, valuations are expensive (P/E ~51.8, P/B ~5.3), reflecting growth expectations but also sectoral risks.