Financials Bharat Forge Limited

Equities

BHARATFORG

INE465A01025

Iron & Steel

Delayed Bombay S.E. Other stock markets 06:00:24 28/06/2024 BST			5-day change	1st Jan Change
1,674 ^INR	-0.42%		-4.48%	+35.07%

06-20	Bharat Forge Limited Announces Cessation of Murali Sivaraman as Independent Director	CI
06-19	Bharat Forge Invests $40 Million More in US-Based Arm	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	238,159	108,994	277,561	326,797	358,550	782,911	-	-
Enterprise Value (EV) ¹	271,133	142,027	318,630	377,312	410,786	525,859	829,804	821,450
P/E ratio	23.1 x	31.2 x	-220 x	30.2 x	67.9 x	55.3 x	47.2 x	37.4 x
Yield	0.98%	1.5%	-	1%	0.91%	0.44%	0.54%	0.59%
Capitalization / Revenue	2.35 x	1.35 x	4.38 x	3.12 x	2.78 x	3.35 x	4.35 x	3.87 x
EV / Revenue	2.67 x	1.76 x	5.03 x	3.61 x	3.18 x	3.35 x	4.61 x	4.06 x
EV / EBITDA	13.3 x	12.7 x	37 x	18.7 x	23.2 x	20.5 x	25.1 x	21.2 x
EV / FCF	-102 x	25.4 x	301 x	-67.1 x	138 x	79.9 x	69 x	51.6 x
FCF Yield	-0.98%	3.94%	0.33%	-1.49%	0.73%	1.25%	1.45%	1.94%
Price to Book	4.43 x	2.09 x	5.13 x	4.97 x	5.35 x	10.7 x	9.54 x	8.06 x
Nbr of stocks (in thousands)	465,518	465,589	465,589	465,589	465,589	465,589	-	-
Reference price ²	511.6	234.1	596.2	701.9	770.1	1,682	1,682	1,682
Announcement Date	20/05/19	29/06/20	04/06/21	16/05/22	05/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	101,457	80,558	63,363	104,611	129,103	156,821	180,039	202,185
EBITDA ¹	20,442	11,147	8,617	20,159	17,675	25,633	33,076	38,695
EBIT ¹	15,234	5,670	2,496	12,856	10,319	17,151	24,424	29,539
Operating Margin	15.02%	7.04%	3.94%	12.29%	7.99%	10.94%	13.57%	14.61%
Earnings before Tax (EBT) ¹	15,990	4,617	-254.5	13,805	8,269	14,390	22,535	28,581
Net income ¹	10,326	3,498	-1,264	10,818	5,284	9,511	16,047	20,645
Net margin	10.18%	4.34%	-1.99%	10.34%	4.09%	6.07%	8.91%	10.21%
EPS ²	22.17	7.510	-2.710	23.23	11.35	20.43	35.65	45.00
Free Cash Flow ¹	-2,656	5,602	1,058	-5,625	2,983	10,476	12,024	15,905
FCF margin	-2.62%	6.95%	1.67%	-5.38%	2.31%	6.69%	6.68%	7.87%
FCF Conversion (EBITDA)	-	50.25%	12.27%	-	16.88%	39.66%	36.35%	41.1%
FCF Conversion (Net income)	-	160.13%	-	-	56.45%	98.99%	74.93%	77.04%
Dividend per Share ²	5.000	3.500	-	7.000	7.000	7.468	9.000	9.972
Announcement Date	20/05/19	29/06/20	04/06/21	16/05/22	05/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	17,231	20,828	21,077	23,856	23,947	35,731	28,515	30,764	33,534	36,290	38,773	39,666	34,944	37,814	-
EBITDA ¹	2,838	4,258	4,503	5,099	5,018	5,539	4,278	4,320	4,693	4,385	5,954	6,468	6,623	7,102	-
EBIT ¹	1,228	2,651	-	-	-	3,401	2,446	2,439	2,837	2,573	3,893	4,100	5,667	6,054	-
Operating Margin	7.13%	12.73%	-	-	-	9.52%	8.58%	7.93%	8.46%	7.09%	10.04%	10.34%	16.22%	16.01%	-
Earnings before Tax (EBT) ¹	-1,760	2,693	-	3,406	5,000	3,366	2,346	2,348	2,110	1,768	3,415	4,045	4,230	4,207	-
Net income ¹	-2,092	2,086	1,536	2,712	4,212	2,357	1,645	1,459	825	1,355	2,234	3,079	3,532	2,933	-
Net margin	-12.14%	10.02%	7.29%	11.37%	17.59%	6.6%	5.77%	4.74%	2.46%	3.73%	5.76%	7.76%	10.11%	7.76%	-
EPS ²	-4.490	4.480	-	5.820	9.050	5.060	3.530	3.130	1.780	2.910	4.800	6.733	8.012	6.800	13.52
Dividend per Share ²	-	-	-	-	-	-	-	-	-	5.500	-	-	-	-	-
Announcement Date	12/02/21	04/06/21	12/08/21	12/11/21	10/02/22	16/05/22	11/08/22	14/11/22	14/02/23	05/05/23	09/08/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	32,974	33,032	41,069	50,515	52,237	54,055	46,894	38,539
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.613 x	2.963 x	4.766 x	2.506 x	2.955 x	2.046 x	1.418 x	0.996 x
Free Cash Flow ¹	-2,656	5,602	1,058	-5,625	2,983	10,476	12,024	15,905
ROE (net income / shareholders' equity)	20.6%	7.72%	5.2%	16.8%	7.9%	15.1%	20.5%	22.1%
ROA (Net income/ Total Assets)	9.54%	3.52%	1.45%	7.01%	3.11%	6.55%	8.72%	10.3%
Assets ¹	108,293	99,255	-86,926	154,211	169,966	161,497	183,936	199,692
Book Value Per Share ²	115.0	112.0	116.0	141.0	144.0	158.0	176.0	209.0
Cash Flow per Share ²	19.60	32.70	21.90	10.90	27.80	43.20	56.90	64.10
Capex ¹	11,771	9,618	9,143	10,683	9,962	7,304	8,048	8,672
Capex / Sales	11.6%	11.94%	14.43%	10.21%	7.72%	4.66%	4.47%	4.29%
Announcement Date	20/05/19	29/06/20	04/06/21	16/05/22	05/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharat Forge Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,682 INR

Average target price

1,365 INR

Spread / Average Target

-18.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
BHARAT FORGE LIMITED	+35.07%	9.38B
JSW STEEL LIMITED	+7.05%	27.5B
BAOSHAN IRON & STEEL CO., LTD.	+10.62%	19.59B
JINDAL STEEL & POWER LIMITED	+40.20%	12.8B
CHINA STEEL CORPORATION	-14.63%	10.8B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	-1.71%	9.58B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-4.79%	8.68B
JINDAL STAINLESS LIMITED	+41.36%	7.93B
TERNIUM S.A.	-12.20%	7.32B
BLUESCOPE STEEL LIMITED	-12.61%	5.93B

Iron, Steel Mills & Foundries