Financials Bharat Forge Limited NSE India S.E.

Equities

BHARATFORG

INE465A01025

Iron & Steel

Market Closed - NSE India S.E. Other stock markets 07:43:46 2024-04-26 am EDT			5-day change	1st Jan Change
1,310 ^INR	-0.15%		+9.79%	+5.78%

Mar. 29	Bharat Forge Limited Announces Cessation of G. K. Agarwal as the Director and Deputy Managing Director, Effective March 31, 2024	CI
Mar. 14	Bharat Forge Gets Board Nod to Raise INR5 Billion Through Debenture Issue, Term Loan	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	610,107	-	-
Enterprise Value (EV) ¹	271,133	142,027	318,630	377,312	410,786	664,163	651,633	650,416
P/E ratio	23.1 x	31.2 x	-220 x	30.2 x	67.9 x	55.1 x	37.5 x	30.5 x
Yield	0.98%	1.5%	-	1%	0.91%	0.56%	0.61%	0.66%
Capitalization / Revenue	2.35 x	1.35 x	4.38 x	3.12 x	2.78 x	3.9 x	3.49 x	3.13 x
EV / Revenue	2.67 x	1.76 x	5.03 x	3.61 x	3.18 x	4.24 x	3.72 x	3.34 x
EV / EBITDA	13.3 x	12.7 x	37 x	18.7 x	23.2 x	25.1 x	20.2 x	17.5 x
EV / FCF	-102 x	25.4 x	301 x	-67.1 x	138 x	63.4 x	41.7 x	34.3 x
FCF Yield	-0.98%	3.94%	0.33%	-1.49%	0.73%	1.58%	2.4%	2.91%
Price to Book	4.43 x	2.09 x	5.13 x	4.97 x	5.35 x	8.31 x	7.22 x	6.19 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	1,310	1,310	1,310
Announcement Date	5/20/19	6/29/20	6/4/21	5/16/22	5/5/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	101,457	80,558	63,363	104,611	129,103	156,630	174,997	194,780
EBITDA ¹	20,442	11,147	8,617	20,159	17,675	26,417	32,241	37,168
EBIT ¹	15,234	5,670	2,496	12,856	10,319	18,158	23,584	28,060
Operating Margin	15.02%	7.04%	3.94%	12.29%	7.99%	11.59%	13.48%	14.41%
Earnings before Tax (EBT) ¹	15,990	4,617	-254.5	13,805	8,269	15,405	21,610	26,977
Net income ¹	10,326	3,498	-1,264	10,818	5,284	10,583	15,868	19,850
Net margin	10.18%	4.34%	-1.99%	10.34%	4.09%	6.76%	9.07%	10.19%
EPS ²	22.17	7.510	-2.710	23.23	11.35	23.78	34.91	42.93
Free Cash Flow ¹	-2,656	5,602	1,058	-5,625	2,983	10,476	15,638	18,946
FCF margin	-2.62%	6.95%	1.67%	-5.38%	2.31%	6.69%	8.94%	9.73%
FCF Conversion (EBITDA)	-	50.25%	12.27%	-	16.88%	39.66%	48.5%	50.98%
FCF Conversion (Net income)	-	160.13%	-	-	56.45%	98.99%	98.55%	95.45%
Dividend per Share ²	5.000	3.500	-	7.000	7.000	7.388	7.985	8.599
Announcement Date	5/20/19	6/29/20	6/4/21	5/16/22	5/5/23	-	-	-

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	2/12/21	6/4/21	8/12/21	11/12/21	2/10/22	5/16/22	8/11/22	11/14/22	2/14/23	5/5/23	8/9/23	-	-	-	-

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	41,525	40,309
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	1.288 x	1.085 x
Free Cash Flow ¹	-2,656	5,602	1,058	-5,625	2,983	10,476	15,638	18,946
ROE (net income / shareholders' equity)	20.6%	7.72%	5.2%	16.8%	7.9%	15.1%	19.8%	20.9%
ROA (Net income/ Total Assets)	9.54%	3.52%	1.45%	7.01%	3.11%	6.55%	9.18%	9.99%
Assets ¹	108,293	99,255	-86,926	154,211	169,966	161,497	172,794	198,774
Book Value Per Share ²	115.0	112.0	116.0	141.0	144.0	158.0	182.0	212.0
Cash Flow per Share ²	19.60	32.70	21.90	10.90	27.80	43.20	54.90	61.20
Capex ¹	11,771	9,618	9,143	10,683	9,962	7,113	7,419	7,544
Capex / Sales	11.6%	11.94%	14.43%	10.21%	7.72%	4.54%	4.24%	3.87%
Announcement Date	5/20/19	6/29/20	6/4/21	5/16/22	5/5/23	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,310 INR

Average target price

1,176 INR

Spread / Average Target

-10.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
JSW STEEL LIMITED	+0.70%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+19.56%	21.23B
CHINA STEEL CORPORATION	-9.07%	11.73B
JINDAL STEEL & POWER LIMITED	+24.56%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+2.61%	8.56B
JINDAL STAINLESS LIMITED	+22.56%	6.92B
BLUESCOPE STEEL LIMITED	-3.33%	6.52B

Iron, Steel Mills & Foundries