Key Metrics of Bharat Forge
About Bharat Forge
Part of Bharat Forge.
Sectors
Company details
- Website
- bharatforge.com
- Founded
- 1961
- Registered office
- Mundhawa Pune Cantonment, Pune, In-mh, 411036
- Listed
- NSE: BHARATFORG · ₹1,711.20
Operational Areas of Bharat Forge
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Sep 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹6,252 Cr | View |
| 19 Dec 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,600 Cr | View |
| 20 Dec 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹4,300 Cr | View |
| 22 Dec 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹4,300 Cr | View |
| 23 Dec 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹7,400 Cr | View |
| 28 Jan 2022 | CARE | Assigned | AA+ | A1+ | Stable | ₹2,800 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong liquidity profile, aided by sizeable cash and liquid investments
BFL’s liquidity position remains strong, supported by sizeable cash and liquid investments of around Rs. 1,310 crore as on March 31, 2026 (at a standalone level), along with healthy cash accruals and unutilised credit lines.
Credit challenges
− Challenging operating environment across geographies, particularly for BFL’s overseas entities
While presence across different geographies provides BFL with geographic diversification benefits, it also exposes the company to different challenges specific to the geographies where it operates.Its European manufacturing operations have shown muted profitability in the recent past, with OPM of 2.5% and 3.9% for FY2025 and FY2026, respectively (2.8% in Q1 FY2027).
− Despite diversification plans, exposure to cyclical CV segment both in India and international markets remains sizeable
BFL’s revenue can be broadly divided into revenues from the CV segment (30% of standalone revenues in FY2026), passenger vehicle (PV) segment (19%) and industrial segment (51%).
Could lead to an upgrade
ICRA could upgrade BFL’s rating if it demonstrates a significant improvement in its scale of operations and return indicators. Specific credit metrics at the consolidated level that could lead to an upgrade of the company’s rating include significant reduction in leverage as well as dependence on the cyclical CV segment at the consolidated level.
Could lead to a downgrade
Pressure on BFL’s rating could arise in case of sustained slowdown in key end-user industries, thereby negatively affecting profitability and coverage indicators. Also, large debt-funded acquisitions or capacity expansion which could adversely impact the capital structure could trigger a negative rating action. Specific credit metrics that could cause a rating downgrade include total debt /OPBITDA above 2.5 times on a sustained basis .
Agency-reported financials (ICRA, 22 Sep 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income (OI; Rs. crore) | ₹15,132 Cr | ₹16,818 Cr | ₹4,640 Cr |
| PAT (Rs. crore) | ₹917 Cr | ₹1,099 Cr | ₹-89.90 Cr |
| OPBDITA/OI (%) | 17.9% | 17.3% | 15.3% |
| PAT/OI (%) | 6.1% | 6.5% | -1.9% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.30× | — |
| Total debt/OPBDITA (times) | 2.50× | 2.50× | — |
| Interest coverage (times) | 6.50× | 9.00× | 7.90× |
| Revenue growth (YoY) | — | 11.1% | — |
| EBITDA (margin × income) | ₹2,709 Cr | ₹2,910 Cr | ₹710 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹6,771 Cr | ₹7,274 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹417 Cr | ₹323 Cr | ₹89.86 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based Working capital facilities | Working capital & bank lines | ₹4,008 Cr | ₹4,008 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term – Fund-based Term loans | Term loans | ₹535 Cr | ₹475 Cr | −11.2% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term – Fund-based Term loan | Term loans | — | ₹800 Cr | — | AA+ / A1+ (Stable) | Assigned | ICRA |
| Non-fund based facilities | Non-fund based limits | ₹725 Cr | ₹725 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Long-term/Short-term – Unallocated limits | Working capital & bank lines | ₹59.0 Cr | ₹119 Cr | 101.7% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
| Issuer - Long-term – Non-convertible debentures | Debentures & bonds | ₹125 Cr | ₹125 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE465A08038 | Mar | Debentures & bonds | 7.80% | — | — | ₹125 Cr | AA+ | Not stated |
| INE465A08012 | Aug Aug | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE465A08020 | Apr Apr | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹700 Cr | CARE A1+ |
| Long Term | ₹200 Cr | CARE AA+; Stable |
| Non Convertible Debentures | — | Withdrawn |
| Working Capital Limits | ₹2,700 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Bank of Baroda |
| Fund-based - LT | Working Capital Limits | Bank of India |
| Fund-based - LT | Working Capital Limits | Bank of Maharashtra |
| Fund-based - LT | Working Capital Limits | Canara Bank |
| Fund-based - LT | Working Capital Limits | Citi Bank |
| Fund-based - LT | Working Capital Limits | Credit Agricole Corporate and Investment Bank (Hon |
| Fund-based - LT | Working Capital Limits | Deutsche Bank |
| Fund-based - LT | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT | Working Capital Limits | HSBC Ltd. |
| Fund-based - LT | Working Capital Limits | ICICI Bank Ltd. |
| Fund-based - LT | Working Capital Limits | J.P. Morgan Chase Bank N.A. |
| Fund-based - LT | Working Capital Limits | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Standard Chartered Bank |
| Fund-based - LT | Working Capital Limits | State Bank of India |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Bank of India |
| Non-fund-based - ST | BG/LC | Bank of Maharashtra |
| Non-fund-based - ST | BG/LC | Canara Bank |
| Non-fund-based - ST | BG/LC | Citi Bank |
| Non-fund-based - ST | BG/LC | Credit Agricole Corporate and Investment Bank (Hon |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | HSBC Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Term Loan | Long Term | Induslnd Bank Ltd. |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 91% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 74% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 7.9×
- Working-capital limits 58% utilised on average
- ₹119 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
September 22, 2026 Bharat Forge Limited: Ratings reaffirmed and assigned for enhanced amount Summary of rating action Previous rated Current rated Instrument^ amount amount Rating action Financial sector regulator# (Rs. crore) (Rs. crore) Long-term – Fund-based/ Working capital 4,008.0 4,008.00 [ICRA]AA+ (Stable); reaffirmed RBI facilities Long-term/Short-term – Fund-based / [ICRA]AA+ (Stable)/ [ICRA]A1+; 535.0 475.00 RBI Term loans reaffirmed Long-term/Short-term – Fund-based / [ICRA]AA+ (Stable)/ [ICRA]A1+; - 800.00 RBI Term loan assigned Non-fund based facilities 725.0 725.0 [ICRA]A1+; reaf
From the report
Long-term/Short-term – Unallocated 59.0 119.0 reaffirmed and assigned for RBI limits enhanced amount Issuer rating NA NA [ICRA]AA+ (Stable); reaffirmed -* Long-term – Non-convertible debentures 125.0 125.0 [ICRA]AA+ (Stable); reaffirmed SEBI Total 5,452.0 6,252.0 ^Instrument details are provided in Annexure-I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI *Since no instrument is being rated, F
From the report
The ratings also favourably factor in BFL’s strong liquidity position, with unencumbered cash and liquid investments of over Rs. 3,138 crore on a consolidated level as of March 2026.
From the report
Strong liquidity profile, aided by sizeable cash and liquid investments – BFL’s liquidity position remains strong, supported by sizeable cash and liquid investments of around Rs. 1,310 crore as on March 31, 2026 (at a standalone level), along with healthy cash accruals and unutilised credit lines.
From the report
Liquidity position: Strong BFL’s liquidity profile remains Strong, supported by large, unencumbered cash and liquid investments of approximately Rs. 3,138 crore (consolidated) as on March 31, 2026, and sizeable buffer in the form of undrawn bank lines, as reflected by an average working capital utilisation of 58% for the 12-month period ending in June 2026 (the buffer stood at Rs. 1,557 crore as on March 31, 2026), for the standalone operations.
From the report
Against these, the company plans for capex of Rs. 2,500-3,000 crore over FY2027-FY2028 and has debt repayment obligations of around Rs. 366 crore in FY2027, and Rs. 300-400 crore per annum over the near-to-medium term.
From the report
QIP of Rs. 1650 crores raised in December 2024, Rs. 1030 crores of which has been utilized towards debt repayments/prepayments while Rs. 549 crores are spent for the acquisition of AAM India (in July 2025).
From the report
Press Release Liquidity: Strong The company had cash balance and liquid investments of ₹2,680 crore as on March 31, 2025, and ₹1,938 crores as September 30, 2025.
From the report
Against the term loan repayments of more than ₹400 crores from FY27 onwards, the company had gross cash accruals (GCA) of ₹1,896 crores in FY25 and expected to be improving going ahead.
From the report
Additionally, the company has raised net proceeds of ₹1619 crores (gross proceeds ₹1650 crores) through the QIP route in December 2024, of which around ₹1030 crores are likely to be utilized towards debt repayments and prepayments for the debt raised by its subsidiaries.
From the report
Liquidity: Strong The company had cash balance and liquid investments of ₹2719.84 crore as on March 31, 2024 and ₹1990.60 crores as September 30, 2024.
From the report
The company has strong cash and liquid investments of around ₹3000 crore.
From the report
The PAT for H1FY23 was ₹474.57 crore and gross cash accruals (GCA) was ₹674.88 crore.
From the report
The company meets its working capital requirements through sales bill discounting Liquidity: Strong The liquidity position of the company is adequate as evinced by cash and liquid investments of ₹2,003.96 crore as on September 30, 2022.
From the report
Liquidity: Strong The liquidity position of the company is strong , as evinced by cash and liquid in vestments of Rs.2,341 crore as on September 30, 2021.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Bharat Forge
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| SONA BLW PRECISION FORGINGS LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Gurgaon, Haryana, India |
 MM Forgings |
Forging · Auto Components, Forging & Casting | mmforgings.com | — | Guindy, India |
 Happy Forgings |
Manufacturing · Forging and Machining | happyforgingsltd.com | — | Ludhiana, India |
| BALU FORGE INDUSTRIES LIMITED | · Manufacturing (Machinery and Equipments) | — | — | Mumbai, Maharashtra, India |
| Sunstar Precision Forge Limited | Forging · Auto Components, Forging & Casting | — | — | Uttar Pradesh, India |
| Kalyani Forge Limited | Forging · Auto Components, Forging & Casting | — | — | Pune, Maharashtra, India |
| TIRUPATI FORGE LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Rajkot, Gujarat, India |
| Echjay Forgings Private Limited | Forging · Auto Components, Forging & Casting | — | — | Maharashtra, India |
| Hindusthan Malleables & Forgings Limited | Forging · Auto Components, Forging & Casting | — | — | Dhanbad, India |
| GANGA FORGING LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Rajkot, Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Part of Bharat Forge
Business activities and related parties
Forged crankshafts, axles, defence and aerospace components
Filings
No filings on record yet.