Business Standard

Bharat Forge Share Price

Know More
NSEBSE

1169.05-8.35 (-0.71%)

03:54 PM,12th Apr 2024

1164.95-13.50 (-1.15%)

04:01 PM,12th Apr 2024

BSE : 500493

NSE : BHARATFORG

Sector : Engineering

ISIN Code : INE465A01025

  • NSE
  • BSE
  • 1D
  • 5D
  • 1M
  • 6M
  • 1Y
  • 2Y
  • 5Y
  • MAX

Last Updated: Apr 12 2024 | 04:01 PM IST

Market Cap (₹ Cr)

54430

Turnover (₹ Cr)

11.35

Volume (Shares)

970493

Face Value

2

52-WK High

1330.00

52-WK High Date

12 Feb 2024

52-WK Low

748.40

52-WK Low Date

05 May 2023

All Time High

1330.00

All Time High Date

12 Feb 2024

All Time Low

4.07

All Time Low Date

26 Jul 2001

Bharat Forge Ltd

Bharat Forge Ltd (BFL) the Pune based Indian multinational is a global provider of high performance innovative safety & critical components and solutions to various industrial sectors including Automotive Railways Power Defence Construction & Mining Aerospace Marine and Oil & Gas. The company is a part of Kalyani Group. The Company is engaged in the manufacturing and selling of forged and machined components including aluminium castings for the auto and industrial sectors. It operate manufacturing facilities at Mundhwa Baramati Chakan Satara and Nellore locations.Bharat Forge Ltd was incorporated in the year 1961. In the year 1996 the company commenced commercial production. In the year 1995 the company commenced exports to erstwhile USSR by winning a large contract for under carriage components. In the year 1990 they made investment in state-of-art forging technology. Also they commissioned 16000 MT press line. In the year 1991 the company commenced supply of engine & chassis components to Japan USA and UK. In the year 2001 the company commissioned their second 16000 MT press line. Also they acquired the order book of Dand Kirkstall. In the year 2002 they made investment of $ 80 million in Research & Development Testing & Validation and state-of-the-art Heavy Duty Truck Crankshaft Machining facilities. In November 21 2003 the company acquired Carl Dan Peddinghus GmbH & Co. KG (CDP) of Germany and with this acquisition the company emerged as world's second largest forging company. Also they acquired Imatra Kilsta AB Sweden & Scottish Stampings Scotland. In the year 2005 the company signed a joint venture contract with FAW Corporation for their forging business. In September 21 2005 the company through their wholly owned subsidiary Bharat Forge Beteiligungs GmbH Germany acquired Imatra Kilsta AB Sweden along with its wholly owned subsidiary Scottish Stampings Ltd Scotland (together called Imatra Forging Group) which are now renamed as Bharat Forge Kilsta AB (BF Kilsta) and Bharat Forge Scottish Stampings Ltd respectively. Also they acquired Federal Forge now known as Bharat Forge America Inc. which provided the company with a manufacturing presence in USA one of their largest markets.In the year 2006 the company made investment of $ 100 million to set-up dedicated state-of-the-art forging & machining facilities for non-auto components. In the year 2008 they signed an MoU with NTPC. In August 2008 they commissioned India's Largest Commercial Open Forging Press. Also the company in association with Alstom formed a joint venture in Indian to manufacture state-of-the-art super critical power plant equipment. In March 2009 the company started operations in the new state-of-the-art 80 Mtr-T counterblow hammer in Baramati for production of heavy forgings for large diesel engines and aerospace applications as well as Machining line for heavy duty.During the year 2009-10 the company incorporated a joint venture (JV) company BF-NTPC Energy Systems Ltd (BFNESL) with a 51% equity interest held by the company and balance held by NTPC Limited for the manufacture of critical items of Balance of Plants and other equipment for which India still remains dependent on imports. Also the company set up two joint venture companies in partnership with ALSTOM Power Holdings S.A. for manufacturing sub-critical and supercritical thermal power plant equipment. The two JV companies named ALSTOM Bharat Forge Power Ltd and Kalyani ALSTOM Power Ltd will manufacture turbine and generators for power plants in the 300- 800 MW range and auxiliaries like heat exchangers condensers and deaeraters respectively. During the year the company entered into Preliminary Joint Venture and Shareholders' Agreement with AREVA NP France to create a manufacturing facility for heavy forgings and castings for the power sector particularly Nuclear Power segment and other heavy industries in India. In January 2010 the first phase of the capacity creation plan for the non-auto components business was completed with the commissioning of the ring rolling facility at Baramati. Also they established Kalyani Centre for Technology & Innovation. During the year 2010-11 the company commissioned new vertical heat treatment facility for manufacture of Turbine and Generator Rotors alongwith thermo stability test facility. Also Ring Rolling Mill in BARAMATI became fully operational and became a supplier of critical rings for different customers specially for Gear Box manufacturers. Also they company made an additional investment of Rs 150 crore in expanding machining line further for crankshaft machining in Baramati.In 2012 the companie's power equipment joint-venture with Alstom bags Rs. 1570 crore order from NTPC Ltd.In 2013 NTPC orders three supercritical turbine islands from Alstom-Bharat. Bharat Forge Alstom Power JV bags Rs 2251 cr order from NTPC.In 2014 there was a amalgamation of Joint Venture Companies -'Safran and Bharat Forge to form partnership to address opportunities in Indian civil and military aerospace'. The Kalyani Group Sign a Strategic Partnership for the Air Defence of IndiaIn 2015 High Tech Rail Component Manufacturing Facility at Bharat Forge Centre for Advanced Manufacturing Baramati was inaugurated. Also during the year production began at Alstom-Bharat Forge's new turbine and generator manufacturing facility in India. The company awarded Recognition Prize - Energy Efficiency Award 2015. Also during the year the company announced the acquisition of Oil & Gas Machining Company Mecanique Generale Langroise (MGL) in France. During the year Bharat Forge formalized a significant supply agreement for long term co-operation with Rolls-Royce. On 17 February 2016 Boeing and Bharat Forge (BFL) announced the first shipment of titanium flap-track forgings made by the Indian supplier for Boeing's Next-Generation 737. Bharat Forge will also supply forgings for the 737 MAX scheduled to enter into service in 2017. The companies continue to address opportunities to expand BFL work in support of Boeing and its supply chain partners around the world. BFL also intends to expand its capabilities to offer higher value machining and manufacture of assemblies.On 29 March 2016 Bharat Forge announced that the company has teamed up with US based AM General LLC to bid for India's Light Specialist Vehicle (LSV) program using AM General's battle-tested HMMWV as the LSV's base platform - with final build and production to take place in India. The teaming between the two companies will lead to providing cost effective and best-in-class mobility solutions for Indian Armed Forces. On 26 April 2016 Bharat Forge announced that Boeing has awarded a contract to the company for titanium forgings for the Boeing 777X. The titanium forgings will be developed and manufactured by Bharat Forge using a closed die forging process. On 7 June 2016 Bharat Forge announced that its joint venture with GE viz. Alstom Bharat Forge Power Private Ltd. (ABFPPL) has won a contract worth $219 million approximately from NTPC. ABFPPL will supply two units of 800 MW ultra-supercritical Steam Turbine Generator Islands on EPC basis along with related civil work for the Telangana Super Thermal Power Project Phase-1. On 8 November 2016 Bharat Forge announced that its Board of Directors has approved divestment of its 49% stake in the power equipment JV with Alstom Alstom Bharat Forge Power Private Limited (ABFPL) for US$ 35 million. The JV incorporated in Delhi with its manufacturing facility at Sanand was formed in 2009 to address opportunities arising from the expansion in the Indian power sector. On 18 November 2016 the Finance & Risk Management Committee constituted by the Board of Directors of Bharat Forge Limited (BFL) approved the proposed acquisition of 100% shareholding of Walker Forge Tennessee LLC (WFT) through the company's US subsidiary Bharat Forge America. WFT is a leading supplier of complex steel and high-alloy steel engine & chassis components to a diverse group of customers across Automotive & Industrial sectors. The transaction value is US$ 14 million which will be funded through internal accruals & debt. This proposed acquisition is focused on establishing BFL's manufacturing footprint in North America and on increasing BFL's product offering into the Passenger Car and Commercial Vehicle segments as well into industrial sectors such as Construction & Mining and allied industries. This will also enable BFL to expand its presence in North America.Kalyani Rafael Advanced Systems (KRAS) a Joint Venture between Kalyani Strategic Systems Ltd. a subsidiary of Bharat Forge and Rafael Advanced Defense Systems Ltd. of Israel inaugurated their state-of-the-art facility at Hyderabad on 3 August 2017. KRAS would be India's first private sector advanced defence sub-systems manufacturing entity. Spread across an area of 24000 sq.ft. the facility will enable production of high-end technology systems for Indian Armed Forces. It will be engaged in development of a wide range of advanced capabilities like Command Control and Guidance Electro-Optics Remote Weapon Systems Precision Guided Munitions and System Engineering for System Integration. The facility will also target to export products to other countries.The Board of Directors of Bharat Forge (BFL) at its meeting held on 10 August 2017 approved acquisition of the entire remaining 40% stake in its subsidiary company - Analogic Controls India Limited (ACIL). Upon acquisition ACIL will become a wholly owned subsidiary of the company. ACIL is engaged in the design and development of reliable onboard/ground systems safety arming mechanism launcher relay unit reliable electronic systems and sub-systems for mission critical applications. ACIL offers products and services for mission technologies of national importance in Defence Aerospace Communications and Industrial Electronics. ACIL clocked turnover of Rs 7.34 crore in FY 2016-17. BFL the erstwhile promoters of ACIL and ACIL had entered into a Share Subscription Agreement and Shareholders' Agreements on 23 April 2013 and 18 June 2013 respectively for acquiring 60% stake in ACIL by BFL.The Board of Bharat Forge at its meeting held on 10 August 2017 also recommended issue of bonus shares to the holders of equity shares of the company in the ratio of 1:1. Further On October 3 2017 the Company had issued bonus shares in the proportion of 1:1 i.e. 1 (one) bonus equity share of Rs 2/- each for every 1 (one) fully paid-up equity share. Accordingly the Company has allotted 232794316 Equity shares of Rs 2/- each fully paid-up to the shareholders of the Company. On 10 August 2017 Bharat Forge announced that it has secured its maiden order from the Ministry of Defence to supply 1050 Dual Technology Detection Equipment. The order worth Rs 201.60 crore will be manufactured in India and is to be concluded within two years. On 17 January 2018 Bharat Forge announced that it has opened a Research & Development facility in UK in MIRA Technology Park the UK's leading automotive technology park and Enterprise Zone where it will be developing components & sub-systems focused on Electric Vehicles. This facility will complement the capabilities & knowledge established over the past 2 years in Kalyani Centre for Technology & Innovation (KCTI) & Kalyani Centre for Manufacturing Innovation (KCMI) in Pune focused on delivering solutions for Electric Vehicles. On 8 February 2018 Bharat Forge announced strategic investment of upto Rs 30 crore for eventual stake of 45% in an EV startup Tork Motorcycles. Bharat Forge is making a strategic investment in Tork Motorcycles as a part of its overall E-Mobility powertrain development. Tork's strength lies in its in-house team that has designed developed and built the complete electric motorcycle. Their knowledge in the overall EV powertrain development will help Bharat Forge gain access to technologies in personal E-mobility space. Accordingly the Company has acquired first tranche of 30.37%. TORK Motors is an electric drive train company mainly focused on electrical two wheeler and/or premium electric motor cycle.During the FY2018the Company has purchased remaining 40% shares of Analogic Control India Limited (ACIL) from its erstwhile promoters. With this acquisition ACIL became a WhollyOwned Subsidiary of the Company. Further during the year the Company has completed the sale of remaining balance equity of 26% in the power equipment Joint Venture Alstom Bharat Forge Power Private Limited (ABFPPL). With this divestment the Company has completed its total divestment in ABFPPL. During the year 2017-18the Company also incorporated a wholly owned subsidiary in Israel viz. Indigeneous IL Limited with an objective of exploring targets in technology space and also explore tie-ups with universities/tehnology institutions in further upgrading research and development initiatives in various new technologies.As on 31 March 2018the company had 20 subsidiaries and one associate company under its roof.During the FY2019 the company has generated strong cash flows of Rs 1225 Million despite committing a Capex of Rs 8500 Million during the year. In FY'19 the Company installed the first CLWT machine a 4200 T die-casting machine which is the biggest in India and the 5th largest inthe world. Besides this it acquired customers even before completing the plant construction of the CLWT plant.During the FY2020the Company promoted and incorporated a wholly-owned subsidiary company in the name of Kalyani Centre for Precision Technology Limited (KCPTL) to carry out manufacturing activities of auto parts.As on March 31 2020 the Company has 25 subsidiaries (including step down subsidiaries) and 4 Associate Companies.Capex incurred in the year 2019-20 amounting to Rs 5164 Million towards forging and machining capacity in Maharashtra.In FY'20 the Company executed the commissioning of CLWT plant. It started localizing electric powertrain for intermediate and Light Commercial Vehicle (ILCV) and 9M Bus segment in India.On July 10 2020 Bharat Forge Hong Kong (BFHK) Limited a step down subsidiary of the Group was deregistered and dissolved. The closure of BFHK did not have any material impact on the operations/results of the Group. On March 16 2021 the Company invested Rs 0.01 million to acquire 100% stake ln equity of Kalyani Powertrain Private Limited to undertake various initiative for e-mobility business.On May 06 2021 the Company invested Rs 0.10 million to acquire 100% stake in equity of BF Industrial Solutions Private Limited (formerly known as Nouveau Power & Infrastructure Private limited) as a special purpose vehicle (SPV) for implementation of approved resolution plan of National Company Law Tribunal (the NCLT) for acquisition of Sanghvi Forging & Engineering limited Baroda in terms of Insolvency and Bankruptcy code 2016.During FY'21 the Company received prestigious order from a major global OEM for forging and pre-machined components. It completed trials for three - Kalyani M4 vehicle Kalyani Maverick and Mine Protected Vehicle (MPV). Further trials for JV Protective Carbine (JVPC) and FSAPDS were also completed. It was awarded a contract to supply the Kalyani M4 vehicle. In FY 2022 the Company's subsidiary Kalyani Powertrain Limited (KPTL) received maiden order for supply of products such as High Voltage High Power DC-DC Convertors Motor Controllers for 2W applications from an Indian OEM. Its subsidiary company Tork Motors launched its flagship product line of Electric Motorbike KRATOS and KRATOS-R which received 2000 orders for these bikes .In FY'22 the Company in collaboration with NASA JPL developed ventilators (FDA approved for emergency use authorization) in and around Pune which was in great demand during the pandemic. It acquired erstwhile Sanghvi Forging & Engineering Limited (SFEL) for Rs. 900 million. It completed the capex and commercial production at its aluminum forging facility in North Carolina US. With this the Company now has two operational aluminum forgings plants; one in the US and the other in Germany. Its Advanced Towed Artillery Gun System (ATAGS) designed by DRDO has completed its fifth and final firing trials. Apart from this the Company signed the SPA to acquire Coimbatore-based JS Auto Cast Foundry India. It bagged new business worth Rs. 10000 Million in FY 2022 bulk of order wins coming from PV & Industrial sectors.In FY'22 the Company productionalized and shipped the Kalyani M4 armored vehicle to Indian Army for UN Peacekeeping mission. Its KM4 armored vehicles became the only one in category to complete desert trials at Rann of Kutch. During the year 2022 it diversified into new areas of Command Control Communications Computers (C4) Intelligence Surveillance and Reconnaissance (C4ISR) by participating and winning the iDex challenge through subsidiaries and partners. It made strategic investments in Tevva Motors Limited UK Tork Motors Pvt Ltd India and established global 50:50 JV REFU Drive GmbH with Prettl Group Germany.During the year 2022-23 the Company subscribed to 26% of paid-up share capital of Avaada MHVidarbha Private Limited on April 19 2022 and Avaada became an associate of the Company. Kalyani Powertrain Limited (KPL) a WOS of the Company incorporated a WOS in the name of Electroforge Limited on July 25 2022 and accordingly Electroforge Limited was made a step-down subsidiary of the Company. During 2022-23 the Company acquired Coimbatore-based casting and machining company JS Autocast Foundry India Private Limited (JSA) effective on July 01 2022. It commenced commercial production at t its aluminum forging facility in North Carolina US. The Company through BF Infrastructure Limited (BFIL) its WOS got into a Share Purchase Agreement in Feb' 23 with PNC Infratech Limited and Ferrovia Transrail Solutions Private Limited for purchase of 51% shareholding in Ferrovia. The BFIL's shareholding in Ferrovia increased from 49% to 100% which resulted Ferrovia becoming a WOS of BFIL and a step-down subsidiary of the Company. The Company transferred its stake held in its WOS Analogic Controls India Limited (ACIL) and its associate Aeron Systems Private Limited to its WOS Kalyani Strategic Systems Limited (KSSL) and consequently ACIL became a WOS of KSSL and a step-down subsidiary of the Company. To further consolidate the defence business with effect from March 10 2023 ACIL has merged into KSSL.

Bharat Forge Ltd - Key Fundamentals

PARAMETER VALUES
Market Cap (₹ Cr)

54430

EPS - TTM (₹) [S]

28.14

P/E Ratio (X) [S]

6.67

Face Value (₹) 2
Latest Dividend (%)125.00
Latest Dividend Date 23 Feb 2024
Dividend Yield (%) 0.59
Book Value Share (₹) [S]175.21
P/B Ratio (₹) [S]6.67
[*C] Consolidated [*S] Standalone

Funds Owing this Stock

Scheme Name Amount Invested ( ₹ Cr ) No Of Shares Net Asset (%)
Kotak Emerging Equity Fund (G) 918.67 8132726 2.31
Kotak Emerging Equity Fund (IDCW) 918.67 8132726 2.31
Kotak Emerging Equity Fund - Direct (G) 918.67 8132726 2.31
Kotak Emerging Equity Fund - Direct (IDCW) 918.67 8132726 2.31
Kotak Flexi Cap Fund (G) 745.54 6600000 1.62
Kotak Flexi Cap Fund - Direct (G) 745.54 6600000 1.62
DSP Midcap Fund (G) 538.38 4766077 3.37
DSP Midcap Fund (IDCW) 538.38 4766077 3.37
DSP Midcap Fund - Direct (IDCW) 538.38 4766077 3.37
DSP Midcap Fund - Direct (G) 538.38 4766077 3.37

Load more

Research Reports

Date BrokerActionPrices(Rs)Report
08-05-2023Prabhudas Lilladher Buy 760
16-02-2023Prabhudas Lilladher Buy 873
14-12-2022Prabhudas Lilladher Buy 857
05-09-2022Geojit Financial Services Accumulate 741

Stock Strength

Today's Low/High

1163.00

1187.00

Week Low/High

1136.00

1187.00

Month Low/High

1088.00

1187.00

Year Low/High

748.40

1330.00

All time Low/High

4.46

1330.00

Share Price Returns

Period BSENSE SENSEXNIFTY
1 Week2.08%2.04%0.000.03%
1 Month1.16%1.14%0.780.82%
3 Month-6.75%-6.71%2.312.85%
6 Month4.68%4.60%11.8013.77%
1 Year51.99%52.00%22.9426.43%
3 Year101.14%101.21%55.0557.36%

Company Info

Company Information

Chairman & Managing Director : B N Kalyani

Deputy Managing Director : G K Agarwal

Deputy Managing Director : Amit B Kalyani

Independent Director : P G Pawar

Executive Director : B P Kalyani

Executive Director : S E Tandale

Independent Director : Lalita D Gupte

Independent Director : P H Ravikumar

Independent Director : Vimal Bhandari

Executive Director & CFO : Kishore Saletore

Company Sec. & Compli. Officer : Tejaswini Chaudhari

Independent Director : Dipak Mane

Independent Director : Murali Sivaraman

Registered Office: Mundhwa, Pune Cantonment,Pune,Maharashtra-411036 Ph: 91-020-6704 2777/2476

Email:secretarial@bharatforge.com

URL:http://www.bharatforge.com