BHARATFORG · Automobile and Auto Components
Bharat Forge Ltd. reported revenue of ₹3,853 cr for January to March 2025, −7.5% on the year and +10.8% on the quarter. Over the last four quarters revenue comes to ₹15,124 cr, −3.6% on the four before.
Operating profit (EBITDA) was ₹679 cr, a margin of 17.6%, +218 bps on the year and −30 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.3% to 18.1%, averaging 17.1%. Operating costs grew −9.9% against revenue growth of −7.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹283 cr, +24.7% on the year and +32.9% on the quarter, with earnings per share of ₹5.90. Profit before other income, one-offs and tax grew 14.3%, so 10 points of the headline growth came from outside the core business. The tax rate was 33% against an average of 38% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹914 cr, +0.4% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹19.94 over the last four quarters, the stock at ₹1,832.00 trades at 91.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,866 cr | ₹4,164 cr | ₹4,106 cr | ₹3,689 cr | ₹3,476 cr | ₹3,853 cr | ₹3,909 cr | ₹4,032 cr | ₹4,343 cr | ₹4,528 cr | ₹4,640 cr | ₹4,870 cr |
| YoY | — | — | +6% | −2% | −10% | −7% | −5% | +9% | +25% | +18% | +19% | +21% |
| EBITDA margin | 18.1% | 15.4% | 18.0% | 17.5% | 17.9% | 17.6% | 17.1% | 18.0% | 17.2% | 17.2% | 15.3% | 15.8% |
| Other income, % of PBT | 15% | 12% | −33% | 16% | 11% | 13% | 12% | 12% | −3% | −12% | 129% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹358 cr | −₹24.6 cr |
| Tax rate | 36% | 38% | 42% | 37% | 39% | 33% | 31% | 34% | 33% | 40% | — | 33% |
| Net profit | ₹254 cr | ₹227 cr | ₹175 cr | ₹243 cr | ₹213 cr | ₹283 cr | ₹284 cr | ₹299 cr | ₹273 cr | ₹233 cr | −₹89.9 cr | ₹279 cr |
| YoY | — | — | −18% | +13% | −16% | +25% | +62% | +23% | +28% | −18% | −132% | −7% |
| Core profit YoY | — | — | +46% | +13% | −8% | +14% | −10% | +25% | +36% | +19% | −4% | −2% |
| EPS | ₹5.68 | ₹5.07 | ₹4.36 | ₹5.23 | ₹4.45 | ₹5.90 | ₹5.93 | ₹6.26 | ₹5.53 | ₹4.86 | −₹1.88 | ₹5.77 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Forge Ltd. reported revenue of ₹3,853 cr (−7.5% on the year) and net profit of ₹283 cr (+24.7% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +14.3% on the year, against +24.7% for reported profit.
None of the 7 checks that could run raised a question.
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