Who are Bharat Forge's main competitors?

Named competitors: American Axle & Manufacturing (private or unlisted), Sona BLW Precision Forgings (SONACOMS.NS), Ramkrishna Forgings (RKFORGE.NS), Metaldyne Performance Group (private or unlisted), Mahindra CIE Automotive (private or unlisted), MM Forgings (MMFL.NS). The cockpit's measured peer set (industry) also includes SSAB (SSAB-A.ST), Anhui Tongguan Copper Foil (301217.SZ), Bluescope Steel (BSL.AX), Valmont Industries (VMI), Himile Mechanical Science & Technology (Shandong) (002595.SZ), Mueller Industries (MLI).

How has Bharat Forge stock performed?

Over six months to 6 Nov 2026 the shares returned -12.7% against -15.9% for the median peer; over one year +32.1%.

← CockpitCompetitor Analysis › BHARATFORG.NS Bharat ForgeOpen in the cockpit ↗

Bharat ForgeBHARATFORG.NSCompetitor analysis, valuation and peers

India · INR·Capital Goods›Metal Fabrication

Kalyani Group forging maker of engine and chassis components for trucks, cars and defence equipment.

≈ India's American Axle & Manufacturing for forged auto partsMomentum weak 22

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$9.01B

US dollars, full cap

Free float

50%

of shares outstanding

$/day

$22.9M

20-day average traded

Fwd P/E

51.4×

forward earnings

ROIC−WACC

-0.4 pp

WACC 15.7%

Hurdle

+25 pp

Req g minus delivered

Next earnings

100 days

14 Feb 2027

Close · INR₹1,740

1D-0.7%

1W+1.2%

1M-5.5%

3M-21.3%

6M-12.7%

YTD+18.3%

1Y+32.1%

ATR %3.5%

Beta1.11

52w lowhigh24.2% off high

What Bharat Forge does

Kalyani Group forging maker of engine and chassis components for trucks, cars and defence equipment.

Sells forged parts to truck and car makers under multi-year supply contracts tied to specific vehicle platforms, with a large share exported to Europe and North America. The Kalyani family controls the group. Defence, through its Kalyani Strategic Systems arm making artillery, is the newer growth line.

In one line: India's American Axle & Manufacturing for forged auto parts.

Products and services

Forged automotive components (crankshafts, axles)
Defence & aerospace forgings
Industrial & oil-field forgings
EV/e-mobility components

Customers

Global commercial-vehicle OEMs (Daimler, PACCAR)
Passenger vehicle OEMs
Indian & export defence customers
Industrial/oil-field equipment makers

Where it sits in the supply chain

Auto components & forging
Metal forging & machining
Forged crankshafts, axles, chassis…

What could go right

Global truck-replacement cycle
India defence-indigenization forging orders

What could go wrong

Cyclicality tied to global commercial-vehicle production
EV transition reduces engine-forging content

Moat: narrow (process know-how, scale, customer qualification). Heavy forging is capital- and scale-intensive, and long OEM qualification cycles create switching costs.

Headquarters: Pune, India · Founded: 1961 · Employees: 10,623

Named competitors

American Axle & Manufacturing private or unlisted
Sona BLW Precision Forgings SONACOMS.NS
Ramkrishna Forgings RKFORGE.NS
Metaldyne Performance Group private or unlisted
Mahindra CIE Automotive private or unlisted
MM Forgings MMFL.NS
Sansera Engineering SANSERA.NS

Bharat Forge at a glance

Size Bharat Forge (BHARATFORG.NS) is an India Industrials company (Metal Fabrication) with a market value of $9.01B, the 133rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,740 on 6 Nov 2026.

Performance Over six months the shares fell 12.7%, against -15.9% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.

Growth Revenue grew 17.5% over the last twelve months (peer median +19.1%); the operating margin is 11.1% (peer median 10.7%).

Valuation It trades at 51.4× forward earnings against a peer median of 24.7× (6th most expensive of 21).

Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +25 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 0.4 points below its cost of capital (15.7% WACC).

Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Bharat Forge against the median of its 20 peers (local-currency closes).

Bharat Forge financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹175B	₹167B	₹150B	₹156B	₹123B
Revenue growth	—	+11%	-4%	+27%	—
Gross profit	₹63.9B	₹34.3B	₹32.8B	₹30.7B	₹17.4B
EBITDA	₹29.6B	₹28.2B	₹26.4B	₹24.7B	₹16.9B
Net income	₹7.06B	₹10.8B	₹9.41B	₹9.51B	₹5.28B
Free cash flow	n/a	₹339M	-₹397M	-₹2.52B	₹1.04B
Capital expenditure	n/a	₹11.4B	₹14.5B	₹15.2B	₹9.96B
Total debt	n/a	₹73.1B	₹67.0B	₹79.5B	₹73.1B

Quarterly statements and history in the cockpit →

Bharat Forge competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Bharat Forge is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Bharat Forge is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Bharat Forge is the large dot.

Bharat Forge competitors and peer comparison

Head to head with its named competitors (BHARATFORG.NS vs SONACOMS.NS vs RKFORGE.NS vs MMFL.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Bharat Forge BHARATFORG.NS	$9.01B	-13%	+18%	11%	51.4×	46.3%
Sona BLW Precision Forgings SONACOMS.NS	$5.94B	+56%	+42%	17%	63.7×	48.2%
Ramkrishna Forgings RKFORGE.NS	$1.34B	+12%	+25%	9%	46.9×	n/a
MM Forgings MMFL.NS	n/a	+27%	n/a	n/a	n/a	n/a
Sansera Engineering SANSERA.NS	$2.86B	+70%	+23%	13%	61.5×	n/a

How Bharat Forge compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Bharat Forge against its 20 peers (data as of 6 Nov 2026)
Measure	BHARATFORG.NS	Peer median	Rank in peer set
1-month return	-5.5%	-5.3%	11th highest of 21
6-month return	-12.7%	-15.9%	10th highest of 21
Distance from 52-week high	-24.2%	-30.0%	9th highest of 21
Revenue growth (TTM)	+17.5%	+19.1%	11th highest of 21
Operating margin	11.1%	10.7%	10th highest of 21
Forward P/E	51.4×	24.7×	6th most expensive of 21
Growth the price implies (Req g, 7 yrs)	46.3%	14.3%	2nd most demanding of 12
Growth delivered (Del g)	+21.6%	+13.9%	3rd highest of 12
Hurdle (Req g minus delivered)	+24.7 pp	+1.7 pp	2nd most demanding of 12
ROIC minus cost of capital	-0.4 pp	+0.8 pp	10th lowest of 21
EV / EBITDA	28.7×	12.0×	2nd most expensive of 12
Net debt / EBITDA	1.7×	0.3×	most indebted of 13

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Bharat Forge BHARATFORG.NS	India	$9.01B	-13%	+18%	11%	51.4×	46.3%	+21.6%
SSAB SSAB-A.ST	Sweden	$9.31B	+10%	+3%	8%	12.2×	n/a	n/a
Anhui Tongguan Copper Foil 301217.SZ	China	$8.60B	-12%	+36%	5%	105.6×	n/a	n/a
Bluescope Steel BSL.AX	Australia	$9.53B	+4%	+2%	6%	10.3×	16.7%	+5.3%
Valmont Industries VMI	United States	$7.74B	-21%	+5%	14%	15.9×	10.7%	+7.2%
Himile Mechanical Science & Technology (Shandong) 002595.SZ	China	$7.40B	-29%	+17%	20%	19.8×	8.4%	+15.9%
Mueller Industries MLI	United States	$11.5B	-25%	+21%	20%	12.0×	0.0%	+11.7%
SFS SFSN.SW	Switzerland	$6.68B	+15%	+2%	12%	19.8×	-2.1%	+12.3%
SKF SKF-A.ST	Sweden	$12.7B	+18%	-10%	12%	16.4×	5.8%	+4.1%
Schaeffler India SCHAEFFLER.NS	India	$5.83B	-17%	+23%	15%	40.4×	29.7%	+20.8%
RBC Bearings RBC	United States	$15.0B	-22%	+17%	26%	29.6×	26.0%	+25.2%
Jiujiang Defu Technology 301511.SZ	China	$5.09B	-28%	+69%	6%	44.4×	n/a	n/a
JL MAG Rare-Earth 6680.HK	Hong Kong	$4.59B	-27%	+46%	11%	17.3×	14.3%	+25.2%
POCO 300811.SZ	China	$4.24B	-15%	+48%	24%	38.4×	n/a	n/a
Hengdian Group DMEGC Magnetics 002056.SZ	China	$4.16B	-9%	+3%	7%	14.5×	n/a	n/a
PTC Industries PTCIL.NS	India	$4.09B	+45%	+95%	19%	174.5×	n/a	n/a
Shyam Metalics & Energy SHYAMMETL.NS	India	$3.84B	+47%	+26%	9%	19.3×	n/a	n/a
Endurance Technologies ENDURANCE.NS	India	$3.71B	-1%	+32%	8%	32.3×	29.9%	+17.6%
Sinomach Precision Industry 002046.SZ	China	$3.47B	-17%	-1%	4%	75.7×	n/a	n/a
Shaanxi Sirui Advanced Materials 688102.SS	China	$2.99B	-39%	+38%	11%	96.5×	n/a	n/a
Zhejiang XCC 603667.SS	China	$2.99B	-20%	-15%	2%	91.0×	47.9%	+13.9%

Questions

Who are Bharat Forge's main competitors?: Named competitors: American Axle & Manufacturing (private or unlisted), Sona BLW Precision Forgings (SONACOMS.NS), Ramkrishna Forgings (RKFORGE.NS), Metaldyne Performance Group (private or unlisted), Mahindra CIE Automotive (private or unlisted), MM Forgings (MMFL.NS). The cockpit's measured peer set (industry) also includes SSAB (SSAB-A.ST), Anhui Tongguan Copper Foil (301217.SZ), Bluescope Steel (BSL.AX), Valmont Industries (VMI), Himile Mechanical Science & Technology (Shandong) (002595.SZ), Mueller Industries (MLI).
Is Bharat Forge expensive compared with its peers?: On forward p/e it trades at 51.4× against a peer median of 24.7×, 6th most expensive of 21 in its peer set. For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +25 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has Bharat Forge stock performed?: Over six months to 6 Nov 2026 the shares returned -12.7% against -15.9% for the median peer; over one year +32.1%.