BHARATFORG IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| VEDLVedanta Ltd. | UNSTATED | 1,096 | 205–1,604 | 6.5% | — | FY25 | EST | 70% |
| “In the matter of non-payment of dividend to Capricorn UK Holdings Limited (“CUHL”), by Vedanta Limited (“Vedanta”), the SEBI vide order dated March 12, 2024 (“…” AR DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | 0 | 0–0 | 0.0% | — | 2025-11 | EST | 55% |
| “So, we just wanted to make one announcement Bharat Forge Limited November 11, 2025 that yesterday our defense business won a order from the Navy and this busin…” CONCALL DOC | ||||||||
| Ministry of Defence | CONTRACT | CT 1,662 | — | — | — | FY26 | EST | 85% |
| “Ref.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir / Madam, In continuation to ou…” ORDER p.1 · 31-DEC-25 · +2 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “PaRticulaRs oF contRacts oR aRRangements witH RelateD PaRties All contracts or arrangements entered into by and between the Company and its Related Parties are…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Other liaBilities In ` Million Particulars Year ended March 31, 2026 Year ended March 31, 2025 Non-current Contract liabilities Advances from customers$ 585.55…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In ` Million Sr. No. March 31, 2026 March 31, 2025 1 Segment revenue Revenue from external customers a Forgings 139,285.82 129,612.33 b Defence 17,571.72 17,71…” AR DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 70% |
| “However, this temporary blip will reverse in FY27 as execution for the ATAGS and Carbine orders commences.” AR DOC | ||||||||
| State Transport Undertakings | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “In addition to M&HCVs, the Buses segment clocked strong performance as State Transport Undertakings placed more orders.” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “73 Integrated Annual Report 2024-25 72Board’s Report Statutory reportS h. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “178.62 177.89 Directors' commission 29.20 31.00 Investor Education and Protection Fund (as and when due)# - Unpaid dividend 40.69 109.45 - Unpaid matured depos…” AR DOC | ||||||||
| BSOFTBirlasoft Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Hon'ble National Company Law Tribunal, Mumbai Bench, has by its order approved the composite scheme of arrangement (Scheme) amongst Birlasoft (India) Limit…” AR DOC | ||||||||
| KPITTECHKPIT Technologies Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Hon'ble National Company Law Tribunal, Mumbai Bench, has by its order approved the composite scheme of arrangement (Scheme) amongst Birlasoft (India) Limit…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “We are also seeing increasing interest from North American customers, aided by global supply chain shifts such as the China Plus One trend.” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the.pdf file is your 8-digit client ID for NSDL account, the last 8 digits of client ID for CDSL account or the folio number for shares he…” AR · +1 DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | CAPEX | 2026-08 | EST | 60% |
| “We won a large new order for marine gas turbine generators for the Kolkata class ships with the Ministry of Defence and the naval shipyards.” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| APOLLOTYREApollo Tyres Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “OHT: Apollo Tyres successfully developed a new range of Small OTR Radial (Multi-Purpose Tyre) with all-steel construction, specifically for the European market…” AR DOC | ||||||||
| SHRIPISTONSPR Auto Technologies Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Particulars of Employees: Name Designation Remuneration (Rs.) Qualifications Experience (Years) Commencement of Employment Age (Years) %age of Equity Shares he…” AR DOC | ||||||||
| POLYMEDPoly Medicure Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 75% |
| “Serves as an independent Director on boards of various companies in diverse business segments including Bharat Forge Limited, HDFC Trustee Company Limited, JK …” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “610.70 481.14 Total 1,776.88 1,983.25 Current (Unsecured, considered good) Balances with government authorities 1,282.74 2,379.20 Government grants$ 73.79 219.…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 4/4 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 08-NOV-26 |
| ORDERS | 3/3 | 100% | 08-NOV-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 14-NOV-26 | Vedanta Ltd. share 100% |
| CUST MOM 1M | +5.6% | 14-NOV-26 | from 15-OCT-26 · Central Depository Services (India) Ltd. +11.9% w 0 · KPIT Technologies Ltd. +4.9% w 0 · Vedanta Ltd. +5.6% w 1 |
| DISTRESS SCORE | 0.334 | 13-OCT-26 | roe 0.11 · operatingMargin 0.17 · debtToEquity 0.76 · interestCoverage 6.16 · assetTurnover 0.76 · leverage 2.32 |
| SUPP MOM 1M | +2.3% | 14-NOV-26 | from 15-OCT-26 · Apollo Tyres Ltd. +1.7% w 0 · SPR Auto Technologies Ltd. -1.0% w 0 · Poly Medicure Ltd. +6.1% w 0 |
| TOP 5 CUSTOMERS % REV | 16.0% | 31-MAR-26 | sentence At March 31, 2026, receivables from the Group’s top 5 customers accounted for approximately 15.96% (March 31, 2025: 22.92%) of all the receivables outstanding. · documentId 917 |