Bharat Forge Ltd. benchmarking: Perfomance to industry peers

Financial

	Bharat Forge	Endurance Tech	TVS Holdings
Operational Metrics
Engineering & Capital Goods
Annualized Order Inflows	6304.0 Crs	n/a	n/a
Metals
Manufacturing Capacity - Forging	693750.0 MTPA	n/a	n/a
Unclassified
R&D as a % of Total Sales	0.65 %	0.97 %	0.0
Financials
5 yr Average ROE	9.09 %	13.1 %	18.58 %
5yr average Equity Multiplier	2.47	1.55	10.6
5yr Average Asset Turnover Ratio	0.69	1.27	0.86
5yr Avg Net Profit Margin	4.95 %	6.67 %	1.97 %
Price to Book	9.49	6.03	5.25
P/E	78.7	41.0	18.63
5yr Avg Cash Conversion Cycle	26.07 Days	-28.28 Days	-55.92 Days
Inventory Days	83.24 Days	30.75 Days	26.65 Days
Days Receivable	72.43 Days	42.18 Days	14.62 Days
Days Payable	126.07 Days	101.1 Days	97.31 Days
5yr Average Interest Coverage Ratio	4.51	43.85	2.3
5yr Avg ROCE	14.11 %	16.08 %	15.37 %
5yr Avg Operating Profit Margin	15.84 %	13.32 %	13.26 %
5 yr average Debt to Equity	0.9	0.14	6.27
5yr CAGR Net Profit	n/a	9.98 %	29.18 %
5yr Average Return on Assets	3.72 %	8.44 %	1.7 %
Shareholdings
Promoter Holding	44.07 %	75.0 %	74.45 %
Share Pledged by Promoters	0.0	0.0	16.34 %
Change in Promoter Holding (3 Yrs)	-1.18 %	0.0	-0.01 %
Change in Mutual Fund Holding (3 Yrs)	3.23 %	-3.66 %	-3.78 %

Business

	Bharat Forge	Endurance Tech	TVS Holdings
Segment Break-Up	Segment Break-Up Steel Forgings 77.36 Defence 9.09 Front Axles assembly and components 0 Finished Machined Crankshafts 0 Financial Services 0 Automotive components 0 Automotive vehicles and parts 0 Others 13.55	-	Segment Break-Up Front Axles assembly and components 0 Steel Forgings 0 Financial Services 16.1 Automotive components 0 Auto Ancillary 83.9 Finished Machined Crankshafts 0 Defence 0
Location Wise Break-Up	Location Wise Break-Up India 49.02 USA 31.39 Europe 15.52 Asia Pacific 4.08 Latin America 0 Africa 0 Rest of Asia 0 Rest of the World 0	Location Wise Break-Up USA 0 Africa 0 India 71.4 Rest of Asia 0 Rest of the World 0 Asia Pacific 0 Latin America 0 Europe 27.5 Others 1.1	Location Wise Break-Up USA 0 Africa 0 India 79.82 Rest of Asia 0 Rest of the World 20.18 Asia Pacific 0 Latin America 0 Europe 0
Operating Profit Break-Up	Operating Profit Break-Up Forgings 91.19 Defence 2.18 Financial Services 0 Motor vehicles 0 Automotive components 0 Others 6.63	-	Operating Profit Break-Up Forgings 0 Financial Services 34.07 Automotive components 0 2 Wheelers 65.93 Defence 0
Customer Segment	Customer Segment Industrial & Commercial 51.63 Commercial Vehicles 27.47 4 Wheeler 20.91 4-Wheelers 0 3-Wheelers & Others 0 2-Wheelers 0 Car Industry 0 Two -Wheeler Industry 0 0	Customer Segment 4 Wheeler 29.6 Commercial Vehicles 0 Car Industry 0 0 Industrial & Commercial 0 4 Wheeler 0 Two -Wheeler Industry 0 3 Wheeler 7.8 2 Wheeler 61.3 Others 1.3	Customer Segment 4-Wheelers 0 Commercial Vehicles 0 4 Wheeler 18.0 Medium & heavy commercial vehicles 61.0 Industrial & Commercial 0 4 Wheeler 0 2 Wheeler 21.0 3-Wheelers & Others 0 2-Wheelers 0
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Others 100	-	-
Asset Break-Up	Asset Break-Up India 60.48 Financial Services 0 Automotive vehicle and parts 0 Automotive Components 0 Others 39.52	-	Asset Break-Up Automotive vehicle and parts 31.13 India 0 Financial Services 68.87 Automotive Components 0

Bharat Forge Ltd.

Bharat Forge Ltd.

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