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Entity-Specific Rating Rationales

10 Mar 2026

Bharat Forge Limited: Ratings reaffirmed; reaffirmed and withdrawn for non-convertible debentures of Rs. 700 crore

Bharat Forge Limited: Ratings reaffirmed; reaffirmed and withdrawn for non-convertible debentures of Rs. 700 crore

12 Mar 2025

Bharat Forge Limited: Ratings reaffirmed

Bharat Forge Limited: Ratings reaffirmed

13 Mar 2024

Bharat Forge Limited: Ratings reaffirmed; rated amount enhanced

Bharat Forge Limited: Ratings reaffirmed; rated amount enhanced

18 Dec 2023

Bharat Forge Limited: Ratings reaffirmed; rated amount enhanced

Bharat Forge Limited: Ratings reaffirmed; rated amount enhanced

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Entity-Specific Credit Perspective Reports

13 Apr 2026

Bharat Forge Limited

Bharat Forge Limited (Non-SF)

11 Apr 2025

Bharat Forge Limited

Bharat Forge Limited (Non-SF)

09 May 2023

Bharat Forge Limited

Bharat Forge Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Bonds/NCD/LTD -- -- [ICRA]AA+(Stable) --
Bonds/NCD/LTD -- -- Withdrawn --
Long-term/Short-term – Unallocated limits – Unallocated limits [ICRA]A1+ -- [ICRA]AA+(Stable) --
Bonds/NCD/LTD -- -- Withdrawn --
Short-term – Non-fund based – Others [ICRA]A1+ -- -- --
Long-term – Fund-based – Cash Credit -- -- [ICRA]AA+(Stable) --
Issuer rating -- -- [ICRA]AA+(Stable) --
Long-term/Short-term – Fund-based – Term loan [ICRA]A1+ -- [ICRA]AA+(Stable) --

Our Analysts

Analyst 1

Yashowardhan Swami

Analyst 2

Mythri Macherla

Sector Head

Jitin Makkar
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