Bharat Forge Limited has scheduled its 65th Annual General Meeting (AGM) for Tuesday, August 11, 2026, at 11:00 a.m. IST, to be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The meeting will cover the adoption of financial statements for the financial year ended March 31, 2026, and the declaration of a final dividend of ₹6.50 per equity share, subject to shareholder approval. The notice was filed with BSE Limited and the National Stock Exchange of India Limited on July 17, 2026, pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was also published in the Financial Express (all editions) and Loksatta (Marathi, Pune) on July 18, 2026.

AGM Key Details

The following table outlines the key dates and logistics for the 65th AGM:

Ordinary Business

The AGM will transact the following ordinary business items:

• Adoption of Financial Statements: Consideration and adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.
• Dividend Declaration: Confirmation of the interim dividend and declaration of a final dividend on equity shares for the financial year ended March 31, 2026. The Board has recommended a final dividend of ₹6.50 per equity share (325%) of face value ₹2 each, which, if approved, would involve a cash outflow of ₹3,107.58 million. An interim dividend of ₹2 per equity share (100%) of face value ₹2 each, aggregating to ₹956.18 million, was declared by the Board on February 12, 2026.
• Director Reappointment: Appointment of Mr. Ashish Bharat Ram (DIN: 00671567), who retires by rotation and is eligible for reappointment.

Special Business

The AGM will also address the following special business items:

E-Voting and Participation

Members can participate in the AGM through the NSDL e-Voting platform. Remote e-voting will be open from Saturday, August 8, 2026 (9:00 a.m. IST) to Monday, August 10, 2026 (5:00 p.m. IST). Members holding shares as on the cut-off date of Tuesday, August 4, 2026, are eligible to vote. The e-voting results will be announced within two working days after the conclusion of the AGM on the Company's website at www.bharatforge.com and communicated to the stock exchanges.

Mr. Sridhar Mudaliar (FCS COP: 2664), failing him, Mrs. Sheetal Joshi (FCS COP: 11635), Partners of M/s. SVD & Associates, Company Secretaries, Pune, have been appointed as the Scrutiniser for the e-voting process. The AGM notice was signed by Tejaswini Chaudhari, Company Secretary and Compliance Officer (Membership No.: A18907), on behalf of the Board of Directors.

Goldman Sachs has initiated coverage on Bharat Forge with a Neutral rating, assigning a target price of ₹2,120. The initiation reflects the brokerage's view that the company's near-term growth prospects are broadly offset by its prevailing valuation levels.

Coverage Initiation Details

The following table summarises the key parameters of Goldman Sachs' initiation on Bharat Forge:

Key Growth Drivers Identified

Goldman Sachs highlights several factors that underpin the positive outlook for Bharat Forge's business:

• Recovery in global commercial vehicle (CV) demand, which is expected to support the company's core forging operations
• Defence order execution, reflecting Bharat Forge's growing presence in the domestic defence manufacturing segment
• European business restructuring, aimed at improving operational efficiency across its international operations
• Strong earnings per share (EPS) growth, indicating improving profitability metrics

Valuation Consideration

Despite acknowledging these growth catalysts, Goldman Sachs notes that the positives are largely balanced by current valuations. This assessment forms the basis of the Neutral rating, suggesting that the market may have already priced in a significant portion of the anticipated recovery and growth across Bharat Forge's business segments. The brokerage's stance reflects a balanced risk-reward profile at the current price levels, with the target price of ₹2,120 serving as the key reference point for the coverage initiation.