The present research establishes a relationship of bulged diameter with densification and hydrostatic stress in forming of sintered iron (Fe) powder metallurgy preforms cold upset under two different frictional conditions, namely, nil/no and graphite lubricant condition. Sintered plain carbon steel cylindrical preforms with carbon (C) contents of 0, 0.35, 0.75 and 1.1% with constant initial theoretical density of 84% and aspect ratio of 0.4 and 0.6 were prepared using a suitable die-set assembly on a 1 MN capacity hydraulic press and sintered for 90 minutes at 1200 °C. Each sintered preform was cold upset under two different frictional constraints. It is seen that the degree of bulging reduces with reducing frictional constraints at the die contact surface. Further, it is found that the bulging ratio changed as a function of relative density and hydrostatic stress, respectively, according to the power law equations.