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Bharat Forge Results: Latest Quarterly Results & Analysis

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Bharat Forge Ltd. 11 Nov 2025 13:25 PM
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Q2FY26 Quarterly Result Announced for Bharat Forge Ltd.

Castings & Forgings company Bharat Forge announced Q2FY26 results

  • Revenue from Operations: Rs 40,319 million against Rs 36,886 million during Q2FY25.
  • EBITDA: Rs 7,154 million against Rs 6,895 million during Q2FY25.
  • PBT: Rs 4,582 million against Rs 3,857 million during Q2FY25.

B.N. Kalyani, Chairman & Managing Director, said: “The quarterly performance was impacted by the sharp decline in the North American truck production and the resulting inventory destocking. Standalone Revenues declined by 7.5% sequentially to Rs 1,947 crore, impacted by 16% drop in revenues to North America. CV exports to North America declined by 48% sequentially and 63% on a YoY basis. Because of the constant endeavor towards de-risking the business, the impact was minimized with EBITDA coming in at Rs 545 crore (EBITDA margins of 28%) and PBT of Rs 432 crore.

Consolidated revenue & EBITDA in Q2 came in at Rs 4,032 crore and Rs 715 crore respectively. The balance sheet remains robust with Cash of Rs 2,309 crore and ROCE (net) of 15.5%. Indian manufacturing, a key focus area and growth driver for the company registered revenues of Rs 2,746 crore and EBITDA of Rs 676 crore.

The company secured new orders worth Rs 1,582 crore including Rs 559 crore in Defence in H1FY26. As of H1FY26, the defence order book stood at Rs 9,467 crore. We have transferred all the Defence dedicated assets of Bharat Forge to our wholly owned subsidiary KSSL. On the business front we expect to conclude more order wins for platforms/ projects we have participated in.

The US & European operations saw weakness driven by seasonality and prevailing sentiments. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal.

Given the challenging demand conditions in North America, we are witnessing exports into that region declining further in H2FY26. However, we expect the industrial business across India, exports to non-US geographies and ramp up in defence business to more than offset the weakness in US exports. Our India manufacturing operations focusing on capturing opportunities in Defence, Aerospace, Castings and Aggregates across markets continue to make steady progress in their journey.”

Result PDF

Result PDF

Castings & Forgings company Bharat Forge announced Q1FY26 results

  • Revenue: Rs 21,047 million compared to Rs 23,381 million during Q1FY25.
  • EBITDA: Rs 5,878 million compared to Rs 6,576  million during Q1FY25.
  • EBITDA margin at 27.9% in Q1FY26, 120 bps lower QoQ, driven by tariff costs and unfavorable product mix.
  • PBT before Exchange gain/ (loss) coming in at Rs 4,653 million for Q1FY26, 8% and 11% lower than Q4FY25 & Q1FY25 respectively.

B.N. Kalyani, Chairman & Managing Director, said: “During the quarter, the company faced challenging market conditions in our export markets caused by tariff & regulatory uncertainties. Standalone Revenues declined by 2.7% sequentially to Rs 2,105 crore, impacted by 12.7% drop in Exports revenues. For the quarter, EBITDA came in at Rs 588 crore (EBITDA margins of 27.9%) and PBT of Rs 465 crore. Consolidated revenue was Rs 3,909 Crore and Consol EBITDA margin was 17.5%.

During the quarter, the company secured new orders worth Rs 847 crore including Rs 269 crore in Defence. As of Q1FY26, the defence order book stood at Rs 9,463 crore.

For the defence vertical, based on the project / platforms we have participated in, we expect to secure new orders in this fiscal year generating more revenue visibility for the future years.

The US & European operations witnessed meaningful improvement in financial performance in the Apr – Jun quarter and are generating cash profit. Review of the European steel manufacturing footprint is on track, and we expect to have concrete steps in place by the end of this year.

Given the recent tariff announcement by the US government and changes to emission regulation in North America, we are cautious on the outlook for the US export business for the reminder of the fiscal. FY26 is likely to be a challenging period, given where we are in the overall cycle and our geographical exposure. Our focus is on capturing opportunities in businesses & geographies which are relatively unaffected and work simultaneously on cost optimization to minimize impact of operating deleverage.”

Result PDF

Castings & Forgings company Bharat Forge announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 38,528 million compared to Rs 41,644 million during Q4FY24.
  • EBITDA: Rs 6,711 million compared to Rs 6,534 million during Q4FY24.
  • PBT: Rs 4,215 million compared to Rs 3,855 million during Q4FY24.

FY25 Financial Highlights:

  • Revenue: Rs 1,51,228 million compared to Rs 1,56,821 million during FY24.
  • EBITDA: Rs 27,576 million compared to Rs 25,661 million during FY24.
  • PBT: Rs 16,456 million compared to Rs 14,541 million during FY24.

B.N. Kalyani, Chairman & Managing Director, Bharat Forge, said: “In Q4FY25, The company recorded Standalone Revenues of Rs 2,163 crore and EBITDA of Rs 629 crore (EBITDA margins of 29.1%) and PBT of Rs 494 crore. For the full year, revenues marginally dipped to Rs 8,844 crore as against 8,969 crore in FY24. EBITDA at Rs 2,524 crore (EBITDA margins of 28.5%) and PBT at Rs 1,972 crore saw a marginal improvement as compared to FY24. Balance sheet remained robust with cash on books of Rs 2,623 crore. At a consolidated level, revenues remained flat at Rs 15,123 crore as against Rs 15,682 crore in FY24. EBITDA margins improved from 16.4% to 18.2%.

During the quarter the company secured new orders worth Rs 4,343 crore including Rs 3,417 crore towards the ATAGS order. As of March 2025, the defence order book stood at Rs 9,420 crore. Bharat Forge group secured new orders worth Rs 6,959 crore in FY25 with Defence accounting for 70% of those. The ferrous castings business has had a strong year with revenues growing by 23%, EBITDA by 35% and doubling of profits as compared to FY24 with key return ratios exceeding 20%. As JSA continues to gain market share in the small casting segment, it is also embarking on a path to expand their product offerings and enhance their productivity to deliver strong operating leverage.

For FY26, as of now, we are refraining from providing any outlook for the export business (30% of consolidated revenues) due to volatility & lack of visibility caused by the tariff situation. Our focus will be on improving the consolidated profitability driven by the following internal actions; reducing losses in the E-Mobility vertical; evaluating options for the steel business in Europe; improving operational performance in the Aluminum business leading to meaningful reduction in losses; leveraging our manufacturing footprint in North America to garner new business; focus on new business wins in traditional forgings, Defence, Aerospace & castings business to ensure continuation of momentum. The integration of AAM India business will occur in FY26 and we will leverage that platform to further our product portfolio and presence in India.”

Result PDF

Industrial Products company Bharat Forge announced Q1FY25 results:

Standalone: 

  • Revenues at Rs 23,381 million in Q1FY25 grew by 10% YoY driven by 26% growth in domestic business. Domestic revenues were higher as execution of defence orders picked up.
  • EBITDA margin at 28.1% in Q1 FY25 was up 210 bps vs Q1FY24 due to pick up in Defence and growth in Oil & Gas.
  • Superior operational performance drove PBT before Exchange gain/ (loss) to Rs 5,222 million in Q1 FY25.

Consolidated:

  • Revenues have increased by 6% on a YoY basis driven by contribution from all businesses.
  • EBITDA margins have improved by 260 bps YoY driven by improvement in capacity utilization. EBITDA has increased by 23%
  • PBT has increased by 30% on a YoY basis driven by improvement in performance in KSSL.

B.N. Kalyani, Chairman & Managing Director of the firm commented: “On a consolidated basis, Revenues grew by 5.9% to Rs 4,106 crore while EBITDA grew by 22.8% to Rs 760 crore and PBT increased by 30.6% to Rs 470 crore. Our standalone revenue from operations rose by 10% YoY to Rs 2,338 crore. EBITDA grew 19% YoY resulting in EBITDA margin of 28.1%. Steady execution of the Defence export orders and recovery in the Oil & Gas business sustained the operating performance.

The group secured new orders worth Rs 980 crore across Defence, Ferrous & Aluminum castings and the core forging business. BFL group’s defence business posted revenue of Rs 642 crore in Q1 registering a jump of 147% YoY. With order wins of Rs 775 crore, the executable order book as of June 30th stands at Rs 5,400 crore, with a mix of Artillery Guns, vehicles and consumables.

JS Auto continued to witness strong momentum and during the quarter recorded revenue of Rs 159 Crore and EBITDA at Rs 22 crore and PBT of Rs 10 crore, growth of 26%, 48% and 89% respectively vs Q1 FY24. As the company embarks on various productivity and cost improvement measures, we expect the operating profitability amply supported by organic sales growth to improve over the next 24 – 36 months.

The Overseas operations recorded sales of Rs 1,320 crore and EBITDA of Rs 13 crore. The weak CV demand in Europe was a spoiler in an otherwise stable quarter for the overseas operations.

Looking ahead into Q2 FY25, we expect continued positive momentum in the Indian entities across Forging, castings & Defence and for the overseas operations, we reiterate our expectation that these businesses will see an improvement in operational parameters resulting in reduction of losses in FY25.”

Result PDF

Industrial Products company Bharat Forge announced Q3FY24 results:

Consolidated Q3FY24:

  • Revenues have increased by 15% on a YoY to Rs 38,664 million, driven by contributions from all businesses.
  • EBITDA margins have improved by 450 bps to Rs 6,727 million, driven by initial signs of turnaround in the international businesses. Absolute EBITDA grew by 56%.
  • PBT has increased by 85% on a YoY to Rs 3,933 million, driven by an improvement in performance at KSSL and a reduction in losses in the international business.

Standalone Q3FY24:

  • Revenues at Rs 22,634 million in Q3FY24 grew by 16% YoY driven by 36% growth in domestic revenue.
  • The Defence business was a major contributor to the growth in revenues while Oil & Gas sector and Agri sector saw a decline in Q3FY24 as compared to Q3FY23.
  • EBITDA margin at 28.5% in Q3FY24 was up 330 bps YoY. Improved product mix and higher capacity utilization contributed to superior operational performance
  • PBT before Exchange gain/ (loss) was Rs 4,865 million in Q3FY24 as against Rs 3,379 million in Q3FY23.

B.N. Kalyani, Chairman & Managing Director, said, "During the quarter, the company delivered a strong performance with sales growing by 15.9% to Rs 2,263 crore and EBITDA growing by 30.9% to Rs 645 crore. EBITDA margins at 28.5% expanded by 330 bps driven by favorable product mix and focus on cost optimization. The balance sheet continues to remain very healthy with Cash on books of ~Rs 1,000 crore (Net of Long-Term Loans). At a consolidated level, Revenues have grown by 15% to Rs 3,867 crore and EBITDA grew by 56% to Rs 673 crore. Exports from Indian manufacturing operations across components, defense & Industrial in Q3FY24 stand at US$ 200 million, a growth of 36% over Q3FY23. Over time, We expect this number to grow as the new verticals scale up and we enhance our presence in the industrial space.

For 9MFY24, standalone sales have grown by 19% to Rs 6,640 crore and EBITDA grew by 29% to Rs 1,815 crore. A key driver of this growth is the successful ramp-up of the defense business, in addition to the growth in the core forging business.

During the quarter, the company has secured new business worth Rs 550 crore across Automotive, Industrial, Defense, Aerospace, and Castings (Ferrous & Aluminum).

In the overseas operations, we have been able to achieve improvement in operational parameters at the Aluminum business in Europe and the same is expected in the US plant soon. We continue to work on creating a sustained path to profitability for the overseas business driven by a combination of achieving profitability in the aluminum business and product/manufacturing optimization in the steel business, all expected to materialize in the next 12 – 18 months.

Looking ahead in the Q4 & further into FY25, we expect the growth momentum to moderate in both the Domestic & Export markets across industries. Our endeavor will be to outperform the market driven by our diversified business mix."

Result PDF

Industrial Products company Bharat Forge announced Q2FY24 results:

1. Financial Performance:
- Bharat Forge reported a robust YoY growth of 20.7% to Rs 22,494 million in revenues and 29.3% in profitability for the Q2FY24.
- EBITDA margins expanded by 310 bps to 27.4% due to operating leverage and cost control.
- The company reduced its debt by Rs 307 crore, resulting in a net ROCE (net of cash) close to the 20% mark.
- PBT before Exchange gain/ (loss) was Rs 4,730 million in Q2FY24 as against Rs 3,577 million in Q2FY23 driven by higher volumes in core business and defence business.

2. Segment-wise Performance:
- Passenger Vehicles (PV) continued to drive growth with market share gains, increasing value addition, and order wins. PV exports grew 39% YoY.
- Bharat Forge's defense vertical, KSSL, secured a new business worth Rs 1,100 crore, taking the executable order book to Rs 3,000 crore over the next 24 months.
- Commercial Vehicles (CV) showed marginal growth in North America and stable performance in Europe.
- The Industrial segment's performance remained strong, driven by the supply of components to KSSL and revival in infrastructure and capital goods sectors.

3. Domestic Business:
- Commercial Vehicles (CV) segment witnessed a 12% YoY growth and outperformed the overall market due to the government's focus on infrastructure spending and positive economic activity.
- Passenger Vehicles (PV) segment showed promising growth driven by premiumization and the shift toward Utility Vehicles.
- The Industrial segment benefited from new products and expanded engagements with existing clients, especially in the mining and construction vertical.

4. Export Business:
- CV exports grew steadily in North America and Europe, supported by market share gains and the addition of new geographies.
- PV exports registered strong growth due to improved market share and increased geographical reach.
- Industrial segment focused on building relationships in diverse sectors like construction and mining, railways, agri equipment, and aerospace.

5. Geographic Performance:
- In export revenue, the Americas, Europe, and Asia contributed significantly in Q2FY24.
- European CV sales remained stable, while the market in North America continued steady growth.
- Performance in overseas operations improved with increased capacity utilization in the aluminum business and product optimization in the steel business.

“During the quarter, the company registered a strong performance across segments & geographies, with robust YoY growth of 20.7% in revenues and 29.3% in profitability. EBITDA margins at 27.4% expanded by 310 bps driven by operating leverage and a sharp focus on cost control. The strong financial performance and debt reduction of Rs 307 crore resulted in ROCE (net of cash) inching closer to the 20% mark.

Passenger Vehicles have been a standout sector for the company over the past few quarters and it continues to rise driven by market share gains, increasing value addition and order wins from newer geographies & customers. Today this sector accounts for almost 25% of our exports and will continue to be a key contributor to the growth of the group.

In H1FY24, the standalone business secured new orders worth Rs 740 crore across various segments including Rs 300 crore for E-Mobility programs.

The defense business continues to move from strength to strength in terms of execution and order wins. During the quarter, the company’s defence vertical, KSSL secured new business worth Rs 1,100 crore taking the executable order book to Rs 3,000 Cores, over the coming 24 months.

Excluding the impact of the seasonally weak quarter in the European market, the overseas operations performance has shown improvement consistent with the increase in capacity utilization of the Aluminum business. A sustained path to profitability for the overseas business is going to be driven by a combination of achieving profitability in the aluminum business and product/manufacturing optimization in the steel business, all expected to materialize in the next 12 – 18 months.

Barring any untoward global disturbances which may impact demand sentiment, we expect the momentum in our businesses to continue in H2 FY24 performance along with strong cash flow generation.” said, B.N. Kalyani, Chairman & Managing Director.

 

 

Result PDF

Other Industrial Products company Bharat Forge announced Q1FY24 results:

  • Revenues at Rs 21,273 million in Q1FY24 grew by 21% YoY driven by 12.5% growth in export and 33.6% growth in domestic revenue. Domestic revenues in Q1FY24 also include the supply of an artillery system to KSSL for the defence export order won last year.
  • EBITDA margin at 26% in Q1FY24 was relatively flat compared to Q1FY23.
  • PBT before Exchange gain/ (loss) was Rs 4,211 million in Q1FY24 as against Rs 3,532 million in Q1FY23 driven by higher volumes in core business and defence business.

B. N. Kalyani, Chairman & MD, Bharat Forge, said, “During the quarter, standalone revenues from operations rose by 21% YoY to Rs 21,273 million, the highest so far for the company. EBITDA & PBT grew by 20% and 27% respectively. A new business worth Rs 200 crore was secured in the core business, a combination of orders from Passenger Vehicles and the industrial segment.

A very significant milestone was achieved in the quarter by our 100% defence subsidiary, KSSL, with the commencement of supplies of Artillery systems as part of the export order won last year. In Q1FY24, we won cumulative orders worth Rs 277.8 crore in defence from multiple customers and product segments, to be executed over the next 18 months. The defence order book is increasing steadily and over a period will encompass orders across Artillery systems, Armored vehicles, components, solutions for Naval forces, and Unmanned systems. Aligned with the government's ‘Atmanirbhar Bharat’ push in defence, in addition to Artillery systems and specialty vehicles, this marks the beginning of our journey into the other product domain, and expect the share of the same to increase meaningfully in the coming years.

In the overseas business, the European operations have posted an EBITDA of Rs 51 crore in this quarter as against a loss of Rs 14 crore in the previous quarter while the US operation have posted an EBITDA loss of Rs 35 crore in the quarter. Subject to conducive end demand, we expect the US business to turn around by Q4FY24.

The acquisition of ISML’s assets has been completed during the quarter at a cost of around Rs 55 crore. This acquisition further strengthens our presence in the casting space.

As we progress ahead in FY24, we expect consolidated EBITDA to increase from current levels of 16% along with improvement in Return Ratios. For the standalone business, the demand environment remains benign across sectors and geographies, we expect stable demand coupled with the ramp-up of new business to drive topline growth in FY24. Our Last Man Standing strategy is bearing results with the company signing LTA going up to 2035 will all our key customers. We are undertaking a fairly large and diversified capex program in India to create capacity in our core business, EV components & systems, and Defence Products. These capacities and facilities will come online in a phased manner over FY24-26. This capex will be funded out of internal cash accruals.”

 

Result PDF

General Industrials company Bharat Forge announced Q4FY23 results:

Standalone Q4FY23:

  • Revenues at Rs 19,973 million in Q4FY23 grew by 19.3% as compared to Q4 FY22 driven by 11.2% growth in domestic revenues and 25.7% growth in export revenues.
  • EBITDA margin at 26.2% in Q4 FY23 represents a 50 bps improvement YoY driven by RM, energy-related tail-winds and better product mix.
  • PBT before exchange gain/(loss) of Rs 3,910 million in Q4FY23 as against Rs 3,520 million in Q4FY22 impacted by rising interest costs.

 

Result PDF

Bharat Forge announced Q3FY23 results:

  • Standalone Q3FY23:
    • Revenues at Rs 19,521 million in Q3FY23 grew by 4.7% as compared to Q2FY23 driven by 9.4% growth in export sales. Domestic revenues declined by 1.7% due to lower PV production & seasonal weakness in tractors.
    • EBITDA margins at 25.2% in Q3 was a 90 bps improvement QoQ, driven by better product mix.
    • PST before Exchange gain/ (loss) of Rs 3,379 million in Q3 FY23 as against Rs 3,577 million in Q2FY23 impacted by rising interest costs.

 

 

Result PDF

Industrial products company Bharat Forge announced Q2FY23 results:

  • Standalone:
    • Revenues at Rs 18,639 million in Q2FY23 grew by 5.9% as compared to QlFY23 on the back of a 12% increase in domestic revenues.
    • EBITDA margins at 24.3% in the current quarter as against 26.1%. The decline was primarily on account of unfavourable product mix (including the supply of Kalyani M4 vehicles to the MoD) and raw material pass thru suppressing margins.
    • PBT before exchange gain/ (loss) of Rs 3,577 million in Q2FY23 as against Rs 3,532 million in QlFY23.

Management comment: "The company registered a stable performance in Q2FY23 with a 5.9% sequential growth in revenues and 10.1% sequential growth in PAT. During the quarter, we recorded our highest export revenues at Rs 10,664 million.

In Q2FY23, the Indian operations secured new business worth~ Rs 850 Crores across automotive & industrial applications, driven by market share gains in the PV business and new product introduction in the Industrial space. KSSL, the defence vertical of the company secured an export order worth US$ 155.50 million to supply the Artillery Gun system to a non-conflict zone. This contract is to be executed in 3 years

In the first quarter post-acquisition, JSA has secured new orders worth~ Rs 100 Crores, with customer additions and high value-added product development being one of the key highlights. The synergistic benefits and network effects will play out fully over the coming 12- 18 months.

The performance of the European operations has been adversely impacted mainly by lower-than-anticipated sales volumes for the aluminium forging business. The new Greenfield Aluminium Forging facility in North America is still in a ramp-up phase and operating at utilization levels below EBITDA break-even levels. We continue to expect this business to turn around in the second half of the fiscal.

Looking ahead into Q3FY23, we expect stable performance across both the domestic and export markets driven by higher-end market demand as compared to Q2FY23. The European Aluminum operations performance will show gradual recovery over the next two quarters."

 

Result PDF

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