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Bharat Forge Limited Q2 FY26 earnings call summary

NSE: BHARATFORG · BSE: 500493

Earnings call of 11 Nov 2025, summarised by AI from the filing.

Bharat Forge Q2 FY26 standalone revenue ₹1,947 cr (QOQ degrowth 7.5%) on weak North American CV demand; Q3 seen similar to Q2, Q4 uptick expected.

Key takeaways

  1. Change First time consolidation of K Drive Mobility (American Axle India Manufacturing business) in Q2.
  2. Driver Multiple growth engines like aerospace, defense and JS Auto should offset North American decline.
  3. Risk North American CV demand uncertainty due to trade policies; CV exports weak.

Original filing on BSE

Bharat Forge Limited Q1 FY27 results

As filed: Revenue ₹4,640 cr (+19% year on year), EBITDA ₹709 cr (+6% year on year), PAT −₹89.9 cr (0% year on year), EBITDA margin 15.3% (−190 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹4,528 cr (+18% year on year), EBITDA ₹778 cr (+14% year on year), PAT ₹233 cr (+14% year on year), EBITDA margin 17.2% (−49 bps). Score 54 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA and profit before exceptional items growth were in line with it. EBITDA margin fell 49 bps year on year. Tax rate 40%. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Profit before exceptional items rose ₹60.7 cr on a year ago, more than the ₹56.0 cr it added the year before. Share price after the results: +3.0% in 29 days (Nifty 500: −2.9%).
  • Q3 FY26: Revenue ₹4,343 cr (+25% year on year), EBITDA ₹750 cr (+20% year on year), PAT ₹273 cr (+34% year on year), EBITDA margin 17.3% (−71 bps). Score 57 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA and profit before exceptional items growth were in line with it. EBITDA margin fell 71 bps year on year. Consolidated profit +28% but standalone -17%. Share price after the results: +22.3% in 29 days (Nifty 500: −4.0%).
  • Q2 FY26: Revenue ₹4,032 cr (+9% year on year), EBITDA ₹725 cr (+12% year on year), PAT ₹299 cr (+23% year on year), EBITDA margin 18.0% (+44 bps). Score 57 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA growth was in line with it; profit growth was below it. EBITDA margin rose 44 bps year on year. Consolidated profit +23% but standalone -14%. Profit rose ₹56.0 cr on a year ago, more than the ₹28.0 cr it added the year before. Share price after the results: +5.9% in 30 days (Nifty 500: −0.2%).
  • Q1 FY26: Revenue ₹3,909 cr (−5% year on year), EBITDA ₹672 cr (−9% year on year), PAT ₹284 cr (+62% year on year), EBITDA margin 17.2% (−86 bps). Score 33 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA growth was well below it; profit growth was in line with it. EBITDA margin fell 86 bps year on year. Share price after the results: −2.1% in 30 days (Nifty 500: +0.1%).
  • Q4 FY25: Revenue ₹3,853 cr (−7% year on year), EBITDA ₹681 cr (+6% year on year), PAT ₹283 cr (+25% year on year), EBITDA margin 17.7% (+223 bps). Score 30 of 100, Below trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were below it. EBITDA margin rose 223 bps year on year. Consolidated profit +25% but standalone -11%. Share price after the results: +13.6% in 29 days (Nifty 500: +5.0%).
  • Q3 FY25: Revenue ₹3,476 cr (−10% year on year), EBITDA ₹625 cr (−10% year on year), PAT ₹213 cr (−16% year on year), EBITDA margin 18.0% (−7 bps). Score 11 of 100, Below trend. Revenue and EBITDA growth were well below the company's own trend; profit growth was below it. EBITDA margin was flat year on year. Tax rate 38%. Revenue fell 6% from last quarter.
  • Q2 FY25: Revenue ₹3,689 cr (−2% year on year), EBITDA ₹647 cr (+4% year on year), PAT ₹243 cr (+13% year on year), EBITDA margin 17.5% (+108 bps). Score 37 of 100, Below trend. EBITDA margin rose 108 bps year on year. Tax rate 37%. Not enough history for a trend yet: scored on growth alone. Revenue fell 10% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Bharat Forge Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.