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Bharat Forge Limited Q2 FY26 results deck summary

NSE: BHARATFORG · BSE: 500493

Results deck of 11 Nov 2025, summarised by AI from the filing.

Bharat Forge Q2 FY26 standalone revenue fell 7.5% QoQ to ₹1,947 crores on North American CV weakness; exports to decline further in H2 FY26.

Key takeaways

  1. Standalone revenue Standalone revenues declined 7.5% sequentially to ₹1,947 crores, impacted by 16% drop in revenues to North America.
  2. H2 FY26 outlook Management expects exports into North America to decline further in H2 FY26, but industrial business across India, non-US exports and defence ramp-up to more than offset.
  3. Defence orders Company secured new orders worth ₹1,582 crores including ₹559 crores in Defence in H1 FY26; defence order book ₹9,467 crores.
  4. North America risk Sharp decline in North American truck production and inventory destocking impacted quarterly performance; exports to decline further in H2 FY26.

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.