Staff Writer
New Delhi: Bharat Forge Limited on Thursday reported a strong sequential recovery in the March quarter of FY26, driven by improved export demand, robust domestic automotive performance and sustained momentum in defence and industrial businesses.
The company said standalone revenue for the January-March quarter rose 8.5 per cent sequentially to Rs 2,260 crore, while EBITDA increased 7.2 per cent quarter-on-quarter to Rs 610 crore. EBITDA margin for the quarter stood at 27 per cent. Profit before tax, before exceptional items, came in at Rs 486 crore, up 9.7 per cent sequentially.
For the full financial year 2025-26, standalone revenue stood at Rs 8,396 crore with EBITDA of Rs 2,312 crore, the company said in a statement.
On a consolidated basis, FY26 revenue rose 11.2 per cent year-on-year to Rs 16,812 crore, while consolidated EBITDA increased 5.9 per cent to Rs 2,921 crore.
The company maintained a healthy balance sheet with standalone net debt-to-equity ratio at 0.18 times during the fiscal.
Bharat Forge said it secured new orders worth Rs 4,814 crore during FY26, including defence contracts valued at Rs 2,816 crore. Its defence order book stood at Rs 10,961 crore at the end of the financial year.
The company said export performance improved significantly during the fourth quarter, aided by inventory restocking and recovery in North American truck production. Passenger vehicle exports also witnessed strong growth across North and Central America.
It added that aerospace business execution improved during the quarter with onboarding of new customers in engine, structural and landing gear components.
Domestic commercial vehicle demand remained robust, supported by GST-led industry tailwinds, while passenger vehicle production continued to witness healthy momentum, the company said.
Commenting on the performance, Baba Kalyani, Chairman & Managing Director, Bharat Forge Limited, said: “Despite demand challenges and regulatory volatility, Bharat Forge delivered a resilient performance in FY26 supported by strong execution across businesses and improving export demand in the second half of the year. The company secured new orders worth Rs 4,814 Crores in FY26 including Rs 2,816 crores in Defence. The order book for Defence stood at Rs 10,961 crores as of FY26. The order wins across businesses reflect a resurgence in business momentum including in aerospace with onboarding of new customers across Engine, Structural and Landing Gear components.
On the Indian subsidiaries front, JS Autocast registered topline of Rs 757 Crore and EBITDA of Rs 106 Crore (14.3% EBITDA margin) in FY26. K-Drive mobility is making significant progress in its effort to reorient its product portfolio with new order wins beyond M&HCVs including 4 EV platforms for LCV’s. The Rs 450 Crores impairment during the quarter of our investments in KPTL (E-mobility division) is an acceptance of the need to take a fresh look at how we address the EV opportunity as the EV adoption globally has changed significantly.The US & European operations reported modest operating profits despite weak demand. We have initiated the restructuring of the steel business of CDP Bharat Forge and we expect this process to conclude by end of CY27. The management is pursuing various alternative business opportunities in Europe to leverage its scaled down manufacturing footprint.
Looking ahead into FY27, barring any geopolitical crisis and its impact of demand, we are optimistic of achieving 25% revenue growth with a commensurate increase in EBITDA & profitability for the Indian manufacturing operations driven by execution of orders across business and recovery in the export market.”
The industrial business also maintained growth momentum on the back of strong demand from power, construction and mining, agriculture and machine tools sectors.
The company said outlook for FY27 remains positive, with Indian operations expected to grow by around 25 per cent.
