Bharat Forge Limited (BFL), a global leader in metal forming and engineering, announced its financial results for the quarter and financial year ended 31 March 2026. The company reported a strong sequential recovery in Q4 FY26, driven by improved export demand, resilient domestic automotive performance, and continued momentum across its industrial and defence businesses.
On a standalone basis, Q4 FY26 revenue rose 8.5 per cent QoQ to Rs 22.60 billion, while EBITDA increased 7.2 per cent QoQ to Rs 6.10 billion, translating into an EBITDA margin of 27.0 per cent. Profit before tax, before exceptional items, stood at Rs 4.86 billion, up 9.7 per cent sequentially.
For FY26, standalone revenue stood at Rs 83.96 billion, with EBITDA at Rs 23.12 billion. Consolidated revenue increased 11.2 per cent YoY to Rs 168.12 billion, while consolidated EBITDA rose 5.9 per cent YoY to Rs 29.21 billion. The company maintained a strong balance sheet, with standalone net debt-to-equity at 0.18x.
During FY26, Bharat Forge secured new orders worth Rs 48.14 billion, including defence orders worth Rs 28.16 billion. Its defence order book stood at Rs 109.61 billion at the end of FY26, reinforcing its strategic positioning in the sector.
Export performance improved significantly in Q4, supported by inventory restocking and recovery in North American truck production. Passenger vehicle exports also gained momentum across North and Central America. Aerospace execution improved during the quarter, with the onboarding of new customers across engine, structural and landing gear components.
Domestic commercial vehicle demand remained robust, supported by GST-led industry tailwinds, while passenger vehicle production maintained healthy momentum. The industrial business continued to benefit from strong demand across power, construction and mining, agriculture, and machine tools.
Baba Kalyani, Chairman and 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 48.14 billion in FY26, including Rs 28.16 billion in defence. The order book for defence stood at Rs 109.61 billion 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 a topline of Rs 7.57 billion and EBITDA of Rs 1.06 billion, with an EBITDA margin of 14.3 per cent in FY26. K-Drive Mobility is making significant progress in reorienting its product portfolio, with new order wins beyond M&HCVs, including four EV platforms for LCVs. The Rs 4.50 billion impairment during the quarter of our investments in KPTL’s e-mobility division is an acceptance of the need to take a fresh look at how we address the EV opportunity, as EV adoption globally has changed significantly. The US and European operations reported modest operating profits despite weak demand. We have initiated the restructuring of the steel business of CDP Bharat Forge, and expect this process to conclude by the 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 on demand, we are optimistic of achieving 25 per cent revenue growth with a commensurate increase in EBITDA and profitability for the Indian manufacturing operations, driven by execution of orders across businesses and recovery in the export market.”
Looking ahead into FY27, barring any geopolitical crisis and its impact of demand, we are optimistic of achieving 25 per cent 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.” Bharat Forge continues to focus on diversified growth opportunities across automotive, defence, aerospace, renewable energy, oil and gas, marine, rail, and industrial sectors.