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Informist, Thursday, Nov. 5, 2026

 

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--Bharat Forge Jul-Sept consol net profit INR 2.79 bln
--Analysts saw Bharat Forge Jul-Sept consol net profit at INR 3.30 bln
--Bharat Forge Jul-Sept consol revenue INR 48.70 bln
--Analysts saw Bharat Forge Jul-Sept consol revenue at INR 47.62 bln
--Bharat Forge Jul-Sept consol net profit INR 2.79 bln vs INR 2.99 bln year ago
--Bharat Forge Jul-Sept consol revenue INR 48.70 bln vs INR 40.32 bln year ago
--Bharat Forge Apr-Sept consol PAT INR 1.89 bln vs INR 5.83 bln yr ago
--Bharat Forge Apr-Sept consol revenue INR 95.10 bln vs INR 79.41 bln yr ago
--Bharat Forge Q2 consol operating margin 15.64% vs 17.96% year ago
--Bharat Forge Q2 consol net profit margin 5.72% vs 7.42% year ago
--Bharat Forge to further invest up to INR 2.91 bln in Kalyani Strategic

--Bharat Forge Jul-Sept consol EBITDA INR 7.78 bln, up 8.8% on year
--Bharat Forge Jul-Sept consol EBITDA margin 16.0% vs 17.7% year ago
--Bharat Forge Q2 standalone export CV sales INR 5.6 bln vs INR 2.8 bln yr ago
--Bharat Forge Q2 standalone export PV sales INR 3.54 bln vs INR 2.95 bln
--Bharat Forge Q2 standalone export industrial sales INR 4 bln vs INR 3.6 bln
--Bharat Forge Q2 standalone India CV revenue INR 3.21 bln vs INR 2.23 bln
--Bharat Forge Q2 standalone India PV revenue INR 1.20 bln vs INR 0.91 bln
--Bharat Forge Q2 standalone India industrial sale INR 6.4 bln vs INR 5.9 bln
--Bharat Forge: Defence order book INR 109.60 bln as of Sept 30
--Bharat Forge Q2 standalone domestic sales INR 10.80 bln, up 19.3% on year
--Bharat Forge Q2 standalone export revenue INR 13.09 bln, up 38.9% on year
--Bharat Forge CMD: Capex plan of INR 20 bln to come in phases in 12-18 mos
--Bharat Forge CMD: Expects 20-25% revenue growth in FY27 for Indian mfg ops

 

By Aman Gupta

 

MUMBAI – Bharat Forge Ltd. Thursday reported an on-year decline in its consolidated net profit for the September quarter due to a sharp rise in its costs of raw materials and components consumed, purchase of stock-in-trade, and employee benefits expenses. The company also suffered an exceptional loss in the quarter which further dented its bottom line. The company's net profit was below the Street's estimate. 

 

The company reported a consolidated net profit of INR 2.79 billion for Jul-Sept, down nearly 7% on year. Analysts had expected the company's bottom line at INR 3.3 billion. The Maharashtra-based company's consolidated revenue from operations for the quarter was INR 48.7 billion, up nearly 21% on year and around 5% sequentially. This was higher than analysts' expectation of a top line of INR 47.62 billion.

 

Total expenses of the company for the September quarter were INR 44.69 billion, up 23% on year. Cost of raw materials and components consumed, which accounts for 56% of total expenses, rose 29% to INR 25.11 billion, while purchases of stock-in-trade more than tripled to INR 798.05 million. The company's employee benefits expenses rose 10% to 5.73 billion while other expenses rose 27% to INR 12.95 billion. 

 

The company reported consolidated earnings before interest, tax, depreciation, and amortisation of INR 7.78 billion, up nearly 9% on year. However, its EBITDA margin declined to 16% from 17.7% in the year-ago quarter, impacted by higher energy and manufacturing input costs, the company said in an investor presentation. The company said the standalone automotive exports and non-defence industrial business drove the bulk of the year-on-year improvement in sales.

 

Bharat Forge has received the bulk production clearance for its advanced towed artillery gun system with revenues expected in the June quarter of next year, Chairman and Managing Director B.N. Kalyani said in the investor presentation. "Our Rs 2,000+ Crore (INR 20 billion+) capex programme across Automotive, Aerospace, Defence (including the new Energetics plant), and Data Center & Semiconductor components will come online in phases over 12-18 months, driving growth from FY29 and shifting our mix over the medium term," Kalyani said. 

 

The company expects revenue growth of 20-25% for the Indian manufacturing business in the financial year 2026-27 (Apr-Mar). "Our overseas business, where performance remains below expectations, we are conducting a strategic review to determine the best path forward," Kalyani said. 

 

The company's consolidated operating margin for the quarter was 15.64%, down from 17.96% in the year-ago quarter. Its net profit margin was down to 5.72% from 7.42%. 

 

The company announced a further investment of INR 2.91 billion in its wholly owned subsidiary, Kalyani Strategic Systems Ltd. 

 

Bharat Forge's consolidated net profit for Apr-Sept was INR 1.89 billion, down nearly 68% on year. Revenue from operations for the period rose around 20% on year to INR 95.10 billion. The company added new orders worth INR 21.07 billion in the six-month period, which included defence orders of INR 6.81 billion. Its defence order book amounted to INR 109.60 billion, as of Sept. 30, 2026. 

 

STANDALONE RESULTS

Bharat Forge's standalone net profit for Jul-Sept was INR 3.71 billion, up nearly 20% on year. Its revenue from operations rose nearly 30% to INR 25.26 billion. The company's standalone EBITDA rose 20% to INR 6.55 billion while its EBITDA margin declined by 30 basis points to 25.9%. 

 

The company's standalone export business rose to INR 13.09 billion, up nearly 39% on year. Of this, commercial vehicles rose 96% to INR 5.58 billion, while passenger vehicles rose 20% to INR 3.54 billion and industrial exports rose 9.5% to INR 3.97 billion. Its domestic business grew 19% to INR 10.8 billion. Commercial vehicle sales saw the sharpest-on-year jump of 44% to INR 3.21 billion, while passenger vehicle sales grew 32% to INR 1.2 billion and industrial sales rose 8% to INR 6.39 billion. 

 

Thursday, shares of Bharat Forge ended at INR 1,753 apiece on the National Stock Exchange, down 3.3% from Wednesday. The company detailed its September quarter earnings during market hours.  End

 

Edited by Shubhayan Bhattacharya

 

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