Bharat Forge Reports Strong Sequential Recovery in Q4 FY26; FY27 Outlook Remains Positive

Bharat Forge Limited (“BFL”), a global leader in metal forming and engineering, today announced its financial results for the quarter and financial year ended March 31, 2026.

The company reported a strong sequential recovery in Q4 FY26 driven by improved export demand, resilient domestic automotive performance, and continued momentum across industrial and defence businesses.

On a standalone basis, Q4 FY26 revenue increased 8.5% QoQ to Rs 2,260 crore, while EBITDA rose 7.2% QoQ to Rs 610 crore, translating into an EBITDA margin of 27.0%. Profit before tax (before exceptional items) stood at Rs 486 crore, up 9.7% sequentially.

For FY26, standalone revenue stood at Rs 8,396 crore with EBITDA of Rs 2,312 crore. Consolidated revenue for FY26 increased 11.2% YoY to Rs 16,812 crore, while consolidated EBITDA rose 5.9% YoY to Rs 2,921 crore.

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 4,814 crore, including defence orders worth Rs 2,816 crore. The company’s defence order book stood at Rs 10,961 crore at the end of FY26, reinforcing its strategic positioning in the sector.

Export performance improved significantly during Q4, aided by inventory restocking and recovery in North American truck production. Passenger vehicle exports also witnessed strong momentum across North and Central America. Aerospace execution improved during the quarter with 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 & mining, agriculture, and machine tools.

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.”