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Bharat Forge (500493) investor relations material

Bharat Forge Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary6 Aug, 2025

Executive summary

  • Standalone revenue for Q1 was INR 21,047 million, down 2.7% year-over-year, mainly due to export declines and tariff uncertainties.

  • Consolidated Q1 revenue reached INR 39,088 million, up 1.5% sequentially but down year-over-year, with improved overseas profitability and cash generation.

  • New business wins totaled INR 847–900 crores, including significant Defence orders; Defence order book at INR 9,463 crore.

  • Acquisition of American Axle India Manufacturing Corporation completed, expanding product portfolio and funded by QIP proceeds.

  • Internal restructuring transferred Defence business assets to Kalyani Strategic Systems Limited.

Financial highlights

  • Standalone EBITDA for Q1 was INR 5,878 million, margin at 27.9%, down due to lower utilization and product mix.

  • Consolidated EBITDA margin stood at 17.4–17.5% for Q1.

  • Standalone net profit for Q1 was INR 3,456 million, up from INR 2,694 million year-over-year.

  • Consolidated net profit for Q1 was INR 2,839 million, up from INR 1,746 million year-over-year.

  • Exceptional items included impairments and tariff-related expenses impacting results.

Outlook and guidance

  • Q2 expected to be weaker due to US export headwinds and tariff changes; H2 anticipated to be stronger, led by aerospace and defense.

  • Aerospace segment projected to maintain 20%+ annual growth year-over-year.

  • Defence vertical expected to secure new orders in FY26, providing future revenue visibility.

  • Steel Europe restructuring roadmap to be outlined within six months.

  • Voluntary Retirement Scheme at Mundhwa Plant extended to August 31, 2025.

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Frequently asked questions

Bharat Forge Limited is an engineering and manufacturing company specializing in forged components and solutions for various industries. The company produces critical components for sectors such as automotive, aerospace, defense, railways, and renewable energy. Bharat Forge focuses on advanced manufacturing technologies, including precision forging, machining, and lightweight materials, to cater to global markets. The company is headquartered in Pune, India, and its shares are listed on the BSE.

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