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Bharat Forge (500493) investor relations material
Bharat Forge Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY26 standalone revenues rose 7% sequentially to INR 20,837 million, with EBITDA up 4.6% to INR 5,694 million and margin at 27.3%, driven by domestic automotive and defense, despite North America truck market destocking impacting exports.
Consolidated Q3 FY26 revenues reached INR 43,429.34 million, with EBITDA at INR 7,502 million and margin at 17.3%.
Major new business wins of INR 2,388 crore, including a significant defense contract for CQB Carbines, and Premji Invest acquired a 23% stake in JSA at a valuation of INR 4,300 crore.
Interim dividend of Rs. 2 per share declared, and key restructuring moves included the acquisition of AAM India (K Drive Mobility) and internal transfer of defense assets.
Approved merger of Ferrovia Transrail Solutions into BF Infrastructure Limited as part of group restructuring.
Financial highlights
Standalone Q3 FY26 EBITDA at INR 569 crore, margin 27.3%, with a one-time INR 487 million impact from Labour Code changes.
Standalone Q3 FY26 net profit: INR 2,880.41 million; consolidated Q3 FY26 net profit: INR 2,728.02 million.
Standalone nine-month revenue at INR 6,135 crore, EBITDA margin 27.7%; consolidated nine-month revenue at INR 12,284 crore, EBITDA margin 17.5%.
Net debt-to-equity improved to 0.15 standalone and 0.41 consolidated; ROCE at 14.5% standalone and 15.5% consolidated.
Standalone long-term debt reduced to Rs 6,597 million from Rs 12,865 million YoY.
Outlook and guidance
Domestic CV sector expected to remain strong in Q4 and into next year, with defense business projected to grow 30-40%+ and aerospace set for strong growth.
Management expects the worst is over for the North American CV market, with recovery signs in net orders and backlog.
High double-digit topline growth and improved profitability anticipated in FY27, supported by new long-term orders and ATAGS execution.
Board continues to monitor the impact of new Labour Codes and will evaluate further effects on employee benefits.
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