Bharat Forge Ltd
NSE:BHARATFORG

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Bharat Forge Ltd
NSE:BHARATFORG
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Price: 1 406 INR 0.84% Market Closed
Market Cap: 672.2B INR

Bharat Forge Ltd
Investor Relations

Bharat Forge Ltd., hailing from the industrious city of Pune, India, has carved a robust niche in the world of manufacturing, particularly in forging technologies. Established in 1961, the company sprang from humble origins yet quickly gained a reputation for engineering excellence and innovation. As a flagship of the Kalyani Group, Bharat Forge is more than just metal and machinery – it epitomizes the prowess of Indian industry on the global stage. Primarily, it serves a diverse clientele across sectors like automotive, aerospace, oil and gas, power, construction, and mining. The essence of Bharat Forge lies in its sophisticated processes like precision forging, advanced machining, and lightweighting technologies that enable it to deliver high-performance components. These capabilities are pivotal for crafting engine and chassis parts used worldwide in passenger vehicles, commercial trucks, and even in high-end defense equipment.

The company's business model revolves around a keen focus on innovation, operational efficiency, and a strategic expansion into value-added services. Its vast network of 10 manufacturing centers across five countries facilitates immense production scalability and agility. Over the years, Bharat Forge has not just relied on its engineering acumen but has underscored its operations with powerful R&D initiatives and close collaborations with global OEMs. By specializing in critical parts that require stringent technical specifications, the company not only ensures steady demand but also commands lucrative pricing. Their approach to diversifying end-user industries mitigates risks and opens multiple revenue streams, which are vital in navigating the cyclical nature of some of its largest markets like automotive. All in all, Bharat Forge epitomizes a blend of traditional metallurgical skills with cutting-edge innovation, ensuring its stature as a global leader in forging technologies.

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BHARATFORG
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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 11, 2025
AI Summary
Q2 2026

Revenue Decline: Stand-alone revenue fell to INR 1,947 crores, down 7.5% QoQ, mainly due to a sharp drop in North American commercial vehicle exports.

Margin Resilience: EBITDA margin for the stand-alone business was 28% despite the tough environment, supported by cost reductions and product mix improvements.

New Orders: The company secured INR 1,582 crores in new business across key segments in H1, including defense and casting.

Defense Growth: Defense and aerospace are expected to drive growth, with new large orders, including a recently won INR 250 crore Navy order and a potential INR 1,400 crore carbine order.

Outlook: Management expects Q3 to be similar to Q2, with some recovery in Q4, and continues to see India as a major growth focus.

Acquisition Integration: The K-Drive Mobility (American Axle India) acquisition was consolidated for the first time and is expected to provide long-term opportunities.

Strong Balance Sheet: Company maintains a strong cash position of INR 2,300 crores and is preparing to raise up to INR 2,000 crores for future growth and acquisitions.

Key Financials
Stand-alone Revenue
INR 1,947 crores
Stand-alone EBITDA
INR 545 crores
Stand-alone EBITDA Margin
28%
H1 Stand-alone Revenue
INR 4,052 crores
H1 Stand-alone EBITDA Margin
27.9%
Consolidated Revenue (Q2)
INR 4,032 crores
Consolidated EBITDA Margin (Q2)
17.7%
H1 Consolidated Revenue
INR 7,941 crores
H1 Consolidated EBITDA Margin
17.6%
Cash (Consolidated)
INR 2,300 crores
New Business Wins (H1)
INR 1,582 crores
CV Exports to North America (Sequential)
Down 48%
CV Exports to North America (YoY)
Down 67%
European Aluminum Utilization (Q2)
60% to 65%
European Aluminum EBITDA (Q2)
INR 32 crores
US Aluminum Utilization (Q2)
65%
US Aluminum EBITDA (Q2)
INR 16 crores
JS Auto Q2 Sales Growth
26%
JS Auto Q2 EBITDA Growth
44%
Aerospace Revenue (Last Year)
INR 250 crores
Aerospace Revenue (Current Year Guidance)
In excess of INR 350 crores
Defense Navy Order
INR 250 crores
Defense Carbine Order (Potential)
INR 1,400 crores
Other Earnings Calls

Management

Dr. Babasaheb Neelkanth Kalyani M.S. (MIT)
Chairman & MD
No Bio Available
Mr. Amit Babasaheb Kalyani B.E. (Mech.), B.E.(Mech.
Joint MD & Vice Chairman
No Bio Available
Mr. Kedar P. Dixit
Senior VP & Chief Financial Officer
No Bio Available
Ms. Tejaswini Ramkrishna Chaudhari
Compliance Officer & Company Secretary
No Bio Available
Mr. Subodh E. Tandale B.E.(Mech.)
Executive Director
No Bio Available
Mr. Yogesh Zope
Chief Information Officer
No Bio Available
Mr. V. M. Munje
President of Corporate & Group General Counsel
No Bio Available
Mr. Vijay Kumar Jain B.Tech.(Mech.)
Senior Vice President of Sales & Marketing
No Bio Available
Mr. H. K. N. Swamy B.E.(Mech.)
Senior Vice President of MTB
No Bio Available

Contacts

Address
MAHARASHTRA
Pune
Pune Cantonment, Mundhwa
Contacts
+912067042777
www.bharatforge.com