Bharat Forge Management Guidance Tracker

Aerospace business expected to continue strong growth with limited US exposure.

Consolidation from Q2 FY26, adding approximately ₹1,000 crore in annual revenue.

Management expects Q3 performance to be similar to Q2, with an uptick in Q4 as tariff uncertainties resolve.

Aerospace revenue is expected to exceed ₹350 crore for the full year, growing at 40%+ YoY.

ATAGS and carbine production will start in second half of FY27 after FAT completion.

Management expects second half to be stronger than first half, with Q2 marking a low.

Driven by commencement of ATAGS order and beginning of CQB production, with strong uptake expected.

From current ~10-12%, defense could become as big as the overall business today, aided by global opportunities.

Management expects over 25% growth in India operations (standalone + Indian subsidiaries) driven by aerospace, defense, and components.

A roadmap for European steel business restructuring will be outlined within six months.

Management will outline the restructuring plan for European steel operations by the end of the fiscal year.

Evaluation of restructuring operations for European steel business, with progress update by end of FY26.

CDP restructuring is a 15-18 month process; losses will reduce as CDP losses are phased out.

Company has approval to raise up to ₹2,000 crore via debt and NCDs for organic and inorganic expansion in India.

Bharat Forge's share in the group's ₹17,000 crore Odisha project, including forging, machining, and casting facilities.

Ongoing capex programs across forging, casting, and products platforms will translate into ₹800-850 crore spend.