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Bharat Forge Margin Trend — Quarter by Quarter

Bharat Forge's EBITDA margin moved from 17.4% in Q1 FY26 to 17.0% in Q4 FY26 across 4 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2617.0%-80 bps
Q3 FY2617.3%
Q2 FY2617.7%
Q1 FY2617.4%