Bharat Forge Limited — Q1 FY26
Bharat Forge reported a mixed Q1 FY26 with consolidated revenue of ₹399 crore (+1.5% QoQ) and EBITDA margin of 17.4%, supported by improved overseas profitability and reduced lo...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions audited
Evasive
High priority
Who bears the tariffs and how is it compensated?
Asked by Kapil Singh, Nomura
Management gave a generic answer without specifying who bears the cost.
no specific allocation givengeneric statement
Read the exchange
Question
who bears the tariffs is it you know distributed across the entire chain of customer OEM and suppliers does bat codes need to bear more
Amit Kalyani (MD)
irrespective of who pays the tariff whether it's a customer pay you know the whether we pay the tariff or the customer pay the tariff at the end of the day it is compensated in price
Answered
High priority
Was the 14 cr tariff impact for full quarter?
Asked by Kapil Singh, Nomura
Management gave a clear yes/no answer with confirmation.
Read the exchange
Question
so this 14 cr impact that we b that was that for the full uh quarter or was that for part period?
Amit Kalyani (MD)
No, that was for full quarter.
Answered
High priority
How is competitiveness of Indian exports under 25% tariffs?
Asked by Kapil Singh, Nomura
Management directly stated India is lowest or equal on tariffs.
Read the exchange
Question
how is the you know competitiveness of Indian exports? Uh and which are the geographies from which we are facing competition
Amit Kalyani (MD)
All the countries that produce these parts have the same tariffs. I I mean either we are the lowest or we are equal to what uh anybody else is.
Answered
High priority
Is there a case for US manufacturing and order inflow impact?
Asked by Kapil Singh, Nomura
Management clearly stated no new facilities and no order inflow impact.
Read the exchange
Question
is there a case that we need to think about setting up manufacturing for some of these products in US or uh and is the tariff uncertainty affecting any order inflow
Amit Kalyani (MD)
we are not looking at setting up any other facilities right now anywhere outside India. ... currently there is no impact on the autoflow because of this reason.
Evasive
High priority
Does the 25% tariff apply to industrial as well?
Asked by Kungjan, Bank of America
Management did not confirm whether industrial is now at 25%, only said under evaluation.
no clear yes/nodeferred to government evaluation
Read the exchange
Question
you mentioned in the prior call that the tariff was different for industrial and autos right is there any change to that with the recent 25% imposition
Amit Kalyani (MD)
currently that is the scenario uh and that is under evaluation by the US government as well.
Partial answer
High priority
Will tariff impact be larger in Q2 due to timing?
Asked by Kungjan, Bank of America
Management gave conflicting dates and did not confirm larger Q2 impact.
contradictory datesno direct answer on Q2 impact
Read the exchange
Question
the tariff is applicable only when the shipment reaches us ... is it fair to assume that we will see more impact of tariff going into the second quarter?
Amit Kalyani (MD)
Even for this tariff that is applicable now the effective date of implementation will be 7th of October or something like that. ... August 7th of August implementation.
Answered
High priority
Can you elaborate on defense pipeline and visibility?
Asked by Kungjan, Bank of America
Management provided specific numbers and context on pipeline.
Read the exchange
Question
you referred to some pipeline and strong visibility on that. Can you talk a little bit around it?
Amit Kalyani (MD)
we had a pipeline of 9,000 crores after which we have one more tender which has to get converted into a signed order once that happens that will add another 1 1400 or to our order book
Answered
Medium priority
Are there no onshore US forging plants competing?
Asked by Pam Kumar, UBS
Management directly addressed the existence and capacity of US plants.
Read the exchange
Question
is there no onshore US man US plant for forging by group or anyone
Amit Kalyani (MD)
there are forging plants but not for machining. ... I don't think there's any capacity.
Evasive
High priority
Why is H2 better than H1 and how to view Q2 vs Q1?
Asked by Pam Kumar, UBS
Management avoided explaining the H2 improvement rationale.
deferred to futureno reasoning given
Read the exchange
Question
you did talk about second half being better than first half. ... how should then one look at 2Q versus 1 Q.
Amit Kalyani (MD)
the tariffs were announced three days ago. Okay. So, I think we have to wait to understand the overall situation and then come back to you.
Answered
Medium priority
What is the group strategy for non-land defense systems?
Asked by Pam Kumar, UBS
Management outlined specific areas of presence and strategy.
Read the exchange
Question
what is the group strategy because you have very deep roots on the land side
Amit Kalyani (MD)
we have a presence in every sector ... we have a solution right from male to super light drones. ... entire range of airborne unmanned aircraft.
Partial answer
Medium priority
How much of defense backlog is non-land systems?
Asked by Pam Kumar, UBS
Management gave a rough figure but not a clear split of non-land systems.
vague proportionno exact percentage
Read the exchange
Question
out of the defense order backlog including the 1400 what we're talking about how much will be the component of non-land systems
Amit Kalyani (MD)
artillery itself is about uh about 4,000 million. ... it's less than half and carbines and other stuff.
Answered
Medium priority
What is driving US aluminium profitability improvement?
Asked by Amin Pirani, JP Morgan
Management provided specific factors driving profitability.
Read the exchange
Question
does this business get any benefit because you know the US has imposed tariffs ... what is causing the staff improvement in profitability here.
Amit Kalyani (MD)
our operating metrics in terms of volume, capacity, utilization have improved. ... having a comparative source make in the US will help other US OEMs maintain their MCA requirements.