Bharat Forge Limited — Q3 FY26
Bharat Forge reported a strong Q3 FY26 with consolidated revenue of ₹4,343 crore and EBITDA margin of 17.3%, aided by robust domestic automotive demand and defense order execution.
bullish
high
✓ 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.
58%Questions answered4Evaded / deflected12Questions audited
Answered
High priority
Scale-up of defense business over next 2-3 years
Asked by Kungjan, Bank of America
Provided specific percentage range for defense revenue share in 2-3 years.
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Question
how do we think about the scale up of this business in the next 2 three years.
Management (likely CEO or senior executive)
defense has the opportunity to become as big as our business today is overall business is today... 10%, 11% will you know definitely be more like closer to 18 20% if things go right.
Answered
Medium priority
Impact of tariff deal on supplier ecosystem from India
Asked by Kungjan, Bank of America
Clearly explained competitive advantage from tariff deal.
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Question
what does the deal do beyond the easing of margin pressures. Is there fundamentally something you see has shifted...
Management
it puts us in a better position than certain other countries which have a higher tariff than us... the tariff deal being done and the punitive 25% being removed means that we're in a differentiated position than others.
Declined
Medium priority
Details on Europe restructuring plan
Asked by Kungjan, Bank of America
Explicitly refused to provide additional information beyond prior statements.
refused to share detailsdeferred to future
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Question
any color on how what is it that we are looking to do is it looking to wind down the business is it looking to shift it to India
Management
I can't say anything more than what we've already said... we have to make a profit or you know we have to take some decisions so we have to see what to do.
Evasive
Medium priority
Value brought by investor in JS Auto investment
Asked by Amin Pirani, JP Morgan
Did not quantify the value or strategic benefit of the investor.
no specific value providedvague about investor contribution
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Question
what is the value that you know um you know this investor is bringing in uh and uh how does this change the scale of operations which maybe you couldn't have done on your own?
Management
No, there's nothing that we couldn't have done on our own. I just think that sometimes having you know a few more uh you know let's say a slightly different perspective is uh always good...
Partial answer
Medium priority
Whether Europe restructuring is already underway or still planned
Asked by Amin Pirani, JP Morgan
Acknowledged cost reduction efforts but gave no concrete restructuring plan or timeline.
no timeline givenuncertainty about outcome
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Question
are there already some things that you're doing in the business or we still have to think about you know a kind of big restructuring
Management
we're trying to do a lot of things we're reducing a lot of cost um but you know it's not easy... we also need to see whether whatever we are doing the external landscape and the market is big enough
Answered
High priority
Defense business profitability vs auto business
Asked by Kapil Singh, Numura
Provided clear comparison on profitability and ROC.
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Question
how would it be comparable to the auto business over time? How uh how should we think about
Management
I would expect it to be uh you know profitable equivalent on an IDA basis generally speaking and you know uh I think the ROC should be better because we don't have the same amount of capital employed.
Answered
High priority
Execution period for defense order book
Asked by Kapil Singh, Numura
Provided specific execution timelines.
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Question
this order book that we have what period should we look at for the execution?
Management
order for the small arms is 5 years the rest would be between uh mostly four years.
Partial answer
High priority
Outlook for global truck business and signs of upcycle
Asked by Kapil Singh, Numura
Gave positive signs but no concrete timeline for recovery.
no specific timing for upcyclehopeful but not definitive
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Question
has it already bottomed out as you as you mentioned but when do we start to see the upcycle? Are there any signs visible?
Management (colleagues)
the incoming orders in the US for you know class 7 8 in the last two months they've been on the upside... we are hoping uh that things would be better than uh last year... It's going to be steady but on the positive side is what we expect.
Answered
High priority
Details on 17,000 crore Odisha project and capex split
Asked by Abishek Sha, Valor Capital
Provided capex amount for Bharat Forge and timeline.
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Question
what will be the split, who's spending how much and what is this project about?
Management
So bhat we have said up to 3,000 crores... nothing in the immediate one or two years I mean not in the next one year
Declined
High priority
Defense order pipeline and expectations for FY27
Asked by Nit and Jen, Fair Value Equity Advisor
Explicitly declined to provide details on bid pipeline.
refused to discuss pipelinedeferred to future
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Question
what kind of bid pipeline we have for uh fiscal 27.
Management
I don't want to talk about any of that right now. Once we place, you know, once we make the bids, we can talk about them, right?
Answered
High priority
Performance of American Axle acquisition and market share gains
Asked by Akash Ji, Time and Tight Advisor
Provided margin improvement and confirmed market share gains.
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Question
how has the acquisition of American Axel been performing and what is our view on the segment?
Management
The acquisition has performed well. Our margins have grown by uh you know almost uh 200 basis points... it's been getting a lot of new business
Evasive
Medium priority
Quantification of American Axle market share gains
Asked by Akash Ji, Time and Tight Advisor
Refused to quantify market share gains, deferred to future.
deferred to next quarterno number given
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Question
any or any way to quantify that
Management
I think uh you know next quarter we'll talk about that