Defense Order Book
₹11,000 crore
+N/A
Order book provides revenue visibility for next 3-4 years.
BHARATFORGE
Manufacturing
2026-04-??
Bharat Forge Ltd — Q4 FY26
Bharat Forge reported FY26 consolidated revenue of ₹16,812 crore (+11% YoY) and EBITDA of ₹2,921 crore (+6% YoY), with margins contracting ~80bps to 17.4% due to overseas losses.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Bharat Forge reported FY26 consolidated revenue of ₹16,812 crore (+11% YoY) and EBITDA of ₹2,921 crore (+6% YoY), with margins contracting ~80bps to 17.4% due to overseas losses. Standalone Q4 revenue grew 8.5% QoQ to ₹2,260 crore, with EBITDA margin at 27% (28% excluding one-time costs). The defense order book stands at ~₹11,000 crore, providing multi-year visibility. Management guided for 25%+ growth in India operations in FY27, driven by aerospace (26% of industrial exports in Q4), defense ramp-up (ATAGS, carbines), and strong CV demand. Risks include energy cost inflation, geopolitical uncertainties, and slower-than-expected restructuring of German steel business (CDP).
Key Numbers
New Business Wins (FY26)
₹4,814 crore
+N/A
Includes defense ₹2,816 cr, traditional ₹1,210 cr, casting ₹292 cr, K-Drive ₹500 cr.
Aerospace Revenue (FY26)
₹400 crore
+N/A
Aerospace now 26% of industrial exports in Q4; second largest contributor.
Standalone Net Debt/Equity
0.18
flat
Balance sheet remains robust with net cash at standalone level.
Management Guidance
India business to grow 25%+ in FY27
Management expects over 25% growth in India operations (standalone + Indian subsidiaries) driven by aerospace, defense, and components.
Management guidance growthCapex of ₹800-850 crore over 15-18 months
Ongoing capex programs across forging, casting, and products platforms will translate into ₹800-850 crore spend.
Management guidance capexDefense revenue ramp-up from H2 FY27
ATAGS and carbine production will start in second half of FY27 after FAT completion.
Management guidance revenueGerman steel restructuring to complete by end of CY27
CDP restructuring is a 15-18 month process; losses will reduce as CDP losses are phased out.
Management guidance otherKey Risks
Energy cost inflation
Energy costs have risen substantially, impacting input costs; management is negotiating with customers for compensation but uncertainty remains.
medium · management_commentaryGeopolitical uncertainties and tariff impacts
Tariffs and geopolitical tensions (Middle East, US-China) could disrupt demand and supply chains; company absorbed ₹12 crore tariff impact in Q4.
high · management_commentaryOverseas business losses and restructuring delays
European and US operations reported low margins (4% and 3.5% respectively); restructuring of German steel business may take longer than expected.
medium · analyst_questionSlowdown in wind energy sector impacting castings
JSA's export market, especially wind, faces slowdown due to infrastructure buildup delays, though domestic growth is expected.
low · management_commentaryNotable Quotes
Driven by a combination of new business initiatives and M&A over the past 3 years, BFL is now an engineering conglomerate entrenched across processes, customers and segments.
If you look at 2027 as a whole, I think it's going to be a strong year for India manufacturing operations... We should see a close to 25% plus growth in our India business.
We have decided to take a write-off of those investments where we don't see any immediate revenue and business ramp up because it doesn't make sense to spend time and effort on those areas which are not going to give us returns immediately.
Frequently Asked Questions
What was Bharat Forge's revenue in Q4 FY26?
Bharat Forge reported revenue of ₹4,528 Cr in Q4 FY26, representing a +11% change compared to the same quarter last year.
What guidance did Bharat Forge management give for FY27?
India business to grow 25%+ in FY27: Management expects over 25% growth in India operations (standalone + Indian subsidiaries) driven by aerospace, defense, and components. Capex of ₹800-850 crore over 15-18 months: Ongoing capex programs across forging, casting, and products platforms will translate into ₹800-850 crore spend. Defense revenue ramp-up from H2 FY27: ATAGS and carbine production will start in second half of FY27 after FAT completion. German steel restructuring to complete by end of CY27: CDP restructuring is a 15-18 month process; losses will reduce as CDP losses are phased out.
What are the key risks for Bharat Forge in FY27?
Key risks include Energy cost inflation — Energy costs have risen substantially, impacting input costs; management is negotiating with customers for compensation but uncertainty remains.; Geopolitical uncertainties and tariff impacts — Tariffs and geopolitical tensions (Middle East, US-China) could disrupt demand and supply chains; company absorbed ₹12 crore tariff impact in Q4.; Overseas business losses and restructuring delays — European and US operations reported low margins (4% and 3.5% respectively); restructuring of German steel business may take longer than expected.; Slowdown in wind energy sector impacting castings — JSA's export market, especially wind, faces slowdown due to infrastructure buildup delays, though domestic growth is expected..
Did Bharat Forge meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Bharat Forge Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.