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.
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.
67%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Breakdown of FY27 growth target by segment
Asked by Capel Singh, Namura
Management declined to provide segment-wise breakdown, only gave relative ranking.
refused to break downgave only ranking
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Question
could you give some more color and break it down between different segments broadly what kind of growth you expect in defense US exports for CVS non-auto and domestic
Amit Kalyani (MD)
I'm not going to break it up into that much detail let me just tell you we will see the highest growth coming from our aerospace business and then defense business and the automotive
Answered
Medium priority
Details on Fortuna acquisition revenue and potential
Asked by Capel Singh, Namura
Provided specific revenue range, acquisition cost, and cash position.
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Question
you also mentioned that we have acquired Fortuna. Could you give us some color in terms of revenues where does it stand and what is the potential here?
Amit Kalyani (MD)
we have acquired 30% for 130 crores. The company has a revenue of about 360 380 crores and they have a net cash position of about 20 odd crores and they are on a growth path
Answered
Medium priority
Whether growth target includes inorganic opportunities
Asked by Capel Singh, Namura
Clearly stated no current inorganic deals, but open to future opportunities.
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Question
will it be safe to say that the growth target also includes inorganic opportunities like these?
Amit Kalyani (MD)
we don't currently have any other inorganic which is ongoing but as we have mentioned we will look at opportunities within India that makes sense for us
Partial answer
High priority
Restructuring losses trajectory for Europe and US
Asked by Bin Singh, Morgan Stanley
Indicated losses will reduce but did not quantify the expected level.
no specific number given
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Question
will the losses be at similar level like this year you had almost a 300 cr loss or so on the Europe and US operations
Amit Kalyani (MD)
the restructuring of CDP has started... we anticipate the losses will reduce because the CDP losses are not going to be there
Answered
High priority
Aerospace revenue number for FY26
Asked by Bin Singh, Morgan Stanley
Provided specific revenue figure for aerospace.
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Question
just on aerospace what exactly was the number for FY26 for you?
Amit Kalyani (MD)
It was about 400 crores.
Answered
High priority
Key milestones for defense revenue guidance
Asked by Bin Singh, Morgan Stanley
Listed specific milestones for defense revenue.
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Question
what are the key sort of milestones to watch out for? you've talked about opportunity in Europe and all but any key things that we should expect or milestones to see this year.
Amit Kalyani (MD)
the A tags FAT will happen and then the A tags production will start and ramp up. The second is the CQB carbine also production will happen.
Evasive
High priority
Aerospace revenue run-rate and FY27 guidance
Asked by Gjan Prityani, Bank of America
Did not confirm or deny the 1,200 cr figure, only gave qualitative growth expectation.
no specific number givenreframed to qualitative growth
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Question
you mentioned 400 crores for full year... exit run rate of almost 300 crores. So is that the number we sort of work through for the next year that it can be a 1,200 cr aerospace?
Amit Kalyani (MD)
we will see a strong double-digit growth higher than the overall growth that we are anticipating as a company significantly higher
Evasive
High priority
Breakdown of 25% growth target between standalone and subsidiaries
Asked by Arvin Sharma, City Bank
Declined to provide segment breakdown, citing too much information.
refused to break down
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Question
on the 25% growth target for the India operations, will it be possible to share how much would be in the standalone business? How much do you expect in the Indian subsidiaries?
Amit Kalyani (MD)
I'm not going to break it down into all that. It gives too much information. Let's just limit to say that it's going to be at a overall India level.
Answered
High priority
Gestation period for new orders of 4,800 crores
Asked by Arvin Sharma, City Bank
Provided specific timing for revenue recognition from key orders.
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Question
on the orders that you alluded to almost 4,800 crores including expense orders of 2,800 crores. What would be the typical gestation period of these new orders?
Amit Kalyani (MD)
if you look at the ATAX order that will start revenue in the next half of the year. Same with the carbines and some of the data center orders will also start slowly from the end towards the third quarter, fourth quarter
Answered
Medium priority
Timeline for explosives business capex and scale
Asked by Nitin Aurora, Access Mutual Fund
Provided clear timeline for facility setup and production start.
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Question
on the expensive side on the depends how we are thinking about this business... when do we see this capex happening and when do you see scale starts becoming bigger for you
Amit Kalyani (MD)
we are planning to set up a facility in Andhra Pradesh and we are going to do the groundbreaking this month... should be ready in less than 15 months... roughly 24 months total.
Answered
Medium priority
Reason for external capital raise in JSA
Asked by Sonel Gupta, HSBC AMC
Explained rationale for external capital to enable faster growth.
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Question
why are we doing that right like I mean that's something that we can internally fund
Amit Kalyani (MD)
we see a large opportunity in JSA but we wanted to make it an independent business and grow it because we see that that business could become multi,000 cr business per year
Partial answer
High priority
Aerospace business outlook and margins
Asked by Nitin Jen, Fair Value Equity Advisory
Stated margins above average but did not quantify, gave qualitative growth outlook.
no specific margin number given
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Question
if you could provide some outlook on the business, where do we see it in the next three years and what are the kind of margins we have here?
Amit Kalyani (MD)
margins are above the company average... we are on that trajectory and sooner than later we should cross that and then be on a very fast growth path
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Aerospace revenue for FY26 was about 400 crores | ₹400 cr | ₹4,528 cr | Understated vs filing |
| Defense full year revenue for FY26 was 1562 crores | ₹1,562 cr | ₹4,528 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.