Bharat Forge Revenue History — Quarter by Quarter

Bharat Forge's revenue moved from ₹399 Cr in Q1 FY26 to ₹4,528 Cr in Q4 FY26, a 1034.8% change over 4 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹4,528 Cr	+11%
Q3 FY26	₹4,343 Cr	—
Q2 FY26	₹4,032 Cr	—
Q1 FY26	₹399 Cr	—

What management said about revenue

Q4 FY26 · India business to grow 25%+ in FY27

Management expects over 25% growth in India operations (standalone + Indian subsidiaries) driven by aerospace, defense, and components.

Q4 FY26 · Defense revenue ramp-up from H2 FY27

ATAGS and carbine production will start in second half of FY27 after FAT completion.

Q3 FY26 · Defense business growth of 30-40%+ next year

Driven by commencement of ATAGS order and beginning of CQB production, with strong uptake expected.

Q3 FY26 · Defense revenue share to reach 18-20% in 2-3 years

From current ~10-12%, defense could become as big as the overall business today, aided by global opportunities.

Q2 FY26 · Q3 similar to Q2, recovery by Q4

Management expects Q3 performance to be similar to Q2, with an uptick in Q4 as tariff uncertainties resolve.

Q2 FY26 · Aerospace revenue >₹350 crore in FY26

Aerospace revenue is expected to exceed ₹350 crore for the full year, growing at 40%+ YoY.

Q2 FY26 · Fundraising of up to ₹2,000 crore for organic and inorganic growth

Company has approval to raise up to ₹2,000 crore via debt and NCDs for organic and inorganic expansion in India.

Q1 FY26 · Aerospace revenue to grow 20%+ YoY

Aerospace business expected to continue strong growth with limited US exposure.

Q1 FY26 · American Axle to add ₹1,000 crore to consolidated topline

Consolidation from Q2 FY26, adding approximately ₹1,000 crore in annual revenue.

Q1 FY26 · H2 performance better than H1

Management expects second half to be stronger than first half, with Q2 marking a low.