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Revenue
₹3,909 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹682 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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 losses at Kalyani Powertrain. Standalone revenue fell 2.7% to ₹215 crore due to tariff disruptions, emission norm delays, and aerospace seasonality. The company absorbed ₹14 crore in tariff-related costs. New business wins totaled ₹900 crore across defense, aerospace, and JSA. Management expects Q2 to be weaker due to US export headwinds, with a H2 recovery driven by aerospace growth (20%+ YoY) and consolidation of American Axle (₹1,000 crore revenue addition). Defense pipeline remains strong at ₹9,000 crore, with an additional ₹1,400 crore order expected. Key risk: tariff uncertainty and potential demand slowdown in US markets.
Colored figures show movement against the previous available record.
Guidance to track
- Aerospace business expected to continue strong growth with limited US exposure.
- Consolidation from Q2 FY26, adding approximately ₹1,000 crore in annual revenue.
- Management expects second half to be stronger than first half, with Q2 marking a low.
- A roadmap for European steel business restructuring will be outlined within six months.
Risks flagged
- US tariffs on auto and industrial parts create cost burden and demand disruption; ₹14 crore absorbed in Q1.
- Management guided Q2 to be weaker due to US export slowdown, potentially marking a cyclical low.
- Despite improved margins, price increases from customers are still pending, as highlighted by an analyst.
- Kalyani Powertrain losses reduced but breakeven depends on large contracts; EV sector faces magnet availability issues.
Key quotes
- We are definitely in very interesting times. Given the undercurrents, I would take you through first the numbers and then our team will take your Q&A.
- Tariff related uncertainty is definitely something that nobody has ever experienced before and is something that we are engaged with our customers in finding a resolution.
- In the medium to longer term, you will see the center of gravity shift back to our India operations as manufacturing India becomes larger and more lucrative.
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