BHARATFORG / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Bharat Forge · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ1-FY26 · 2025-08-06Back to quarter ↗

Questions audited

Answered directly

67%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Kapil Singh · Nomura

evasive

Who bears the tariffs and how is it compensated?

irrespective of who pays the tariff whether it's a customer pay you know the whether we pay the tariff or the customer pay the tariff at the end of the day it is compensated in price

Kapil Singh · Nomura

direct

Was the 14 cr tariff impact for full quarter?

No, that was for full quarter.

Kapil Singh · Nomura

direct

How is competitiveness of Indian exports under 25% tariffs?

All the countries that produce these parts have the same tariffs. I I mean either we are the lowest or we are equal to what uh anybody else is.

Kapil Singh · Nomura

direct

Is there a case for US manufacturing and order inflow impact?

we are not looking at setting up any other facilities right now anywhere outside India. ... currently there is no impact on the autoflow because of this reason.

Kungjan · Bank of America

evasive

Does the 25% tariff apply to industrial as well?

currently that is the scenario uh and that is under evaluation by the US government as well.

Kungjan · Bank of America

partial

Will tariff impact be larger in Q2 due to timing?

Even for this tariff that is applicable now the effective date of implementation will be 7th of October or something like that. ... August 7th of August implementation.

Kungjan · Bank of America

direct

Can you elaborate on defense pipeline and visibility?

we had a pipeline of 9,000 crores after which we have one more tender which has to get converted into a signed order once that happens that will add another 1 1400 or to our order book

Pam Kumar · UBS

direct

Are there no onshore US forging plants competing?

there are forging plants but not for machining. ... I don't think there's any capacity.

Pam Kumar · UBS

evasive

Why is H2 better than H1 and how to view Q2 vs Q1?

the tariffs were announced three days ago. Okay. So, I think we have to wait to understand the overall situation and then come back to you.

Pam Kumar · UBS

direct

What is the group strategy for non-land defense systems?

we have a presence in every sector ... we have a solution right from male to super light drones. ... entire range of airborne unmanned aircraft.

Pam Kumar · UBS

partial

How much of defense backlog is non-land systems?

artillery itself is about uh about 4,000 million. ... it's less than half and carbines and other stuff.

Amin Pirani · JP Morgan

direct

What is driving US aluminium profitability improvement?

our operating metrics in terms of volume, capacity, utilization have improved. ... having a comparative source make in the US will help other US OEMs maintain their MCA requirements.