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Revenue
₹4,032 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Bharat Forge reported consolidated Q2 FY26 revenue of ₹4,032 crore with EBITDA margins of 17.7%, impacted by a sharp decline in North American CV exports (down 67% YoY) due to tariff uncertainty and destocking. Standalone revenue fell 7.5% QoQ to ₹1,947 crore, but EBITDA margins held at 28% aided by cost actions and product mix. Defense order book remains strong with a new ₹1,400 crore carbine order and a ₹250 crore Navy order, though execution will take 12+ months. Aerospace revenue is expected to exceed ₹350 crore for FY26, up from ₹250 crore last year. Management guided Q3 to be similar to Q2, with recovery expected by Q4. Key risks include prolonged US tariff uncertainty and weak European steel operations, which are undergoing restructuring.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q3 performance to be similar to Q2, with an uptick in Q4 as tariff uncertainties resolve.
- Aerospace revenue is expected to exceed ₹350 crore for the full year, growing at 40%+ YoY.
- Company has approval to raise up to ₹2,000 crore via debt and NCDs for organic and inorganic expansion in India.
- Management will outline the restructuring plan for European steel operations by the end of the fiscal year.
Risks flagged
- US tariff situation remains dynamic; management declined to quantify further impact, indicating potential for continued headwinds.
- European steel business is a weak spot; restructuring plans are not yet finalized, posing a drag on consolidated margins.
- Large defense orders like ATAGS and carbines have long gestation periods (12+ months to start revenue), delaying cash flows.
- Management identified the EV business in India as a weak spot, though no specific remediation was discussed.
Key quotes
- We are weathering the storm far better than companies that are directly playing only in one or two sectors.
- We are going to double down on India as most companies in the world are because it's the fastest growing global market with the most headroom for growth.
- I don't want to say anything more than that.
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