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Revenue
₹4,528 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹2,921 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. Standalone Q4 revenue grew 8.5% QoQ to ₹2,260 crore, with EBITDA margin at 27% (28% excluding one-time costs). The defense order book stands at ~₹11,000 crore, providing multi-year visibility. Management guided for 25%+ growth in India operations in FY27, driven by aerospace (26% of industrial exports in Q4), defense ramp-up (ATAGS, carbines), and strong CV demand. Risks include energy cost inflation, geopolitical uncertainties, and slower-than-expected restructuring of German steel business (CDP).
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Guidance to track
- Management expects over 25% growth in India operations (standalone + Indian subsidiaries) driven by aerospace, defense, and components.
- Ongoing capex programs across forging, casting, and products platforms will translate into ₹800-850 crore spend.
- ATAGS and carbine production will start in second half of FY27 after FAT completion.
- CDP restructuring is a 15-18 month process; losses will reduce as CDP losses are phased out.
Risks flagged
- Energy costs have risen substantially, impacting input costs; management is negotiating with customers for compensation but uncertainty remains.
- Tariffs and geopolitical tensions (Middle East, US-China) could disrupt demand and supply chains; company absorbed ₹12 crore tariff impact in Q4.
- European and US operations reported low margins (4% and 3.5% respectively); restructuring of German steel business may take longer than expected.
- JSA's export market, especially wind, faces slowdown due to infrastructure buildup delays, though domestic growth is expected.
Key quotes
- Driven by a combination of new business initiatives and M&A over the past 3 years, BFL is now an engineering conglomerate entrenched across processes, customers and segments.
- If you look at 2027 as a whole, I think it's going to be a strong year for India manufacturing operations... We should see a close to 25% plus growth in our India business.
- We have decided to take a write-off of those investments where we don't see any immediate revenue and business ramp up because it doesn't make sense to spend time and effort on those areas which are not going to give us returns immediately.
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