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Corporate Results - Detailed News

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Bharat Forge

13-Feb-26 09:39 Hrs IST

On consolidated basis

Quarter ended December 2025 compared with Quarter ended December 2024.

Net sales (including other operating income) of Bharat Forge has increased 24.96% to Rs 4342.93 crore. Sales of Forgings segment rose 10.01% to Rs 3,367.09 crore (accounting for 72.89% of total sales). Sales of Others segment has gone up 158.83% to Rs 570.06 crore (accounting for 12.34% of total sales). Sales of Defence segment has gone up 102.37% to Rs 682.00 crore (accounting for 14.76% of total sales). Inter-segment sales rose Rs 142.33 crore to Rs 276.21 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 15.09% to Rs 545.04 crore. PBIT of Forgings segment rose 9.02% to Rs 479.80 crore (accounting for 88.03% of total PBIT). PBIT of Others segment rose 329.74% to Rs 20.09 crore (accounting for 3.69% of total PBIT). PBIT of Defence segment rose 56.77% to Rs 45.15 crore (accounting for 8.28% of total PBIT).

PBIT margin of Forgings segment fell from 14.38% to 14.25%. PBIT margin of Others segment rose from 2.12% to 3.52%. PBIT margin of Defence segment fell from 8.55% to 6.62%. Overall PBIT margin fell from 13.09% to 11.80%.

Operating profit margin has declined from 17.96% to 17.27%, leading to 20.11% rise in operating profit to Rs 749.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.68% to 43.54%. Purchase of finished goods cost rose from 0.22% to 0.46%. Employee cost increased from 12.63% to 12.64%. Other expenses fell from 27.38% to 25.63%.

Other income rose 10.71% to Rs 42.48 crore. PBIDT rose 19.56% to Rs 792.4 crore. Provision for interest fell 20.13% to Rs 76.64 crore.

PBDT rose 26.28% to Rs 715.76 crore. Provision for depreciation rose 14.02% to Rs 248.85 crore.

Profit before tax grew 33.96% to Rs 466.91 crore. Share of profit/loss was 157.79% lower at Rs -3.97 crore. Provision for tax was expense of Rs 134.42 crore, compared to Rs 134.22 crore. Effective tax rate was 33.01% compared to 38.68%.

Minority interest increased 42,850% to Rs 8.59 crore. Net profit attributable to owners of the company increased 24.18% to Rs 264.21 crore.

Promoters' stake was 44.07% as of 31 December 2025 ,compared to 44.07% as of 31 December 2024 .

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Bharat Forge has increased 8.99% to Rs 12283.61 crore. Sales of Forgings segment rose 7.93% to Rs 10,280.59 crore (accounting for 78.73% of total sales). Sales of Others segment has gone up 115.46% to Rs 1,436.86 crore (accounting for 11.00% of total sales). Sales of Defence segment has gone down 9.86% to Rs 1,340.92 crore (accounting for 10.27% of total sales). Inter-segment sales rose Rs 409.31 crore to Rs 774.76 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 1.71% to Rs 1,604.30 crore. PBIT of Forgings segment rose 4.83% to Rs 1,448.61 crore (accounting for 90.30% of total PBIT). PBIT of Others segment rose 431.25% to Rs 94.40 crore (accounting for 5.88% of total PBIT). PBIT of Defence segment fell 65.50% to Rs 61.28 crore (accounting for 3.82% of total PBIT).

PBIT margin of Forgings segment fell from 14.51% to 14.09%. PBIT margin of Others segment rose from 2.66% to 6.57%. PBIT margin of Defence segment fell from 11.94% to 4.57%. Overall PBIT margin fell from 13.50% to 12.29%.

Operating profit margin has declined from 17.86% to 17.49%, leading to 6.75% rise in operating profit to Rs 2,148.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.26% to 44.38%. Purchase of finished goods cost fell from 1.44% to 0.45%. Employee cost increased from 12.33% to 12.64%. Other expenses fell from 26.25% to 25.21%.

Other income fell 3.92% to Rs 145.72 crore. PBIDT rose 6% to Rs 2294.19 crore. Provision for interest fell 27.48% to Rs 238.95 crore.

PBDT rose 12.01% to Rs 2055.24 crore. Provision for depreciation rose 10.15% to Rs 715.83 crore.

Profit before tax grew 13.04% to Rs 1,339.41 crore. Share of profit/loss was 500.69% lower at Rs -8.65 crore. Extraordinary items were increased to Rs -55.72 crore. Provision for tax was expense of Rs 419.09 crore, compared to Rs 401.07 crore. Effective tax rate was 32.87% compared to 38.87%.

Net profit attributable to owners of the company increased 28.51% to Rs 847.10 crore.

Promoters' stake was 44.07% as of 31 December 2025 ,compared to 44.07% as of 31 December 2024 .

Full year results analysis.

Net sales (including other operating income) of Bharat Forge has declined 3.57% to Rs 15122.8 crore. Sales of Forgings segment fell 5.52% to Rs 12,961.23 crore (accounting for 82.63% of total sales). Sales of Others segment has gone up 16.33% to Rs 952.00 crore (accounting for 6.07% of total sales). Sales of Defence segment has gone up 13.55% to Rs 1,771.99 crore (accounting for 11.30% of total sales). Inter-segment sales rose Rs 414.72 crore to Rs 562.41 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 6.57% to Rs 2,081.85 crore. PBIT of Forgings segment rose 0.73% to Rs 1,856.12 crore (accounting for 89.16% of total PBIT). PBIT of Others reported profit of Rs 39.31 crore compared to loss of Rs 71.60 crore. PBIT of Defence segment rose 2.17% to Rs 186.42 crore (accounting for 8.95% of total PBIT).

PBIT margin of Forgings segment rose from 13.43% to 14.32%. PBIT margin of Others segment rose from negative 8.75% to 4.13%. PBIT margin of Defence segment fell from 11.69% to 10.52%. Overall PBIT margin rose from 12.14% to 13.27%.

Operating profit margin has jumped from 16.31% to 17.81%, leading to 5.32% rise in operating profit to Rs 2,693.95 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.51% to 42.37%. Purchase of finished goods cost fell from 1.56% to 1.53%. Employee cost increased from 11.86% to 12.30%. Other expenses rose from 24.77% to 26.08%.

Other income fell 6.01% to Rs 213.76 crore. PBIDT rose 4.39% to Rs 2907.71 crore. Provision for interest fell 15% to Rs 417.49 crore. Loan funds declined from Rs 7,947.53 crore as of 31 March 2024 to Rs 6,698.26 crore as of 31 March 2025. Inventories rose to Rs 3,578.44 crore as of 31 March 2025 from Rs 3,216.08 crore as of 31 March 2024. Sundry debtors were lower at Rs 2,899.61 crore as of 31 March 2025 compared to Rs 3,167.15 crore as of 31 March 2024. Cash and bank balance declined from Rs 1,689.92 crore as of 31 March 2024 to Rs 1,291.38 crore as of 31 March 2025. Investments rose to Rs 2,062.70 crore as of 31 March 2025 from Rs 1,848.98 crore as of 31 March 2024 .

PBDT rose 8.54% to Rs 2490.22 crore. Provision for depreciation rose 3% to Rs 873.62 crore. Fixed assets increased to Rs 8,095.85 crore as of 31 March 2025 from Rs 7,004.64 crore as of 31 March 2024. Intangible assets declined from Rs 295.99 crore to Rs 262.78 crore.

Profit before tax grew 11.80% to Rs 1,616.60 crore. Extraordinary items were decreased to Rs -157.07 crore. Provision for tax was expense of Rs 542.55 crore, compared to Rs 528.83 crore. Effective tax rate was 37.27% compared to 36.75%.

Minority interest increased 31.95% to Rs -27.88 crore. Net profit attributable to owners of the company decreased 1.05% to Rs 941.15 crore.

Equity capital increased from Rs 93.13 crore as of 31 March 2024 to Rs 95.63 crore as of 31 March 2025. Per share face Value remained same at Rs 2.00.

Promoters' stake was 44.07% as of 31 March 2025 ,compared to 45.25% as of 31 March 2024 .

Cash flow from operating activities increased to Rs 1,796.34 crore for year ended March 2025 from Rs 1,664.40 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 1,450.46 crore, compared to Rs 1,524.03 crore during the year ended March 2024.

Other Highlights

The board declared an interim dividend of Rs 2 per equity share of the face value of Rs 2 each for FY26. The record date fixed for the purpose is February 18, 2026.

In Q3 FY26, the company secured new orders worth Rs 2,388 Crore including Rs 1,878 crore in Defence.

Passenger vehicles contributed 27.2% to export revenue in Q3 FY26, Commercial Vehicles 28.5%, and Industrial 44.3%.

Passenger vehicles contributed 10% to domestic revenue in Q3 FY26, Commercial Vehicles 24%, and Industrial 66%.

In Q3 FY26, America contributed 59% to export revenue, Europe 33%, and Asia Pacific 8%.

Management Comments :
B.N. Kalyani, Chairman & Managing Director said: 'The quarterly performance continued to be impacted by the de-stocking in the North American CV market. Standalone Revenues was up 7.0% sequentially to Rs 2,084 crores and EBITDA at Rs 569 Crore was up 4.6% QoQ translating in an EBITDA margin of 27.3%. The performance was aided by the strong growth in the Domestic automotive business and execution of defence orderbook. Export revenues witnessed a 3% sequential decline with auto sector down 13% and industrials showing a 11% increase. In Q3, the company secured new orders worth Rs 2,388 Crores including Rs 1,878 crores in Defence. As of Dec 31st 2025, the defence order book stood at Rs 11,130 crores. We signed the CQB Carbine contract with the Ministry of Defence for supply of more than 250,000 units to the Indian armed forces. This order unlocks significant growth opportunities for our Small Arms vertical within the Defence business. In the quarter gone by, JS Autocast (JSA) recorded revenue of Rs 203 Crore and EBITDA of Rs 32 Crore (15.7% EBITDA margin) representing a 22% and 39% YoY jump respectively. K-Drive mobility, a supplier of axle assembly across segments witnessed a muted topline but a sharp jump in their profitability with EBITDA margins moving up from 3.1% in Q2 FY26 to 5.1% in this quarter. We expect the margin profile to continue to improve over a 3-year time frame. The US & European operations reported modest operating profits despite seasonal weakness in the PV market. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal. Looking ahead into Q4 FY26 and FY27, it is fair to say that the worst is behind us and things are starting to look up. With both domestic and exports markets looking strong across sectors, and the commencement of ATAGS execution in H2 FY27, we expect high double digit top line growth and commensurate impact on profitability.'

Bharat Forge : Consolidated Results

	Quarter ended			Year to Date			Year ended
Particulars	202512	202412	Var.(%)	202512	202412	Var.(%)	202503	202403	Var.(%)
Net Sales (including other operating income)	4,342.93	3,475.55	24.96	12,283.61	11,270.20	8.99	15,122.80	15,682.07	-3.57
OPM (%)	17.27	17.96	-70 bps	17.49	17.86	-37 bps	17.81	16.31	150 bps
OP	749.92	624.38	20.11	2,148.47	2,012.62	6.75	2,693.95	2,557.94	5.32
Other Inc.	42.48	38.37	10.71	145.72	151.66	-3.92	213.76	227.42	-6.01
PBIDT	792.40	662.75	19.56	2,294.19	2,164.28	6.00	2,907.71	2,785.36	4.39
Interest	76.64	95.96	-20.13	238.95	329.49	-27.48	417.49	491.17	-15.00
PBDT	715.76	566.79	26.28	2,055.24	1,834.79	12.01	2,490.22	2,294.19	8.54
Depreciation	248.85	218.25	14.02	715.83	649.86	10.15	873.62	848.2	3.00
PBT	466.91	348.54	33.96	1339.41	1184.93	13.04	1616.6	1445.99	11.80
Share of Profit/(Loss) from Associates	-3.97	-1.54	-157.79	-8.65	-1.44	-500.69	-3.71	5.32	PL
PBT before EO	462.94	347	33.41	1330.76	1183.49	12.44	1612.89	1451.31	11.13
EO Income	-55.72	0	-	-55.72	-151.77	63.29	-157.07	-12.32	-1,174.92
PBT after EO	407.22	347	17.35	1275.04	1031.72	23.58	1455.82	1438.99	1.17
Taxation	134.42	134.22	0.15	419.09	401.07	4.49	542.55	528.83	2.59
PAT	272.8	212.78	28.21	855.95	630.65	35.73	913.27	910.16	0.34
Minority Interest (MI)	8.59	0.02	42,850.00	8.85	-28.51	PL	-27.88	-40.97	31.95
Net profit	264.21	212.76	24.18	847.1	659.16	28.51	941.15	951.13	-1.05
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	264.21	212.76	24.18	847.1	659.16	28.51	941.15	951.13	-1.05
EPS (Rs)*	6.29	4.45	41.26	18.50	15.82	16.93	21.81	20.06	8.71

* EPS is on current equity of Rs 95.62 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Bharat Forge : Consolidated Segment Results

	Quarter ended				Year to Date				Year ended
	% of (Total)	202512	202412	Var.(%)	% of (Total)	202512	202412	Var.(%)	% of (Total)	202503	202403	Var.(%)
Sales
Steel Forging	0.00	0.00	0.00	-
General Engineering Trading etc	0.00	0.00	0.00	-
Forgings	72.89	3,367.09	3,060.63	10.01	78.73	10,280.59	9,525.00	7.93	82.63	12,961.23	13,717.90	-5.52
Projects (Capital Goods)	0.00	0.00	0.00	-
Others	12.34	570.06	220.24	158.83	11.00	1,436.86	666.88	115.46	6.07	952.00	818.34	16.33
Defence	14.76	682.00	337.01	102.37	10.27	1,340.92	1,487.64	-9.86	11.30	1,771.99	1,560.55	13.55
Total Reported Sales	100.00	4,619.15	3,617.88	27.68	100.00	13,058.37	11,679.51	11.81	100.00	15,685.22	16,096.79	-2.56
Less: Inter segment revenues		276.21	142.33	94.06		774.76	409.31	89.28		562.41	414.72	35.61
Net Sales	100.00	4,342.93	3,475.55	24.96	100.00	12,283.61	11,270.20	8.99	100.00	15,122.80	15,682.07	-3.57
PBIT
Steel Forging	0.00	0.00	0.00	-
General Engineering Trading etc	0.00	0.00	0.00	-
Forgings	88.03	479.80	440.10	9.02	90.30	1,448.61	1,381.84	4.83	89.16	1,856.12	1,842.62	0.73
Projects (Capital Goods)	0.00	0.00	0.00	-
Others	3.69	20.09	4.67	329.74	5.88	94.40	17.77	431.25	1.89	39.31	-71.60	LP
Defence	8.28	45.15	28.80	56.77	3.82	61.28	177.66	-65.50	8.95	186.42	182.46	2.17
Total PBIT	100.00	545.04	473.58	15.09	100.00	1,604.30	1,577.27	1.71	100.00	2,081.85	1,953.48	6.57
Less : Interest		76.64	95.96	-20.14		238.95	329.49	-27.48		417.49	491.17	-15.00
Add: Other un-allcoable		-61.18	-30.61	-99.87		-90.32	-64.29	-40.48		-51.47	-23.32	-120.71
PBIT Margin(%)
Steel Forging		0.00	0.00	0.00
General Engineering Trading etc		0.00	0.00	0.00
Forgings		14.25	14.38	-12.98		14.09	14.51	-41.68		14.32	13.43	88.83
Projects (Capital Goods)		0.00	0.00	0.00
Others		3.52	2.12	140.13		6.57	2.66	390.55		4.13	-8.75	1,287.88
Defence		6.62	8.55	-192.56		4.57	11.94	-737.20		10.52	11.69	-117.17
PBT	100.00	407.22	347.00	17.35	100.00	1,275.04	1,183.49	7.74	100.00	1,612.89	1,438.99	12.08

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