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Revenue from operations soared 9.31% YoY to Rs 4,031.92 crore in the quarter ended 30 September 2025.
Profit before tax (PBT) stood at Rs 456.83 crore in Q2 FY26, up 18.60% from Rs 385.17 crore reported in the same period a year ago.
Total expenses rose 7.81% YoY to Rs 3,627.24 crore in Q2 FY26. The cost of material consumed stood at Rs 1,947.37 crore (up 15.59% YoY), finance cost was at Rs 80.08 crore (down 27.07% YoY), employee benefits expenses stood at Rs 520.57 crore (up 11.41% YoY) during the period under review.
Segment-wise, revenue from forgings rose 8.71% to Rs 3,355.53 crore, while the defence segment saw a sharp 99.22% drop to Rs 394.51 crore. The 'Other' segment revenue surged 151.30% to Rs 587.76 crore.
The operating margin rose to 17.96% in Q2 FY26, up from 17.53% a year ago, while the net profit margin increased to 7.42% from 6.60%.
B.N. Kalyani, chairman & managing director of Bharat Forge, said, “the quarterly performance was impacted by the sharp decline in the North American truck production and the resulting inventory destocking. Standalone Revenues declined by 7.5% sequentially to Rs 1,947 crores, impacted by 16% drop in revenues to North America. CV exports to North America declined by 48% sequentially and 63% on a YoY basis. Because of the constant endeavor towards de-risking the business, the impact was minimized with EBITDA coming in at Rs 545 Crores (EBITDA margins of 28%) and PBT of Rs 432 crores. Consolidated revenue & EBITDA in Q2 came in at Rs 4,032 Crore and Rs 715 crores respectively.
The balance sheet remains robust with Cash of Rs 2,309 crores and ROCE (net) of 15.5%. Indian manufacturing, a key focus area and growth driver for the company registered revenues of Rs 2,746 Crores and EBITDA of RS 676 crores. The company secured new orders worth Rs 1,582 Crores including Rs 559 crores in Defence in H1 FY26. As of H1FY26, the defence order book stood at Rs 9,467 crores. We have transferred all the Defence dedicated assets of Bharat Forge to our wholly owned subsidiary KSSL.
On the business front we expect to conclude more order wins for platforms/ projects we have participated in. The US & European operations saw weakness driven by seasonality and prevailing sentiments. 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. Given the challenging demand conditions in North America, we are witnessing exports into that region declining further in H2 FY26.
However, we expect the industrial business across India, exports to non-US geographies and ramp up in defence business to more than offset the weakness in US exports. Our India manufacturing operations focusing on capturing opportunities in Defence, Aerospace, Castings and Aggregates across markets continue to make steady progress in their journey.”
Bharat Forge has been accorded in-principle approval to raise funds not exceeding Rs 20,000 million (Rupees twenty thousand million only) through a term loan, non-convertible debentures, or any other debt instruments, and the authority has been delegated to the Investment Committee – Strategic Business of the Company in this regard.
Bharat Forge manufactures an extensive array of critical and safety components for several sectors, including automobiles (across commercial & passenger vehicles), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining, and general engineering.
Bharat Forge Ltd is up for a third straight session in a row. The stock is quoting at Rs 1322.9, up 1.13% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.56% on the day, quoting at 26080.4. The Sensex is at 85005.24, up 0.45%. Bharat Forge Ltd has risen around 9.11% in last one month.
Meanwhile, Nifty Auto index of which Bharat Forge Ltd is a constituent, has risen around 1.94% in last one month and is currently quoting at 27148.35, down 0.34% on the day. The volume in the stock stood at 4.12 lakh shares today, compared to the daily average of 8.51 lakh shares in last one month.
The benchmark November futures contract for the stock is quoting at Rs 1321.9, up 1.23% on the day. Bharat Forge Ltd is down 6.87% in last one year as compared to a 7.15% spurt in NIFTY and a 14.68% spurt in the Nifty Auto index.
The PE of the stock is 44.76 based on TTM earnings ending June 25.