Bharat Forge has announced its financial results for the quarter and year ended March 31, 2026, reporting a strong sequential recovery in the fourth quarter led by improved export demand, resilient domestic automotive performance, and sustained momentum in industrial and defence businesses. On a standalone basis, the company recorded revenue of Rs 2,260 crore in Q4 FY26, reflecting an 8.5% increase over the previous quarter. EBITDA for the quarter rose 7.2% sequentially to Rs 610 crore, with EBITDA margins remaining healthy at 27.0%. Profit before tax, excluding exceptional items, stood at Rs 486 crore, registering a 9.7% quarter-on-quarter growth.
For the full financial year FY26, standalone revenue stood at Rs 8,396 crore with EBITDA of Rs 2,312 crore. Consolidated revenue for FY26 grew 11.2% year-on-year to Rs 16,812 crore, while consolidated EBITDA increased 5.9% to Rs 2,921 crore. The company maintained a strong financial position with a standalone net debt-to-equity ratio of 0.18x.
Bharat Forge secured new orders worth Rs 4,814 crore during FY26, including defence contracts valued at Rs 2,816 crore. The company’s defence order book stood at Rs 10,961 crore at the close of FY26, strengthening its position in the strategic manufacturing and defence sector.
Export performance improved significantly during the fourth quarter, supported by inventory restocking and recovery in North American truck production. Passenger vehicle exports also registered strong growth across North and Central America. In aerospace, the company expanded its customer base across engine, structural, and landing gear components, contributing to improved execution during the quarter.
Domestic commercial vehicle demand remained steady, aided by continued GST-driven industry momentum, while passenger vehicle production maintained healthy growth. The industrial business also witnessed sustained demand from sectors such as power, construction and mining, agriculture, and machine tools.
Commenting on the company’s performance, Baba Kalyani, Chairman & Managing Director, Bharat Forge LimitedBharat Forge delivered a resilient performance in FY26 despite market challenges and regulatory uncertainty. He added that order wins across businesses, including aerospace and defence, reflected improving business momentum and strengthening customer confidence.
He further stated that the company remains optimistic about FY27 and expects nearly 25% revenue growth for its Indian manufacturing operations, supported by strong order execution and continued recovery in export markets, subject to global geopolitical stability. Bharat Forge Limited (BFL), headquartered in Pune, is a leading Indian multinational known for its advanced, technology-led manufacturing of high-performance and safety-critical components. Serving a wide range of industries—including automotive, power, oil & gas, construction, mining, railways, marine, defence, and aerospace—BFL delivers innovative solutions tailored to global needs.
With operations spread across five countries, BFL boasts one of the most comprehensive metallurgical knowledge bases in the industry. The company offers end-to-end capabilities, from concept development and product design to engineering, manufacturing, testing, and validation, supporting its globally located marquee clients with complete supply solutions.
