Bharat Forge Limited announced its financial results for the quarter ended December 31, 2025, reporting solid sequential growth despite continued softness in select global markets. The quarter remained affected by inventory corrections in the North American commercial vehicle (CV) segment. However, standalone revenue rose 7% quarter-on-quarter to ₹2,084 crore. EBITDA increased 4.6% sequentially to ₹569 crore, resulting in a healthy margin of 27.3%. Growth was supported by strong traction in the domestic automotive business and steady execution of the company’s defence order book.
Export revenue declined 3% sequentially, with automotive exports down 13%, while industrial exports recorded an 11% rise. During Q3, the company secured fresh orders worth ₹2,388 crore, including ₹1,878 crore from defence contracts. As of December 31, 2025, the total defence order book stood at ₹11,130 crore. Bharat Forge also signed a CQB Carbine contract with the Ministry of Defence for the supply of over 250,000 units to the Indian armed forces, significantly strengthening its Small Arms portfolio within the defence segment.
Subsidiary JS Autocast (JSA) reported revenue of ₹203 crore and EBITDA of ₹32 crore in the quarter, achieving an EBITDA margin of 15.7%. This reflects a year-on-year growth of 22% in revenue and 39% in EBITDA.
K-Drive Mobility, an axle assembly supplier across segments, reported steady revenue but a notable improvement in profitability. EBITDA margins expanded from 3.1% in Q2 FY26 to 5.1% in Q3 FY26. The company expects margins to strengthen further over the next three years.
Operations in the US and Europe delivered modest operating profits despite seasonal weakness in the passenger vehicle (PV) market. The review of the European steel manufacturing footprint remains on schedule, with concrete actions expected before the end of the current fiscal year.
Commenting on the outlook, Chairman and Managing Director Baba Kalyani said the company expects conditions to improve further in Q4 FY26 and FY27. With strong demand anticipated across domestic and export markets, along with the commencement of ATAGS execution in the second half of FY27, the company is targeting high double-digit revenue growth and improved profitability.
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.
