Bharat Forge Limited (BFL) announced its financial results for the second quarter of FY26, highlighting resilience amid global headwinds, with strong growth momentum in the domestic industrial and defence businesses driving performance.
The company reported standalone revenue of ₹1,947 crore, impacted by softer demand in the North American commercial vehicle (CV) market. Despite this, EBITDA remained healthy at ₹545 crore, reflecting a strong 28% margin, supported by a favourable product mix and cost efficiencies. Profit before tax stood at ₹432 crore, while net profit was ₹310 crore for the quarter.
On a consolidated basis, BFL recorded revenue of ₹4,032 crore, up from ₹3,909 crore in Q1 FY26, backed by a robust performance in Indian manufacturing and defence segments. Consolidated EBITDA stood at ₹715 crore, with margins steady at 17.7%, underscoring the company’s diversified strength across markets.
The company secured new orders worth ₹1,582 crore in the first half of FY26, including ₹559 crore in defence, further strengthening its defence order book to ₹9,467 crore. To sharpen its strategic focus in this segment, Bharat Forge completed the transfer of all defence assets to its wholly owned subsidiary, Kalyani Strategic Systems Limited (KSSL).
Chairman and Managing Director Baba Kalyani said the company’s consistent efforts to de-risk its business model have helped it navigate a challenging export environment.
“While North American truck demand moderated sharply, our growing presence in India’s manufacturing and defence ecosystems has provided a strong counterbalance. Our diversified approach helped sustain margins and maintain a healthy balance sheet,” he said.
During the quarter, Indian manufacturing operations registered revenues of ₹2,746 crore and EBITDA of ₹676 crore, reaffirming Bharat Forge’s leadership in key growth areas such as defence, aerospace, castings, and aggregates.
The company continues to maintain a robust financial position with cash reserves of ₹2,309 crore and a net ROCE of 15.5%. The review of its European manufacturing footprint is progressing as planned, with key actions expected by the end of the fiscal year.
Looking ahead, Bharat Forge expects the defence, industrial, and non-US export businesses to drive growth in the second half of FY26, offsetting short-term demand softness in developed markets.
