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Bharat Forge Offsets North American Slump with Domestic and Defense Gains
11 Nov
Summary
- Bharat Forge reports 7.5% Q-o-Q revenue decline due to North American commercial vehicle slowdown
- Strong performance in Indian manufacturing and defense businesses offsets export weakness
- Company secures ₹1,582 crore in new orders, including ₹559 crore from defense segment
Bharat Forge Limited (BFL) has announced its financial results for the quarter ended September 30, 2025, showcasing a steady performance driven by its domestic industrial and defense segments, despite weakness in export markets.
On a standalone basis, the company reported revenue of ₹1,947 crore for Q2 FY26, a decline of 7.5% quarter-on-quarter (QoQ), primarily due to a slowdown in North American commercial vehicle demand. However, the company's consolidated revenue rose to ₹4,032 crore, supported by strong performance in Indian manufacturing and defense businesses.
Bharat Forge's EBITDA stood at ₹715 crore on a consolidated basis, translating into a margin of 17.7%. The company also secured new orders worth ₹1,582 crore during the first half of FY26, including ₹559 crore from the defense segment. Bharat Forge's defense order book now stands at ₹9,467 crore as of the first half of FY26.
Despite the challenges in the North American market, the company remains focused on diversifying its business and capturing opportunities in the domestic industrial, aerospace, and defense sectors. The company's Chairman and Managing Director, Baba Kalyani, expressed confidence in the company's ability to offset the weakness in US exports through its growing industrial and defense operations in India.
