Bharat Forge’s Q2 FY26 performance was impacted by a sharp decline in North American truck production. Standalone revenues decreased by 7.5% sequentially to Rs 1,947 crores. Despite this, the company secured new orders worth Rs 1,582 Crores, including Rs 559 crores in Defence. Consolidated revenue & EBITDA stood at Rs 4,032 Crore and Rs 715 crores respectively.
Financial Performance Overview
Bharat Forge announced its financial results for Q2 FY26, noting a decline in performance due to challenges in the North American market. Standalone Revenues decreased by 7.5% sequentially, reaching Rs 1,947 crores, primarily impacted by a 16% drop in revenues from North America. CV exports to North America saw a significant decrease of 48% sequentially and 63% year-over-year.
Despite these challenges, EBITDA stood at Rs 545 Crores, with EBITDA margins of 28%, and PBT reached Rs 432 crores.
Consolidated revenue for Q2 FY26 was reported at Rs 4,032 Crore, with EBITDA at Rs 715 crores. The company’s balance sheet remains robust, featuring Cash reserves of Rs 2,309 crores and a ROCE (net) of 15.5%.
Order Book and Defense Sector
Bharat Forge secured new orders worth Rs 1,582 Crores during the period, which includes Rs 559 crores in Defence for H1 FY26. As of H1 FY26, the defence order book stood at Rs 9,467 crores. All Defence dedicated assets have been transferred to the company’s wholly-owned subsidiary, KSSL.
Segment Performance
Indian manufacturing remains a key focus area and growth driver, registering revenues of Rs 2,746 Crores and EBITDA of RS 676 crores.
Export Business
Q2 FY26 export revenue stood at Rs 9,420 million. A combination of slow freight growth, weak sentiment and tariff uncertainty weighed on CV demand in North America. The company expects current sluggishness to continue, given the ongoing policy uncertainty in the US.
Domestic Business
The company’s Q2 FY26 domestic revenue reached Rs 9,058 million. CV business performance was impacted by lower production volumes in anticipation of GST rate changes. The Passenger Car segment has shown consolidated gains and is expected to continue growing.
Subsidiary Performance
KSSL reported revenue from operations of Rs 3,990 for Q2 FY26 with an EBITDA of Rs 427. BFISL’s revenue from operations stood at Rs 2,213 and EBITDA at Rs 304 for the same period.
Source: BSE
