India · Delayed Price · Currency is INR Bharat Forge Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw 11% revenue and 6% EBITDA growth, with strong momentum into FY 2027 driven by aerospace, defense, and automotive. India business targets 25%+ growth, major CapEx is planned, and overseas restructuring is expected to reduce losses.
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Q3 saw 7% sequential revenue growth and strong EBITDA margins, led by domestic automotive and defense, despite export headwinds. Defense and aerospace segments are set for robust growth, while new investments and capacity expansions position the company for future gains.
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Q2 revenues declined due to a sharp drop in North American CV exports, but resilience in passenger vehicle, industrial, and defense segments, along with strong cash reserves and new business wins, supported profitability. Aerospace and JS Auto are expected to drive growth, while tariff and market uncertainties persist.
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Q1 saw a slight revenue dip and lower EBITDA due to tariffs and global uncertainties, but consolidated results improved sequentially. The company expects a stronger H2, driven by new business wins, aerospace growth, and the American Axle India CVF acquisition.
Fiscal Year 2025
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Q4 saw stable revenue growth and margin expansion, with strong performance in defense and aerospace. U.S. and European operations stabilized, but tariff uncertainties remain. New business wins and a robust order book support a positive outlook for FY26.
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Quarterly revenue declined 7% amid weak overseas demand, but margins and domestic segments remained resilient. Aerospace and casting businesses are set for strong growth, while defense and oil & gas segments posted robust YoY gains. Overseas losses persist, with restructuring decisions expected in six months.
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Margins expanded and order wins were robust despite flat revenue and European weakness. Defense and aerospace segments showed strong growth, with a record order book and positive outlook for India and the US. CapEx focused on US and EV, with leverage and liquidity improving.
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Revenue and profitability grew strongly YoY, led by robust Indian operations and defense order wins. Overseas subsidiaries are recovering, with Europe turning EBITDA positive and U.S. losses narrowing. Outlook remains positive for defense, aerospace, and industrial segments.
Fiscal Year 2024
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The acquisition of a leading commercial vehicle axle business in India for INR 545 crores aims to drive growth, diversify product offerings, and leverage technology synergies. The deal is expected to be accretive from year one, with integration plans focused on technology transfer and minimal immediate CapEx.