India · Delayed Price · Currency is INR Bharat Forge Earnings Call Transcripts
Fiscal Year 2026
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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 saw a 7.5% sequential revenue decline due to North American CV export weakness, but resilience in other segments and new business wins supported margins. Defense and aerospace order books are robust, with strong growth expected in these areas, while the company maintains a solid cash position and pursues further expansion in India.
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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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Q2 saw resilient performance with flat revenue and margin expansion, driven by strong exports and defense growth. The order book reached INR 6,000 crores, with significant wins in defense and aerospace, and robust balance sheet metrics. Europe remains weak, but India and the U.S. show positive outlook.
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Revenue and profitability grew strongly YoY, led by defense and oil & gas, with robust order wins and margin expansion. Overseas operations are recovering, and a major capex and fundraising plan is underway to support growth, especially in India.
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.