Bharat Forge Q2 FY27: Revenue Surges 30% Standalone to ₹2,526 Cr, Consolidated up 21%
Bharat Forge reported Q2 FY27 standalone revenue of ₹2,526 crore, up 30% YoY, and consolidated revenue of ₹4,870 crore, up 21%. EBITDA margins were 25.9% (standalone) and 16% (consolidated). The company secured new orders worth ₹2,100 crore and has a defense order book of ₹10,950 crore. Expansion in Baramati and new business wins in aerospace and defense are expected to drive future growth.
The announcement details significant revenue growth, strong order book, strategic expansions, and positive future outlook, all of which are material events for investors and have a high impact on the company's valuation and market perception.
The company reported strong year-on-year growth in both standalone and consolidated revenues and EBITDA. Positive outlook for the second half of the fiscal year, driven by new orders, business expansions, and recovery from cost increases, contributes to a positive sentiment.
Bharat Forge Limited announced its Unaudited Financial Results for the quarter and half year ended September 30, 2026. The company reported a significant 30% year-on-year increase in standalone revenues for Q2 FY27, reaching ₹2,526 crore. EBITDA stood at ₹655 crore, up 20% year-on-year, with an EBITDA margin of 25.9%. Profitability was impacted by escalating freight, energy, and input costs, which the company is recovering from customers with a lag.
Consolidated revenue for the quarter grew by 21% to ₹4,870 crore, with EBITDA at ₹778 crore, an increase of about 9% year-on-year, translating to an EBITDA margin of 16%. The company's Indian manufacturing businesses, including recent acquisitions like JS Auto Cast (revenue up 16% to ₹220 crore) and K-Drive, showed strong performance. The consolidated balance sheet remains robust with a net debt-to-equity ratio of 0.45x and cash reserves of approximately ₹4,158 crore post-QIP fundraising.
Bharat Forge secured new orders worth ₹2,100 crore in the first half of the year, with the forgings division receiving orders worth ₹1,000 crore. The defense order book stands at ₹10,950 crore as of September. The company anticipates a stronger second half of FY27 compared to the first half, driven by expected recovery in price increases, ramp-up of new businesses in the semiconductor space, and growth in its non-automotive segments like aerospace and defense.
The company is investing in expanding its Baramati facilities, adding 100,000 tons of forging capacity and significant machining capacity, which is expected to more than double output over the next 2-3 years. Production trials for new facilities are slated to begin in early 2027. The restructuring of its steel business in Europe, CDP, is on track and expected to conclude by mid-2027.
Discussions during the analyst call highlighted the robust performance of subsidiaries like JSA and K-Drive, with combined revenues expected to exceed ₹2,200-2,300 crore annually. The defense segment received bulk production clearance for ATAGS, with revenue recognition anticipated from Q1 FY28, and a delivery timeline of approximately four years. New significant businesses have also been secured in aerospace and landing gear, with multi-double-digit million dollar annual opportunities over the long term.
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Bharat Forge Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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