Bharat Forge Q3 FY26 Results: Revenue Up 7% QoQ to ₹2,084 Cr, Defence Orders Boost
Bharat Forge reported Q3 FY26 standalone revenue of ₹2,084 crore (up 7% QoQ) and EBITDA of ₹569 crore (up 4.6% QoQ). The company secured new orders worth ₹2,388 crore, including ₹1,878 crore in Defence. A significant CQB Carbine contract was signed with the Ministry of Defence. Management anticipates strong growth in FY27.
The announcement includes significant new order wins in the defence sector, a major contract with the Ministry of Defence, and positive future outlook, all of which are material to the company's future revenue and profitability.
The company reported sequential revenue and EBITDA growth, secured substantial new defence orders including a significant carbine contract, and expressed optimism for future performance with expected high double-digit top-line growth.
Bharat Forge Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported standalone revenues of ₹2,084 crore, a sequential increase of 7.0%, and EBITDA of ₹569 crore, up 4.6% quarter-on-quarter, resulting in an EBITDA margin of 27.3%. This performance was driven by strong growth in the domestic automotive business and the execution of defence orders.
Export revenues saw a sequential decline of 3%, with the automotive sector down 13% and industrials up 11%. In the third quarter, Bharat Forge secured new orders worth ₹2,388 crore, including ₹1,878 crore in Defence. As of December 31, 2025, the defence order book stood at ₹11,130 crore. A significant development was the signing of the CQB Carbine contract with the Ministry of Defence for over 250,000 units, which is expected to unlock substantial growth opportunities for the Small Arms vertical.
The company's subsidiary, JS Autocast, recorded a 22% year-on-year revenue jump to ₹203 crore and a 39% EBITDA jump to ₹32 crore. K-Drive Mobility saw its EBITDA margins improve from 3.1% to 5.1% in Q3 FY26, with expectations of continued improvement over the next three years.
Looking ahead, the management expressed optimism, stating that the worst is likely behind them. With strong domestic and export markets anticipated across sectors and the commencement of ATAGS execution in H2 FY27, the company expects high double-digit top-line growth and a commensurate impact on profitability.
On a consolidated basis, revenue for Q3 FY26 grew driven by Defence, while year-on-year revenue and EBITDA were impacted by the consolidation of K-Drive Mobility. The company's debt-to-equity ratio (net) stood at 0.41 as of December 31, 2025.
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