Bharat Forge Q3 FY26: Transcript of Analyst Call on Financial Results Released
Bharat Forge released its Q3 FY26 results transcript. Standalone revenues rose 7% QoQ to ₹2,084 crore, with EBITDA at ₹569 crore. Consolidated revenues were ₹4,343 crore. The company secured ₹2,388 crore in new business, including significant defense orders. Premji Invest acquired a 23% stake in JSA for ₹1,300 crore.
The announcement includes detailed financial results, a significant strategic investment in JSA, and optimistic outlooks for key growth segments like defense and aerospace, along with new business wins and capacity expansion plans, all of which have a material impact on the company's future performance.
The company reported sequential revenue growth, strong EBITDA margins, and secured significant new orders. Positive commentary on future growth prospects, successful JSA acquisition, and strengthening market position contributed to a positive sentiment.
Bharat Forge Limited announced the transcript of its Analyst / Investor Conference Call held on February 12, 2026, following the announcement of its Unaudited Financial Results for the Quarter and Nine months ended December 31, 2025. The call featured insights from Vice Chairman and Joint Managing Director, Mr. Amit Kalyani, and CFO, Mr. Kedar Dixit.
During the call, it was highlighted that standalone revenues for Q3 FY26 increased by 7% sequentially to approximately ₹2,084 crore, with EBITDA at ₹569 crore, a 4.6% quarter-on-quarter growth, and an EBITDA margin of 27.3%. This performance was supported by strong domestic automotive business and defense order execution. However, export revenues were impacted by continued destocking in the North American truck market. Consolidated revenues for Q3 FY26 stood at ₹4,343 crore with an EBITDA margin of 17.3%. The company secured new business worth ₹2,388 crore across key segments, including defense and components.
Mr. Amit Kalyani expressed confidence in the company's strengthened position and future growth potential, citing positive impacts from GST reforms and the US CV market bottoming out. He also highlighted the successful acquisition of JSA, with Premji Invest acquiring a 23% stake for ₹1,300 crore, valuing the investment at a significant multiple. The defense business is expected to see a 30%-40% growth next year, with aerospace also showing strong growth prospects. The company is exploring new M&A opportunities and capacity additions for strategic sectors.
Discussions also touched upon the defense business scale-up, with potential to significantly increase its revenue contribution. The impact of the tariff deal on the US market was noted as positive, improving the company's position as a supplier. Regarding the European operations, restructuring efforts are ongoing, with an update expected by the end of the fiscal year. Bharat Forge has committed up to ₹3,000 crore for its part in a new specialty steel and super alloy plant project in Odisha, with work expected to commence after necessary approvals. The acquisition of American Axle has performed well, with margin growth and increasing new business from Indian OEMs.
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Bharat Forge Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. 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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