Bharat Forge Q4 FY26 Earnings Call Transcript Released
Bharat Forge released its Q4 FY26 earnings call transcript. FY26 consolidated revenue was ₹16,812 crore, up 11%, with EBITDA at ₹2,921 crore. The company secured new businesses worth ₹4,814 crore. Aerospace is now 26% of non-auto exports. Defense order book stands at ₹11,000 crore. FY27 India business growth is projected at 25%.
The announcement provides detailed financial performance, future growth guidance, updates on key business segments like aerospace and defense, and strategic initiatives like acquisitions and restructuring, which are material to investors.
The transcript indicates positive performance in several key segments, strong future growth projections, and strategic acquisitions, suggesting a positive outlook for the company.
Bharat Forge Limited has released the transcript of its Analyst/Investor Conference Call held on May 07, 2026, to discuss the Audited Financial Results for the Quarter and Financial Year ended March 31, 2026. The call featured insights from Vice Chairman and Joint Managing Director Amit Kalyani, CFO Kedar Dixit, and other key management personnel.
During the call, Kedar Dixit highlighted consolidated revenues of ₹16,812 crore and EBITDA of ₹2,921 crore for FY26, representing an 11% increase in revenues and a 6% increase in EBITDA. The consolidated net debt-to-equity ratio stood at 0.41x. The company secured new businesses worth ₹4,814 crore in FY26 across its key segments, including ₹1,210 crore in traditional business, ₹2,816 crore in Defence, ₹292 crore in castings (JSA), and ₹500 crore from K-Drive acquisition.
Standalone revenue for FY26 was ₹8,396 crore, a 5% year-over-year decrease attributed to regulatory uncertainties in North America and demand challenges in the US CV market. However, standalone revenue for the fourth quarter (Q4 FY26) increased by 8.5% quarter-over-quarter to ₹2,260 crore, driven by export recovery and domestic automotive segment performance. Standalone EBITDA margin for Q4 FY26 was 27%, with PBT before exceptional items at ₹486 crore.
Amit Kalyani emphasized that FY26 was a challenging yet well-navigated year, with strong momentum entering the new fiscal year. He noted the significant progress in the aerospace business, which now constitutes 26% of the company's non-auto exports and is the second-largest contributor to industrial exports. The defense business has a robust order book of approximately ₹11,000 crore for the next 3-4 years. The acquisition of Fortuna Engineering for ₹130 crore (30% stake) is expected to complement Bharat Forge's machining capabilities.
The company anticipates a strong FY27 for its India manufacturing operations, projecting close to a 25% growth, barring geopolitical crises. Ongoing capex programs are estimated at ₹800-850 crore over the next 15-18 months. Discussions also covered the restructuring of the German steel business (CDP), expected to conclude by the end of the next calendar year, and a recalibration of EV strategies globally due to slower adoption rates than initially anticipated. The company is also exploring opportunities in data centers and expanding its product portfolio in defense, including unmanned platforms and exploring entry into explosives manufacturing.
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