Bharat Forge Limited — PPTs, 06-08-2025: Investor Presentation

**Financial Highlights:**

Standalone revenue dipped 2.7% QoQ to 2104.7 Cr, with EBITDA at 587.8 Cr (27.9% margin), impacted by tariffs and product mix. Consolidated revenue reached 3908.8 Cr, with a 17.5% EBITDA margin. Net Debt/Equity improved, with consolidated at 0.33 (from 0.35) and standalone at 0.15 (from 0.17), signaling balance sheet strength.

**Strategic Initiatives & Growth Drivers:**

Focus shifts to opportunities in less impacted geographies and cost optimization. A review of European steel manufacturing is underway. Management expects new defence orders this fiscal year, boosting future revenue visibility.

**Business Developments:**

Secured new orders of 84.7 Cr (26.9 Cr defence), growing the defence order book to 946.3 Cr. Overseas US and European operations are now cash positive. Improved overseas Aluminium execution and reduced KPTL losses lifted consolidated results, supported by strong domestic passenger car sales.

**Market Position & Competitive Advantage:**

Export markets face tariff and regulatory headwinds, particularly North American CVs. Domestic CVs saw softness. Domestic industrial segment performed well, driven by defence.

**Investor Implications:**

FY26 appears challenging due to cyclical and export exposure. Key areas to watch are cost optimization and new order wins. The strong defence order book and improved overseas units offer positive growth potential despite anticipated headwinds.