Bharat Forge Limited — PPTs, 11-11-2025: Investor Presentation

Bharat Forge's Q2 FY26 standalone revenue dipped 7.5% QoQ to Rs 1,947 Cr, mainly due to a sharp decline in North American truck production and inventory destocking. CV exports to North America plummeted 48% QoQ and 63% YoY. Despite this headwind, standalone EBITDA margins remained resilient at 28%, reflecting the company's de-risking initiatives.

Consolidated revenue reached Rs 4,032 Cr with an EBITDA of Rs 715 Cr. Indian manufacturing is a significant growth area, contributing Rs 2,746 Cr in revenue. The company secured new orders worth Rs 1,582 Cr in H1 FY26, including Rs 559 Cr in Defence, elevating the Defence order book to Rs 9,467 Cr. Defence assets were transferred to its subsidiary KSSL.

Management anticipates continued demand weakness in North America for H2 FY26. However, they expect strong performance from the Indian industrial business, exports to non-US markets, and the expanding defence sector to more than compensate for these challenges. The company maintains a robust balance sheet with Rs 2,309 Cr in cash.