Bharat Forge LimitedQ1 FY27 Results & Financial Update
Bharat Forge Limited: Q1 FY27 consolidated results and company financials – revenue ₹4,639.94 Cr, PAT ₹-89.89 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Bharat Forge Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Bharat Forge Limited reported consolidated revenue from operations of Rs 4,639.94 crore for the quarter ended June 30, 2026, accompanied by a total income of Rs 4,697.19 crore.
The financial performance of the consolidated entity reflects ongoing cost pressures, energy price inflation, and structural actions within overseas manufacturing operations, even as the standalone domestic and export business exhibited resilience.
According to company management commentary, the standalone business recorded year-on-year topline growth of 11.5% with an EBITDA margin of 26.2%, which would stand at 28% when normalized for direct input cost increases.
Consolidated EBITDA reached Rs 752 crore, representing a 10.2% increase year-on-year and yielding an EBITDA margin of 16.2% across the wider group.
Indian operations secured new orders worth Rs 1,352 crore during Q1 FY27, which included Rs 681 crore from the defense segment, lifting the total outstanding defense order book to Rs 11,196 crore as of June 30, 2026.
Strategic capital expenditure plans were announced to establish dedicated forging and machining capabilities for sunrise sectors, backed by an estimated outlay of Rs 1,800 crore over the next 12 to 18 months, alongside a board-approved proposal to raise up to Rs 2,500 crore via equity or convertible securities.
01 · Business model
What does Bharat Forge do?
Bharat Forge Limited is a prominent global manufacturer and technology-driven engineering company serving diverse sectors including automotive, power, oil and gas, aerospace, marine, construction and mining, rail, and defence.
The company's primary business model centers around heavy forging, machining, and complex component manufacturing for commercial vehicles, passenger vehicles, and industrial end-markets across domestic and international geographies.
Bharat Forge operates extensive manufacturing facilities out of India alongside specialized overseas manufacturing subsidiaries located in Europe and the United States, supporting both steel and aluminum forging portfolios.
In addition to traditional mobility segments, the company is scaling its presence in sunrise sectors such as defense, aerospace, high-horsepower engines, data centers, and semiconductors to diversify its revenue mix.
02 · Historical context
What shaped the business before this quarter
K Drive Mobility was consolidated within Indian operations effective July 1, 2025, creating a base effect where year-on-year Indian operations results for Q1 FY27 are not directly comparable.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹4,639.94 Cr |
| Total income | ₹4,697.19 Cr |
| Profit before tax | ₹44.44 Cr |
| Profit after tax | ₹-89.89 Cr |
| EPS | ₹-1.88 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone revenue from operations reached Rs 23,474 million in Q1 FY27, up 11.5% year-on-year, driven by broad-based performance in exports and industrial segments.
Export revenue reached Rs 12,047 million, supported by a combination of inventory restocking, cycle recovery in North American truck production volumes, and strong passenger car exports across North America and Europe.
The industrial segment delivered solid year-on-year growth propelled by strong execution momentum in high-horsepower (HHP) engines and aerospace, despite a soft quarter in oil and gas.
What drove margins
Standalone EBITDA margin stood at 26.2% in Q1 FY27 compared to 27.9% in Q1 FY26, compressed by spiraling energy prices and higher input costs during the quarter.
Kalyani Strategic Systems Limited (KSSL) reported an improved EBITDA margin of 17.2% in Q1 FY27 compared to 6.9% in Q1 FY26, largely driven by better realizations and product mix.
05 · Demand, customers & order book
Where demand is coming from
The outstanding order book for the defense business stood at Rs 11,196 crore as of June 30, 2026.
The company signed its largest naval order to date with the Ministry of Defence for 12 Marine Gas Turbine Generator sets.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Indian operations delivered revenue of Rs 30,570 million and an EBITDA of Rs 7,286 million, representing an EBITDA margin of 23.8% for Q1 FY27.
Overseas operations generated revenue of Rs 15,352 million with an EBITDA of Rs 262 million and an EBITDA margin of 1.7%, reflecting continuing profitability challenges in overseas manufacturing units.
The e-mobility segment registered revenue of Rs 477 million and an EBITDA loss of Rs 32 million during Q1 FY27.
Geography and market mix
Exports by geography for Q1 FY27 comprised Rs 7,972 million from the Americas, Rs 3,047 million from Europe, and Rs 1,028 million from Asia Pacific, totaling Rs 12,047 million.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Standalone sale tonnage reached 66,787 tonnes in Q1 FY27, registering a 7.4% sequential increase over Q4 FY26 and an 8.0% increase year-on-year.
Projects, capex and execution
Bharat Forge is setting up dedicated forging and machining capabilities with an investment outlay of approximately Rs 1,800 crore over 12 to 18 months for sunrise sectors, including an energetics plant in Andhra Pradesh.
08 · Strategy & new businesses
How the company is trying to change its growth mix
09 · Reported developments
What changed operationally
New order wins in Indian operations totaled Rs 1,352 crore in Q1 FY27, of which Rs 681 crore originated from the defense sector.
10 · Pressure points & risks
What is not going smoothly
Overseas operations continue to face profitability pressures, with US manufacturing operations reporting negative EBITDA of Rs 39 million and European manufacturing operations recording an EBITDA margin of 2.8%.
11 · Items worth noticing
The line items that can distort a quick read
Standalone financial results included exceptional items of negative Rs 245 million for Q1 FY27.
Consolidated financial results included exceptional items totaling negative Rs 3,580 million for the quarter.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
As of June 30, 2026, consolidated long-term debt stood at Rs 21,516 million, working capital loans and bill discounting at Rs 48,451 million, equity at Rs 95,191 million, and cash and cash equivalents at Rs 27,298 million.
The board of directors approved, subject to shareholder approval, raising up to Rs 2,500 crore via equity shares, convertible securities, or other eligible methods.
13 · Management guidance & targets
What management is targeting from here
Management maintains a growth outlook of 20-25% for the Indian manufacturing business in FY27, expected to be more pronounced in the second half of the fiscal year.
14 · Previous-quarter changes
What changed since the previous quarter
Standalone sale tonnage increased from 62,201 tonnes in Q4 FY26 to 66,787 tonnes in Q1 FY27.
15 · Key Q&A
The quarter, answered directly
What does Bharat Forge do?
Bharat Forge Limited is a prominent global manufacturer and technology-driven engineering company serving diverse sectors including automotive, power, oil and gas, aerospace, marine, construction and mining, rail, and defence.
What is the clearest takeaway from Q1 FY27?
Bharat Forge Limited reported consolidated revenue from operations of Rs 4,639.94 crore for the quarter ended June 30, 2026, accompanied by a total income of Rs 4,697.19 crore.
What drove revenue or demand?
Standalone revenue from operations reached Rs 23,474 million in Q1 FY27, up 11.5% year-on-year, driven by broad-based performance in exports and industrial segments.
What mattered most for margins or profitability?
Standalone EBITDA margin stood at 26.2% in Q1 FY27 compared to 27.9% in Q1 FY26, compressed by spiraling energy prices and higher input costs during the quarter.
What changed operationally beyond the headline numbers?
Standalone sale tonnage reached 66,787 tonnes in Q1 FY27, registering a 7.4% sequential increase over Q4 FY26 and an 8.0% increase year-on-year.
What is management guiding or targeting from here?
Management maintains a growth outlook of 20-25% for the Indian manufacturing business in FY27, expected to be more pronounced in the second half of the fiscal year.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
H2 FY27 Growth Acceleration: Monitor the execution of the Indian manufacturing business to verify if growth accelerates into the second half of FY27 as guided by management.
- 02
Capex Deployment: Track the progress and commissioning milestones of the Rs 1,800 crore capital expenditure program dedicated to sunrise sectors and the Andhra Pradesh energetics plant.
- 03
Defense Order Execution: Observe conversion milestones on the Rs 11,196 crore defense order book, including execution progress on the recently signed 12 Marine Gas Turbine Generator sets order.
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