Aerospace revenue to grow 20%+ YoY
Aerospace business expected to continue strong growth with limited US exposure.
BHARATFORG / guidance tracker
Keep management guidance in view.
Bharat Forge · forward-looking guidance across the available source record.
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What management said would happen.
revenue
American Axle to add ₹1,000 crore to consolidated topline
Consolidation from Q2 FY26, adding approximately ₹1,000 crore in annual revenue.
H2 performance better than H1
Management expects second half to be stronger than first half, with Q2 marking a low.
Steel Europe restructuring roadmap in 6 months
A roadmap for European steel business restructuring will be outlined within six months.
FY27 Capex of ₹1,800 crore for organic expansion
Spread across forging, machining, heat treatment, and quality control in India for both auto and non-auto sectors. Asset turnover targeted above 1.5x with very good margins. Funded from internal cash generation.
Aerospace revenue to double in 2 years to ₹800 crore
Ring mill in Baramati starting Q4 FY27 and new forging facility will enable step-jump in aerospace production. Management sees strong momentum from Farnborough air show engagements.
Defense margins steady-state target of 22-23%
KSSL (defense arm) operating margins strong in Q1. On steady-state annual basis, management guides 22-23% EBITDA margin. Volatility in quarterly margins due to product mix and execution timing.
FY27 and FY28 expected to be strong years
H2 FY27 expected more robust with export recovery continuing and commencement of ATAGS/carbine deliveries. Momentum across exports and domestic defense expected to sustain into FY28 barring geopolitical upheavals.
Q3 similar to Q2, recovery by Q4
Management expects Q3 performance to be similar to Q2, with an uptick in Q4 as tariff uncertainties resolve.
Aerospace revenue >₹350 crore in FY26
Aerospace revenue is expected to exceed ₹350 crore for the full year, growing at 40%+ YoY.
Fundraising of up to ₹2,000 crore for organic and inorganic growth
Company has approval to raise up to ₹2,000 crore via debt and NCDs for organic and inorganic expansion in India.
European steel restructuring roadmap by end of FY26
Management will outline the restructuring plan for European steel operations by the end of the fiscal year.
Defense business growth of 30-40%+ next year
Driven by commencement of ATAGS order and beginning of CQB production, with strong uptake expected.
Defense revenue share to reach 18-20% in 2-3 years
From current ~10-12%, defense could become as big as the overall business today, aided by global opportunities.
Capex of up to ₹3,000 crore for Odisha project
Bharat Forge's share in the group's ₹17,000 crore Odisha project, including forging, machining, and casting facilities.
European restructuring update by fiscal year-end
Evaluation of restructuring operations for European steel business, with progress update by end of FY26.