BHARATFORG Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹4,343 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Bharat Forge reported a strong Q3 FY26 with consolidated revenue of ₹4,343 crore and EBITDA margin of 17.3%, aided by robust domestic automotive demand and defense order execution. Standalone revenue grew 7% sequentially to ₹2,084 crore with EBITDA margin of 27.3%, despite a ₹31 crore tariff impact. The defense order book expanded significantly with new wins including CQB carbine and ATAGS, and management guided for 30-40%+ defense growth next year. The JSA casting business saw strong performance, with Premji Invest taking a 23% stake at a ₹4,300 crore valuation. Exports appear to have bottomed, with North American truck orders showing early recovery signs. Risks include ongoing European restructuring uncertainty and potential tariff impacts on US aluminium operations.
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Guidance to track
- Driven by commencement of ATAGS order and beginning of CQB production, with strong uptake expected.
- From current ~10-12%, defense could become as big as the overall business today, aided by global opportunities.
- Bharat Forge's share in the group's ₹17,000 crore Odisha project, including forging, machining, and casting facilities.
- Evaluation of restructuring operations for European steel business, with progress update by end of FY26.
Risks flagged
- Management deflected specifics on European restructuring, citing external landscape challenges and secular problems in Europe.
- Tariffs on aluminium into the US are impacting profitability and demand, with current utilization at 65%.
- While order intake is improving, the recovery is expected to be steady rather than sharp, with exports still down 51% YoY.
Key quotes
- Defense has the opportunity to become as big as our business today is overall business is today.
- We have to make a profit or we have to take some decisions so we have to see what to do.
- The tariff deal being done and the punitive 25% being removed means that we're in a differentiated position than others.
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