Bharat Forge Q4 FY26 results: Net profit drops 17.5% despite strong revenue growth

Bharat Forge Limited reported a consolidated net profit of Rs 2,325.65 million for Q4 FY26, marking a 17.53% decline year-on-year. Despite the fall in profit, the company's revenue from operations increased 17.53% year-on-year to Rs 45,280.43 million in the same quarter.

Key Highlights

• Bharat Forge's Q4 FY26 net profit fell 17.53 percent year-on-year
• Q4 FY26 consolidated revenue rose 17.53 percent to Rs 45,280.43 million
• FY26 consolidated revenue reached Rs 16,812 crore, up 11.2 percent year-on-year
• Defence order book stood at Rs 10,961 crore as of March 31, 2026
• The company expects 25 percent revenue growth in Indian manufacturing for FY27

Q4 FY26 Financial Performance

On a standalone basis, Bharat Forge's Q4 FY26 revenue rose 8.5% quarter-on-quarter to Rs 2,260 crore. The company's EBITDA increased 7.2% sequentially to Rs 610 crore, resulting in an EBITDA margin of 27%. Profit before tax, before exceptional items, stood at Rs 486 crore, up 9.7% from the previous quarter.

For the full fiscal year FY26, standalone revenue reached Rs 8,396 crore, while EBITDA was Rs 2,312 crore. The standalone net debt-to-equity ratio was 0.18x at the end of the fiscal year, reflecting a stable financial position.

Annual Results and Order Book

Bharat Forge's consolidated revenue for FY26 stood at Rs 16,812 crore, up 11.2% year-on-year. Consolidated EBITDA rose 5.9% year-on-year to Rs 2,921 crore. During FY26, the company secured new orders worth Rs 4,814 crore, with defence orders accounting for Rs 2,816 crore. The defence order book totaled Rs 10,961 crore as of March 31, 2026.

Export Performance and Outlook

Export performance improved in Q4 FY26, supported by inventory restocking and a recovery in North American truck production. Passenger vehicle exports increased across North and Central America. The aerospace segment added new customers for engine, structural, and landing gear components.

Chairman and Managing Director Baba Kalyani noted that the company anticipates a 25% revenue increase in its Indian manufacturing operations by FY27, contingent upon geopolitical conditions and the recovery of the export market.

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CarBike 360 Says

​Despite strong revenue growth in Q4 FY26, Bharat Forge’s decline in net profit underscores ongoing margin pressures and cost challenges. Going ahead, the company’s focus on operational efficiency, global demand recovery, and strategic expansion will be crucial in sustaining growth momentum while improving profitability in the coming quarters.