Bharat Forge Limited (BFL), India’s leading engineering and technology company, announced its Q2 FY26 results, showcasing operational resilience and strong performance across domestic and defence verticals despite global market softness.
For the quarter ended September 30, 2025, the company reported standalone revenue of ₹1,947 crore, reflecting a temporary dip due to lower demand in the North American commercial vehicle (CV) market. Despite this, EBITDA remained robust at ₹545 crore, maintaining a healthy 28% margin. Profit before tax (PBT) stood at ₹432 crore, while net profit (PAT) was ₹310 crore.
At a consolidated level, revenue grew to ₹4,032 crore, up from ₹3,909 crore in Q1 FY26, supported by strong traction in Indian manufacturing and defence segments. Consolidated EBITDA came in at ₹715 crore, with a margin of 17.7%, underscoring the company’s diversified growth model.
During the first half of FY26, Bharat Forge secured new orders worth ₹1,582 crore, including ₹559 crore in defence, taking its defence order book to a healthy ₹9,467 crore. To strengthen its focus on this fast-growing vertical, all defence-related assets were transferred to its wholly owned subsidiary, Kalyani Strategic Systems Limited (KSSL).
Commenting on the results, Chairman and Managing Director Baba Kalyani said,
“While export markets, especially North America, remained subdued, our continued diversification and strong domestic presence have helped sustain performance. Our focus on defence, aerospace, and advanced manufacturing will continue to power growth going forward.”
Bharat Forge’s Indian manufacturing operations delivered a strong performance, with ₹2,746 crore in revenue and ₹676 crore in EBITDA during the quarter. The company continues to maintain a solid balance sheet, holding ₹2,309 crore in cash reserves and reporting a net ROCE of 15.5%.
The review of the company’s European operations is progressing as planned, with strategic actions expected by the end of FY26.
Looking ahead, Bharat Forge expects the defence, industrial, and non-US export markets to drive growth in the second half of FY26, reinforcing its position as a global engineering leader with a strong foundation in India’s industrial ecosystem.