Quarter Ended: March 2026
Bharat Forge Limited – Q4 FY26 Results
NSE
bharatforg
BSE
500493
Bharat Forge delivered robust revenue growth in Q4 FY26 driven by forgings and defence businesses, but profitability was impacted by exceptional losses and negative other comprehensive income.
key financial highlights
- Revenue from Operations:
- Revenue (Q4 FY26): ₹4,528.04 Crores
- QoQ Change: +4.26%
- YoY Change: +17.53%
- Previous Quarter (Q3 FY26): ₹4,342.93 Crores
- Previous Year (Q4 FY25): ₹3,852.60 Crores
- Revenue (Q4 FY26): ₹4,528.04 Crores
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹233.45 Crores
- QoQ Change: -14.42%
- YoY Change: -17.40%
- Previous Quarter (Q3 FY26): ₹272.80 Crores
- Previous Year (Q4 FY25): ₹282.62 Crores
- PAT (Q4 FY26): ₹233.45 Crores
- QoQ Performance
- Revenue Trend: Strong Growth
- Profit Trend: Weakening
Margin Analysis
Drivers:
- Raw material costs increased significantly
- Exceptional losses of ₹987.28 Million impacted earnings
- Higher employee and depreciation expenses
- Defence segment delivered stronger operational contribution
- Finance costs remained elevated
Insight:
- Core business momentum remains healthy, but margin pressure and exceptional adjustments impacted bottom-line profitability
Segment performance
Segments: Forging
- Revenue: ₹3,647.99 Crores
- Insights:
- Remained the dominant contributor with stable margin expansion
Segments: Defenece
- Revenue: ₹416.26 Crores
- Insights:
- Witnessed strong YoY growth supported by defence orders
Segments: Others
- Revenue: ₹732.95 Crores
- Insights:
- Diversified businesses showed strong growth momentum
Segment insight
Summary:
- Bharat Forge continues to diversify beyond traditional forgings with defence and other industrial businesses becoming increasingly important growth drivers.
Charcateristics:
- Forgings business remains core revenue engine
- Defence vertical showing rapid growth
- Segment assets expanded materially
- Capital employed improved YoY
- Diversification strategy gaining traction
Earning quality check
Drivers:
- Strong operating cash flow generation of ₹15,439.71 Million
- Stable operational profitability before exceptional items
- Healthy capital employed growth
- Strong working capital cash generation
- Investment and treasury activities remained active
Interpretations:
- Underlying operational earnings remain healthy despite reported PAT pressure caused by exceptional items and OCI losses
balance sheet Analysis
- Total Assets: ₹222,599.55 Million
- Total Liabilities: ₹127,031.31 Million
Insight:
- The company significantly expanded its balance sheet during FY26 with higher investments in property, equipment, subsidiaries, and defence-related capacities.
key risks
- Cyclical slowdown in automotive demand
- Margin volatility from raw material prices
- Defence execution delays
- Higher borrowing and finance costs
- Exceptional losses impacting earnings visibility
- Global industrial slowdown
management strategy signals
Focus Area:
- Defence manufacturing expansion
- Diversification beyond auto forgings
- Global industrial opportunities
- Capacity expansion
- Strengthening non-automotive revenues
Financial metrics table
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Revenue | ₹4,528.04 Crores | +4.26% | +17.53% |
| PBT | ₹392.14 Crores | -3.70% | -7.54 |
| PAT | ₹233.45 Crores | -14.42% | -17.40% |
Bharat Forge reported a strong operational quarter supported by robust revenue growth, expanding defence business contribution, and improving diversification across segments.
However, exceptional losses, elevated cost structures, and negative OCI significantly impacted reported profitability. The company’s long-term strategic positioning in defence, industrial manufacturing, and global engineering remains strong, but near-term earnings volatility may persist due to cyclical and cost-related pressures.
Official Exchange Filing: Bharat Forge Limited
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED