Bharat Forge Ltd
Bharat Forge Q4 FY25: Capex ₹750 Cr
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Bharat Forge expects continuous annual growth in sales and revenue over the coming years, rather than focusing on quarter-to-quarter fluctuations. Defense segment expected to grow 15% to 20% in FY26, driven by new orders including ATAGS and new programs both in India and internationally.
From Bharat Forge Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Bharat Forge expects continuous annual growth in sales and revenue over the coming years, rather than focusing on quarter-to-quarter fluctuations.
- Defense segment is projected to grow 15% to 20% in FY26, supported by a strong order book of nearly Rs.9,500 crores and new programs.
- Multi-year new orders worth approximately Rs.7,000 crores, including Rs.5,000 crores in defense and Rs.2,000 crores in component businesses, indicate robust growth.
- Aerospace industrial exports have grown 4x in five years and are expected to continue this high growth trajectory. A new aerospace forging and machining facility is underway.
- E-mobility products are at maturity, with revenue progression and break-even anticipated during the second half of the year.
- US manufacturing operations show strong order growth with capacity expansions planned, contributing to future revenue.
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Profitability & Margins
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Capital Expenditure Plans
- Bharat Forge's CAPEX for Indian operations was Rs.750 crores in FY25.
- The company has completed CAPEX for its overseas Greenfield aluminum forging projects in the US.
- No significant overseas capital investments are foreseen for the next year.
- For FY26, combined CAPEX (standalone and consolidated) is expected to be around Rs.500 crores.
- The company is pursuing investments in electronics manufacturing, including setting up SMT lines for servers and electronics, leveraging existing KPTL investments.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Bharat Forge secured new business worth Rs. 6,959 crores across all key businesses in FY25.
- The current order book is approximately Rs. 9,500 crores.
- Multi-year orders worth roughly Rs. 7,000 crores have been received, with Rs. 5,000 crores from defense and Rs. 2,000 crores from component businesses.
- The ATAGS order (phase-I) is Rs. 3,417 crores for 307 guns, with Bharat Forge having 60% share; total Indian requirement is close to 2,000 guns.
- Defense order book and new programs are expected to drive 15% to 20% growth in FY26.
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Bharat Forge Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹4.5K Cr, net profit ₹233 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Bharat Forge Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Bharat Forge Ltd Q4 FY25 results?
Bharat Forge expects continuous annual growth in sales and revenue over the coming years, rather than focusing on quarter-to-quarter fluctuations. Defense segment expected to grow 15% to 20% in FY26, driven by new orders including ATAGS and new programs both in India and internationally.
What is Bharat Forge Ltd share price analysis?
Bharat Forge Ltd currently shows a neutral. The stock trades at a P/E of 97.8 with a market cap of ₹98,725 Cr. Investors should review the full earnings analysis for detailed insights.
Is Bharat Forge Ltd planning capital expenditure?
Bharat Forge's CAPEX for Indian operations was Rs.750 crores in FY25.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.