Bharat Forge Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Market Cap: ₹98.7K Cr
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.
Price
₹2,063
Market Cap
₹98.7K Cr
P/E Ratio
97.8
Bharat Forge Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.5K Cr, net profit ₹233 Cr.
Full financials →📊 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.
- →The company is also expanding its domestic business positively across segments.
- →Overall, the outlook is optimistic despite tariff uncertainties, supported by diversification and strong customer relationships.
📈 Profitability & Margins
- →Defense segment expected to grow 15% to 20% in FY26, driven by new orders including ATAGS and new programs both in India and internationally.
- →Aerospace exports projected to continue rapid growth, having grown 4x in five years, supported by new dedicated forging and machining facilities.
- →E-mobility segment expected to see revenue progression and approach profitability ("black numbers") by the end of H2 FY26.
- →JS Auto casting business delivering strong growth with 15%+ EBITDA margin and profits doubling in FY25, on a trajectory to four-digit revenue soon.
- →Stable margin expansions observed with standalone business improving margins by 100 bps; consolidated EBITDA margins expanded by 180 bps YoY to 18.2%.
- →New multi-year orders worth ~Rs.7,000 crores (Rs.5,000 crores defense, Rs.2,000 crores components) reinforce growth pipeline.
- →CAPEX planned at around Rs.500 crores for FY26 to support expansion.
- →Overall positive outlook with diversification and international growth initiatives supporting sustained earnings growth.
🏗️ 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.
- →New dedicated forging and machining facilities for aerospace are being set up, backed by business wins and customer commitments.
- →The American Axles India Assets Transaction is expected to be concluded by end of June, marking a strategic acquisition to grow market presence and content per vehicle.
💰 Fundraising & Capital Structure
- →No specific mention of any current or future new fundraising through debt or equity in the transcript.
- →The company reported a robust balance sheet with surplus funds and a net long-term loan of about Rs.1,336 crores as of FY25.
- →They have completed the CAPEX for overseas greenfield projects and do not foresee much investment in overseas entities for the next year.
- →The focus appears to be on utilizing existing resources efficiently and growing through operational performance and strategic acquisitions (e.g., American Axles India Assets transaction).
- →No explicit plans shared regarding raising new capital through debt or equity during the call.
📋 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.
- →Revenues from the ATAGS order are expected to start reflecting from Q4 FY26, spread over two years.
- →The company is working on many new programs and expanding into new geographies, indicating a healthy pipeline of pending orders.
Key Metrics
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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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.