Profit before exceptional items and tax stood at Rs 490.86 crore in Q4 FY26, compared with Rs 429.40 crore in Q4 FY25. The company reported an exceptional loss of Rs 98.73 crore during the quarter.

EBITDA stood at Rs 773.5 crore in Q4 FY26, registering the growth of 15.26% as compared with Rs 671.1 crore in Q4 FY25.

Total expenses rose 17.41% YoY to Rs 4,089.33 crore in Q4 FY26. The cost of material consumed stood at Rs 2,271.81 crore (up 38.93% YoY), finance cost was at Rs 84.40 crore (down 4.09% YoY), and employee benefits expenses stood at Rs 534.62 crore (up 14.29% YoY) during the period under review.

Segment-wise, revenue from forgings rose 6.16% to Rs 3,647.99 crore, while the defense segment saw a sharp 46.39% surge to Rs 416.26 crore. The Other segment revenue surged 157.07% to Rs 732.95 crore.

The operating margin declined to 17.17% in Q4 FY26 from 17.63% a year ago, while the net profit margin fell to 5.16% from 7.34%.

B.N. Kalyani, chairman & managing director of Bharat Forge, said, 'Despite demand challenges and regulatory volatility, the company on a consolidated basis has recorded revenues of Rs 16,812 crore and EBITDA of Rs 2,921 crore, a growth of 11.2% and 5.9%, respectively. At a standalone level, in FY26, revenues came in at Rs 8,396 crore, lower by 5.1%, while EBITDA of Rs 2,312 crore was down 8.4%. Balance sheet strength remains intact with net debt to equity at 0.18x. Q4 FY26 saw an 8.5% QoQ growth in standalone revenue, reaching Rs 2,260 crore, driven by export recovery, while EBITDA grew by 7.2% QoQ to Rs 610 crore, resulting in a margin of 27% and PBT at Rs 486 crore. The company secured new orders worth Rs 4,814 crores in FY26, including Rs 2,816 crores in defense. The order book for Defense stood at Rs 10,961 crore as of FY26. The order wins across businesses reflect a resurgence in business momentum, including in aerospace with the onboarding of new customers across engine, structural, and landing gear components.

On the Indian subsidiaries front, JS Autocast registered a topline of Rs 757 crore and EBITDA of Rs 106 crore (14.3% EBITDA margin) in FY26. K-Drive Mobility is making significant progress in its effort to reorient its product portfolio with new order wins beyond M&HCVs, including 4 EV platforms for LCVs. The Rs 450 crore impairment during the quarter of our investments in KPTL (e-mobility division) is an acceptance of the need to take a fresh look at how we address the EV opportunity, as the EV adoption globally has changed significantly.

The US & European operations reported modest operating profits despite weak demand. We have initiated the restructuring of the steel business of CDP Bharat Forge and we expect this process to conclude by the end of CY27. The management is pursuing various alternative business opportunities in Europe to leverage its scaled-down manufacturing footprint.

Looking ahead into FY27, barring any geopolitical crisis and its impact on demand, we are optimistic of achieving 25% revenue growth with a commensurate increase in EBITDA & profitability for the Indian manufacturing operations driven by execution of orders across business and recovery in the export market.'

On a full-year basis, the company's consolidated net profit jumped 19.28% to Rs 1,089.40 crore, while net sales rose 11.17% to Rs 16,811.65 crore in FY26 compared with FY25.

Meanwhile, the Board has recommended a final dividend of Rs 6.50 per equity share of face value Rs 2 each (at the rate of 325%) for the financial year ended March 31, 2026, subject to the approval of the members at the ensuing annual general meeting of the company. The final dividend, if approved, will be paid on or after Friday, August 14, 2026.

Bharat Forge manufactures an extensive array of critical and safety components for several sectors, including automobiles (across commercial & passenger vehicles), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining, and general engineering.

Shares of Bharat Forge rose 4.70% to Rs 1,962.25 on the BSE.

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