News ArticleBharat Forge Posts Rs 25,264 Million Revenue in Q2 FY27, Up 29.8% YoY on Strong Domestic and Export Sales
EBITDA rises 20.2% to Rs 6,546 million; company projects 20-25% revenue growth in Indian manufacturing for FY27 with new ATAGS production starting FY28
Bharat Forge Limited announced a 29.8% year-on-year revenue increase to Rs 25,264 million for Q2 FY27, driven by a rebound in North American truck demand and strong domestic commercial vehicle sales. The company also reported a 20.2% rise in EBITDA to Rs 6,546 million and maintained a positive outlook for FY27 revenue growth of 20-25% in its Indian manufacturing business, with new programme launches planned.
Bharat Forge Limited
Investor Presentation
Bharat Forge Limited reported a 29.8% year-on-year increase in standalone revenue to Rs 25,264 million for the quarter ended September 30, 2026, supported by strong demand in both exports and domestic commercial vehicles. EBITDA grew by 20.2% to Rs 6,546 million, despite margin pressures from increased energy and manufacturing costs.
The company’s export business grew 38.9% year-on-year to Rs 13,088 million in Q2 FY27, with robust performance in commercial vehicles, passenger vehicles, and industrial sectors aided by stronger North American and European markets.
Domestic revenue rose by 19.3% year-on-year to Rs 10,804 million, driven by higher commercial vehicle production and increased passenger vehicle sales ahead of festive demand, while industrial business maintained steady growth.
Bharat Forge’s consolidated revenue rose 20.8% year-on-year to Rs 48,700 million, with EBITDA of Rs 7,780 million showing an 8.8% increase. The company is undertaking a strategic review of its overseas operations where performance remains below expectations.
The company announced the receipt of Bulk Production Clearance for the ATAGS defence order, with manufacturing set to begin in FY27 and revenue recognition starting from Q1 FY28.
Bharat Forge expects its Indian manufacturing business revenue to grow by 20-25% in FY27 and has launched a Rs 2,000+ crore capital expenditure program for automotive, aerospace, defence, and semiconductor components to drive growth from FY29.
Highlights
- Standalone Q2 FY27 revenue: Rs 25,264 million, up 29.8% YoY
- Standalone Q2 FY27 EBITDA: Rs 6,546 million, up 20.2% YoY; margin at 25.9%
- Export revenue Q2 FY27: Rs 13,088 million, +38.9% YoY; commercial vehicles exports nearly doubled YoY
- Domestic revenue Q2 FY27: Rs 10,804 million, +19.3% YoY; commercial vehicle segment up 43.9% YoY
- Consolidated revenue Q2 FY27: Rs 48,700 million, +20.8% YoY; EBITDA Rs 7,780 million, +8.8% YoY
- Rs 2,000+ crore capex ongoing across key sectors with phased rollout over 12-18 months, supporting medium-term growth prospects for FY29 and beyond
Key Data Snapshot
What happened
- Bharat Forge reported robust financial results for Q2 FY27, with standalone revenue increasing by 29.8% to Rs 25,264 million and EBITDA by 20.2% to Rs 6,546 million.
- Exports grew 38.9% year-on-year, mainly driven by commercial vehicles and passenger vehicle segments.
- Domestic business revenue increased 19.3% year-on-year, led by a strong performance in commercial vehicles and passenger vehicles ahead of festive demand.
- The company secured Bulk Production Clearance for the ATAGS defence order, with manufacturing scheduled to start in FY27 and revenue recognition in FY28.
- A strategic review is underway for the overseas business due to underperformance, while a Rs 2,000+ crore capex program is underway across multiple sectors to support growth from FY29.
Key details
- Consolidated revenue for Q2 FY27 was Rs 48,700 million, up 20.8% year-on-year, with EBITDA at Rs 7,780 million, up 8.8%.
- Standalone profit before tax excluding exceptional items rose 20.5% to Rs 5,200 million in Q2 FY27.
- Export commercial vehicle revenue almost doubled year-on-year to Rs 5,580 million, while domestic commercial vehicle revenue rose 43.9% to Rs 3,209 million.
- Capex program includes investments in Automotive, Aerospace, Defence (including Energetics plant), Data Center & Semiconductor components.
- Defence order book stood at Rs 10,960 crore as of H1 FY27, reflecting strong order intake of Rs 681 crore in the half year.
Strategic context
- ATAGS manufacturing to commence in FY27 with revenue recognition starting Q1 FY28 following Bulk Production Clearance.
- The company anticipates 20-25% revenue growth in its Indian manufacturing business for FY27, supported by multi-sector demand.
- The Rs 2,000+ crore capex program will roll out over 12-18 months, aiming to drive medium-term growth beginning FY29.
- Overseas business performance remains below expectations, prompting a strategic review for optimal future direction.
- Strong performances in North American truck demand and domestic commercial vehicles underpin near-term growth.
Highlights
- Standalone Q2 FY27 revenue: Rs 25,264 million, up 29.8% YoY
- Standalone Q2 FY27 EBITDA: Rs 6,546 million, up 20.2% YoY; margin at 25.9%
- Export revenue Q2 FY27: Rs 13,088 million, +38.9% YoY; commercial vehicles exports nearly doubled YoY
- Domestic revenue Q2 FY27: Rs 10,804 million, +19.3% YoY; commercial vehicle segment up 43.9% YoY
- Consolidated revenue Q2 FY27: Rs 48,700 million, +20.8% YoY; EBITDA Rs 7,780 million, +8.8% YoY
- Rs 2,000+ crore capex ongoing across key sectors with phased rollout over 12-18 months, supporting medium-term growth prospects for FY29 and beyond
Disclosures
- BSE Listing Regulations
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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