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Bharat Forge Ltd Investor Presentation 2026

Feb 12, 2026

61415_rns_2026-02-12_854eb0bc-8484-46e5-81b1-599cc64a8450.pdf

Investor Presentation

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February 12, 2026

B H A R A T F O R G E

To BSE Limited Corporate Relations Department Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai 400 001 Maharashtra, India Scrip Code: 500493

National Stock Exchange of India Limited Listing Department Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra (East) Mumbai 400 051, Maharashtra, India Symbol: BHARATFORG

Sub.: Presentation on Financial Results for the quarter and nine months ended December 31, 2025

Dear Sir / Madam,

With reference to the subject, we are enclosing a copy of the Presentation on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended December 31, 2025.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Bharat Forge Limited

TEJASWINI Digitally signed by TEJASWINI RAMKRISHNA RAMKRISHNA CHAUDHARI Date: 2026.02.12 CHAUDHARI 13:24:50 +05'30' Tejaswini Chaudhari Company Secretary and Compliance Officer Membership No.: A18907

Encl: As above

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CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2451 6704 2544 (Secretarial) Fax 020 2682 2163 Email: [email protected] WEBSITE: www.bharatforge.com

Q3 FY26 ANALYST UPDATE

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Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail

Management Commentary: Q3 FY26 Performance

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BFL 3 Month Report: “The quarterly performance continued to be impacted by the de-stocking in the North American CV market. Standalone Revenues was up 7.0% sequentially to Rs 2,084 crores and EBITDA at Rs 569 Crore was up 4.6% QoQ translating in an EBITDA margin of 27.3%. The performance was aided by the strong growth in the Domestic automotive business and execution of defence orderbook. Export revenues witnessed a 3% sequential decline with auto sector down 13% and industrials showing a 11% increase.

In Q3, the company secured new orders worth Rs 2,388 Crores including Rs 1,878 crores in Defence. As of Dec 31[st] 2025, the defence order book stood at Rs 11,130 crores. We signed the CQB Carbine contract with the Ministry of Defence for supply of more than 250,000 units to the Indian armed forces. This order unlocks significant growth opportunities for our Small Arms vertical within the Defence business.

In the quarter gone by, JS Autocast (JSA) recorded revenue of Rs 203 Crore and EBITDA of Rs 32 Crore (15.7% EBITDA margin) representing a 22% and 39% YoY jump respectively. K-Drive mobility, a supplier of axle assembly across segments witnessed a muted topline but a sharp jump in their profitability with EBITDA margins moving up from 3.1% in Q2 FY26 to 5.1% in this quarter. We expect the margin profile to continue to improve over a 3-year time frame.

The US & European operations reported modest operating profits despite seasonal weakness in the PV market. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal.

Looking ahead into Q4 FY26 and FY27, it is fair to say that the worst is behind us and things are starting to look up. With both domestic and exports markets looking strong across sectors, and the commencement of ATAGS execution in H2 FY27, we expect high double digit top line growth and commensurate impact on profitability.”

B.N. Kalyani, Chairman & Managing Director

Standalone Financial Highlights Q3 FY26

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Rs million EBITDA
20,837 20,959
19,469
Q3 FY26 Q2 FY26 Q3 FY25
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Q3 FY26 Revenues at Rs 20,837 million saw QoQ improvement supported by higher Domestic Auto revenues and improved Defence execution.

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EBITDA
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5,694 5,446 5,894
Q3 FY26 Q2 FY26 Q3 FY25
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EBITDA margin at 27.3% in Q3FY26 down 70bps QoQ, was impacted by product mix changes and increase in tariff cost.

PBT before Ex. Gain/ Loss

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4,433 4,316 4,531
Q3 FY26 Q2 FY26 Q3 FY25
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PBT before Exchange gain/ (loss) came in at Rs 4,433 million for Q3 FY26 up 2.7% QoQ as better topline performance drove profitability.

3

Review of Export Business – Q3 FY26

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Rs million

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2,463
4,036
Q3 FY26
2,598
Commercial Vehicles Passenger Vehicles Industrial
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2,844
3,625
Q2 FY26
2,951
Commercial Vehicles Passenger Vehicles Industrial
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4,089
4,993
Q3 FY25
2,428
Commercial Vehicles Passenger Vehicles Industrial
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Revenue – Rs 9,097 million

Revenue – Rs 9,420 million

Revenue – Rs 11,510 million

  • Lower production and inventory de-stocking impacted the CV exports into North America sharply. NA truck revenues declined by 51% in Q3 FY26 vis-à-vis Q3 FY25. Early indicators such as net orders and increasing order backlog give comfort that the worst may be over for the trucking sector.

  • Passenger car export performed well in a seasonally weak quarter. As trade disputes subside, we anticipate a recovery in consumer confidence leading to higher personal mobility spend

  • Industrial segment saw mixed performance; HHP engines and Aerospace saw better performance driven by improved execution; while Oil & Gas continued to suffer from weak crude prices.

4

Review of Domestic Business – Q3 FY26

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Rs million

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2,614 2,231 2,279
Q3 FY26 5,915 Q2 FY26 Q3 FY25
5,126
1,022 912 985
7,083
Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial
Revenue – Rs 10,719 million Revenue – Rs 9,058 million Revenue – Rs 8,391 million
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  • CV business performance was driven by higher production volumes in Q3 across OEMs as benefits of GST rates cuts percolated in lower TCO to the end-users.

  • Passenger Car segment saw GST related benefits result in higher demand. We expect these tailwinds to support demand in the near term. In the longer term the expanding per capita car ownership will drive meaningful growth in this sector.

  • Domestic Industrial business saw strong performance driven by better execution in Defence and good traction for Heavy Horse-power engines

Other Revenue was Rs 1,021 million in Q3FY26

5

Export Break up by Geography

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In Rs million Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 Americas 5,355 5,800 8,540 18,088 25,007 Europe 2,988 2,867 2,333 8,791 8,159 Asia Pacific 754 753 637 2,391 1,795 Total 9,097 9,420 11,510 29,270 34,960

In Rs million

Consolidated Financial Highlights – Q3 FY26

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Rs million
Revenue
43,428
40,320
34,755
Q3 FY26 Q2 FY26 Q3 FY25
EBITDA
7,502
7,154
6,377
Q3 FY26 Q2 FY26 Q3 FY25
PBT before Ex. Gain/ Loss
4,600 4,452
3,522
Q3 FY26 Q2 FY26 Q3 FY25
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In Rs million Q3 FY26 FY25
Long term Debt
WC Loans & Bill Discounting
Equity
Cash
RoCE (Net)
Debt/ Equity (Net)
Net Debt/ EBITDA		 13,616
19,839
46,622
43,044
96,292
92,206
20,566
30,952
15.5%
15.4%
0.41
0.35
1.39
1.16
  • QoQ Revenue saw growth driven by Defence. YoY Revenue and EBITDA was impacted by consolidation of K-Drive Mobility (erstwhile AAM India Mfg Corp’s CV business)

7

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Financials Annexures

Standalone P&L Highlights – Q3 & 9MFY26

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In Rs million Q3 FY26 Q2 FY26 QoQ(%) Q3 FY25 YoY (%) **9M FY26 ** **9M FY25 ** YoY(%)
Sale Tonnage (TBU)
Domestic
Export
Revenue from Operations
EBITDA		 57,859
56,458
2.5%
61,507
-5.9% 1,76,174
1,93,106
-8.8%
11,740
10,049
16.8%
9,450
24.2%
32,083
31,847
0.7%
9,097
9,420
-3.4%
11,510
-21.0%
29,270
34,960
-16.3%
20,837
19,469
7.0%
20,959
-0.6%
61,353
66,808
-8.2%
5,694
5,446
4.6%
5,894
-3.4%
17,018
18,947
-10.2%
EBITDA(%) 27.3%
28.0%
28.1%
27.7%
28.4%
PBT before Exceptional Items
Exceptional Items
Exchange Gain/ (Loss)
PBT
Tax
PAT		 4,433
4,316
2.7%
4,531
-2.2%
13,402
14,864
-9.8%
(487)
(79)
(9)
(566)
(1,331)
(29)
64
205
(125)
(79)
3,917
4,301
4,727
12,711
13,454
1,035
1,202
1,266
3,344
3,687
2,881
3,099
3,461
9,366
9,767

9

Standalone B/S Highlights – Q3 FY26

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In Rs million

Q3 FY26

FY25

Long term Debt

WC Loans & Bill Discounting

6,597 12,865 24,325 26,770

Equity

1,13,427 1,09,643

Cash 13,973 20,728 RoCE (Net) 14.5% 18.1% Debt/ Equity (Net) 0.15 0.17 Net Debt/ EBITDA 0.75 0.75

13,973 20,728

14.5% 18.1%

10

Consolidated Financials Reconciliation

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Rs million

Q3 FY26 Indian Operations Overseas Operations E-Mobility Consolidated
Revenue from Operations
EBITDA		 30,452
12,912
64
43,428
7,109
491
-98
7,502
EBITDA(%) 23.3%
3.8%
-
17.3%
PBT (incl Other Income)
Exchange Gain / (Loss)
Exceptional Items
PBT after Exceptional Items		 5,650
-917
-132
4,600
-18
84
-
66
-553
-
-4
-557
5,080
-834
-136
4,110
Q3 FY25 Indian Operations Overseas Operations E-Mobility Consolidated
Revenue from Operations
EBITDA		 23,770
10,979
6
34,755
6,463
35
-120
6,377
EBITDA(%) 27.2%
0.3%
-
18.3%
PBT (incl Other Income)
Exchange Gain / (Loss)
Exceptional Items
PBT after Exceptional Items		 5,029
-1,343
-164
3,522
100
-137
2
-36
-
-
0
0
5,129
-1,480
-162
3,487

Q3FY26 Indian Operations includes Revenue and EBITDA impact of Rs 2,941 million and Rs 147 million from K-Drive Mobility (erstwhile AAM Indian Mfg Corp’s CV assets). K Drive Mobility is a wholly owned subsidiary of Bharat Forge w.e.f 1[st] July 2025

11

Overseas Financial Highlights – Q3 & 9MFY26

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Rs million
European Mfg Operations
Revenue from Operations
EBITDA		 Q3 FY26
Q2 FY26
Q3 FY25
9,078
8,865
8,889
386
322
98
9M FY26 9M FY25
28,462
29,027
1,037
844
EBITDA(%) 4.3%
3.6%
1.1%		 3.6%
2.9%
PBT before Exchange Gain/ (Loss)
US Mfg Operations
Revenue from Operations
EBITDA		 -539
-526
-916
Q3 FY26
Q2 FY26
Q3 FY25
3,834
3,812
2,090
105
159
-63		 -1,555
-1,972
9M FY26 9M FY25
11,425
6,599
493
-514
EBITDA(%) 2.7%
4.2%
-		 4.3%
-
PBT before Exchange Gain/ (Loss)
Overseas Mfg Operations
Steel Forgings
Al Forgings
Total		 -379
-289
-427
Q3 FY26
Q2 FY26
Q3 FY25
7,499 (58%)
7,010 (55%)
6,301 (57%)
5,413 (42%)
5,667 (45%)
4,678 (43%)
12,912
12,677
10,979		 -833
-1,676
9M FY26 9M FY25
22,502 (56%) 19,844 (56%)
17,385 (44%) 15,782 (44%)
39,887
35,626

12

Indian Subsidiary Financials – Q3 & 9MFY26

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Rs million

KSSL
Revenue from Operations
EBITDA		 Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25
11,932
12,912
1,233
847
EBITDA(%) 11.6%
10.7%
5.7%		 10.3%
6.6%
PBT before Exchange Gain/ (Loss)
KPTL
Revenue from Operations
EBITDA		 604
398
241
Q3 FY26
Q2 FY26
Q3 FY25
64
185
6
-98
-85
-120		 1,162
1,006
9M FY26 9M FY25
885
65
-241
-441
EBITDA(%) -
-
-		 -
-
PBT before Exchange Gain/ (Loss)
BFISL
Revenue from Operations
EBITDA		 -132
-113
-164
Q3 FY26
Q2 FY26
Q3 FY25
2,354
2,213
1,915
351
304
250		 -337
-485
9M FY26 9M FY25
6,373
5,690
867
708
EBITDA(%) 14.9%
13.7%
13.0%		 13.6%
12.4%
PBT before Exchange Gain/ (Loss) 224
180
122		 496
325

13

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Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail

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