This article first appeared on GuruFocus .
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Standalone Revenue:INR 1,947 crores, a QOQ degrowth of 7.5%.
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Standalone EBITDA:INR 545 crores with 28% margins, decreased by 7.3% sequentially.
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H1 Standalone Revenue:INR 4,052 crores.
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H1 Standalone EBITDA Margin:27.9%.
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Consolidated Quarterly Revenue:INR 4,032 crores.
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Consolidated EBITDA Margin:17.7% for the quarter.
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H1 Consolidated Revenue:INR 7,941 crores.
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H1 Consolidated EBITDA Margin:17.6%.
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Consolidated Cash:INR 2,300 crores.
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New Business Secured:INR 1,582 crores across key businesses.
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European Operations EBITDA:INR 32 crores with utilization levels at 60%-65%.
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US Operations EBITDA:INR 16 crores with utilization levels at 65%.
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JS Auto Q2 Sales Growth:26%.
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JS Auto EBIT Growth:44%.
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Warning! GuruFocus has detected 2 Warning Sign with BOM:534976.
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Release Date: November 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Bharat Forge Ltd ( BOM:500493 ) reported strong standalone EBITDA margins of 28% despite a challenging environment.
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The company has a robust balance sheet with consolidated cash reserves of about INR2,300 crores.
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Aerospace now accounts for about 13% of Bharat Forge Ltd ( BOM:500493 )'s industrial exports, with expectations for continued growth.
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The company secured new business worth INR1,582 crores across key segments, including defense and industrial components.
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Bharat Forge Ltd ( BOM:500493 ) is focusing on expanding its presence in the Indian market, which is seen as a high-growth opportunity.
Negative Points
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Standalone revenues saw a quarter-over-quarter decline of 7.5%, primarily due to a significant drop in North American CV exports.
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CV exports to North America decreased by 48% sequentially and 67% year-over-year.
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The company's overseas steel business and EV business in India are identified as weak spots needing improvement.
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Tariff charges impacted the company's profitability, with INR24 crores accounted for in the quarter.
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The geopolitical situation between India and the US remains unresolved, adding uncertainty to future performance.
Q & A Highlights
Q: Given the challenging environment, do you expect the impact of tariff slowdown and destocking to continue into Q3? A: Amit Kalyani, Executive Vice Chairman and Joint Managing Director, stated that Q2 and Q3 should be similar, with an expected uptick by Q4.
Q: What drove the sequential jump in non-auto exports, and is it sustainable? A: Amit Kalyani explained that the growth was driven by multiple sectors, including power generation, construction, mining, and aerospace, and confirmed that it is sustainable.
Q: Can you provide details on the defense order book, specifically the carbine order? A: Amit Kalyani mentioned that the carbine order is about INR1,400 crores, with execution starting 9 to 12 months after signing, over a four-year period.
Q: How do you view the revenue growth potential in the defense business over the next few years? A: Amit Kalyani indicated that while new wins and additions will continue, execution of existing orders will ramp up, with significant growth expected in the coming years.
Q: What is the outlook for the aerospace segment, and how is it expected to grow? A: Amit Kalyani noted that aerospace revenue was around INR250 crores last year and is expected to exceed INR350 crores this year, with a similar growth rate anticipated for the next three to four years.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
