Pune: Bharat Forge Q1 FY27 results show that Bharat Forge Limited reported consolidated revenue from operations of ₹46,399.41 million for the quarter ended June 30, 2026, up from ₹39,087.49 million in the corresponding quarter of the previous year.
However, the company reported a consolidated net loss of ₹898.88 million for the quarter, compared with a profit of ₹2,838.70 million in Q1 FY26.
The results for Bharat Forge Q1 FY27 were approved by the company’s Board of Directors on August 10, 2026, following review by the Audit Committee.
The Board also approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with the Limited Review Report issued by BSR & Co. LLP.
Bharat Forge Q1 FY27 Revenue Growth
For Bharat Forge Q1 FY27, consolidated revenue from operations stood at ₹46,399.41 million, compared with ₹39,087.49 million in Q1 FY26. This represents an increase of around 18.7% year-on-year.
Consolidated total income, including other income, increased to ₹46,971.86 million in Q1 FY27 from ₹39,584.72 million in the year-ago quarter. Total expenses rose to ₹42,834.75 million from ₹35,441.65 million during the same period.
The company’s consolidated profit before exceptional items and tax stood at ₹4,024.49 million in Bharat Forge Q1 FY27, compared with ₹4,109.89 million in Q1 FY26. The figure was therefore broadly lower year-on-year despite the increase in revenue.
Exceptional Items Impact Q1 FY27 Profit
A major factor affecting the consolidated results in Bharat Forge Q1 FY27 was the exceptional loss recorded during the quarter.
Bharat Forge said one of its German subsidiaries, Bharat Forge CDP GmbH (BF CDP), is facing market challenges and associated cost disadvantages. The company has initiated actions to restructure BF CDP.
In connection with the restructuring, Bharat Forge recorded incidental expenses of ₹266.92 million in its consolidated financial results for the quarter ended June 30, 2026.
The Group also recorded a restructuring provision of ₹3,304.21 million after BF CDP reached an in-principle understanding with the Works Council for implementation of a social plan.
The company also recorded an expense of ₹8.92 million related to the Voluntary Retirement Scheme (VRS) in the standalone and consolidated financial results for the quarter.
As a result, consolidated exceptional items amounted to a loss of ₹3,580.05 million in Bharat Forge Q1 FY27. Consolidated profit before tax stood at ₹444.44 million, compared with ₹4,109.89 million in Q1 FY26.
After accounting for income tax expense of ₹1,343.32 million, Bharat Forge reported a consolidated loss of ₹898.88 million for Q1 FY27, compared with a profit of ₹2,838.70 million in the corresponding quarter of the previous year.
Standalone Performance
On a standalone basis, Bharat Forge Q1 FY27 revenue from operations increased to ₹23,474.16 million from ₹21,047.07 million in Q1 FY26.
Standalone total income rose to ₹23,816.70 million from ₹21,469.00 million. Profit before exceptional items and tax increased to ₹4,617.55 million from ₹4,492.75 million in the year-ago quarter.
However, standalone exceptional loss of ₹244.91 million brought profit before tax to ₹4,372.64 million. After an income tax expense of ₹1,158.65 million, standalone profit for the quarter stood at ₹3,213.99 million, compared with ₹3,385.21 million in Q1 FY26.
Forgings, Defence and Other Segments
For Bharat Forge Q1 FY27, the Group reported its business under three reporting segments: Forgings, Defence and Others.
The Forgings segment covers forged products comprising forgings and machined components for automotive and industrial sectors.
The Defence segment includes products used in defence-related activities, while the Others segment comprises initiatives outside the Forgings and Defence businesses.
During Q1 FY27, the Forgings segment recorded revenue of ₹38,311.49 million, while Defence revenue stood at ₹4,956.84 million and Others revenue at ₹6,278.63 million. After accounting for inter-segment revenue, consolidated revenue from operations stood at ₹46,399.41 million.
Segment profit before interest, tax, unallocable expenses and exceptional items stood at ₹4,996.74 million in Bharat Forge Q1 FY27. The figure included ₹4,349.82 million from Forgings, ₹377.40 million from Defence and ₹269.52 million from Others.
Bharat Forge Plans Fund Raising of Up to ₹25,000 Million
Alongside the Bharat Forge Q1 FY27 results, the Board approved a proposal to raise funds of up to ₹25,000 million, or ₹2,500 crore.
The proposed fund raising may involve equity shares, debt securities or other securities convertible into equity shares, or a combination of such securities.
The company may undertake the fund raising through a further public offer, rights issue, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, qualified institutions placement, preferential issue or any other method permitted under applicable laws.
The fund raising remains subject to shareholder approval and applicable regulatory and statutory approvals. The company’s Investment Committee – Strategic Business has been authorised to decide the structure, form of issuance, price, timing, terms and conditions and other related matters.
Malaysia Semiconductor Subsidiary Planned
The Board also approved the incorporation of a direct or indirect subsidiary in Malaysia for undertaking activities in the semiconductor and allied areas.
The proposal is subject to completion of necessary approvals and applicable formalities. Bharat Forge said further details would be intimated to the stock exchanges once finalised.
Acquisitions During the Quarter
During the quarter, BF Industrial Solutions Limited (BFISL), a wholly owned subsidiary of Bharat Forge, acquired a 90% stake in RS Aerostructures Limited (RSAL) for a consideration of ₹360 million.
The company also acquired a 30% stake in Fortuna Engineering Private Limited (FEPL) for an aggregate consideration of ₹1,296 million.
FEPL is engaged in manufacturing machined connecting rods, camshafts, including FIP camshafts, and fixtures for automotive and off-road applications.
In addition, Kalyani Powertrain Limited (KPTL), along with Bharat Forge, executed a definitive agreement dated July 22, 2026, with REFU Drive GmbH.
Under the agreement, KPTL has agreed to sell and transfer its entire 50% equity stake in REFU to REFU Elektronik GmbH for a consideration of EUR 12,500, subject to the terms and conditions of the agreement. Upon completion of the transaction, REFU will cease to be a joint venture of KPTL.
Bharat Forge Q1 FY27 Financial Ratios
The company’s standalone operating margin stood at 24.95% in Q1 FY27, compared with 27.17% in Q1 FY26. Standalone net profit margin was 13.69%, against 16.08% in the corresponding quarter last year.
On a consolidated basis, the operating margin stood at 15.05% in Bharat Forge Q1 FY27, compared with 17.13% in Q1 FY26. The consolidated net profit margin was -1.94%, compared with 7.26% in the year-ago quarter.
The consolidated debt-equity ratio stood at 0.73 times at the end of Q1 FY27, compared with 0.67 times in the corresponding period of the previous year. The current ratio was 1.18 times, while total debt to total assets stood at 0.31 times.
The company’s consolidated net worth stood at ₹95,423.21 million at the end of June 2026, compared with ₹94,355.61 million at the end of June 2025.
Bharat Forge Q1 FY27: Key Takeaways
- Bharat Forge Q1 FY27 saw consolidated revenue from operations increase to ₹46,399.41 million, compared with ₹39,087.49 million a year earlier.
- However, a ₹3,580.05 million exceptional loss, primarily linked to restructuring at German subsidiary Bharat Forge CDP GmbH, resulted in a consolidated net loss of ₹898.88 million for the quarter.
- The company also approved plans to raise up to ₹25,000 million through equity, debt or convertible securities, subject to shareholder and regulatory approvals.
- In addition, Bharat Forge plans to incorporate a subsidiary in Malaysia for semiconductor and allied activities.
- The quarter also saw BF Industrial Solutions acquire a 90% stake in RS Aerostructures, while Bharat Forge acquired a 30% stake in Fortuna Engineering.
- Kalyani Powertrain also agreed to transfer its 50% stake in REFU Drive GmbH to REFU Elektronik GmbH.
