Pune: Bharat Forge Q3 FY26 performance reflected strong sequential growth supported by domestic automotive demand and defence order execution, even as the company continued to face de-stocking pressures in the North American commercial vehicle market.
Bharat Forge Limited (BFL) announced its financial results for the quarter ended December 31, 2025, reporting improved operational performance during the quarter.
Bharat Forge Q3 FY26 Financial Performance
During Bharat Forge Q3 FY26, standalone revenue rose 7.0% sequentially to ₹2,084 crore, while EBITDA increased 4.6% quarter-on-quarter to ₹569 crore, translating into an EBITDA margin of 27.3%.
The growth was supported by strong performance in the domestic automotive business and execution of the defence order book.
Export revenues declined 3% sequentially, with the auto sector down 13%, while the industrials segment recorded an 11% increase.
The company secured new orders worth ₹2,388 crore during the quarter, including ₹1,878 crore in defence orders. As of December 31, 2025, the defence order book stood at ₹11,130 crore.
Bharat Forge also signed the CQB Carbine contract with the Ministry of Defence for the supply of more than 250,000 units to the Indian armed forces, strengthening growth opportunities in its small arms vertical.
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Bharat Forge Q3 FY26: Segment Performance and Subsidiary Highlights
JS Autocast (JSA) reported revenue of ₹203 crore and EBITDA of ₹32 crore, reflecting a 22% year-on-year revenue growth and a 39% rise in EBITDA, with EBITDA margins at 15.7%.
K-Drive Mobility, a supplier of axle assemblies across segments, recorded muted topline growth but improved profitability, with EBITDA margins rising from 3.1% in Q2 FY26 to 5.1% in Q3 FY26. The company expects margins to improve further over the next three years.
The company’s US and European operations reported modest operating profits despite seasonal weakness in the passenger vehicle market.
Bharat Forge stated that a review of its European steel manufacturing footprint is progressing, with concrete measures expected by the end of the fiscal year.
Also Read: Bharat Forge Ring Mill Facility Announced to Advance Aerospace Manufacturing in India
Commenting on the performance, Baba Kalyani, Chairman & Managing Director, Bharat Forge shared: “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.”
Bharat Forge Q3 FY26: Financial Highlights (Standalone)
- Revenue: ₹20,837 million (↑7.0% QoQ)
- EBITDA: ₹5,694 million (↑4.6% QoQ)
- EBITDA Margin: 27.3% (down 70 bps QoQ due to product mix and tariff costs)
- PBT (before exceptional items): ₹4,433 million (↑2.7% QoQ)
- PAT: ₹2,881 million
9M FY26 Performance
- Revenue: ₹61,353 million
- EBITDA: ₹17,018 million
- PAT: ₹9,366 million
