Bharat Forge Ltd · NSE:BHARATFORG
Bharat Forge — Q3 FY26 Earnings Presentation
15 slides from Bharat Forge's earnings presentation, Feb 12, 2026
Slide 1: Cover letter to stock exchanges on Q3 FY26 results presentation
BHARAT FORGE February 12, 2026 To BSE Limited National Stock Exchange of India Limited Corporate Relations Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street, Fort, Mumbai 400 001 Bandra Kurla Complex, Bandra (East) Maharashtra, India Mumbai 40
Slide 2: Q3 FY26 Analyst Update
Q3 FY26 ANALYST UPDATE Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail
Slide 3: Management Commentary: Q3 FY26 Performance
Management Commentary: Q3 FY26 Performance 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 m
Slide 4: Standalone Financial Highlights Q3 FY26
Standalone Financial Highlights Q3 FY26 Rs million EBITDA 20,837 20,959 Q3 FY26 Revenues at Rs 20,837 million saw QoQ 19,469 improvement supported by higher Domestic Auto revenues and improved Defence execution. Q3 FY26 Q2 FY26 Q3 FY25 EBITDA 5,694 5,446 5,894 EBITDA margin at 27.3% in Q3FY26 down 7
Slide 5: Review of Export Business – Q3 FY26
Review of Export Business – Q3 FY26 Rs million 2,463 2,844 4,089 3,625 4,993 4,036 Q3 FY26 Q2 FY26 Q3 FY25 2,598 2,951 2,428 Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Revenue – Rs 9,097 millio
Slide 6: Review of Domestic Business – Q3 FY26
Review of Domestic Business – Q3 FY26 Rs million 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
Slide 7: Export Break up by Geography
Export Break up by Geography 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
Slide 8: Consolidated Financial Highlights – Q3 FY26
Consolidated Financial Highlights – Q3 FY26 Rs million Revenue In Rs million Q3 FY26 FY25 43,428 40,320 Long term Debt 13,616 19,839 34,755 WC Loans & Bill Discounting 46,622 43,044 Q3 FY26 Q2 FY26 Q3 FY25 Equity 96,292 92,206 EBITDA Cash 20,566 30,952 7,502 7,154 6,377 RoCE (Net) 15.5% 15.4% Debt/
Slide 9: Financials Annexures
s BHARAT FORGE x KALYANI Financials Annexures
Slide 10: Standalone P&L Highlights – Q3 & 9MFY26
Standalone P&L Highlights – Q3 & 9MFY26 In Rs mi l l i on Q3 FY26 Q2 FY26 QoQ (%) Q3 FY25 YoY (%) 9M FY26 9M FY25 YoY (%) Sale Tonnage (TBU) 57,859 56,458 2.5% 61,507 -5.9% 1,76,174 1,93,106 -8.8% Domestic 11,740 10,049 16.8% 9,450 24.2% 32,083 31,847 0.7% Export 9,097 9,420 -3.4% 11,510 -21.0% 29,2
Slide 11: Standalone B/S Highlights – Q3 FY26
Standalone B/S Highlights – Q3 FY26 In Rs million Q3 FY26 FY25 Long term Debt 6,597 12,865 WC Loans & Bill Discounting 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 10
Slide 12: Consolidated Financials Reconciliation
Consolidated Financials Reconciliation Rs million Q3 FY26 Indian Operations Overseas Operations E-Mobility Consolidated Revenue from Operations 30,452 12,912 64 43,428 EBITDA 7,109 491 -98 7,502 EBITDA (%) 23.3% 3.8% - 17.3% PBT (incl Other Income) 5,650 -917 -132 4,600 Exchange Gain / (Loss) -18 84
Slide 13: Overseas Financial Highlights – Q3 & 9MFY26
Overseas Financial Highlights – Q3 & 9MFY26 Rs million European Mfg Operations Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 Revenue from Operations 9,078 8,865 8,889 28,462 29,027 EBITDA 386 322 98 1,037 844 EBITDA (%) 4.3% 3.6% 1.1% 3.6% 2.9% PBT before Exchange Gain/ (Loss) -539 -526 -916 -1,555 -1,972
Slide 14: Indian Subsidiary Financials – Q3 & 9MFY26
Indian Subsidiary Financials – Q3 & 9MFY26 Rs million KSSL Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 Revenue from Operations 5,472 3,990 3,195 11,932 12,912 EBITDA 636 427 184 1,233 847 EBITDA (%) 11.6% 10.7% 5.7% 10.3% 6.6% PBT before Exchange Gain/ (Loss) 604 398 241 1,162 1,006 KPTL Q3 FY26 Q2 FY26
Slide 15: Thank You
Thank You Rajhagopalan S Tel: +91 9860144866 Email: Srajhagopalan@bharatforge.com Chinmay Chhatre Tel: +91 9930512932 Email: chinmay.chhatre@bharatforge.com Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail