Bharat Forge Ltd · NSE:BHARATFORG
Bharat Forge — Q2 FY27 Earnings Presentation
15 slides from Bharat Forge's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing letter: Presentation on Financial Results
BHARAT FORGE November 05, 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: Q2 & H1FY27 Analyst Update
BHARAT FORGE Q2 & H1FY27 Analyst Update Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail
Slide 3: Management Commentary: Q2 FY27 Performance
CHAIRMAN’S MESSAGE Management Commentary: Q2 FY27 Performance Indian Manufacturing revenue Indian Manufacturing EBITDA New orders - H1 FY27 Defence order book (Rs Cr) (Rs Cr) (Rs Cr) (Rs Cr) 3,422 759 2,107 10,960 +24.6% growth +12.3% growth Defence: Rs 681 Cr As of H1 FY27 H2 FY27 OUTLOOK “We have
Slide 4: Standalone Financial Highlights Q2 FY27
STANDALONE | RS MILLION Standalone Financial Highlights Q2 FY27 Revenue EBITDA PBT before ex. gain/(loss) 25,264 6,546 5,200 +29.8% YoY +20.2% YoY +20.5% YoY Rebound in North American truck demand Margin 25.9%, down 30 bps QoQ as Energy, Improved export performance drove higher and strong domestic C
Slide 5: Review of Export Business
EXPORT BUSINESS | RS MILLION Review of Export Business – Q2 FY27 Export revenue (Rs million) Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY 13,088 Commercial vehicles Passenger vehicles 5,580 3,540 4,791 3,353 2,844 2,951 +16.5% +5.6% +96.2% +20.0% +8.6% QoQ Industrial 3,968 3,903 3,625 +1.7% +9.5% +38.9%
Slide 6: Review of Domestic Business
DOMESTIC BUSINESS | RS MILLION Review of Domestic Business – Q2 FY27 Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY Domestic revenue (Rs million) 10,804 Commercial vehicles 3,209 2,501 2,231 +28.3% +43.9% Passenger vehicles 1,204 1,038 912 +16.0% +32.0% Industrial 6,390 6,631 5,915 −3.6% +8.0% +6.2% QoQ To
Slide 7: Export Break-up by Geography
EXPORT BUSINESS | RS MILLION Export Break-up by Geography – Q2 FY27 Americas Europe Asia 8,550 3,765 773 +47.4% YoY +31.3% YoY +2.7% YoY 65.3% of Q2 FY27 exports 28.8% of Q2 FY27 exports 5.9% of Q2 FY27 exports Rs million Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Americas 8,550 7,972 5,800 16,521 12,7
Slide 8: Consolidated Financial Highlights
CONSOLIDATED | RS MILLION Consolidated Financial Highlights – Q2 FY27 Rs million H1 FY27 FY26 Revenue 48,700 Long term debt WC loans & bill discounting 21,655 52,256 21,116 47,630 +5.0% QoQ | +20.8% YoY Equity 1,14,858 95,568 EBITDA Cash 41,577 29,307 7,780 RoCE (net) 13.9% 15.6% Debt/Equity (net) 0
Slide 9: Financials Annexures
ANNEXURES Financials Annexures Standalone P&L and balance sheet | Consolidated reconciliation | Subsidiary financials
Slide 10: Standalone P&L Highlights – Q2 & H1 FY27
ANNEXURE | RS MILLION Standalone P&L Highlights – Q2 & H1 FY27 Rs million Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY H1 FY27 H1 FY26 YoY Sale tonnage 70,703 66,787 5.9% 56,458 25.2% 1,37,490 1,18,315 16.2% Domestic 12,176 11,427 6.6% 10,049 21.2% 23,603 20,343 16.0% Export 13,088 12,047 8.6% 9,420 38.9% 25,135
Slide 11: Standalone B/S Highlights
ANNEXURE | RS MILLION Standalone B/S Highlights – Q2 FY27 RoCE (net) Debt/Equity (net, excludes QIP impact) Net Debt/EBITDA (excludes QIP impact) 14.7% 0.2 1.08 Down from 14.9% in FY26 (QIP impact) FY26: 0.18 FY26: 0.86 Rs million H1 FY27 FY26 Long term debt 14,845 13,124 WC loans & bill discounting
Slide 12: Consolidated Financials Reconciliation
ANNEXURE | CONSOLIDATED | RS MILLION Consolidated Financials Reconciliation – Q2 FY27 Q2 FY27 Indian Ops Overseas Ops E-Mobility Consolidated Revenue from operations 34,221 14,071 408 48,700 EBITDA 7,590 223 -33 7,780 EBITDA (%) 22.2% 1.6% – 16.0% PBT (incl other income) 5,991 −1,361 −45 4,585 Excha
Slide 13: Indian Subsidiary Financials – Q2 & H1 FY27
ANNEXURE | INDIAN SUBSIDIARIES | RS MILLION Indian Subsidiary Financials – Q2 & H1 FY27 KSSL Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 4,444 4,229 3,990 8,673 6,460 EBITDA 474 729 427 1,204 597 EBITDA (%) 10.7% 17.2% 10.7% 13.9% 9.2% PBT before exchange gain/(loss) 377 682 398
Slide 14: Overseas Operations Financials – Q2 & H1 FY27
ANNEXURE | OVERSEAS SUBSIDIARIES | RS MILLION Overseas Operations Financials – Q2 & H1 FY27 European Mfg Operations Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 9,315 10,738 8,865 20,053 19,384 EBITDA 290 301 322 591 650 EBITDA (%) 3.1% 2.8% 3.6% 2.9% 3.4% PBT before exchange gain
Slide 15: Thank You
BHARAT FORGE Thank You Rajhagopalan S Chinmay Chhatre Tel: +91 9860144866 Tel: +91 9930512932 Email: Srajhagopalan@bharatforge.com Email: chinmay.chhatre@bharatforge.com Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail