Bharat Forge Ltd · NSE:BHARATFORG
Bharat Forge — Investor Presentation (August 2026)
26 slides from Bharat Forge's investor presentation, Aug 28, 2026
Slide 1: Investor Presentation filing letter to exchanges
BHARAT FORGE August 28, 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 400
Slide 2: Company Presentation
Company Presentation September 2026
Slide 3: Presenters
Presenters Amit Kalyani Kedar Dixit Rajhagopalan S Vice-Chairman & Joint Managing Director Chief Financial Officer Vice President, IR and M&A 2
Slide 4: Bharat Forge Overview
Bharat Forge Overview
Slide 5: Bharat Forge at a Glance
Bharat Forge at a Glance Scaled, Multi-Industry Advanced Manufacturing Platform Making from India for the World Scaling indigenous defence Backed by more than 60 years of business across artillery systems, experience manufacturing a wide combat & protected vehicles, range of performance-critical and
Slide 6: Diversified Product Offerings and Capabilities To Serve Customers Across Multiple End Use Sectors
Diversified Product Offerings and Capabilities To Serve Customers Across Multiple End Use Sectors Automotive Business Industrial Business Oil and Gas Construction/Mining Engine Chassis • Serves major Commercial • Serves diversified industrial Vehicle OEMs and Passenger and strategic end-markets Data
Slide 7: Compelling Market Opportunities
Compelling Market Opportunities New Sectors Automotive, Castings & India Macro Tailwinds Defence & Energetics (Aerospace/ Semiconductors/ Forgings Data Centres) ✓ India remains one of the fastest- ✓ India’s auto-component industry ✓ Rising global military expenditure ✓ Rising aircraft demand and gro
Slide 8: India-Led Manufacturing Platform Serving Global Markets
India-Led Manufacturing Platform Serving Global Markets India-led manufacturing scale complemented by global customer proximity and fungible capabilities 36 manufacturing facilities(1) FY26 Customer Revenue Mix and India-Led Manufacturing Base Geographies and number 67% of Consolidated Revenue from
Slide 9: Advanced Research and Engineering Capabilities with Innovation DNA
Advanced Research and Engineering Capabilities with Innovation DNA Proprietary IP, Advanced R&D and Strategic Collaborations Accelerating Product Development Kalyani Centre for Manufacturing and Innovation, Pune (India) Enhance efficiency in Expertise in 102 New Products manufacturing to transmissio
Slide 10: Our Full Stack of Localised Manufacturing Capabilities in India
Our Full Stack of Localised Manufacturing Capabilities in India, Enabling us to Make in India, for India, and for the World Full Spectrum of Manufacturing Capabilities established Ability to Service Multiple End Industries with in India…. Manufactured Components and Systems Automotive Defence Aerosp
Slide 11: Scaling New Growth Platforms Through Engineering, R&D and Selective M&A
Scaling New Growth Platforms Through Engineering, R&D and Selective M&A Castings – JS Defence ✓ Broad-based forging product offering Autocast Acquisition Advanced Manufacturing Established across various end use customers indigenous defence Added fully machined ferrous Investment in Machining manufa
Slide 12: Selective Acquisitions Expanding India-based Manufacturing Scale and Capabilities
Selective Acquisitions Expanding India-based Manufacturing Scale and Capabilities Across the Value Chain Strengthening India Manufacturing Platform Through Selective Capability Additions JS Auto Cast | K Drive Mobility | Fortuna Engineering | Machining Platform Ferrous Castings Platform Axle Systems
Slide 13: Bharat Forge 2.0: Focus on India Manufacturing
Bharat Forge 2.0: Focus on India Manufacturing E Maintain Disciplined D Inorganic Growth Add customer access, engineering content and adjacent high-growth C Move Up the Value capabilities Chain B Increase machining, Increase Defence sub-assemblies and A systems content across R&D & Prototyping Inves
Slide 14: Board of Directors and Key Management
Board of Directors and Key Management Board of Directors Mr. B.N. Kalyani Mr. Amit B. Kalyani Mr. B. P. Kalyani Mr. S. E. Tandale Mr. Dipak B. Mane Chairman & Managing Director Vice-Chairman & Executive Director- Global Executive Director- Global Business Independent Director Joint Managing Director
Slide 15: Defence & New Sectors
Defence & New Sectors
Slide 16: Scaled Defence Platform with Multi-Year Order Visibility
Scaled Defence Platform with Multi-Year Order Visibility Key Product Wins and Capability Milestones Across Artillery, Mobility, Naval Systems and Energetics Defence Revenue ATAGS & Export Artillery CQB Carbines Vikram VT21 INR MM CAGR 6.1% 17,720 17,572 15,606 ATAGS-led portfolio across Provides cut
Slide 17: Vertically Integrated Footprint in Defence
Vertically Integrated Footprint in Defence Process Material Designs and Forging Precision Machining Gear Cutting Specialised Simulations Heat Treatment Infrastructure Forging & Steel Ordnance Defence Fabrication & Vehicle & Vehicle Missile Manufacturing Manufacturing Electronics Machining Chassis Ax
Slide 18: Strategic Focus: Scaled Defence Platform Across Land, Naval and Unmanned Systems
Strategic Focus: Scaled Defence Platform Across Land, Naval and Unmanned Systems INR 111,967MM(1) Executable Defence Order Book, Providing Visibility Across Products, Systems and Consumables Expanded Defence Portfolio 10 Artillery Product Integrated Products & Platforms Developed Systems Supplier Ar
Slide 19: Scaling High-Growth Platforms Across Aerospace, Semiconductors and Data Centres
Scaling High-Growth Platforms Across Aerospace, Semiconductors and Data Centres Leveraging Engineering, Metallurgy And Fungible Forging and Machining Capabilities To Enter Higher-value Applications Aerospace Semiconductors Data Centres Semiconductors • Supplies engine components, landing-gear • Supp
Slide 20: Financial Performance
Financial Performance
Slide 21: Strong Performance Across Cycles
Strong Performance Across Cycles Consolidated Revenue from Operations Revenue Trajectory Reflects Cycle Moderation Followed by INR MM Diversification-Led Recovery 168,117 156,821 151,228 • In FY25, European CV weakness and softer PV exports weighed on revenue growth • Domestic CV demand softened in
Slide 22: Improving Profitability
Improving Profitability Adjusted EBITDA and Adjusted EBITDA Profit Before Exceptional Items and PAT and PAT Margin Margin Tax and Profit Before Exceptional Items and Tax Margin INR MM | % INR MM | % INR MM | % 16.3% 17.8% 17.4% 9.3% 10.7% 10.8% 5.8% 6.0% 6.5% 29,267 10,894 18,216 9,133 16,129 9,102
Slide 23: Value Creation for all Stakeholders
Value Creation for all Stakeholders Adjusted Return on Capital Return on Net Worth Adjusted Net Debt and Adjusted Employed (ROCE) Net Debt/Equity % % INR MM Net Debt/Equity 0.7x 0.4x 0.5x 13.7% 13.5% 13.5% 48,067 47,108 12.7% 11.4% 36,441 9.9% FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 AA+ (Stable
Slide 24: Deep Commitment to Sustainability
Deep Commitment to Sustainability ESG Milestones Key Performance Highlights (FY26) The following are the quintessential ESG milestones set forth for our business: Renewable energy to power 80% of our operations by 2030 99.3% 38% 147,980 MWh Waste recovered electricity from renewable Renewable energy
Slide 25: Glossary
Glossary CCI Competition Commission of India EBITDA EBITDA is calculated as the sum of consolidated profit for the period/year, income tax expense, depreciation, amortisation and impairment expenses and finance cost Adjusted EBITDA is calculated as the sum of consolidated profit for the period/year,
Slide 26: Disclaimer
Disclaimer This document is for the personal information of the authorised recipient(s) and does not constitute an offer or solicitation of an offer to buy/sell any securities. It does not constitute any investment, legal or taxation advice or recommendation in relation to holding, purchasing or sel