Slide 1: Bharat Forge exchange filing cover letter
BHARAT FORGE November 11, 2025 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 FY26 Analyst Update
Q2 FY26 ANALYST UPDATE Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail
Slide 3: Management Commentary: Q2 FY26 Performance
Management Commentary: Q2 FY26 Performance BFL 3 Month Report: “The quarterly performance was impacted by the sharp decline in the North American truck production and the resulting inventory destocking. Standalone Revenues declined by 7.5% sequentially to Rs 1,947 crores, impacted by 16% drop in rev
Slide 4: Standalone Financial Highlights Q2 FY26
Standalone Financial Highlights Q2 FY26 Rs million Revenue 22,467 Q2 FY26 Revenues at Rs 19,469 million were lower QoQ due 21,047 to sharp drop in the North American CV demand. 19,469 Q2 FY26 Q1 FY26 Q2 FY25 EBITDA 6,477 5,446 5,878 EBITDA margin at 28% in Q2FY26, was up 10 bps QoQ, driven by favora
Slide 5: Review of Export Business – Q2 FY26
Review of Export Business – Q2 FY26 Rs million 2,844 3,780 3,374 4,498 3,625 5,198 Q2 FY26 Q1 FY26 Q2 FY25 2,951 2,882 2,770 Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Revenue – Rs 9,420 millio
Slide 6: Review of Domestic Business – Q2 FY26
Review of Domestic Business – Q2 FY26 Rs million 2,199 2,231 2,447 Q2 FY26 5,738 Q1 FY26 Q2 FY25 920 912 6,392 5,915 973 Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Revenue – Rs 9,058 million Re
Slide 7: Export Break up by Geography
Export Break up by Geography In Rs million Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 Americas 5,800 6,933 8,555 12,732 16,467 Europe 2,867 2,937 2,651 5,803 5,826 Asia Pacific 753 884 543 1,637 1,158 Total 9,420 10,753 11,749 20,173 23,450
Slide 8: Consolidated Financial Highlights – Q2 FY26
Consolidated Financial Highlights – Q2 FY26 Rs million Revenue In Rs million Q2 FY26 FY25 40,319 39,088 36,886 Long term Debt 15,944 19,839 WC Loans & Bill Discounting 46,147 43,044 Q2 FY26 Q1 FY26 Q2 FY25 Equity 93,302 92,206 EBITDA Cash 23,092 30,952 7,154 6,817 6,895 RoCE (Net) 15.5% 15.4% Debt/
Slide 9: Financials Annexures
s BHARAT FORGE x KALYANI Financials Annexures
Slide 10: Standalone P&L Highlights – Q2 & H1FY26
Standalone P&L Highlights – Q2 & H1FY26 In Rs mi l l i on Q2 FY26 Q1 FY26 QoQ (%) Q2 FY25 YoY (%) H1 FY26 H1 FY25 YoY (%) Sale Tonnage (TBU) 56,457 61,857 -8.7% 64,098 -11.9% 1,18,314 1,31,599 -10.1% Domestic 10,049 10,294 -2.4% 10,718 -6.2% 20,343 22,397 -9.2% Export 9,420 10,753 -12.4% 11,749 -19.
Slide 11: Standalone B/S Highlights – Q2 FY26
Standalone B/S Highlights – Q2 FY26 In Rs million Q2 FY26 FY25 Long term Debt 8,018 12,865 WC Loans & Bill Discounting 25,031 26,770 Equity 1,10,593 1,09,643 Cash 16,139 20,728 RoCE (Net) 14.7% 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 Q2 FY26 Indian Operations Overseas Operations E-Mobility Consolidated Revenue from Operations 27,459 12,675 185 40,319 EBITDA 6,757 482 -85 7,154 EBITDA (%) 24.6% 3.8% - 17.7% PBT (incl Other Income) 5,381 -815 -113 4,453 Exchange Gain / (Loss) 133 -
Slide 13: Overseas Financial Highlights – Q2 & H1FY26
Overseas Financial Highlights – Q2 & H1FY26 Rs million European Mfg Operations Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 Revenue from Operations 8,864 10,520 9,529 19,384 20,138 EBITDA 322 328 376 650 746 EBITDA (%) 3.6% 3.1% 3.9% 3.4% 3.7% PBT before Exchange Gain/ (Loss) -526 -490 -527 -1,016 -1,056
Slide 14: Indian Subsidiary Financials – Q2 & H1FY26
Indian Subsidiary Financials – Q2 & H1FY26 Rs million KSSL Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 Revenue from Operations 3,990 2,470 4,682 6,460 9,717 EBITDA 427 170 333 597 663 EBITDA (%) 10.7% 6.9% 7.1% 9.2% 6.8% PBT before Exchange Gain/ (Loss) 398 159 376 558 765 KPTL Q2 FY26 Q1 FY26 Q2 FY25 H
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