Transcript of Investor / Analyst Call scheduled on May 8, 2025
Awaiting price reaction for this filing.
Bharat Forge reported FY25 standalone revenue of Rs.8,844 crores with EBITDA of Rs.2,524 crores at a 28.5% margin, up 100bps YoY, while consolidated revenue fell 3.6% to Rs.15,123 crores but EBITDA margin expanded 180bps YoY to 18.2%, driven by reduced losses in overseas operations and E-mobility. The company secured new business worth Rs.6,959 crores in FY25, with the defense order book at Rs.9,500 crores and total multi-year orders nearing Rs.7,000 crores. Management guided for 15-20% defense revenue growth in FY26, with the Rs.3,417 crore ATAGS Phase-I order (60% share) expected to start reflecting from Q4 FY26 over two years. The JSA casting business doubled profits with 15%+ margins, and the company received CCI approval for the American Axles India Assets acquisition, expected to close by end of June. Guidance was also given for ~Rs.500 crores CAPEX in FY26, aerospace expansion (now 15% of industrial exports, 4x growth in 5 years), and entry into electronics/servers using KPTL infrastructure with revenue starting in H2 FY26.
Margin expansion across both standalone and consolidated businesses, strong defense order pipeline, and progress on overseas restructuring signal operational improvement, though US tariff uncertainty remains a key overhang for near-term exports and is being navigated through customer pass-through arrangements.