Bharat Forge Q2 FY27 results: net profit up 19.6% to ₹370.82 crore, revenue up 29.8%

How did Bharat Forge perform in Q2 FY27?

Bharat Forge’s standalone revenue was ₹2,526 crore in Q2 FY27, up 29.8% from ₹1,947 crore in Q2 FY26 and 7.6% from ₹2,347 crore in Q1 FY27. Total income rose to ₹2,557.23 crore from ₹1,993.33 crore a year earlier. EBITDA was ₹652.45 crore, up 18.4% year on year and 11.4% from the previous quarter, while the margin was 25.8% against 28.3% in Q2 FY26 and 25.0% in Q1 FY27.

Profit before tax was ₹497.27 crore, compared with ₹430.14 crore in Q2 FY26 and ₹437.26 crore in Q1 FY27. After tax of ₹126.45 crore, the company reported a net profit of ₹370.82 crore, up from ₹309.94 crore and ₹321.40 crore in the respective comparison periods. Basic EPS was ₹7.74, against ₹6.48 and ₹6.72. The company also filed consolidated results for the quarter and half year ended 30 September 2026.

On the consolidated basis, Q2 FY27 revenue from operations was ₹48,699.66 million, EBITDA was ₹7,780 million and profit before exceptional items and tax was ₹4,485.14 million. The company’s investor presentation reported consolidated revenue of ₹48,700 million, EBITDA of ₹7,780 million and PBT before exceptional items and tax of ₹4,585 million.

What changed in Bharat Forge's costs and profit?

Total expenses increased by ₹484.11 crore, or 31.1%, from Q2 FY26 to ₹2,039 crore. Cost of materials rose by ₹316.73 crore, or 39.1%, other expenses by ₹144.60 crore, or 27.6%, and employee cost by ₹20.13 crore, or 12.0%. Finance costs increased by ₹0.19 crore and depreciation by ₹5.83 crore.

Other income fell by ₹15.59 crore, or 33.6%, from ₹46.46 crore in Q2 FY26 to ₹30.87 crore. The exceptional item was a charge of ₹20.56 crore, compared with a charge of ₹7.89 crore in the year-ago quarter. Tax expense was ₹126.45 crore, up ₹6.25 crore, or 5.2%, from ₹120.20 crore.

Against Q1 FY27, total expenses were higher by ₹119.49 crore, or 6.2%. Cost of materials increased by ₹170.56 crore, other expenses by ₹10.75 crore, finance costs by ₹5.29 crore, depreciation by ₹2.02 crore and employee cost by ₹1.59 crore. Other income was lower by ₹3.38 crore, while the exceptional-item charge was ₹24.49 crore in Q1 FY27.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue was ₹4,873.77 crore, up ₹822.20 crore, or 20.3%, from ₹4,051.57 crore in H1 FY26. Total income increased 19.3% to ₹4,938.90 crore, while profit before tax rose 6.3% to ₹934.54 crore.

H1 FY27 net profit was ₹692.22 crore, up ₹43.76 crore, or 6.7%, from ₹648.46 crore in H1 FY26. Basic EPS increased 6.6% to ₹14.46 from ₹13.56. The investor presentation reported H1 EBITDA of ₹12,687 million, compared with ₹11,324 million in H1 FY26.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹20,661.97 crore, compared with ₹17,527.90 crore on 31 March 2026. Total equity rose to ₹13,425.64 crore from ₹10,988.24 crore, while borrowings increased to ₹4,200.14 crore from ₹3,764.49 crore. Cash was ₹2,300.46 crore, compared with ₹359.06 crore.

Inventories increased to ₹1,890.31 crore from ₹1,570.09 crore, trade receivables to ₹4,733.00 crore from ₹4,129.51 crore and trade payables to ₹1,555.72 crore from ₹1,401.08 crore. H1 FY27 operating cash flow was ₹187.22 crore, below ₹1,019.76 crore in H1 FY26, while financing cash flow was ₹2,038.14 crore against an outflow of ₹1,170.51 crore.

Investing cash flow for H1 FY27 was an outflow of ₹284.45 crore, compared with an inflow of ₹261.31 crore in H1 FY26. Capital expenditure was ₹511.29 crore, compared with ₹183.01 crore in the year-ago first half.

How has Bharat Forge done over the last 8 quarters?

Revenue reached ₹2,526.36 crore in Q2 FY27, the highest in the eight-quarter series, after rising from ₹2,347.42 crore in Q1 FY27. Revenue has grown year on year in each of the last three quarters, according to the reported trend. The lowest revenue in the series was ₹1,946.86 crore in Q2 FY26.

Net profit was ₹370.82 crore in Q2 FY27, above ₹321.40 crore in Q1 FY27 but below ₹346.04 crore in Q3 FY25. The lowest quarterly profit was a loss of ₹117.76 crore in Q4 FY26. The EBITDA margin bottomed at 25.0% in Q1 FY27 and rose to 25.8% in Q2 FY27, remaining below the 29.1% peak recorded in Q3 FY25.

What else did the company announce?

On 5 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the limited review report issued by BSR & Co. LLP. The board also approved further investment of up to ₹2,905.08 million in wholly owned subsidiary Kalyani Strategic Systems Limited, at fair value and in one or more tranches.

A separate same-day filing said the delay in filing postal-ballot voting results in XBRL format was due to a technical issue. Bharat Forge had submitted the Scrutinizer’s Report and PDF voting results within the prescribed timeline, completed the XBRL filing after identifying the issue and applied to BSE and NSE on 30 October 2026 for waiver of the fine imposed.

What did Bharat Forge's management say?

Management maintained expectations of 20-25% revenue growth in FY27 for the Indian manufacturing business. It said ATAGS manufacturing would begin in FY27 after the company received Bulk Production Clearance, with revenue recognition from Q1 FY28. Management also said the overseas business remained below expectations and was under strategic review.

Management said a ₹2,000+ Crore capital-expenditure programme across Automotive, Aerospace, Defence, including a new Energetics plant, and Data Center and Semiconductor components would come online in phases over 12-18 months. It said the programme would drive growth from FY29 and shift the company’s mix over the medium term.

The presentation said higher energy, freight and manufacturing costs reduced the standalone EBITDA margin by 30 basis points from the previous quarter. Management also said domestic commercial-vehicle growth would become more modest in H2 because of the higher year-on-year base. The investor presentation did not provide a separate set of analyst questions.

How did Bharat Forge shares react?

Bharat Forge’s shares were down 0.4% after five minutes, down 0.4% after 15 minutes and down 1.3% after 30 minutes from the price when the filing appeared. On the reaction day, the stock fell 3.4% from its previous close of ₹1,808.00, while the Auto Components & Equipments industry median rose 1.2%. The stock therefore underperformed the industry by 4.6 percentage points on the reaction day.

Earlier results-day moves were mixed. The stock fell 7.7% on 10 August 2026 and rose 6.3% on 7 May 2026, 2.5% on 12 February 2026, 5.5% on 11 November 2025 and 3.7% on 8 August 2024. Data for the next day and five days after this result were not provided.

How did other Auto Components & Equipments companies do?

A total of 52 Auto Components & Equipments companies were compared for revenue growth, with a median revenue growth of 33.3%. Of the peers compared, 23 grew more slowly than Bharat Forge, while 29 grew faster. The company’s own Q2 FY27 standalone revenue growth was 29.8%.

Among the 53 peers for which profit was compared, 41 reported higher profit. This peer comparison was recorded as of 5 November 2026 and covers companies in the Auto Components & Equipments industry that had filed for the quarter.