Bharat Forge Limited, the Kalyani Group flagship, reported consolidated revenue of ₹4,640 crore for the quarter ended June 30, 2026, up 18.7% year-on-year, with consolidated EBITDA rising 10.2% to ₹752 crore, translating into a margin of 16.2%. On a standalone basis, revenue climbed 11.5% to ₹2,347 crore on sale tonnage of 66,787 tonnes, up 8% YoY, while the standalone EBITDA margin came in at a robust 26.2% – or 28% when normalised for higher input costs.
Defence remains the standout performer. The company’s defence orderbook stood at ₹ 11,196 crore as of June 30, 2026, after winning ₹1,352 crore in new orders during the quarter, including ₹681 crore from the Defence ministry itself. The single largest win on the naval side was a contract for 12 Marine Gas Turbine Generator sets signed with the Ministry of Defence, underscoring the company’s growing footprint in India’s naval modernisation push.
Exports and domestic sales both grew at a similar clip. Standalone exports rose 12% YoY to ₹1,205 crore, led by strong traction in heavy-hydraulic and aerospace engine components. The Americas accounted for the lion’s share of export revenue at ₹797 crore (66%), followed by Europe at ₹305 crore (25%) and Asia Pacific at ₹103 crore (9%). Domestic standalone revenue grew 11% to ₹1,143 crore, with sustained defence execution driving robust growth in the industrial business. Kalyani Strategic Systems Limited (KSSL), the group’s defence systems arm, posted an EBITDA margin of 17.2%, a sharp jump from 6.9% a year earlier, aided by better realisations and an improved product mix.
Looking ahead, the company is doubling down on capacity. Bharat Forge announced a ₹1,800 crore investment in dedicated forging and machining capacity aimed at what it calls “sunrise sectors” – defence, aerospace, data centres and semiconductors – including a new energetics plant coming up in Andhra Pradesh. To fund this expansion, the Board has approved a fund raise of up to ₹2,500 crore through equity, convertible instruments or other securities via a Qualified Institutional Placement (QIP) or other modes, subject to shareholder approval. The company has maintained its FY27 growth outlook of 20-25% for the Indian manufacturing business, with a more pronounced ramp-up expected in the second half of the fiscal year.
Commenting on the results, Chairman and Managing Director Babasaheb N Kalyani said the company had delivered resilient numbers despite spiralling energy prices and geopolitical uncertainty, pointing to the 11.5% standalone revenue growth and healthy 26.2% EBITDA margin as evidence of the strength of its diversified portfolio.
He added that the company’s sustained pivot towards defence, aerospace and other sunrise sectors, along with a continued focus on deepening technology capabilities and building dedicated capacity, positions it well for its next phase of growth.
Bharat Forge operates across a diversified set of sectors including automotive, renewable energy, oil and gas, defence, aerospace, marine, construction & mining and rail. The company noted that Q1 FY26 consolidated figures did not include K-Drive Mobility, which was consolidated with effect from July 1, 2025, meaning year-on-year consolidated comparisons for the current quarter are not strictly like-for-like.
