BHARAT FORGE: Q2 FY27 CONSOLIDATED REVENUE RISES 20.8% YoY

BHARAT FORGE: Q2 FY27 CONSOLIDATED REVENUE RISES 20.8% YoY; DEFENCE ORDER BOOK AT ₹10,960 CRORE • Consolidated Revenue: Increased 20.8% YoY to ₹4,870 crore, registering 5% QoQ growth. • Consolidated EBITDA: Rose 8.8% YoY to ₹778 crore, while EBITDA margin declined to 16% from 17.7% a year ago. • Standalone Performance: Revenue grew 29.8% YoY to ₹2,526.4 crore, while EBITDA increased 20.2% YoY to ₹654.6 crore, with a margin of 25.9%. • FY27 Growth Guidance: Management maintained its expectation of 20–25% revenue growth for Indian manufacturing operations. • Defence Order Book: Outstanding defence order book stood at ₹10,960 crore as of H1 FY27. • Order Inflows: Secured new orders worth ₹2,107 crore during H1 FY27, including ₹681 crore from the defence segment. • ATAGS Programme: Received Bulk Production Clearance, with manufacturing expected to commence in FY27 and revenue recognition targeted from Q1 FY28. • Capacity Expansion: Committed over ₹2,000 crore towards investments across automotive, aerospace, defence, energetics, data centres and semiconductor components. New facilities are expected to become operational over the next 12–18 months. • Export Performance: Export revenue surged 38.9% YoY to ₹1,308.8 crore, supported by growth in commercial vehicles (+96.2%) and passenger vehicles (+20%). • Domestic Business: Revenue increased 19.3% YoY, driven by commercial vehicles (+43.9%) and passenger vehicles (+32%). Impact: Positive, with some margin concerns – Strong revenue growth, healthy order inflows and a sizeable defence pipeline support the long-term outlook. However, consolidated EBITDA growth lagged revenue growth, resulting in margin compression. Overseas profitability also remains a concern, while a meaningful contribution from new capacity is expected over the longer term.