Bharat Forge Q3 FY26 Results: A Tale of Two Performances — Standalone vs. Consolidated

Bharat Forge Limited announced its financial results for the quarter ended December 2025 (Q3 FY26) on February 12, 2026. The performance highlighted a significant divergence between its domestic standalone operations and its rapidly growing consolidated global business, especially in the defense sector.

1. Financial Performance: A Tale of Two Sheets

While the standalone numbers showed some contraction, the consolidated performance outpaced market expectations in revenue and operating profit.

Consolidated Highlights (YoY):

• Net Profit: Rose 28.2% to ₹273 crore, up from ₹213 crore last year.

• Revenue from Operations: Surged 25% to ₹4,343 crore, beating analyst estimates.

• EBITDA: Grew 20.3% to ₹750 crore, though margins slightly narrowed to 17.3% due to one-time costs of ₹55.7 crore.

Standalone Highlights (YoY):

• Net Profit: Fell 16.8% to ₹288 crore.

• Revenue: Remained largely flat at ₹2,983.7 crore (down 0.6%).

• Key Drag: Performance was impacted by de-stocking in the North American Commercial Vehicle (CV) market.

2. Defense & New Orders: The Growth Engine

The standout feature of this quarter was the massive momentum in the defense vertical.

• Defense Order Book: Currently stands at a staggering ₹11,130 crore.

• New Deals: Secured new orders worth ₹2,388 crore in Q3 alone, including a significant CQB Carbine contract for the Indian armed forces.

• Execution: Management noted that execution of the defense order book and strong domestic automotive growth helped offset weak export demand in the industrial segment.

3. Dividend for Shareholders

Rewarding its investors despite the standalone dip, the Board of Directors declared:

• Interim Dividend: ₹2 per share (100% of face value).

• Payment Date: The dividend is scheduled to be paid by March 12, 2026.

4. Stock Market Reaction

The market cheered the consolidated beat and the massive defense order pipeline. Following the announcement, Bharat Forge shares rose over 3%, touching an intra-day high of ₹1,736.60 on the NSE.

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