By BullScreen Editorial Team 
Bharat Forge Limited reported a mixed but resilient performance in its Q4 results 2026, supported by a recovery in exports, strong domestic demand, and record defence order inflows. The company also projected a sharp growth outlook for FY27 as global commercial vehicle markets stabilize.
For FY26, consolidated revenue rose 11.2% year-on-year to ₹16,812 crore, while EBITDA increased 5.9% to ₹2,921 crore. However, standalone annual revenue declined 5.1% to ₹8,396 crore due to weak export demand, particularly from North America’s commercial vehicle market.
The Q4 results 2026 showed signs of improvement on a sequential basis. Standalone revenue climbed 8.5% quarter-on-quarter to ₹2,260 crore, while profit before tax before exceptional items increased 9.7% to ₹486 crore. Export revenue also recovered to ₹1,084 crore in the quarter as inventory corrections in the US truck sector eased.
Domestic operations remained a key growth driver during the Q4 results 2026 period. Revenue from the domestic business increased steadily, helped by strong fleet replacement demand, rising utility vehicle sales, and stable industrial sector orders. The defence business emerged as a major highlight, with Bharat Forge securing ₹2,816 crore worth of defence contracts during FY26. Its total defence order book reached a record ₹10,961 crore.
The company also booked a ₹450 crore impairment related to its e-mobility investment business amid slower global EV adoption trends. Despite this, management maintained a positive outlook and expects nearly 25% revenue growth in FY27, backed by defence execution, export recovery, and strong Indian manufacturing demand.
| Metric | Q4 FY26 / FY26 | Growth / Change |
|---|---|---|
| Consolidated Revenue (FY26) | ₹16,812 Crore | ↑ 11.2% YoY |
| Consolidated EBITDA (FY26) | ₹2,921 Crore | ↑ 5.9% YoY |
| Standalone Revenue (Q4 FY26) | ₹2,260 Crore | ↑ 8.5% QoQ |
| Q4 PBT Before Exceptional Items | ₹486 Crore | ↑ 9.7% QoQ |
| EBITDA Margin (Q4 FY26) | 27.0% | Slightly lower by 30 bps |
| FY27 Revenue Growth Guidance | Around 25% | Positive Outlook |
| Segment | Q4 FY26 Revenue | Key Trend |
|---|---|---|
| Export Business | ₹1,084 Crore | Recovery seen after weak North America demand |
| Commercial Vehicles (Export) | ₹344 Crore | Improved after inventory correction |
| Passenger Vehicles (Export) | ₹302 Crore | Strong demand from Americas |
| Domestic Business | ₹1,063 Crore | Supported by CV and industrial demand |
| Industrial Segment | ₹649 Crore | Stable growth from power & construction sectors |
| Defence Orders Won in FY26 | ₹2,816 Crore | Strong order momentum |
| Key Indicator | FY26 Status |
|---|---|
| Defence Order Book | Record ₹10,961 Crore |
| Net Debt-to-Equity (Consolidated) | 0.18x |
| ROCE | 15.6% |
| EV Business Impairment | ₹450 Crore |
| Cash Balance | ₹2,930 Crore |
| Europe Steel Unit Restructuring | Expected completion by CY27 |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/af9d0bd2-4d46-4d9a-bf64-73db891db83a.pdf