Entering one of the world’s largest aerospace and defence exhibitions for the first time, Bharat Forge Aerospace highlighted its growing capabilities across drones, jet engines, small gas turbines, and critical aero-engine components. The company’s debut reinforces its commitment to expanding its footprint in international markets and supporting next-generation aerospace technologies.

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Key Highlights – Q2 FY26 (Standalone)

• Revenue: ₹1,947 crore, down 7.5% QoQ, impacted by a slowdown in North American Commercial Vehicle (CV) demand.
• EBITDA: ₹545 crore; EBITDA margin at 28%, up 10 bps QoQ driven by a favorable product mix.
• PBT (before exceptional items): ₹432 crore, down 7.2% QoQ due to weaker export volumes.
• PAT: ₹310 crore compared to ₹339 crore in Q1 FY26.

Consolidated Highlights – Q2 FY26

• Revenue: ₹4,032 crore, up from ₹3,909 crore in Q1 FY26, supported by strong performance in Indian manufacturing and defence segments.
• EBITDA: ₹715 crore; consolidated with margin at 17.7%.
• PBT (before exceptional items): ₹445 crore.

Business Developments

• New Orders Secured (H1 FY26): ₹1,582 crore, including ₹559 crore in Defence.
• Defence Order Book (as of H1 FY26): ₹9,467 crore.
• Bharat Forge completed the transfer of all defence-dedicated assets to its wholly owned subsidiary, Kalyani Strategic Systems Limited (KSSL), to strengthen its focus on the defence segment.

Chairman and Managing Director Mr. Baba Kalyani shared:

“The quarterly performance was impacted by the sharp decline in the North American truck production and the resulting inventory destocking. Standalone Revenues declined by 7.5% sequentially to Rs 1,947 crores, impacted by 16% drop in revenues to North America. CV exports to North America declined by  48% sequentially and 63% on a YoY basis. Because of the constant endeavor towards de-risking the business, the impact was minimized with EBITDA coming in at Rs 545 Crores (EBITDA margins of 28%) and PBT of Rs 432 crores.

Consolidated revenue & EBITDA in Q2 came in at Rs 4,032 Crore and Rs 715 crores respectively. The balance sheet remains robust with Cash of Rs 2,309 crores and ROCE (net) of 15.5%. Indian manufacturing, a key focus area and growth driver for the company registered revenues of Rs 2,746 Crores and EBITDA of RS 676 crores.

The company secured new orders worth Rs 1,582 Crores including Rs 559 crores in Defence in H1 FY26. As of H1FY26, the defence order book stood at Rs 9,467 crores.  We have transferred all the Defence dedicated assets of Bharat Forge to our wholly owned subsidiary KSSL. On the business front we expect to conclude more order wins for platforms/ projects we have participated in.

The US & European operations saw weakness driven by seasonality and prevailing sentiments. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal. Given the challenging demand conditions in North America, we are witnessing exports into that region declining further in H2 FY26. However, we expect the industrial business across India, exports to non-US geographies and ramp up in defence business to more than offset the weakness in US exports. Our India manufacturing operations focusing on capturing opportunities in Defence, Aerospace, Castings and Aggregates across markets continue to make steady progress in their journey.”

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Amit Kalyani, Vice-Chairman and JMD, Bharat Forge Ltd., said, “We are excited to deepen our strategic relationship with Pratt & Whitney Canada through the establishment of this new ring mill. It not only reinforces our commitment to the global aerospace ecosystem but also marks a significant step in advancing India’s manufacturing capabilities in high-value aerospace components.”

Frederic Lefebvre, Vice President, Supply Chain, Pratt and Whitney Canada said, “This underscores our commitment to building a resilient global supply chain and advancing India’s aerospace ecosystem. Pratt & Whitney has been present in India for more than seven decades and has more than 800 employees who contribute to developing the next generation of dependable engines.”

The new ring mill is expected to be operational by 2026 and will support both domestic and international aerospace programs. It will also serve as a key contributor to India’s vision of becoming a global aerospace manufacturing hub.

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Mr. Guru Biswal, CEO-Aerospace Division, Bharat Forge said, “This MoU with VEDA is a testimony of our commitment to work for an “Atmanirbhar Bharat”, and to create niche technologies that shall support Indian and Global requirements in the evolving technological landscape of warfare. BFL will focus on indigenous development of jet engines upto 400 Kgf thrust to power the unmanned systems developed for Indian defence forces. The 40 & 45 Kgf engines developed by BFL are under serial production and will be used by VEDA for all defence projects.

Mr. Dipesh Gupta, Managing Director of VEDA Aeronautics, said: “We are thrilled to announce our strategic partnership with BFL aerospace which will supply small jet engines for all defence & other unmanned system projects of VEDA Aeronautics. This endeavor underscores our unwavering commitment to innovation, heralding a new era of technological advancement and strategic prowess in the aerospace domain specific to Long Range Combat UAV Systems, High Speed Aerial Targets and Multi Barrel Launched Jet Based UAV Systems.

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As a part of their CSR initiative, Bharat Forge has been instrumental in making significant improvements across 108 villages in areas like availability of drinking water, reservoirs and irrigation infrastructure for agriculture, healthcare, modern education infrastructure creation, organic farming, livestock management, biodiversity conservation, rainwater harvesting, and energy-efficient solutions.

Key achievements of these efforts include conserving 2,625 TCM of water, benefiting 216,215 people; constructing 80 km of roads, training 764 farmers, building 34 goat sheds, establishing 7 telemedicine centers, conducting cancer screening camps for 5,800 women, upgrading 12 primary health centers, renovating 42 Zilla Parishad schools, planting 237,000 trees, installing 469 kW of renewable energy infrastructure, and educating 1,500 students on environmental awareness. By undertaking a wide range of sustainable initiatives, Bharat Forge has significantly improved the quality of life for the rural India while creating a sustainability footprint. The villages of Dhamner, Saygaon, Rui, Takale, Nagzari, and Targaon have already achieved prestigious IGBC Green Village certifications.

The Green Building Congress 2024, a premier platform for industry leaders and innovators, focused on the theme ‘Advancing Net Zero in Buildings & Built Environment’ in its 22nd edition this year. Dr. Leena Deshpande, Associate Vice President HR & Head CSR received the prestigious award on behalf of Bharat Forge amidst an illustrious ceremony which saw the attendance of distinguished names from various industries including Mr. B Thiagarajan – National Chairman, IGBC, Mr. Vikram Singha – Associate Counsellor, IGBC, Mr. Jeff Oatman – Head of Collaboration & Membership, Green Building Council of Australia, Mr. B Thiagarajan – Chairman, Maharashtra State Council, CII, Mr. Arun Awasthy – President & Managing Director, Johnson Controls India, Mr. C Shekhar Reddy – Chairman, CII Telangana.

On this occasion Dr. Leena Deshpande, Associate Vice President HR & Head CSR, Bharat Forge shared, “At Bharat Forge we remain steadfast in our commitment to ensuring sustainable development within our communities. This initiative is a part of larger vision of Mr. Baba Kalyani, our Chairman and Managing Director, and Mr. Amit Kalyani, our Vice Chairman and Joint Managing Director who have always advocated and prioritised a culture of creating a greener, healthier and equitable future for all and have been at the forefront of our efforts to facilitate holistic village development. We are deeply honoured to receive the IGBC Green Champion Award, which is a testament to our unwavering endeavour in this direction.”

As CII-IGBC continue to drive the green building movement in India, pioneers like Bharat Forge have been setting inspiring benchmarks for the industry stakeholders to embrace sustainable building practices and commit to a greener future.

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Bengaluru, 17 October 2024: Bharat Forge Limited (BSE: 500493, NSE: BHARATFORG, today announced that it has entered into a definitive agreement to acquire AAM India Manufacturing Corporation Private Limited (“AAMIMCPL”), a subsidiary of American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL), at an enterprise value of Rs. 5,445.30 million, subject to closing adjustments.

Established in 2008, AAMIMCPL is a leading manufacturer of axles for light, medium and heavy-duty commercial trucks and passenger buses in India. With this transaction, the company will acquire commercial vehicles axle business of AAMIMCPL in Pune (India) and Chennai (India) along with the Pune Engineering and Development Center. The transaction is subject to approval from the Competition Commission of India (CCI) and will close only after receiving the CCI’s approval and upon fulfilment of other customary closing conditions.

Mr. Amit Kalyani, Vice Chairman & Jt. Managing Director, Bharat Forge Limited commented “We are delighted to welcome the AAMIMCPL team to the Bharat Forge family. We look forward to relying on their technical expertise and existing relationships with various industry players to further scale-up the business over the medium to long term.

AAMIMCPL’s acquisition, when completed, will be a significant milestone in our transformational journey of adding product solutions to our repertoire on the vehicle component side. This transaction will enable BFL to get into a new business for manufacturing of products.”

“The strategic decision to sell our commercial vehicle axle business in India enables us to strengthen our focus on ICE, hybrid and full electric passenger vehicle, pickup truck/SUV, and van applications globally and provides additional financial flexibility,” said David C. Dauch, AAM Chairman and Chief Executive Officer. “We are committed to collaborating with Bharat Forge to execute this agreement efficiently and support the continuity of supply from these facilities to customers during the ownership transition.”

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

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