Bharat Forge Ltd — Q2FY27 earnings call summary

Filed 06 November 2026 · Official transcript

Defense order book 109.5bn INR; ATAGS production approval received, revenue starts Q1 FY28
Aerospace and semiconductor businesses expanding with new facilities; Baramati capacity to double by FY29
Q2 FY27 standalone revenue 25.26bn INR +30% y-y; EBITDA 6.55bn INR +20% y-y; margin 25.9%
US subsidiary profitability impacted by one-offs; turnaround expected by Dec 2026
India manufacturing sales to exceed 50bn INR by FY27 end with 200-250 bps margin accretion
Multiple analyst queries on defense revenue recognition and margin outlook addressed
Expect H2 FY27 stronger with ramp-up in new businesses and price recovery
Defense margins expected 20-25% depending on product mix; ramp-up over 4 years for ATAGS