Bharat Forge Delivers Strong Q2 Performance, India Operations Offset US Weakness

Bharat Forge reported a steady second-quarter performance, reflecting resilience in its Indian operations despite a slowdown in overseas markets. The company’s results for the September quarter highlight robust growth in profitability and revenues, supported by strong domestic demand and a rising contribution from its industrial and defence businesses.

Revenue and Profit Growth

For the quarter ended September, the company posted a 23% rise in consolidated net profit to ₹299 crore. Revenue stood at ₹4,032 crore, up 9.3% year-on-year, aided by growth in its India business and exports to non-US markets. The Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased 12.1% to ₹726 crore, with EBITDA margins improving by 50 basis points to 18%.

These results were above market projections, supported by a better product mix, cost management, and sustained demand from sectors such as industrials and defence. The company’s ability to maintain operating efficiency helped counterbalance the impact of softer demand in North America.

Offsetting US Slowdown

In its quarterly update, the company acknowledged a decline in exports to North America during the second half of the current financial year due to challenging demand conditions. However, it stated that the strength of its India operations and improved traction in non-US geographies would more than offset this weakness. 

The growing contribution from the domestic industrial business and the ramp-up in defence manufacturing are expected to support overall performance in the coming quarters.

The company secured new orders worth ₹1,582 crore during the first half of the fiscal year, including ₹559 crore from the defence segment. The total defence order book now stands at ₹9,467 crore, marking a significant step towards expanding its presence in strategic sectors.

Bharat Forge Share Price Update

Following the announcement, the company’s stock witnessed a recovery during the trading session. Bharat Forge Share Price stood at ₹1,356 as of November 11, 2025, 1:40 PM, up 2.17% on the day. 

With a market capitalisation of ₹64,826 crore, the stock has moved within a 52-week range of ₹1,398 and ₹919. The company’s financial indicators include a P/E ratio of 63.2, ROCE of 12.2%, and ROE of 11.6%, supported by a dividend yield of 0.63%. 

Read More:HDFC Defence Fund Increases Stake In Bharat Forge, Eicher Motors; Trims Exposure In 4 Stocks In Oct

Conclusion

The second-quarter performance indicates that Bharat Forge is maintaining growth momentum by leveraging its diversified business base. While external markets present challenges, the company’s emphasis on domestic growth, industrial expansion, and defence opportunities positions it to sustain operational balance in the near term.

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