{"id":182473,"date":"2026-05-07T07:36:38","date_gmt":"2026-05-07T11:36:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-07T07:40:35","modified_gmt":"2026-05-07T11:40:35","slug":"bharat-forge-ltd-bharatforg-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/bharat-forge-ltd-bharatforg-q4-2026-earnings-call-transcript\/","title":{"rendered":"Bharat Forge Ltd (BHARATFORG) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Bharat Forge Ltd (NSE: BHARATFORG) Q4 2026 Earnings Call dated May. 07, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Amit Kalyani<\/strong> \u2014 Vice-Chairman and Joint Managing Director<\/em><\/p>\n

Kedar Dixit<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Kapil Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Vinay<\/strong> \u2014 Analyst<\/em><\/p>\n

Gunjan Prithyani<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Pramod Amthe<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4 and FY26 earning conference call hosted by Bharat Forge Limited. This conference call may contain forward looking statement about the company which are based on beliefs, opinion and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation.<\/p>\n

Conclude. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Kalyani, Vice Chairman and Joint Managing Director, Bharat Forge Limited. Thank you. And over to you sir.<\/p>\n

Amit Kalyani<\/strong> \u2014 Vice-Chairman and Joint Managing Director<\/em><\/p>\n

Good afternoon ladies and gentlemen and thank you for joining our conference call today. As is standard, I will first introduce the people with me and then our group. Our CFO Kedal Dixit will take you through the numbers. So I have with me my fellow board member and Head of the Components business Subhoav Dandalay. I have Kedar Dixit, our cfo. I have Raj Gopal, our Head of Investor Relations and M and A and Chinmay and Sameer. So over to you Kedar.<\/p>\n

Kedar Dixit<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you. Good afternoon everyone. I’ll just take you through a few highlights for the quarter and for the year ended 31st March 2026. We’ll start with the performance review of consolidated results. Given that number of initiatives and investments we have made in new verticals as well as in the Indian manufacturing space, we ended the year with revenues of 16, 812 crores and 16,812 crores and EBITDA of 2,921 crore which has a growth of 11% in revenues and about 6% in EBITDA. Consolidated net debt equity stood at 0.41 as of March 2026.<\/p>\n

During the year the company also secured new businesses worth 4814crores across all key businesses which includes the traditional business of 1210 crores, defense 2816 crores, JSA which is our passing unit, 292 crores and K Drive which is the recent acquisition is about 500 crores. Talking about the standalone performance, the standalone business reported a revenue of 8,396 crore which was lower by about 5% year over year. This was mainly on account of regulatory uncertainties in North America and demand challenges in US CV market which has impacted the performance but as we speak we are looking at good growth in this sector.<\/p>\n

Standalone EBITDA for FY26 was at 2312crores translating EBITDA margin of 27.5%. PBT before exceptional items was 1826 crore which was about 8% lower YoY talking about the quarterly performance, standalone revenues for the quarter was up by 8.5% quarter over quarter at 2,260 crores. The quarter improvement in performance was driven by all around recovery in exports and strong performance in domestic automotive segment Q4 was up at 7.2% sequentially at 610 crore calculating an EBITDA margin of 27%.<\/p>\n

This also includes one time cost retrospective cost by by MSMCL which had charges retrospectively success on the captive power which is about 11 crore. Without that the margins would have been closer to 28%. PBT before exceptional item was about 486 crores during the quarter. Company has absorbed tariff impact of about 12 crore. Balance sheet continues to remain robust with net debt to Equity act for the year. Talking about the overseas business, we have initiated the restructuring of our German Steel business which is CDP Bharat hoj.<\/p>\n

We expect to complete the process by end of next calendar. For other businesses in Europe we are simultaneously pursuing various business opportunities to leverage the scaled out manufacturing footprint. Performance wise EU operations registered revenue of 3865 crores and EBITDA of 151 crore resulting in EBITDA margin of around 4% while US operation operations recorded a revenue of 1534 crores. EBITDA of 54 crores translating into EBITDA margin of 3 and a half percent. I will hand over to Amit Sir.<\/p>\n

Amit Kalyani<\/strong> \u2014 Vice-Chairman and Joint Managing Director<\/em><\/p>\n

So good afternoon ladies and gentlemen. You know 2026 was a very interesting year. It had its own set of challenges, yet I think our team rose up to the challenges and really performed exceptionally well. It also was a year with a lot of uncertainty especially to do with tariffs which to some extent persists and then we ended up towards the end of the year with a full blown war taking place in the Middle east which luckily enough seems to have subsided right now and if everything goes well it should really settle down and get resolved.<\/p>\n

I think this has had impacts and uncertainties on markets, inputs, transportation and many factors that affect our business. Given that background I think we have weathered the storm well and ended on a stronger note with very good momentum going into the New year. I want to especially commend our sales and marketing customer facing teams our supply chain teams, our operating teams and all the people in our company for really giving it their all and making this year, let’s say painless for our customers.<\/p>\n

Driven by a combination of new business initiatives and M and A over the past three years, BFL is now an engineering conglomerate entrenched across processes, customers and segments. This is an example of how we transform every five, six years. Our balance sheet continues to remain one of our key strengths with a net cash position, a strong net cash position at a standalone level. The aerospace business, which we have been talking about for quite some time I’m very happy to report, is now a meaningful part of our industrial exports and is now almost 26% of the last quarter’s exports, is the second largest contributor to our industrial exports now.<\/p>\n

This segment has seen multiple new business wins both across jet engine structure landing Systems from global OEMs. We were recently selected by Aerospace OEM as their first supplier from India for any critical components. Our acquisition of K Drive is making significant progress and has also won a lot of new business from OEMs which will start panning out from this year. On the defence front, our business has spread well beyond artillery and vehicles to include small arm naval solutions and a wide variety of unmanned platforms both sea and air.<\/p>\n

The recent order wins are a testament to the progress made here. With an order book of close to 11,000 crores the next 34 years we’ll see stable revenue accretion in these sectors. In parallel we are also focusing on expanding our product portfolio and participating in new programs to build a robust and scalable revenue pipeline over the medium to long term. I particularly see new opportunities in Europe for our defense business castings. Despite the challenges in the export market, especially in the wind sector because of the slowdown in wind infrastructure build up, we have seen JSA continue to grow and increase both revenue and profitability going forward and we are now expanding our customer base to cross fertilize and to cross sell these products into our existing customer base in the automotive and commercial vehicle sector.<\/p>\n

The recent capital raise from Premji Invest will help us drive capacity expansion and make this business an independent road driver for Bharat Forj and the Kalyani Group. This week we acquired a 30% stake in Fortuna Engineering which is a company based in Nasik. This has a strong and experienced management team led by the promoters in machining and it strategically is a very complementary fit to us because they make they do machining of connecting rods and some other high value components which are all complementary to what BHARAT Forge does and in fact also allows us to supply into them the forged components that they can machine.<\/p>\n

The company has a strong balance sheet and a net cash position in E Mobility. As I mentioned in the television interview earlier, we have decided to take a write off of those investments where we don’t see any immediate revenue and business ramp up because it doesn’t make sense to spend time and effort on those areas which are not going to give us returns immediately. As you are aware globally, the electric vehicle adoption has taken different trajectory as compared to what was originally envisaged.<\/p>\n

Additionally, our overseas business will also see a restructuring with our steel poaching business undergoing a restructuring. As we have explained earlier, we also intend to evaluate additional business opportunities in the automotive sector to leverage our market position, our customers and our footprint globally. If you look at 2027 as a whole, I think it’s going to be a strong year for India manufacturing operations as the growth impetus across sectors and the kind of strategies we have put in place will bring in higher execution and growth.<\/p>\n

Barring any further geopolitical crises and their impact on demand, we should see a close to 25% plus growth in our India business. Our ongoing capex programs across forging, casting and products platform will translate into 800 to 850 crore capex in a 15 to 18 month period. We continue to evaluate potential MA opportunities in India to address opportunities in high growth sector which may be complementary and a good fit to our existing business. Thank you. I will now be happy to my team and I and both will be happy to take your questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you so much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch on telephone. If you wish to remove yourself from the question queue you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Kapil Singh from Nomura. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Good afternoon sir. Congratulations on a good performance for the quarter. Firstly I had question on your Target growth for FY27. Could you give some more color and break it down between different segments? Broadly what kind of growth you expect in defense? US exports for CVs, non auto and domestic.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, I’m not going to break it up into that much detail. Let me just tell you we will see the highest growth coming from our aerospace business and then defense business and the automotive business. When I say automotive I mean the components business which includes both automotive and industrial.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay, and sir, what is the outlook for domestic and global series?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Outlook is strong for both us is very strong and so is India.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. Sir, you also mentioned that we have acquired Fortuna. Could you give us some color in terms of revenues? Where does it stand and what is the potential here?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, so we have acquired 30% for 130 crores. The company has a revenue of about 360, 380 crores and they have a net cash position of about 20 odd crores. And they are on a growth path to increase multiple X by setting up new machining lines and also open doors to them for our customers because they don’t make the very large parts that we make. So large connecting rods is a big opportunity to supply globally.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay, and will it be safe to say that the growth target also includes inorganic opportunities like these?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So we don’t currently have any other inorganic which is ongoing. But as we have mentioned we will look at opportunities within India that make sense for us.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Sorry, just one last question. You mentioned that the electrification has taken a different path from what we were originally anticipating. Could you elaborate a little bit?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah. You know about five years ago there was a very strong focus on electrification across the board. Including commercial vehicles. Including heavy commercial vehicles. However, it is definitely not seeing the same kind of trajectory as what was anticipated. Secondly, even the large European OEMs are not as successful in the passenger car sector on electrification as you have seen. Both Porsche, Ford, many companies have had massive hits and write offs because they have not been able to build a platform that has been as competitive as those that the Chinese offer.<\/p>\n

So there has definitely been a recalibration of everybody’s EV strategy globally. Except the Chinese of course.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Thank you sir. That’s all from my side. Best wishing,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of binesing from Morgan Stanley. Please go ahead.<\/p>\n

Vinay<\/strong><\/p>\n

Hi team, congratulations on.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry, we can’t hear you. Can you speak a little louder please?<\/p>\n

Vinay<\/strong><\/p>\n

Hi team, congratulations on good set of numbers. My first question is on your restructuring. You know you highlighted that it’ll conclude by end of CY27. So could you share your thoughts on that? And in the intermittent phase which is this year and next year, will the losses be at similar level? Like this year you had almost a 300 crore loss or so on the Europe and US operations so that. Happy to hear your comments on that.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So the restructuring of CDP has started. This is a 15 to 18 month process where we have to meet the customer requirements. And also do a solvent liquidation of the company. This we anticipate the losses will reduce because the CDP losses are not going to be there. Whatever is there will be part of the restructuring. So hopefully for the year that goes by we will have a better performance from our overseas subsidiaries.<\/p>\n

Vinay<\/strong><\/p>\n

Thanks. Thanks for that. Just on aerospace, what exactly was the number for FY26 for you?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

It was about 400 crores.<\/p>\n

Vinay<\/strong><\/p>\n

And lastly just on defense, in the last call we talked about revenue guidance on defence of 30 to 40%. But just looking at the order book, what are the key sort of milestones to watch out for? You’ve talked about opportunity in Europe and all. But any key things that we should expect or milestones to see this year.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So the first thing that you should look at is the fact that the A tax fat will happen and then the A tax production will start and ramp up. The second is the CQB carbine also production will happen. So those are the two big milestones that will move the needle starting this year and then it will continue next year and year after next as well.<\/p>\n

Vinay<\/strong><\/p>\n

Anything on the order backlog, any large project that you are bidding this will start<\/p>\n

Amit Kalyani<\/strong><\/p>\n

In the second half of this year, please remember.<\/p>\n

Vinay<\/strong><\/p>\n

Yeah. And anything on the order wins. Any incremental order book we<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Have, as Kedar mentioned in his initial talk, we have won new orders in defense as well in the space of naval and drone systems. And we have lots of other new products that we are both developed, developing and fielding that go into a variety of platforms including Navy. And hopefully those should all now start. You know, the order was, I mean the bids should open and then we should know where we stand.<\/p>\n

Vinay<\/strong><\/p>\n

Right? Great. Thanks team.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Gunjan Prithyani from Bank of America. Please go ahead.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Yeah. Hi. Thanks for taking my question. Just a couple of clarifications on this. Aerospace and defense. In aerospace you mentioned 400 crores for full year and you also mentioned 26% of exports in quarter four which essentially means exit run rate of almost 300 crores. So is that the number we sort of work through for the next year that it can be a 1200 crore? What I<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Said is that industrial exports for Q4 Aerospace was about 26% of the overall export from industrial.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Okay.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So in any case we are, you know, if I, if you look at 400 crores as the business we did for the whole year, we will see a strong double digit growth higher than the overall growth that we are anticipating as a company. Significantly higher.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Okay. Got it. Which is similar like what we are saying for defense as well, that 30, 40% sort of growth. So these businesses should sort of clog that number.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

As I mentioned earlier, the highest growth will be aerospace,<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Then<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Defense and then the components business. And in components, I include, you know, all the components that we make.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Okay, got it. And again, the clarification on the sub piece that you mentioned, the restructuring, restructuring as initiative. Do the losses from this German subsidiary completely go away from the operating number because restructuring has begun.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry, what? What will go away? No, it will go away, get wound up,<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Which is basically end of next year, next, next calendar. Okay, got it. Now just moving to the data centers bit which was mentioned in the media. Is there something that you just want to give us a sense on what are we doing there? And I don’t want to talk<\/p>\n

Amit Kalyani<\/strong><\/p>\n

More about it, but suffice to say that, you know, a data center has a large amount of manufactured input that goes into it in the auxiliaries, in every element of managing, powering and supporting a data center. And those are all areas where we supply product into.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Okay, got it. And last question on the TV business, both in Class 8 as well as in India, I think just generally there is a concern that energy prices particularly, we’ve already seen them move up in us. How do we think about how confident are we of the growth outlook? Both Class 8 as well as the India CV,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

My colleague, both will answer.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Currently that is a common problem everywhere in the world. The energy price is going up. But you have to also take into consideration that there is 18ft in the US and they have a certain calculation for that in terms of what they have to replace and when. And from that perspective, the demand is expected to remain strong for the rest of the year for sure. There is also an emission change coming in early next year. So the combination of all this, there is a strong hope that the demand in the US will remain strong.<\/p>\n

And as far as India is concerned, yes, there is an increase, but there is also overall increase of economic activity. So from that perspective, you know, the energy shock is there, but it is going to get absorbed in the system by, you know, passing it along the whole value chain. So we expect that there should be reasonably stable demand.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

The existing like pipeline that you. Gunjan, I am sorry to interrupt<\/p>\n

Operator<\/strong><\/p>\n

You, but you may please rejoin the Q for more question.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

All right, thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participant, we request you to kindly limit your Question to two question per participant. If you have a follow up question, please rejoin the queue. Our next question come from the line of Arin Sharma from City Bank. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon sir. Thank you for taking my question. On the 25% growth target for the Indian operations will be possible to share how much would be in this standalone business, how much do you expect in the Indian subsidiaries?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

You know I’m not going to break it down into all that, that it gives too much information. Let’s just limit to say that it’s going to be at a overall India level. In India<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It will be between the standard and the Indian subject.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It will be, it will be the combined standalone as well as the Indian subsidiaries. That understanding is correct? Sure, sir. Also on the, on the orders that you alluded to almost 4,800 crores into the expense orders of 2,800 crores, what would be the typical gestation period of these new orders? 1. Just from our perspective, you know, when should we expect the revenue start accruing? Is this something that you can share?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, actually we talked about this a little while earlier that if you look at the, a tax order that will start revenue in the next half of the year, same with the carbines and some of the data center orders will also start slowly from the end, towards the third quarter, fourth quarter and then really ramp up next year. But everything will start ramping up from this year. I mean product development will start from this year and ramp up next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. So and sir, if you just comment on the commodity costs, anything that you would like to stress upon.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So right now the biggest issue on cost is energy cost which has gone up quite substantially and elements that depend very heavily on energy, those have gone up. But that we are negotiating with our customers to get compensation. Correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s all from my side, sir. Thank you so much for taking my question. Thank<\/p>\n

Amit Kalyani<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Pramod Amte from Ingrid Capital. Please go ahead.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Yeah, hi. Thanks for taking the question. So continuing on the previous question, in terms of cost, do you see worst is behind or it’s still a very volatile environment and also similarly in terms of supply chain challenges, how are you seeing it?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

You know, you have to take it a day at a time because you know, we’re living in a time where what’s happening in the world depends on which news channel you watch. So you know, it’s not really the old rules of the game anymore. Every hour, every minute, things are changing. But you know we’re doing the best we can. So as a country also and as an organization also, I don’t know if I can say the worst is behind us.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay. And the second one is with regard to the recent acquisition for machining facility, you already have a machining facility in house and this seems to be like your captive facility which are acquired. How do you see what’s the reason to do it and how do you see make workers buy in such form decisions? Is there any worthwhile time saving you are doing here or capability addition.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry, sorry, say that again.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

No, I said you have bought this entity.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So Pramod, the reason of acquiring this entity is this is very synergistic to what we do today. And you know, we also cannot do everything ourselves. We need the bandwidth to be able to grow in a quantum manner. We will also be addressing many segments that we have not addressed in India so far as a part of this, you know, this resource that we have not just in India for that matter, even outside India. And we have actually already started getting a lot of positive interest from our existing customers to be able to do that.<\/p>\n

So the whole idea is growth related more than anything else.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

And you mentioned top line and one<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thing Subodh said it’s not just growth, it is fast growth.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay, and what type of margins does it operate in? EBITDA margins or EBIT margins? That business,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

You know, it’s mid teens.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay, sure. Thanks. And all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Nitin Arora from Axis Mutual Fund. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just on the exclusive side on the depends how we are thinking about this business because there is demand globally as well. So when do we see this capex happening and when do you see scale start becoming bigger for you? Just on the direction side.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So first of all we don’t have an explosive right now. Right. But as we have mentioned Mr. That we are, you know planning to set up a facility and the facility we are planning is going to come up in Andhra Pradesh and we are going to do the groundbreaking of this, this, this month.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So FY27 is where we see, sorry, FY28 where we see, you know, pretty heavy and how much capex. Yeah, let<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Me just caveat that by saying that you need a hell of a lot of approvals before setting up such a facility. And after setting up a facility like yeah, you can start production. So our goal is to break ground this month and start the preparatory work and then once we get our approval start construction by the end of this year and that should be ready in less than 15 months. And then, you know, another six to eight months from then we should be able to start pilot production. You’re talking about roughly 24 months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much. Thank you. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sonal Gupta from HSBC amc. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good afternoon and thanks for taking my question. Amit. Very heartening to see. We’re aggressively moving and you’ve done a lot of acquisitions this year in India. I mean like with the K drive as well as Fortuna. So in that context I just, just wanted to understand the, the capital raise, external capital raise in cream in jsa. Why are we doing that? Right, like, I mean that’s something that internally fund. That was<\/p>\n

Amit Kalyani<\/strong><\/p>\n

A minor thing actually. And honestly we see a large opportunity in jsa but we wanted to make it an independent business and grow it because we see that that business could become multi thousand crore business per year. Because if you see the biggest ingredient of in that industry is energy and raw material and both those factors are not available in required quantity or price in Europe. So we see a large opportunity to move that manufacturing into India. So we want to expand that fast and we want to do it with its own momentum and steam.<\/p>\n

So that was the reason to do it. And you know, I think there are other synergies that could come out of that relationship as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So you’re saying that by doing this external they can grow faster than what they would have done if we’d done internally.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, I want to, I also want to build a new model where companies that we buy which are like that, you know, become more focused on their own growth and become self sufficient. Yes. We will support them on you know, whatever customer connect etc that we can do. But I think they need to drive their growth more aggressively and not get limited by, you know, just what we can provide them.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And sorry, the second question I had was on the A tags. I mean what sort of capacity have we now ramped up to and when do we see this really? We talked about<\/p>\n

Amit Kalyani<\/strong><\/p>\n

This that second quarter, second half of this year we will see that fat getting completed and then hopefully production and supplies to start.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I think the earlier you mentioned that we were initial capacity is like five guns a month. Is that what we’re looking at or. Yeah,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

That’s what we can do. Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, great. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Ronald Singh V from NFA Asset Managers. Please go Ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Hello. Thank you for taking my questions. Am I audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, yes.<\/p>\n

Kapil Singh<\/strong><\/p>\n

So I want to get specific about the 155mm artillery shells. 155mm artillery shells. So what is the current capacity?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

I am not going to discuss that. You know, let’s just say that we have adequate capacity and we are producing a large number of them.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. So like can you just say further you are gonna go into explosives or Christian guidance or just the empty shelves<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Again? I already answered this just before when Mr. Mehra, I think asked a question. We are definitely going to get into explosives.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thank<\/p>\n

Kapil Singh<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Nitin Jain from Fair Value Equity Advisory. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Yeah, good afternoon and congratulations on a good quarter. So my first question is on the aerospace business. If you could provide some outlook on the business. Where do we see it in the next three years and what are the kind of margins we have here? Like are they above company average or in line with the company margin?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So I would say the margins are above the company average. And if you remember Mr. Jain, that over the last three years we had said the first goal is to get to 5, 6, 700 crores and then you know, get to 1,000 crores. I think that’s we are on that trajectory and sooner than later we should cross that and then be on a very fast growth path after that, you know, getting to the first thousand crores is hard. After that it becomes, you know, you create lines of business, you create product strategies and then multiple products can become 4,500crores each, maybe even more.<\/p>\n

We’re on that path.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay, so safe to assume that we are targeting around 1000 crores in the next three years or so.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Easily, Easily.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay, great. I would<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Say even more than that.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay, great. Also, can you provide some color on the kind of revenue opportunity we are targeting in the server manufacturing business in the next two years? No,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

No, no. We are not looking at that business aggressively. You know, we were trying to look at that business to understand the data center market. And I think we’ve understood what we want to do and what we don’t want to do. There are some specialty opportunities where there are certain critical clients who want domestic made servers made by an Indian company. Those we will look at, those are not very large opportunities at this point in time. They are more a strategic opportunity and it’s an opportunity to get into the whole value chain of the data center.<\/p>\n

So that’s what we are looking at it as. I wouldn’t look at it as A. You know, getting into electronics in a big way kind of thing.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. That’s quite helpful. Thank you. And congratulations.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question come from the line of. Mitesh from Aditya. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Yeah, I have a question regarding the Orissa project.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Which company are you with?<\/p>\n

Kapil Singh<\/strong><\/p>\n

Aditya Equity Investment. Sorry, I forgot to write the full name. Hello.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah, go ahead. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Yeah, I had a question regarding the Orissa project. So when is the environmental clearance expected of for the project? And when do you expect to break ground for the project?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

We’re waiting still. So I don’t know. Maybe another two, three, four months.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. Thank you. Thank you.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Hit Raichura from Ananya Research. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’m sorry, sir, but your<\/p>\n

Operator<\/strong><\/p>\n

Voice is not audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. So I just want to understand for the next three, five years particularly<\/p>\n

Amit Kalyani<\/strong><\/p>\n

It is offline. We’re not able to hear you. I think you should call our team separately and talk to them. They’re not able to hear you at all. Hello. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of. Rakesh Roy from Boring amc. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Yeah. Hi sir. My first question is. Can you give me the full year difference revenue for FY26?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

1300 crores. 1300 and. Sorry. Full year revenue 45. Sorry. 1562 crores.<\/p>\n

Kapil Singh<\/strong><\/p>\n

All right, sir. Right, sir. So my next question. Sir. Recently Army. Army issue 1 RFI for bulletproof troop carrier. Are we bidding for this one?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah. We’re waiting for lots of new programs in the army.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. And can you highlight on this. Recently one product is launched. One product is launched in defense. Especially Vikram VT21 with DRD1 Tata. How the market size and where we are currently.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry, sorry.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Vikram Vt Tata.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yeah. We. We launched our wheel platform. And they. We also had our track platform there.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Right. And how is the market?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

The question.<\/p>\n

Kapil Singh<\/strong><\/p>\n

My. My question is how is the market size for this product Especially for RBM and<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Replacing the old BMWs that the Indian army has huge numbers of?<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. Any idea how much number for domestic market and for export market? Your point of view. Globally<\/p>\n

Amit Kalyani<\/strong><\/p>\n

The market is in tens of thousands.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Oh great, sir. Yes. Thank you, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Mahesh Vendre from LIC Mutual Fund. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. Thank you so much for the opportunity, sir. What kind of capital expenditure we’re looking for next three years?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

I’m telling you right now, what we have ongoing between last year, this year and between last year and this year will be about 800 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. And sir, since the defenses business. Defense business is becoming bigger and with various dimensions. Any plans of hiring of this business, maybe creating a new entity or bringing any. I mean we haven’t thought<\/p>\n

Amit Kalyani<\/strong><\/p>\n

About. As you know, we’ve already spun it off into kssl.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. In terms of creating value for investors, are there any plans. I hope we are<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Creating value<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In terms of listing this that<\/p>\n

Amit Kalyani<\/strong><\/p>\n

We will look at separately.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. Thank<\/p>\n

Amit Kalyani<\/strong><\/p>\n

You. Thank<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You so much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Nitin Jain from Farewell Equity Advisory. Please go ahead.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Yeah. Thank you for the follow up opportunity. My question is given the importance of drones in modern warfare, like we have seen in operations, indoor and other operations, what kind of presence do we have in drone manufacturing?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

We are already making drones for land, sea and air. I would say that undersea and the sea part we are very strong. In the air part we are getting stronger. The land we need to do more work. We have already won order in both the air and the sea domain.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Right. Would it be possible to provide any percentage in terms of our defense? No,<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Not right now.<\/p>\n

Kapil Singh<\/strong><\/p>\n

Okay. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Amit Kalyani for closing comments. Thank you. And over to you, sir.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

I think if there are any last questions, you know, one or two, let’s finish them and then we can close. I just saw that there are two names.<\/p>\n

Operator<\/strong><\/p>\n

Sure, sir.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Let’s just do these last two.<\/p>\n

Operator<\/strong><\/p>\n

Sure. Our next question comes from the line of Akshay Karwa from Abiba, India. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi Amit sir. Good afternoon.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Sorry, go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My question pertains to the manufacturing of jet engines. So with the recent companies coming, with private companies coming to foray for this, how long would you do you think would we be ready to create our own localized check engine in the near term?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Are you talking about an engine for a manned or unmanned platform?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Manned platform.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Manned platform will take quite some time. I would say not less than five to 10 years. But unmanned can happen very, very fast. Already we are supplying small jet engines for number of drones. And we are now going to be making bigger ones also for unmanned systems. And these are completely made in India in house. They are designed, engineered and manufactured. Range of 40 kilos to 150 kilos.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My question is revolved around the recent AMCA business, the AMCA engines. So regarding that, as you said, cyber tenure. So which of these Companies would be able to get this order.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

So for AMCA Loop the whole program is going to be down selection first of the consortium and then first prototype in 32. Okay. So it’s still a long ways away and initially AMTA will be powered by imported engine.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir. That’s it from my friend and wish you all the best.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Last question comes from the line of Radha from Motila also. Please go ahead.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Thank you for the opportunity. So my question was on K Mobility business, can you give us some insights on how the growth will be driven in this business beyond the normal CV industry growth. Will it be exports and or gaining new customers or will it be from hybrids?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Good question. Rather we are looking at the specialty axles business and the LCV and SUV axle business including EV for those both ICE and ev. So that is what’s going to drive the growth there.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

Can this take the business to the 3x in the medium term? Is there this kind of scalability opportunity?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Yes there is in 2x in next 3 to 4 years is definitely possible. And you know if we are a little more lucky and we get into some specialty axles it could be even better.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

And what is the peak margins that can be made in this business?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

I think it’s too early to say but you know our goal is a good teen mid teens margin in this business.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

The second and last question is how is the demand scenario in North America and Europe passenger car segment and what is driving the demand here?<\/p>\n

Amit Kalyani<\/strong><\/p>\n

US is strong. So both is going to answer.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Demand in the US is stable. When I say stable, you know last year’s total, the market size was about 16 million. They put 16.1. It’s more or less going to be the same forecast for this year. Demand is reasonably okay. They don’t expect any changes in Europe. We have to because Europe will obviously face a little more challenges given the given how long the war is protracted. So we have to watch what happens in Europe. But by and large it is stable as compared to last year. That’s the outcome.<\/p>\n

Gunjan Prithyani<\/strong><\/p>\n

All right sir, thanks and all the best to you.<\/p>\n

Amit Kalyani<\/strong><\/p>\n

Thank you ladies and gentlemen. Thank you very much for your time and interesting and your support to our company. Really appreciate it and we will remain in touch and our teams are available if you need any further input. Thank you and have a nice day.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. Ladies and gentlemen, on behalf of Bharat Forge Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Bharat Forge Ltd (NSE: BHARATFORG) Q4 2026 Earnings Call dated May. 07, 2026 Corporate Participants: Amit Kalyani \u2014 Vice-Chairman and Joint Managing Director Kedar Dixit \u2014 Chief Financial Officer Analysts: Kapil Singh \u2014 Analyst Vinay […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173439,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","url_meta":{"origin":182473,"position":0},"title":"Ice 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