Bharat Forge Limited (BHARATFORG) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published November 03, 2026 5 min read

Bharat Forge is a global forging and defence major whose Q2 FY 2026-2027 print will test whether margin recovery can offset a sharp run-up in energy and steel costs. The key things the results will speak to are the margin bridge from 26.2% toward the management-flagged ~28% normalized level, and the pace of US operations recovery plus defence execution ahead of an H2-weighted FY27.

Quick Details

Results date	November 05, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 2,347 Cr (standalone, +11.5% YoY); consolidated Rs. 4,640 Cr (+18.7% YoY)
Previous quarter PAT	Rs. 321.40 Cr standalone; consolidated loss of Rs. (89.89) Cr on Rs. 358.01 Cr of exceptionals
Previous quarter EBITDA margin	26.2% standalone; 16.2% consolidated
Market cap	Rs. 85,683.51 Cr
CMP	Rs. 1,753.4

Bharat Forge Limited Q2 Results Date and Time

Per the board meeting notice dated October 27, 2026, the Board of Directors will meet on November 5, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window, closed since October 1, 2026, reopens on November 9, 2026.

An earnings call is scheduled for Thursday, November 5, 2026, from 3:00 PM to 4:00 PM IST, the same day the results are declared. Speakers include Amit Kalyani (Vice Chairman & Joint MD), Subodh Tandale (Executive Director) and Kedar Dixit (Sr. VP & CFO).

Key Things To Watch

Guidance scorecard — FY27 targets to probe: Management's FY27 markers were conditioned on energy relief, tariff stability and the North American CV recovery.

India manufacturing growth — 20-25% for FY27, "more pronounced in the 2nd half" — H1 tracking is the first checkpoint
Defence EBITDA margin — 22-23% for full year FY27; Q1 defence margin was not disclosed
US steel EBITDA margin ~12% and US aluminum 15-16% — "hopefully next year"; Q1 FY27 US EBITDA was -0.8%
India organic capex ~Rs. 1,800 Cr for FY27, QIP-funded; growth fundraise envelope up to Rs. 2,500 Cr over the next 18 months
BF CDP restructuring — completion by end of calendar 2027, with cash outflow only post 12 months

US operations recovery and margin normalization: Q2 FY27 is the verification quarter for the US turnaround and the energy-cost recovery bridge.

Press breakdowns in US steel operations were fixed, with "recovery is expected in this quarter which is Q2" — from a -0.8% US EBITDA in Q1 FY27
Whether reported standalone margin recovers toward the ~28% normalized level, and how much customer compensation for energy/input/logistics costs landed in Q2
Quarter's tariff drag versus Rs. 24 Cr absorbed in Q2 FY26 and ~Rs. 12 Cr in Q4 FY26

Defence execution and order book build: H2 FY27 defence deliveries make Q2 a build quarter.

ATAGS FOPM/ramp-up and CQB carbine production status, with delivery commencement for ATAGS and carbines in H2 FY27
Order book trajectory from Rs. 11,196 Cr (June 30, 2026) toward the 18-20% defence revenue-mix ambition in two to three years
Quantification, if any, of the FN Herstal MoU, Thales 70-mm rocket alliance, Pratt & Whitney Canada long-term contract and HALE-UAV collaboration

BF CDP restructuring and further provisions: The Rs. 330.42 Cr Q1 social-plan provision for the German subsidiary put the spotlight on follow-up charges.

Progress toward end-CY2027 completion of the 15-18 month restructuring; timing of the cash outflow ("post 12 months" from Q1 FY27)
Whether any provisions beyond the Rs. 330.42 Cr social-plan charge are needed — management called it "the cost for the manpower redundancy" without committing there would be no further provisions

QIP proceeds deployment and balance sheet: The Rs. 2,000 Cr QIP closed inside the September quarter window.

Allocation of QIP proceeds across large engine, power gen, semiconductor components, aerospace and the Andhra Pradesh energetics plant
Post-QIP September 30 cash and net debt versus the Q1 net debt-to-equity of 0.45x, and capex run-rate against the ~Rs. 1,800 Cr FY27 plan

Frequently Asked Questions

Why did Bharat Forge report a consolidated loss in Q1 FY27 despite strong revenue growth?

The consolidated loss of Rs. (89.89) Cr was entirely exceptional-driven, mainly a Rs. 330.42 Cr in-principle social-plan provision for the German subsidiary Bharat Forge CDP GmbH as part of its restructuring. Consolidated PBT before exceptionals was positive at Rs. 402.45 Cr.

When does Bharat Forge expect US operations margins to recover?

Management has said US steel forging EBITDA margin should reach about 12% and aluminum 15-16%, hopefully next year. Q1 FY27 US EBITDA was -0.8%, impacted by press breakdowns that have been fixed, with recovery expected in Q2 FY27.

Will Bharat Forge need more provisions for the BF CDP restructuring in Q2 or Q3?

Management described the Rs. 330.42 Cr charge as "the cost for the manpower redundancy" but did not explicitly commit that no further provisions would be required. The restructuring is a 15-18 month process targeted for completion by end of calendar 2027, with cash outflow only after 12 months.

Is Bharat Forge on track with its FY27 India growth guidance?

Management has guided for 20-25% Indian manufacturing growth in FY27, weighted more to the second half, driven by US plant resumption and the start of ATAGS and carbine defence deliveries. Q1 FY27 standalone revenue grew 11.5% YoY on 66,787 tonnes of sale tonnage, up 8.0% YoY, so H2 delivery matters for the full-year target.

How big is Bharat Forge's defence order book and what does it mean for future revenue?

The defence order book stood at Rs. 11,196 Cr as of June 30, 2026, with an executable order book of Rs. 111,967 Mn. Management expects defence to move toward 18-20% of revenue in two to three years, and has guided defence EBITDA margin at 22-23% for full year FY27.