Integrated Filing — IndAS



General information about company

Scrip Code 500493
NSE Symbol BHARATFORG
MSEI Symbol NOTLISTED
ISIN INE465A01025
Name of company BHARAT FORGE LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 12-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 04-02-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment FORGING
Start date and time of board meeting 12-02-2026   11:00:00
End date and time of board meeting 12-02-2026   12:55:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 2,08,366.00 6,13,522.90
Other income 2,731.60 11,597.30
Total income 2,11,097.60 6,25,120.20
2 Expenses
(a) Cost of materials consumed 80,502.10 2,52,585.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 353.70 (19,639.90)
(d) Employee benefit expense 17,075.40 50,774.60
(e) Finance costs 4,144.00 14,196.20
(f) Depreciation, depletion and amortisation expense 11,199.10 33,564.10
(f) Other Expenses
1 Other expenses 53,792.90 1,60,878.70
Total other expenses 53,792.90 1,60,878.70
Total expenses 1,67,067.20 4,92,358.70
3 Total profit before exceptional items and tax 44,030.40 1,32,761.50
4 Exceptional items (4,872.60) (5,662.10)
5 Total profit before tax 39,157.80 1,27,099.40
6 Tax expense
7 Current tax 11,599.00 35,821.00
8 Deferred tax (1,245.30) (2,371.40)
9 Total tax expenses 10,353.70 33,449.60
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 28,804.10 93,649.80
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 28,804.10 93,649.80
17 Other comprehensive income net of taxes (466.70) (27,123.30)
18 Total Comprehensive Income for the period 28,337.40 66,526.50
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 9,562.70 9,562.70
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 6.03 19.59
Diluted earnings (loss) per share from continuing operations 6.03 19.59
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 6.03 19.59
Diluted earnings (loss) per share from continuing and discontinued operations 6.03 19.59
24 Debt equity ratio 0.2700 0.2700
25 Debt service coverage ratio 2.5800 1.8400
26 Interest service coverage ratio 14.0200 12.2700
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on February 12, 2026. 2. On November 21, 2025, the Government of India notified the provisions of four Labour Codes (Labour Codes) - Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020, and the Occupational Safety, Health and Working Conditions Code 2020 thereby consolidating twenty-nine existing labour laws into a comprehensive and unified framework. The Group has evaluated the impact of these changes and certain plan ammendments using the best information available and guidance provided by the Institute of Chartered Accountants of India and accordingly accounted for the increase in gratuity liability attributable to past service costs and increase in leave liability, aggregating to Rs 487.26 million in the standalone financial results and Rs 557.15 million in the consolidated financial results of the Group as an exceptional item for the quarter and nine months ended December 31, 2025 . The Group continues to monitor the developments pertaining to the Labour Codes and will evaluate the impact, if any, on the measurement of the employee benefits liability. 3. Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of the Company, is engaged in the electric mobility business. Considering the weak business scenario and its adverse impact on KPTL, a provision for impairment of investment in KPTL of Rs 492.50 million has been recorded in the standalone financial results for the quarter ended September 30, 2025 and the nine months ended December 31, 2025. This has no impact on consolidated financial results of the Group. 4. During the quarter ended June 30, 2025, the Board of Directors of the Company had approved the transfer of identified assets and liabilities of the Defence Business of the Company to Kalyani Strategic Systems Limited (KSSL), a wholly owned subsidiary of the Company, as a part of an internal restructuring exercise. During the quarter ended September 30, 2025, the Company had completed the transfer to KSSL and recorded a net gain of Rs 413.55 million. This transaction does not have an impact on consolidated financial results of the Group. 5. The Company acquired AAM India Manufacturing Corporation Private Limited (“AAMIMCPL”) (subsequently renamed as K Drive Mobility Solutions Private Limited) on July 1, 2025 for a consideration of Rs. 7,474.16 million. The Company has calculated the fair value of the acquired assets and liabilities on a provisional basis in accordance with Ind AS 103 Business Combinations, resulting in goodwill of Rs 1,224.28 million. 6. The Board of Directors at its meeting held on February 12, 2026 has recommended an interim dividend of Rs 2 per equity share of Rs 2 (100%). 7. BF Industrial Solutions Limited (“BFISL”), a wholly owned subsidiary of the Company and J S Auto Cast Foundry India Private Limited (“JS Auto”), a step-down wholly owned subsidiary of the Company, entered into a Securities Subscription Agreement (SSA) and Shareholders Agreement (SHA) (“Definitive Transaction Agreement”) with PI Opportunities Fund I Scheme II (“Investor”) on February 2, 2026, resulting in the Investor agreeing to acquire a 23% stake in JS Auto on a fully diluted basis at a consideration of around Rs 3,000.00 million subject to the terms and conditions mentioned in the Definitive Transaction Agreement. 8. On January 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at the Mundhwa Plant, which has been extended up to March 31, 2026. 9. A provision of Rs 10.10 million towards impairment of investment and Rs 192.59 million towards impairment in the carrying cost of loan (including accrued interest) to BF Elbit Advanced Systems Private Limited in Standalone Financial results for the year ended March 31, 2025. This had no impact on consolidated financial results of the Group. 10. A provision of Rs 1,456.63 million towards impairment of investment in Kalyani Powertrain Limited (KPTL) in Standalone financial results for the nine months ended December 31, 2024 and year ended March 31, 2025 and provision of Rs 1,517.65 million towards impairment in Consolidated financial results for the nine months ended December 31, 2024 and year ended March 31, 2025. 11. Loss of Rs 9.17 million on the transfer of investment in TMJ Electric Vehicles Limited to Bharat Forge International Limited in standalone financial results for the quarter and nine months ended December 31, 2024 and the year ended March 31, 2025. This had no impact on consolidated financial results of the Group. 12. Profit of Rs 135.36 million on transfer of investment in REFU Drive GmbH to Kalyani Powertrain limited (KPTL) in standalone financial results for the nine months ended December 31, 2024 and the year ended March 31, 2025. This had no impact on consolidated financial results of the Group. 13. The Group had recognised impairment of goodwill related to embedded systems business, acquired by Kalyani Strategic Systems Limited, amounting to Rs 53.00 million in the consolidated financial results for the year ended March 31, 2025.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement (loss) on defined benefit plans (131.40) (394.10)
2 Net (loss) on FVTOCI equity investments 951.10 (382.50)
Total Amount of items that will not be reclassified to profit and loss 819.70 (776.60)
2 Income tax relating to items that will not be reclassified to profit or loss 102.90 (153.90)
3 Amount of items that will be reclassified to profit and loss
1 Net movement on cash flow hedges (1,581.60) (35,413.50)
Total Amount of items that will be reclassified to profit and loss (1,581.60) (35,413.50)
4 Income tax relating to items that will be reclassified to profit or loss (398.10) (8,912.90)
5 Total Other comprehensive income (466.70) (27,123.30)