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 07-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 30-04-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 07-05-2026   11:00:00
End date and time of board meeting 07-05-2026   12:45:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 4,52,804.30 16,81,165.30
Other income 5,296.80 19,868.30
Total income 4,58,101.10 17,01,033.60
2 Expenses
(a) Cost of materials consumed 2,27,180.80 7,77,793.10
(b) Purchases of stock-in-trade 2,301.90 7,887.10
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (14,307.40) (26,722.10)
(d) Employee benefit expense 53,461.50 2,10,341.80
(e) Finance costs 8,440.10 32,334.60
(f) Depreciation, depletion and amortisation expense 25,509.40 97,092.40
(f) Other Expenses
1 Other Expenses 1,06,346.30 4,19,198.10
Total other expenses 1,06,346.30 4,19,198.10
Total expenses 4,08,932.60 15,17,925.00
3 Total profit before exceptional items and tax 49,168.50 1,83,108.60
4 Exceptional items (9,872.80) (15,444.30)
5 Total profit before tax 39,295.70 1,67,664.30
6 Tax expense
7 Current tax 13,660.00 56,060.70
8 Deferred tax 2,208.70 1,716.70
9 Total tax expenses 15,868.70 57,777.40
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 23,427.00 1,09,886.90
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 (82.20) (947.10)
16 Total profit (loss) for period 23,344.80 1,08,939.80
17 Other comprehensive income net of taxes (18,061.40) (34,121.20)
18 Total Comprehensive Income for the period 5,283.40 74,818.60
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 23,256.50 1,07,966.10
Total profit or loss, attributable to non-controlling interests 88.30 973.70
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 5,195.10 73,844.90
Total comprehensive income for the period attributable to owners of parent non-controlling interests 88.30 973.70
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 9,48,421.30
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 4.86 22.58
Diluted earnings (loss) per share from continuing operations 4.86 22.58
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 4.86 22.58
Diluted earnings (loss) per share from continuing and discontinued operations 4.86 22.58
24 Debt equity ratio 0.7200 0.7200
25 Debt service coverage ratio 0.1700 0.500
26 Interest service coverage ratio 0.200 0.7100
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 May 07, 2026. 2. Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of the Company, is engaged in the electric mobility business. Considering the electric vehicles adoption globally has changed significantly resulting in weak business scenario and its adverse impact on KPTL, a total provision for impairment of investment in KPTL of RS 4,996.50 million has been recorded in the standalone financial results for the year ended March 31, 2026, out of which Rs 492.50 million was recorded in the quarter ended September 30, 2025 and remaining Rs 4,504.00 million is recorded in the quarter ended March 31, 2026. This has no impact on consolidated financial results of the Group. 3. With similar business scenario in consideration, the group has recorded provision for impairment related to investment, Property plant and equipments and inventory (related to electric mobility business which is part of a separate cash generating unit (CGU) as defined by Ind AS 36) of Rs 404.99 million in the consolidated financial results for the quarter and year ended March 31, 2026. 4. One of the German subsidiary companies, Bharat Forge CDP GmbH (BF CDP) is facing market challenges and associated cost disadvantages. In light of this, the Board of Directors of the Company in the meeting held on April 9, 2026 have evaluated a proposal of phased restructuring of BF CDP. In relation to this, the Company has recorded incidental expenses of RS 425.64 million in the standalone and consolidated financial results for the quarter and year ended March 31, 2026. 5. BF CDP, as a cost optimisation initiative, has recorded provision for cost of redundancy of RS 156.65 million in respect of identified employees during the quarter and year ended March 31, 2026. 6. 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 amendments 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 year ended March 31, 2026 . 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. 7. 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. 8. The Board of Directors at its meeting held on May 07, 2026 has recommended Final dividend of Rs 6.50 per equity share of Rs 2 (325%). 9. The figures pertaining to quarter ended March 31, 2026 and March 31, 2025 are the derived figures between the audited amounts for the year ended March 31, 2026 and March 31, 2025 and unaudited amounts published for the nine months ended December 31, 2025 and December 31, 2024 respectively. 10. The Company has entered into a Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA) for the acquisition of 30% stake for an aggregate consideration of Rs 1,296.00 million in Fortuna Engineering Private Limited (FEPL), which is engaged in the business of manufacturing of machined connecting rods; camshafts (including FIP camshafts) and fixtures for automotive and off-road applications. Further, the Company will have an ability to acquire additional stake of up to 20%+ 1 (majority) shareholding of FEPL subject to fulfilment of certain conditions in the definitive agreements. The completion of acquisition shall be subject to fulfilment of conditions precedent and in accordance with the terms agreed upon in the SPA which include approvals that may be required from certain government authorities.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 7,25,755.20
Capital work-in-progress 1,25,132.60
Investment property 2,816.30
Goodwill 39,025.30
Other intangible assets 53,902.30
Intangible assets under development 4,704.50
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 6,141.40
Non-current financial assets
Non-current investments 50,316.50
Trade receivables, non-current 1,686.80
Loans, non-current 376.70
Other non-current financial assets
1 Other non-current financial assets 30,406.70
Total of other non-current financial assets 30,406.70
Total non-current financial assets 82,786.70
Deferred tax assets (net) 26,273.40
Other non-current assets
1 Other non-current assets 39,172.20
Total of other non-current assets 39,172.20
Total non-current assets 11,05,709.90
2 Current assets
Inventories 4,05,278.30
Current financial asset
Current investments 1,17,392.20
Trade receivables, current 3,90,979.90
Cash and cash equivalents 84,788.50
Bank balance other than cash and cash equivalents 14,205.70
Loans, current 1,763.20
Other current financial assets
Total of other current financial assets 37,809.20
Total current financial assets 6,46,938.70
Current tax assets (net) 0.00
Other current assets
1 Other current assets 68,068.60
Total of other current assets 68,068.60
Total current assets 11,20,285.60
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 22,25,995.50
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 9,562.70
Other equity 9,46,119.80
Total equity attributable to owners of parent 9,55,682.50
Non controlling interest
Total equity 9,55,682.50
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1,81,235.50
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
1 Other non-current financial liabilities 86,387.90
Total of other non-current financial liabilities 86,387.90
Total non-current financial liabilities 2,67,623.40
Provisions, non-current 29,066.20
Deferred tax liabilities (net) 2,152.40
Deferred government grants, Non-current
Other non-current liabilities
1 Other non-current liabilities 13,327.10
Total of other non-current liabilities 13,327.10
Total non-current liabilities 3,12,169.10
Current liabilities
Current financial liabilities
Borrowings, current 5,06,226.30
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 8,399.80
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,91,166.30
Total Trade payable 2,99,566.10
Other current financial liabilities
1 Other current financial liabilities 58,670.10
Total of other current financial liabilities 58,670.10
Total current financial liabilities 8,64,462.50
Other current liabilities 68,715.10
1 Other current liabilities 68,715.10
Total of other current liabilities 68,715.10
Provisions, current 21,034.70
Current tax liabilities (Net) 3,931.60
Deferred government grants, Current
Total current liabilities 9,58,143.90
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 12,70,313.00
Total equity and liabilites 22,25,995.50
Disclosure of notes on assets and liabilities



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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Forgings 3,64,799.10 13,92,858.20
2 Defence 41,625.60 1,75,717.20
3 Others 73,295.00 2,16,981.20
Total Segment Revenue 4,79,719.70 17,85,556.60
Less: Inter segment revenue 26,915.40 1,04,391.30
Revenue from operations 4,52,804.30 16,81,165.30
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Forgings 50,748.00 1,95,609.10
2 Defence 2,021.30 8,149.70
3 Others 5,962.80 15,403.20
Total Profit before tax 58,732.10 2,19,162.00
i. Finance cost 8,440.10 32,334.60
ii. Other Unallocable Expenditure net off Unallocable income 1,205.70 4,665.90
Profit before tax 49,086.30 1,82,161.50
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Forgings 14,29,712.30 14,29,712.30
2 Defence 1,88,961.40 1,88,961.40
3 Others 2,48,428.30 2,48,428.30
Total Segment Asset 18,67,102.00 18,67,102.00
Un-allocable Assets 3,58,893.50 3,58,893.50
Net Segment Asset 22,25,995.50 22,25,995.50
4 Segment Liabilities
Segment Liabilities
1 Forgings 2,93,944.00 2,93,944.00
2 Defence 1,16,778.00 1,16,778.00
3 Others 56,842.40 56,842.40
Total Segment Liabilities 4,67,564.40 4,67,564.40
Un-allocable Liabilities 25,042.30 25,042.30
Net Segment Liabilities 4,92,606.70 4,92,606.70
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement gains on defined benefit plans 1,841.30 2,372.70
2 Net gain on FVTOCI equity securities (18,307.70) (18,690.20)
Total Amount of items that will not be reclassified to profit and loss (16,466.40) (16,317.50)
2 Income tax relating to items that will not be reclassified to profit or loss (19.40) 117.30
3 Amount of items that will be reclassified to profit and loss
1 Net movement on cash flow hedges (5,791.20) (31,073.30)
Total Amount of items that will be reclassified to profit and loss (5,791.20) (31,073.30)
4 Income tax relating to items that will be reclassified to profit or loss (4,176.80) (13,386.90)
5 Total Other comprehensive income (18,061.40) (34,121.20)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1,67,664.30
Adjustments for reconcile profit (loss)
Adjustments for finance costs 32,334.60
Adjustments for decrease (increase) in inventories (38,785.60)
Adjustments for decrease (increase) in trade receivables, current (70,904.20)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 15,660.70
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (27,247.10)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 44,196.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (23,145.80)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 97,092.40
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 9,231.10
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 621.80
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 6,357.70
Adjustments for dividend income 90.40
Adjustments for interest income 6,334.20
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (5,574.50)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 4,049.90
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 37,462.40
Net cash flows from (used in) operations 2,05,126.70
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 56,462.50
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 1,48,664.20
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 49,862.30
Other cash receipts from sales of equity or debt instruments of other entities 13,09,055.70
Other cash payments to acquire equity or debt instruments of other entities 12,54,073.60
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 1,14,049.60
Proceeds from sales of investment property 2,743.20
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 90.40
Interest received 2,793.20
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (1,03,303.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 30,000.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 14,28,334.50
Repayments of borrowings 14,20,499.10
Payments of lease liabilities 6,545.60
Dividends paid 37,965.50
Interest paid 37,522.80
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (44,198.50)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1,162.70
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 21,522.30
Net increase (decrease) in cash and cash equivalents 22,685.00
Cash and cash equivalents cash flow statement at beginning of period 62,103.50
Cash and cash equivalents cash flow statement at end of period 84,788.50





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 B S R & Co LLP Yes 31-07-2028