5004932025-07-012025-09-305004932025-09-305004932025-03-315004932025-04-012025-09-305004932025-07-012025-09-30in-capmkt:OtherExpenses1Member5004932025-04-012025-09-30in-capmkt:OtherExpenses1Member5004932025-07-012025-09-30in-capmkt:ReportableSegments1Member5004932025-07-012025-09-30in-capmkt:ReportableSegments2Member5004932025-07-012025-09-30in-capmkt:ReportableSegments3Member5004932025-04-012025-09-30in-capmkt:ReportableSegments1Member5004932025-04-012025-09-30in-capmkt:ReportableSegments2Member5004932025-04-012025-09-30in-capmkt:ReportableSegments3Member5004932025-07-012025-09-30in-capmkt:ReportableSegments1Member5004932025-07-012025-09-30in-capmkt:ReportableSegments2Member5004932025-07-012025-09-30in-capmkt:ReportableSegments3Member5004932025-04-012025-09-30in-capmkt:ReportableSegments1Member5004932025-04-012025-09-30in-capmkt:ReportableSegments2Member5004932025-04-012025-09-30in-capmkt:ReportableSegments3Member5004932025-07-012025-09-30in-capmkt:ReportableSegments1Member5004932025-09-30in-capmkt:ReportableSegments1Member5004932025-07-012025-09-30in-capmkt:ReportableSegments2Member5004932025-09-30in-capmkt:ReportableSegments2Member5004932025-07-012025-09-30in-capmkt:ReportableSegments3Member5004932025-09-30in-capmkt:ReportableSegments3Member5004932025-07-012025-09-30in-capmkt:ReportableSegments1Member5004932025-09-30in-capmkt:ReportableSegments1Member5004932025-07-012025-09-30in-capmkt:ReportableSegments2Member5004932025-09-30in-capmkt:ReportableSegments2Member5004932025-07-012025-09-30in-capmkt:ReportableSegments3Member5004932025-09-30in-capmkt:ReportableSegments3Member5004932025-07-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15004932025-07-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss25004932025-04-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15004932025-04-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss25004932025-07-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15004932025-07-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss25004932025-04-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15004932025-04-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss2iso4217:INRxbrli:pureiso4217:INRxbrli:shares500493BHARATFORGNOTLISTEDINE465A01025BHARAT FORGE LIMITEDMain BoardEquity2025-04-012026-03-312025-11-112025-10-30INRMillionsQuarterlySecond quarterMulti segment2025-11-1111:00:002025-11-1112:30:00trueCash Flow IndirectNot applicable2025-07-012025-09-30UnauditedConsolidated403192700005351300004085440000019473760000220170000-2019540000520570000080085000024088700001018265000036272460000458194000004581940000148962000085910000157553000003006410000000-136300002992780000-87627000021165100002991990000790000211575000075000095627000026.266.26006.266.260.00660.01670.08281. 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 November 11, 2025. <BR> 2. 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 has 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. <BR> 3. Kalyani Powertrain Limited ("KPTL"), a wholly owned subsidiary of the Company, is engaged in electric mobility business. Considering the current 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 and half year ended September 30, 2025. This has no impact on consolidated financial results of the Group. <BR> 4. During the year ended March, 31, 2025; the Company issued 12,500,000 equity shares of face value of Rs 2 each through Qualified Institutional Placement at an issue price of Rs 1,320 per share (including a securities premium of Rs 1,318 per share), aggregating Rs 16,500.00 million. During the current period the unspent amount of Rs 5,500.39 million has been utilised for the acquisition of AAM India Manufacturing Corporation Private Limited. The equity shares issued as a result of QIP have been considered in calculating earnings per share (EPS) for the year ended March 31, 2025, quarter ended June 30, 2025 and for the quarter and half year ended September 30, 2025. The entire proceeds of QIP have been utilised as on September 30, 2025. <BR> 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. <BR> 6. 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. <BR> 7. Provision of Rs 1,456.63 million towards impairment of investment in Kalyani Powertrain Limited ("KPTL") in Standalone financial results for the half year ended September 30, 2024 and the year ended March 31, 2025 and provision of Rs 1,517.65 million towards impairment in Consolidated financial results for the half year ended September 30, 2024 and the year ended March 31, 2025. <BR> 8. Loss of Rs 9.18 million on the transfer of investment in TMJ Electric Vehicles Limited to Bharat Forge International Limited in standalone financial results for the year ended March 31, 2025. This had no impact on consolidated financial results of the Group. <BR> 9. The Group had recognised impairment of goodwill related to embeded 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. <BR> 10. 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 December 31, 2025.2025-04-012025-09-30UnauditedConsolidated7940676000010323600008043912000036643370000365170000-237241000010342430000162307000046698500002044263000071714110000872501000008725010000283025000016470000284672000005878290000000-468100005831480000-189035000039411300005828820000266000039384700002660000956270000212.1912.190012.1912.190.00660.0170.0787Other Expenses10182650000Other Expenses20442630000625750600001880425000028163000038880700005619280000370160000085801000055154000001355600004562000011258200006822400000182733000055975700001066437600004010721000010935820000309238900007778280000670710000226060000280537000053340130000071856200001006329600002072767200009562700009264657000093602840000-32486000093277980000127488700005693030000184419000002575300000198270000153336000022748830000493419600007401800002689473000027634910000333496000080311830000793788000019885000001011700000912499100001139987400002072767200001. 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 November 11, 2025. <BR> 2. 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 has 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. <BR> 3. Kalyani Powertrain Limited ("KPTL"), a wholly owned subsidiary of the Company, is engaged in electric mobility business. Considering the current 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 and half year ended September 30, 2025. This has no impact on consolidated financial results of the Group. <BR> 4. During the year ended March, 31, 2025; the Company issued 12,500,000 equity shares of face value of Rs 2 each through Qualified Institutional Placement at an issue price of Rs 1,320 per share (including a securities premium of Rs 1,318 per share), aggregating Rs 16,500.00 million. During the current period the unspent amount of Rs 5,500.39 million has been utilised for the acquisition of AAM India Manufacturing Corporation Private Limited. The equity shares issued as a result of QIP have been considered in calculating earnings per share (EPS) for the year ended March 31, 2025, quarter ended June 30, 2025 and for the quarter and half year ended September 30, 2025. The entire proceeds of QIP have been utilised as on September 30, 2025. <BR> 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. <BR> 6. 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. <BR> 7. Provision of Rs 1,456.63 million towards impairment of investment in Kalyani Powertrain Limited ("KPTL") in Standalone financial results for the half year ended September 30, 2024 and the year ended March 31, 2025 and provision of Rs 1,517.65 million towards impairment in Consolidated financial results for the half year ended September 30, 2024 and the year ended March 31, 2025. <BR> 8. Loss of Rs 9.18 million on the transfer of investment in TMJ Electric Vehicles Limited to Bharat Forge International Limited in standalone financial results for the year ended March 31, 2025. This had no impact on consolidated financial results of the Group. <BR> 9. The Group had recognised impairment of goodwill related to embeded 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. <BR> 10. 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 December 31, 2025.Forgings33555340000Defence3945110000Others5877610000Forgings69135010000Defence6589180000Others86680300004337806000084392220000305879000049854600004031927000079406760000Forgings5120430000Defence122640000Others371810000Forgings9688130000Defence161320000Others743180000561488000010592630000800850000162307000024572000029136000045683100008678200000Forgings135274970000Defence17705900000Others2337786000017635873000030917990000207276720000Forgings23772280000Defence11115410000Others5735420000406231100003896940000445200500001623070000-3457930000696120000089753000000-1292490000020087800000-10482200000466985000002242500000-40285000002799100006130000315560000000-44493000000034314000001215641000000021684700000998794000004986220000844865400007495684000000002640400005651620000000000000000035960000000613000015719000000-7167400000000000055340940000590088100003063500002791490000185766000000-8623370000647830000920120000156795000062103500007778300000Remeasurement gains on defined benefit plans-28400000Net gain on FVTOCI equity securities-131540000-159940000Remeasurement gains on defined benefit plans-42420000Net gain on FVTOCI equity securities-133360000-175780000-22340000-26130000Net movement on cash flow hedges-1885810000Foreign Currency Translation reserve672310000-1213500000Net movement on cash flow hedges-3527710000Foreign Currency Translation reserve898400000-2629310000-474830000-888610000-876270000-1890350000