5004932025-10-012025-12-315004932025-12-315004932025-04-012025-12-315004932025-10-012025-12-31in-capmkt:OtherExpenses1Member5004932025-04-012025-12-31in-capmkt:OtherExpenses1Member5004932025-10-012025-12-31in-capmkt:ReportableSegments1Member5004932025-10-012025-12-31in-capmkt:ReportableSegments2Member5004932025-10-012025-12-31in-capmkt:ReportableSegments3Member5004932025-04-012025-12-31in-capmkt:ReportableSegments1Member5004932025-04-012025-12-31in-capmkt:ReportableSegments2Member5004932025-04-012025-12-31in-capmkt:ReportableSegments3Member5004932025-10-012025-12-31in-capmkt:ReportableSegments1Member5004932025-10-012025-12-31in-capmkt:ReportableSegments2Member5004932025-10-012025-12-31in-capmkt:ReportableSegments3Member5004932025-04-012025-12-31in-capmkt:ReportableSegments1Member5004932025-04-012025-12-31in-capmkt:ReportableSegments2Member5004932025-04-012025-12-31in-capmkt:ReportableSegments3Member5004932025-10-012025-12-31in-capmkt:ReportableSegments1Member5004932025-12-31in-capmkt:ReportableSegments1Member5004932025-10-012025-12-31in-capmkt:ReportableSegments2Member5004932025-12-31in-capmkt:ReportableSegments2Member5004932025-10-012025-12-31in-capmkt:ReportableSegments3Member5004932025-12-31in-capmkt:ReportableSegments3Member5004932025-10-012025-12-31in-capmkt:ReportableSegments1Member5004932025-12-31in-capmkt:ReportableSegments1Member5004932025-10-012025-12-31in-capmkt:ReportableSegments2Member5004932025-12-31in-capmkt:ReportableSegments2Member5004932025-10-012025-12-31in-capmkt:ReportableSegments3Member5004932025-12-31in-capmkt:ReportableSegments3Member5004932025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15004932025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss25004932025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15004932025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss25004932025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15004932025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss25004932025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15004932025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss2iso4217:INRxbrli:pureiso4217:INRxbrli:shares500493BHARATFORGNOTLISTEDINE465A01025BHARAT FORGE LIMITEDMain BoardEquity2025-04-012026-03-312026-02-122026-02-04INRMillionsQuarterlyThird quarterMulti segment2026-02-1211:00:002026-02-1212:55:00Not applicable2025-10-012025-12-31UnauditedConsolidated43429340000424790000438541300001841786000019335000011309400005345600000766380000248845000010842550000391851300004669000000-55715000041118500001409820000-65670000134415000002767700000000-396800002728020000284370000301239000026421400008588000029265100008588000095627000025.535.53005.535.530.00620.02270.08671. 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. <BR> 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. <BR> 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. <BR> 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. <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. 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%). <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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, 2025.2025-04-012025-12-31UnauditedConsolidated122836100000145715000012429325000055061230000558520000-124147000015688030000238945000071583000003128518000011089924000013394010000-557150000128368600004240070000-49200000419087000008645990000000-864900008559500000-16059800006953520000847096000088540000686498000088540000956270000217.7217.720017.7217.720.00620.01870.0813Other Expenses10842550000Other Expenses31285180000Forgings33670900000Defence6819980000Others5700590000Forgings102805910000Defence13409160000Others14368620000461914700001305836900002762130000774759000043429340000122836100000Forgings4797980000Defence451520000Others200860000Forgings14486110000Defence612840000Others9440400005450360000160429900007663800002389450000611810000903170000407217000012750370000Forgings134475600000Defence20606830000Others2311989000017820232000028446010000206648330000Forgings21793720000Defence12307770000Others5724710000398262000002849650000426758500001. 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. <BR> 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. <BR> 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. <BR> 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. <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. 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%). <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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. <BR> 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.Re-measurement (loss) on defined benefit plans96100000Net (loss) on FVTOCI equity investments95100000191200000Re-measurement (loss) on defined benefit plans53670000Net (loss) on FVTOCI equity investments-38250000154200004034000014210000Net movement on cash flow hedges-124720000Foreign Currency Translation reserve225820000101100000Net movement on cash flow hedges-3652440000Foreign Currency Translation reserve1124230000-2528210000-32410000-921020000284370000-1605980000