Analyst / Investor Presentation

B H A R A T F O R G E November 05, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relations Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street, Fort, Mumbai 400 001 Bandra Kurla Complex, Bandra (East) Maharashtra, India Mumbai 400 051, Maharashtra, India Scrip Code: 500493 Symbol: BHARATFORG Sub.: Presentation on Financial Results for the quarter and half year ended September 30, 2026 Dear Sir / Madam, With reference to the subject, we are enclosing a copy of the Presentation on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. Kindly take the same on record. Thanking you, Yours faithfully, For Bharat Forge Limited Tejaswini Chaudhari Company Secretary and Compliance Officer Membership No.: A18907 Encl: As above CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: + 91 20 6704 2476 6704 2451 6704 2544 (Secretarial) Fax 020 2682 2163 Email: secretarial@bharatforge.com WEBSITE: www.bharatforge.com B H A R A T F O R G E Q2 & H1FY27 Analyst Update Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail CHAIRMAN’S MESSAGE Management Commentary: Q2 FY27 Performance Indian Manufacturing revenue Indian Manufacturing EBITDA New orders - H1 FY27 Defence order book (Rs Cr) (Rs Cr) (Rs Cr) (Rs Cr) 3,422 759 2,107 10,960 +24.6% growth +12.3% growth Defence: Rs 681 Cr As of H1 FY27 H2 FY27 OUTLOOK “We have received Bulk Production Clearance (BPC) for the ATAGS order with revenue recognition from Q1 FY28. Our Rs 2,000+ Crore capex programme across Automotive, Aerospace, Defence (including the new Energetics plant), and Data Center & Semiconductor components will come online in phases over 12-18 months, driving growth from FY29 and shifting our mix over the medium term.”. “Supported by sustained demand across sectors, we maintain expectations of revenue growth of 20-25% in FY27 for the Indian manufacturing business. ATAGS manufacturing will begin in FY27, with revenue to be recognized from the beginning of FY28. Our overseas business, where performance remains below expectations, we are conducting a strategic review to determine the best path forward.” B.N. Kalyani, Chairman & Managing Director Bharat Forge | Q2 & H2 FY27 Analyst Update STANDALONE | RS MILLION Standalone Financial Highlights Q2 FY27 Revenue EBITDA PBT before ex. gain/(loss) 25,264 6,546 5,200 +29.8% YoY +20.2% YoY +20.5% YoY Rebound in North American truck demand Margin 25.9%, down 30 bps QoQ as Energy, Improved export performance drove higher and strong domestic CV demand Freight and manufacturing costs rose. PBT. Rs million Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue 25,264 23,474 19,469 48,738 40,516 EBITDA 6,546 6,141 5,446 12,687 11,324 PBT before ex. gain/(loss) 5,200 4,902 4,316 10,103 8,969 Bharat Forge | Q2 & H1 FY27 Analyst Update EXPORT BUSINESS | RS MILLION Review of Export Business – Q2 FY27 Export revenue (Rs million) Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY 13,088 Commercial vehicles 5,580 4,791 2,844 +16.5% +96.2% Passenger vehicles 3,540 3,353 2,951 +5.6% +20.0% +8.6% QoQ Industrial 3,968 3,903 3,625 +1.7% +9.5% +38.9% YoY Total exports 13,088 12,047 9,420 +8.6% +38.9% Commercial vehicles Passenger vehicles Industrial Inventory restocking and a rebound in NA Passenger car exports had a strong quarter Barring a weak quarter in Construction & truck volumes as well as modest volume and YoY driven by broad-based growth across Mining sector, Industrial segment saw steady market share gains in Europe drove the North America and Europe. YoY growth driven primarily by robust robust performance. performance in Oil & Gas & stable growth in new business verticals. Bharat Forge | Q2 & H1 FY27 Analyst Update DOMESTIC BUSINESS | RS MILLION Review of Domestic Business – Q2 FY27 Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY Domestic revenue (Rs million) Commercial vehicles 3,209 2,501 2,231 +28.3% +43.9% 10,804 Passenger vehicles 1,204 1,038 912 +16.0% +32.0% Industrial 6,390 6,631 5,915 −3.6% +8.0% +6.2% QoQ Total domestic 10,804 10,170 8,034 +6.2% +19.3% +19.3% YoY Other operating revenue was Rs 1,372 million in Q2 FY27. Commercial vehicles Passenger vehicles Industrial CV business registered a strong quarter Passenger Cars registered robust Strong execution momentum in non-Defence driven by industry tailwinds as higher CV performance as Industry production ramped Industrial business across Heavy Horsepower production drove the YoY performance. Given up ahead of festive demand. Engines and Farm Equipment drove the the higher YoY base in H2 we anticipate steady YoY performance. growth rates to revert to more modest levels. Bharat Forge | Q2 & H1 FY27 Analyst Update EXPORT BUSINESS | RS MILLION Export Break-up by Geography – Q2 FY27 Americas Europe Asia 8,550 3,765 773 +47.4% YoY +31.3% YoY +2.7% YoY 65.3% of Q2 FY27 exports 28.8% of Q2 FY27 exports 5.9% of Q2 FY27 exports Rs million Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Americas 8,550 7,972 5,800 16,521 12,732 Europe 3,765 3,047 2,867 6,812 5,803 Asia Pacific 773 1,028 753 1,802 1,637 Total 13,088 12,047 9,420 25,135 20,173 Bharat Forge | Q2 & H1 FY27 Analyst Update CONSOLIDATED | RS MILLION Consolidated Financial Highlights – Q2 FY27 Rs million H1 FY27 FY26 Revenue 48,700 Long term debt 21,655 21,116 WC loans & bill discounting 52,256 47,630 +5.0% QoQ | +20.8% YoY Equity 1,14,858 95,568 Cash 41,577 29,307 EBITDA 7,780 RoCE (net) 13.9% 15.6% Debt/Equity (net) 0.45 0.41 +3.5% QoQ | +8.8% YoY Net Debt/EBITDA 1.69 1.35 **Debt ratios exclude the impact of QIP for Q2FY27 PBT before ex. gain/(loss) & Exceptional 4,585 Standalone Automotive exports and non-Defence Industrial drove bulk of the YoY improvement +0.5% QoQ | +3.0% YoY in sales. Margins were impacted by higher energy and manufacturing input costs. Bharat Forge | Q2 & H1 FY27 Analyst Update ANNEXURES Financials Annexures Standalone P&L and balance sheet | Consolidated reconciliation | Subsidiary financials ANNEXURE | RS MILLION Standalone P&L Highlights – Q2 & H1 FY27 Rs million Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY H1 FY27 H1 FY26 YoY Sale tonnage 70,703 66,787 5.9% 56,458 25.2% 1,37,490 1,18,315 16.2% Domestic 12,176 11,427 6.6% 10,049 21.2% 23,603 20,343 16.0% Export 13,088 12,047 8.6% 9,420 38.9% 25,135 20,173 24.6% Revenue from operations 25,264 23,474 7.6% 19,469 29.8% 48,738 40,516 20.3% EBITDA 6,546 6,141 6.6% 5,446 20.2% 12,687 11,324 12.0% EBITDA (%) 25.9% 26.2% – 28.0% – 26.0% 27.9% – PBT before exceptional items 5,200 4,902 6.1% 4,316 20.5% 10,103 8,969 12.6% Exceptional items (206) (245) – (79) – (451) (79) – Exchange gain/(loss) (22) (285) – 64 – (311) (96) – PBT 4,972 4,373 – 4,301 – 9,344 8,794 – Tax 1,264 1,159 – 1,202 – 2,423 2,309 – PAT 3,708 3,214 – 3,099 – 6,921 6,485 – Bharat Forge | Q2 & H1 FY27 Analyst Update ANNEXURE | RS MILLION Standalone B/S Highlights – Q2 FY27 RoCE (net) Debt/Equity (net, excludes QIP impact) Net Debt/EBITDA (excludes QIP impact) 14.7% 0.2 1.08 Down from 14.9% in FY26 (QIP impact) FY26: 0.18 FY26: 0.86 Rs million H1 FY27 FY26 Long term debt 14,845 13,124 WC loans & bill discounting 27,054 24,515 Equity 1,34,256 1,09,882 Cash 33,699 17,762 Bharat Forge | Q2 & H1 FY27 Analyst Update ANNEXURE | CONSOLIDATED | RS MILLION Consolidated Financials Reconciliation – Q2 FY27 Q2 FY27 Indian Ops Overseas Ops E-Mobility Consolidated Revenue from operations 34,221 14,071 408 48,700 EBITDA 7,590 223 -33 7,780 EBITDA (%) 22.2% 1.6% – 16.0% PBT (incl other income) 5,991 −1,361 −45 4,585 Exchange gain/(loss) −8 −92 0 -100 Exceptional items −206 −40 0 -246 PBT after exceptional items 5,777 −1,494 −45 4,239 Q2 FY26 Indian Ops Overseas Ops E-Mobility Consolidated Revenue from operations 27,458 12,677 185 40,320 EBITDA 6,757 481 −85 7,154 EBITDA (%) 24.6% 3.8% – 17.7% PBT (incl other [Showing first 8,000 characters — download PDF for full document]