Analysts/Institutional Investor Meet/Con. Call Updates

B H A R A T F O R G E November 06, 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.: Transcript of the Analyst / Investor Conference Call on Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026 Ref.: Regulation 30 and 46 (2) of the of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). Dear Sir / Madam, Please find enclosed herewith the transcript of the Analyst / Investor Conference call, which took place on Thursday, November 05, 2026, after announcement of the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. The same is also available on the website of the Company at: https://www.bharatforge.com/investors/reports/analyst-conference-calls 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 “Bharat Forge Limited Q2 & H1 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. AMIT KALYANI – VICE CHAIRMAN AND JOINT MANAGING DIRECTOR – BHARAT FORGE LIMITED MR. KEDAR DIXIT – CHIEF FINANCIAL OFFICER – BHARAT FORGE LIMITED MR. SUBODH TANDALE – BOARD MEMBERS – BHARAT FORGE LIMITED Page 1 of 11 Bharat Forge Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Earnings Conference Call hosted by Bharat Forge Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touchtone phone. I now hand the conference over to Mr. Amit Kalyani, Vice Chairman and Joint Managing Director, Bharat Forge Limited. Thank you and over to you, sir. Amit Kalyani: Good afternoon, ladies and gentlemen and thank you for joining our Q2 and Half-yearly Analyst call. I have with me our teams from operations, BD and sales, finance and investor relations. I have my fellow board members, Subodh Tandale. I have our CFO, Kedar Dixit, our head of investor relations, Raj and Chinmay his colleague and Sameer from Finance. I will have them take you through a summary of our business and then we will open it up for Q&A. Kedar Dixit: Good afternoon, ladies and gentlemen. First of all, wish everyone a Happy and prosperous Diwali. Taking about the highlights for the quarter and 6 months, happy to note that this was the highest, we had achieved highest sales across export and domestic on a quarterly basis. On a Q2 FY27 standalone revenues were at INR2,526 crores, which was up by almost 30% Y-o-Y. EBITDA stood at INR655 crores, up 20% Y-o-Y, resulting in EBITDA margin of 25.9%. The profitability bore the impact of escalating freight, energy cost and other input cost, which we are recovering from our customers, but there is always a lag. And also there is an impact due to inflation, which has a optical impact of almost 0.4% on the margins, which is more of a optical rather than actual. Q2 standalone also included an exceptional item of around INR20 crores towards the consultancy charges for our legal and consultancy charges for our restructuring of steel business in Europe, CDP, which is on track as per plan and it will get concluded by mid of next year. The Y-o-Y performance also saw an all-round improvement in exports, especially on the automotive side. The export CV business recorded its highest revenue driven by volume growth and some market share gains and ramp-up of new businesses. Consolidated revenue for the quarter stood at INR4,870 crores, which was up 21%. EBITDA was at INR778 crores, which was up by about 9% vis-a-vis last year, translating EBITDA margin of around 16%. Talking about India manufacturing business, our recent acquisitions continue to post strong performance. JS Auto Cast, which is a casting business saw a revenue growth of 16% to reach INR220 crores and EBITDA grew by 35% translating into EBITDA margins of 14.2%. This has been JSA's highest quarterly revenue and EBITDA till date. The K-Drive business also continues to do well. The console balance sheet remains strong with net debt-to-equity ratio at 0.45x. Console cash stands at around INR4,158 crores post QIP fundraise. We have also received new orders worth INR2,100 crores during first half of this year across our India manufacturing businesses. Page 2 of 11 Bharat Forge Limited November 05, 2026 Forgings receives a order worth of INR1,000 crores in that. The outstanding unexecuted order book for defense stands now at INR10,950 crores as of September. Talking about the overseas business, despite lower utilization due to holidays and difficult operating environment in Europe, the overseas business managed overall positive EBITDA. Europe saw revenue of INR931 crores and EBITDA of INR29 crores resulting in a margin of around 3.1%. US revenues were at INR476 crores an EBITDA was about INR6.7 crores negative for the quarter. Our restructuring business for CDP is on track and as I mentioned we will estimate to close, conclude the same by middle of next year. I will hand over to Amit sir. Amit Kalyani: So, ladies and gentlemen, I will start first with talking about some of our subsidiaries. If you look at JSA and K-Drive, together, we are now at a place where our revenues are well in excess of between the both of them should be in the excess of INR2,200 crores, INR2,300 crores for the year. When we bought, that is about a run rate of about close to INR600 crores a year, a quarter, sorry. When we bought JSA, it had a total business of about INR400 crores, which is about INR100 crores and K-Drive was about INR1,220 crores, INR1,230 crores. That was about INR300 odd crores quarterly. So, we have grown from about INR400 odd crores to about INR600 odd crores on a quarterly basis, which is a 50% growth in the period that we bought these two companies. And we expect that this will again continue growing to close to double of this amount and as well as get higher margins. So the business that we have acquired through these castings and K- Drive will not only allow us to grow our revenues and our profitability, but also get us into sectors such as the pass car and the utility vehicle and pickup truck market that we were not existing in in a big way. And that will increase our share of revenue in this sector very substantially going forward. And as India grows, the automotive market is growing more on the SUV and pickup SUV and multi- utility vehicle etcetera rather than the small car. So, that is a very good sign for our business. On the defense side, you know, we have received the bulk production clearance for ATAGS. This has been delayed, but it's finally been done. You know, we had increase in cost because of anticipation of this happening and getting prepared for this, plus some R&D expenditure for some of the new products that we are developing. We anticipate a very strong accretion to our order book in the second half based on whatever, you know, business and let's say programs that we have won and that needs to get converted into contracts and placed on us. In terms of our aerospace business, we have won new business, both on the engine side and the landing gear side. A very significant new business, double-digit multi -- double-digit m [Showing first 8,000 characters — download PDF for full document]