Presentation on Financial Results for the quarter ended June 30, 2026

B H A R A T F O R G E August 10, 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 ended June 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 ended June 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 Q1 FY27 ANALYST UPDATE Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail Management Commentary: Q1 FY27 Performance BFL 3 Month Report: “Despite spiraling energy prices and geopolitical uncertainty, the standalone business recorded sharp YoY topline growth of 11.5% with EBITDA margins at a healthy 26.2% despite the cost pressure. EBITDA margins normalized for input cost increase were at 28%. Consolidated revenue for the quarter was up 18.7% YoY to reach Rs 4,640 crore while EBITDA was up 10.2% YoY at Rs 752 Crore resulting in EBITDA margin of 16.2%. Our Indian operations won new orders worth Rs 1,352 Crore in Q1FY27, including Rs 681 Crore from Defence. The outstanding orderbook for Defence was Rs 11,196 Crore as of 30th June 2026. A highlight for the quarter was the signing of our largest order on the Naval side for 12 Marine Gas Turbine Generator sets with the Ministry of Defence. In the Indian manufacturing business portfolio within BFL , with new sectors such as Defence, Aerospace, Data Centers & semiconductors starting to contribute to the revenue mix, we are in the process of setting up dedicated forging & machining capabilities with an investment outlay of around Rs 1,800 Crores over 12-18 months for various sunrise sectors including the energetics plant in Andhra Pradesh. These investments are expected to generate incremental revenues in the coming years post commissioning. The board has approved subject to Shareholder approval, fund raise of up to Rs 2,500 Crores through issuance of Equity shares, Convertible securities or any other securities via qualified institutional placement, preferential allotment or any other method as approved under the shareholder approval in accordance with applicable law. For FY27, we continue to maintain our growth outlook of 20-25% for the Indian manufacturing business which will be more pronounced in the 2nd half of this fiscal. With the recent restructuring action on our EV business and the German Forging business, we continue to re-evaluate our current global manufacturing footprint for the other parts of the business where the medium-term focus of achieving profitability may continue to be challenging.” B.N. Kalyani, Chairman & Managing Director Standalone Financial Highlights Q1 FY27 Rs million Revenue Q1 FY27 Revenues at Rs 23,474 million saw YoY improvement driven by 23,474 broad-based performance in exports. Industrial exports saw sharp growth as 22,605 21,047 HHP Engines and Aerospace saw strong execution momentum. Q1 FY27 Q4 FY26 Q1 FY26 EBITDA 6,141 6,103 5,878 EBITDA margin at 26.2% for the quarter was impacted by higher energy and input costs. Q1 FY27 Q4 FY26 Q1 FY26 PBT before Ex. Gain/ Loss PBT before Exchange gain/ (loss) at Rs 4,902 million for Q1 FY27 was up 4,902 4,862 4,653 5.4% YoY, driven by improvement in operational performance, partially offset by lower Other Income. Q1 FY27 Q4 FY26 Q1 FY26 Review of Export Business – Q1 FY27 Rs million 3,440 3,374 4,791 3,903 4,498 4,380 Q1 FY27 Q4 FY26 Q1 FY26 3,024 3,353 2,882 Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Revenue - Rs 12,047 million Revenue - Rs 10,844 million Revenue - Rs 10,753 million • Q1 performance was driven by a combination of inventory restocking, rebound in NA truck production volumes driven by cycle recovery. • Passenger car exports had a strong quarter YoY driven by broad-based growth across North America and Europe. • Barring a weak quarter in the Oil & Gas, Industrial segment delivered a solid YoY performance driven by strong traction in HHP Engines, Aerospace. We expect the momentum in the HHP segment to pick up in H2FY27. Aerospace too will see material improvement in YoY performance as recent orders wins gradually enter production. Review of Domestic Business – Q1 FY27 Rs million 2,447 2,501 3,073 6,495 Q1 FY27 Q4 FY26 Q1 FY26 5,738 6,631 1,038 1,066 Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Commercial Vehicles Passenger Vehicles Industrial Revenue - Rs 10,170 million Revenue - Rs 10,634 million Revenue - Rs 9,157 million • CV business registered a steady quarter. The lukewarm performance was a function of low growth in select models the company supplies into. • Passenger Cars registered stable performance despite mixed outcome in the industry. • Sustained execution momentum in Defence drove the robust YoY growth in the Industrial business. Other Operating Revenue was Rs 1,257 million in Q1FY27 5 Export Break up by Geography Q1 FY27 Q4 FY26 Q1 FY26 In Rs million Americas 7,972 6,784 6,933 Europe 3,047 3,236 2,937 Asia Pacific 1,028 824 884 Total 12,047 10,844 10,753 Consolidated Financial Highlights – Q1 FY27 Rs million Revenue In Rs million Q1 FY27 FY26 46,399 45,281 Long term Debt 21,516 21,116 39,088 WC Loans & Bill Discounting 48,451 47,630 Q1 FY27 Q4 FY26 Q1 FY26 Equity 95,191 95,568 EBITDA Cash 27,298 29,307 7,516 7,733 RoCE (Net) 15.2% 15.6% 6,818 Debt/ Equity (Net) 0.45 0.41 Q1 FY27 Q4 FY26 Q1 FY26 Net Debt/ EBITDA 1.42 1.35 PBT before Ex. Gain/ Loss • Standalone exports and Defence drove bulk of the YoY 4,868 4,560 improvement. Margin improvement in KSSL is largely due to better 4,233 realizations and product mix. Q1FY26 result does not include K-Drive and hence YoY results are Q1 FY27 Q4 FY26 Q1 FY26 not comparable Financials Annexures Standalone P&L Highlights – Q1 FY27 Q1 FY27 Q4 FY26 QoQ (%) Q1 FY26 YoY (%) In Rs million Sale Tonnage 6 6,787 6 2,201 7.4% 6 1,857 8.0% Domestic 1 1,427 1 1,761 -2.8% 1 0,294 11.0% Export 1 2,047 1 0,844 11.1% 1 0,753 12.0% Revenue from Operations 2 3,474 2 2,605 3.8% 2 1,047 11.5% EBITDA 6,141 6,103 0.6% 5,878 4.5% EBITDA (%) 26.2% 27.0% 27.9% PBT before Exceptional Items 4,902 4,862 0.8% 4,653 5.4% Exceptional Items (245) (4,930) - Exchange Gain/ (Loss) (285) 70 (160) PBT 4,373 2 4,493 Tax 1,159 1,180 1,107 PAT 3,214 - 1,178 3,386 Standalone B/S Highlights – Q1 FY27 Q1FY27 FY26 In Rs million Long term Debt 13,602 13,124 WC Loans & Bill Discounting 25,217 24,515 Equity 1,13,875 1,09,882 Cash 17,857 17,762 RoCE (Net) 15.6% 14.9% Debt/ Equity (Net) 0.18 0.18 Net Debt/ EBITDA 0.85 0.86 Consolidated Financials Reconciliation Rs million Q1 FY27 Indian Operations Overseas Operations E-Mobility Consolidated Revenue from Operations 30,570 15,352 477 46,399 EBITDA 7,286 262 -32 7,516 EBITDA (%) 23.8% 1.7% - 16.2% PBT (incl Other Income) 5,826 -1,200 -66 4,560 Exchange Gain / (Loss) -381 -42 - -423 Exceptional Items -245 -3,335 - -3,580 PBT after Exceptional Items 5,201 -4,577 -66 557 Q1 FY26 Indian Operations Overseas Operations E-Mobility Consolidated Revenue from Operations 24,153 14,298 636 39,088 EBITDA 6,317 558 -58 6,818 EBITDA (%) 26.2% 3.9% - 17.4% PBT (incl Other [Showing first 8,000 characters — download PDF for full document]