Bharat Forge Limited Q2 FY27 Results: Net Profit ₹279 cr

Bharat Forge Limited has filed its Consolidated financial results for the quarter ended 2026-09-30 with NSE. Revenue from operations was ₹4,870 cr, while net profit stood at ₹279 cr. These are reported statement figures, not estimates or a board-meeting announcement.

Official Q2 FY27 scorecard

All amounts are in ₹ crore, except per-share earnings in rupees. Comparisons use verified same-basis official quarterly filings; a dash means an individual figure or percentage could not be verified. Unavailable periods are omitted, not estimated.

Year-on-year performance: what changed

• Revenue from operations: ₹4,870 cr, compared with ₹4,032 cr in the same quarter last year; increased by ₹838 cr (+20.8%).

• Net profit / loss: ₹279 cr, compared with ₹299 cr in the same quarter last year; decreased by ₹20.6 cr (-6.9%).

• Profit before tax: ₹424 cr, compared with ₹458 cr in the same quarter last year; decreased by ₹34.25 cr (-7.5%).

• Operating profit (derived EBITDA): ₹768 cr, compared with ₹726 cr in the same quarter last year; increased by ₹42.02 cr (+5.8%).

• Basic EPS: ₹5.77, compared with ₹6.26 in the same quarter last year; decreased by ₹0.49 (-7.8%).

Quarter-on-quarter performance

• Revenue from operations: ₹4,870 cr, compared with ₹4,640 cr in the immediately preceding quarter; increased by ₹230 cr (+5.0%).

• Net profit / loss: ₹279 cr, compared with -₹89.89 cr in the immediately preceding quarter; increased by ₹369 cr. The result moved from a loss to a profit; this is a turnaround, not ordinary profit growth.

• Profit before tax: ₹424 cr, compared with ₹55.71 cr in the immediately preceding quarter; increased by ₹368 cr (+661.0%).

• Operating profit (derived EBITDA): ₹768 cr, compared with ₹709 cr in the immediately preceding quarter; increased by ₹58.21 cr (+8.2%).

• Basic EPS: ₹5.77, compared with ₹-1.88 in the immediately preceding quarter; increased by ₹7.65. The result moved from a loss to a profit; this is a turnaround, not ordinary profit growth.

Year-on-year comparisons match the same season; sequential comparisons measure the change from the preceding three-month period and may reflect seasonality. Neither comparison alone establishes the business cause of the movement. Scorecard percentage changes use the absolute prior-period value; a loss turnaround is not ordinary profit growth.

Margins and financial ratios

• Net profit margin: 5.72%. Previous quarter: -1.94%, up 766 basis points. Year-ago quarter: 7.42%, down 170 basis points.

• Derived EBITDA margin: 15.76%. Previous quarter: 15.29%, up 47 basis points. Year-ago quarter: 18.00%, down 223 basis points.

• Total expenses / revenue: 91.77%. Previous quarter: 92.32%, down 0.55 percentage points. Year-ago quarter: 89.96%, up 1.80 percentage points.

• Other income / total income: 0.97%. Previous quarter: 1.22%, down 0.25 percentage points. Year-ago quarter: 1.31%, down 0.34 percentage points.

• Effective tax rate (tax expense / positive PBT): 32.83%. Previous quarter: 241.14%, down 208.31 percentage points. Year-ago quarter: 34.39%, down 1.55 percentage points.

Margin movements are measured in basis points, not percentage growth: 100 basis points equals one percentage point. Cost ratios measure the share of reported revenue absorbed by a cost, not a forecast.

Cost structure and operating earnings

• Cost of materials: ₹2,511 cr (previous quarter ₹2,103 cr, +19.4% QoQ) (year-ago ₹1,947 cr, +29.0% YoY) — 51.57% of revenue

• Employee costs: ₹573 cr (previous quarter ₹594 cr, -3.4% QoQ) (year-ago ₹521 cr, +10.1% YoY) — 11.77% of revenue

• Finance costs: ₹96.92 cr (previous quarter ₹89.71 cr, +8.0% QoQ) (year-ago ₹80.09 cr, +21.0% YoY) — 1.99% of revenue

• Depreciation: ₹270 cr (previous quarter ₹263 cr, +2.5% QoQ) (year-ago ₹241 cr, +12.0% YoY) — 5.54% of revenue

The derived EBITDA proxy, adjusted to exclude other income and exceptional items, was ₹768 cr, equivalent to +15.8% of revenue against +18.0% a year earlier. Reconciliation: profit before tax ₹424 cr + finance costs ₹96.92 cr + depreciation ₹270 cr − other income ₹47.52 cr − signed exceptional items -₹24.57 cr. This is an analytical calculation, not company-reported EBITDA; statement classification and exceptional-item signs should be checked against the official notes. A rising expense ratio means the reported costs absorb more of the revenue denominator; it does not by itself identify demand, pricing or efficiency changes.

Tax, other income and earnings quality

Profit before tax was ₹424 cr. Reported tax expense was ₹139 cr, equivalent to 32.83% of positive profit before tax. Other income was ₹47.52 cr, or 0.97% of total income; its recurring or non-recurring nature must be checked in the notes. The statement reports exceptional items of -₹24.57 cr; the number alone does not identify their nature or recurrence. Net profit is not the same as cash generated from operations, and no cash-conversion conclusion is drawn without a verified cash-flow statement.

Earnings per share

Basic EPS was ₹5.77. Diluted EPS was not verified. EPS is expressed in rupees per share, not crore. Profit and EPS can move differently when share counts change; this report does not infer a share issuance, buyback or dilution event without verified disclosures.

Reporting basis and disclosure checks

This report uses Consolidated figures only; standalone and consolidated statements are not combined. The reporting period ends on 2026-09-30; the exchange records the filing time as 05-Nov-2026 18:54:55. The quarter-end date is not the announcement date. Segment performance, cash flow, debt, exceptional items, dividend decisions, auditor qualifications and management guidance are not asserted where the structured filing has not verified them. Read the attached official statement and notes before drawing conclusions.

What to track after the result

Compare future revenue, earnings and margins on the same reporting basis and accounting period. Check the official notes for restatements and non-recurring items; a quarterly profit number is not a share-price forecast. No live share-price reaction, analyst consensus, dividend or guidance is inferred from these statement figures.

Sources

• NSE official financial-result filing
• NSE official comparison filing — quarter ended 2026-06-30
• NSE official comparison filing — quarter ended 2025-09-30
• Bharat Forge Limited quarterly-results history

Disclosure: Financial information and analysis only; not investment advice. Official filings can be amended; missing or unsupported fields are not estimated.