Slides
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Company Presentation September 2026
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 2 Presenters BHARAT FORGE OVERVIEW Amit Kalyani Vice-Chairman & Joint Managing Director Kedar Dixit Chief Financial Officer Rajhagopalan S Vice President, IR and M&A
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Bharat Forge Overview
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 4 Scaling indigenous defence business across artillery systems, combat & protected vehicles, ammunition, small arms and unmanned naval systems BHARAT FORGE OVERVIEW Bharat Forge at a Glance Building capabilities in new sectors across aerospace, semiconductors and data centres Moving up the value chain from components to products and complete systems, supported by integrated engineering and advanced manufacturing Backed by more than 60 years of experience manufacturing a wide range of performance-critical and safety-critical components India-led manufacturing platform with 28 facilities(1) in India, complemented by manufacturing presence across Europe and North America. Diversified customer base across automotive, defence, aerospace and high-growth industrial applications Bharat Forge 2.0 Scale Technology Products Systems Scaled, Multi-Industry Advanced Manufacturing Platform Making from India for the World Notes: 1. 7 Forging and casting factories along with 21 additional facilities located across machining, prototyping, defence and assemb ly
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 5 Diversified Product Offerings and Capabilities To Serve Customers Across Multiple End Use Sectors Automotive Business Industrial Business • Serves major Commercial Vehicle OEMs and Passenger Vehicle OEMs • Includes crankshafts, connecting rods, front axles beams, steering knuckles, and transmission parts among others • Serves diversified industrial and strategic end-markets across India and global markets • Applications span various sectors including oil & gas, construction & mining, rail, marine, defence, aerospace, semiconductors and data centres Oil and Gas Construction/Mining Rail Defence Aerospace Semi-conductors Marine Data Centre Energy System Chassis Engine Delivering Made in India solutions across Industrial segments with high entry barriers for India, and the world Product Ranges from 0.2 KG to 30+Ton Finished Weight Steel and Aluminum Forging • Aluminum / Titanium / Steel Ductile Iron Casting and Machining • Ductile iron casting • Foundry • Machining Aluminum Casting and Machining • HPDC and LPDC • High Vacuum Technology • Local Squeeze Technology • NOX technology • Machining Defence • Defence: Artillery systems, protected & armoured vehicles, Small arms, ammunition & energetics, defence electronics, explosives, consumables and MRO • Marine: Unmanned / underwater systems, naval systems Aerospace • Landing gears, engine components, turbine and gearbox Axle Assembly • Axle Components such as E Beam Axle, LCV Axle, ICE LCV Axle, Medium and Heavy Duty Axle Semi-conductors & Data centers • Semi-conductors: Forged components for semi conductor manufacturing equipment • Data Centres: Engine components for standby and backup-power generation Transmission Driveline Axles Castings
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 6 ✓ Rising aircraft demand and increasing global OEM sourcing from India support long-term growth ✓ Rapid Data centre capacity expansion driving demand for reliable backup-power infrastructure ✓ Rising semiconductor equipment demand is creating precision- engineering opportunities New Sectors (Aerospace/ Semiconductors/ Data Centres) ✓ India’s auto-component industry reached US$ 85.9Bn(2) in FY26, growing 2X+ in the last 5 years ✓ Growing forging and casting manufacturing hub with significant installed capacity ✓ Increasing demand for higher- value, precision-engineered and lightweight components ✓ Growing non-automotive applications broadening the addressable market Automotive, Castings & Forgings ✓ India remains one of the fastest- growing large economies, with real GDP growth of 7.7% in FY26(1) ✓ Strong government focus on manufacturing and localisation ✓ PLI schemes across strategic sectors supporting investment, scale and export competitiveness ✓ Increasing integration of India into global manufacturing and supply chains India Macro Tailwinds ✓ Rising global military expenditure amid geopolitical tensions and modernisation requirements. ✓ Higher Indian defence spending and domestic procurement supporting growth of the local defence ecosystem ✓ India’s defence production reached INR 1.78Tn in FY26, while private participation increased to 24% (3) ✓ Continued indigenisation across platforms, components, sub- systems with focus on localisation of key defence products Defence & Energetics Compelling Market Opportunities BHARAT FORGE OVERVIEW Source: 1. Ministry of Statistics & Programme Implementation, India 2. The Automotive Component Manufacturers Association of India 3. Ministry of Defence, India
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 7 India-Led Manufacturing Platform Serving Global Markets India-led manufacturing scale complemented by global customer proximity and fungible capabilities India-led Manufacturing Engine with Focus on Localisation of Global Supply Chains Geographies and number of facilities for forging & casting Specialty Key Highlights India (28) Forging, machining, casting (aluminium & ferrous), assembly, fabrication, testing and validation Diverse portfolio of products and processes Europe (6) [Germany (3) and Sweden (1) France (1) and Italy (1)] Forging (steel & aluminium), specialty machining and defence application Serves local demand here through exports from Indian units and local manufacturing units USA (2) Steel and aluminum forging Serves local demand through exports from Indian units and 1 local manufacturing unit 3 Continents 6 Countries 36 Manufacturing Facilities INR 168,117MM Consolidated revenue from operations (FY26)36% of Consolidated Revenue from operations (FY26) 31% of Consolidated Revenue from operations (FY26) 23% of Consolidated Revenue from operations (FY26) 67% of Consolidated Revenue from Indian Manufacturing Operations 36 manufacturing facilities(1) USA India Indian manufacturing operations comprise BFL, KSSL, JS Autocast and K Drive Mobility Europe FY26 Customer Revenue Mix and India-Led Manufacturing Base Notes: 1. Details as of 30 June 2026 Others 10% of Consolidated Revenue from operations (FY26)
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 8 Advanced Research and Engineering Capabilities with Innovation DNA BHARAT FORGE OVERVIEW One-stop-shop for Customers offering Services Ranging from Concept to Product Design, Engineering, Manufacturing, Testing and Validation Proprietary IP, Advanced R&D and Strategic Collaborations Accelerating Product Development Kalyani Centre for Manufacturing and Innovation, Pune (India) Enhance efficiency in manufacturing to reduce cost and deliver a higher return on investment Expertise in transmissions, drivelines and axles (including electrified powertrains) AI and Machine Learning Technology Centre Established to augment efficiencies and precision through the use of AI and machine learning 102 New Products Developed Along with 18 process and 17 product improvements in FY26 162-member R&D team(1) Deep metallurgical knowledge with growing engineering for development of total systems, and co-development of products and processes 150+ Patents Filed across Jurisdictions Proprietary IP across indigenous defence platforms Notes: 1. Across Company and its subsidiaries
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 9 BHARAT FORGE OVERVIEW Our Full Stack of Localised Manufacturing Capabilities in India, Enabling us to Make in India, for India, and for the World Defence Aerospace Marine Oil & Gas Construction & Mining Data Centres Semiconductors Forging Precision Machining Ferrous Castings Aluminium Casting Engineering & Product Development Tooling & Die Manufacturing Testing & Validation Assembly & Systems Integration Full Spectrum of Manufacturing Capabilities established in India…. Ability to Service Multiple End Industries with Manufactured Components and Systems Automotive
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 10 Scaling New Growth Platforms Through Engineering, R&D and Selective M&A BHARAT FORGE OVERVIEW Continuously Investing in New Capabilities Over the Past Decade to Expand Across Products, Systems and High-Growth Verticals Aerospace Commenced supplies of critical components to the aerospace sector Added axle design, engineering & assembly capabilities for Indian CVs, progressing towards full-axle systems Component manufacturer Diversified multi-sector manufacturer across components and products Defence Established indigenous defence manufacturing platform 2011 2015 2022 2026 ✓ Broad-based forging product offering across various end use customers ✓ Passenger Vehicle exports have significantly scaled up in last 10 years ✓ Defence has scaled into a key growth vertical with an expanding portfolio across products and systems ✓ Investments in new verticals across aerospace, data centres and semiconductors Castings – JS Autocast Acquisition Added fully machined ferrous castings capabilities across automotive and diversified industrial applications Axle Systems New Sectors Investments for scaling Defence, Aerospace capabilities, data centre and semi conductors platform Investment in Machining capabilities (Fortuna Engineering) Advanced Manufacturing 2025
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 11 Selective Acquisitions Expanding India-based Manufacturing Scale and Capabilities Across the Value Chain BHARAT FORGE OVERVIEW Strengthening India Manufacturing Platform Through Selective Capability Additions Notes: 1. K Drive mobility was acquired on 1 July 2025, hence financials presented are for 9MFY26 ✓ Acquired in July 2022 ✓ High-grade machined ductile iron castings for wind, hydraulics, automotive and power applications ✓ Integrated 3-foundry manufacturing setup with in- house design, casting, machining, finishing, testing and packaging capabilities ✓ Scaled to INR 7,571MM revenue and INR 1,059MM Adjusted EBITDA in FY26, establishing a scaled ferrous castings platform ✓ In February 2026, JS Auto raised INR 3,000MM from a private equity investor for a 23% stake, to support expansion and consolidation opportunities. JS Auto Cast | Ferrous Castings Platform Expands Beyond Forgings into Value-Added Castings ✓ Adds axle design, engineering and assembly capabilities ✓ Footprint across Pune and Chennai, supported by an engineering centre in Pune ✓ Supports progression towards aggregates and full- axle systems across CVs, LCVs, SUVs, buses and select EV platforms ✓ Contributed INR 9,578MM revenue and INR 418MM Adjusted EBITDA in 9M FY26, adding immediate axle-system scale (1) K Drive Mobility | Axle Systems Platform Expands Presence in Value Chain and Increases Content per Vehicle ✓ Acquired 30% stake in Q1 FY27 ✓ Manufactures machined connecting rods, camshafts and fixtures ✓ Adds machining capability for automotive and off- road applications Fortuna Engineering | Machining Platform Adds Machining Depth to the Manufacturing Platform
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 12 Bharat Forge 2.0: Focus on India Manufacturing Invest in India Manufacturing Add forging & machining capacity across auto, aerospace, semiconductors and data centres Invest in KSSL and Defence Energetics Invest in KSSL manufacturing capacity and Agneyastra Energetics to scale small arms machines and energetics plant Increase Defence R&D & Prototyping Incubating new technologies through rapid prototyping and establishing design for manufacturing processes and technologies Maintain Disciplined Inorganic Growth Add customer access, engineering content and adjacent high-growth capabilitiesMove Up the Value Chain Increase machining, sub-assemblies and systems content across key verticals A C B E D INR 18,000MM growth capex planned across businesses
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 13 Board of Directors and Key Management BHARAT FORGE OVERVIEW Board of Directors Management Team Mr. Neelesh Tungar CEO, Defence Business Ms. Sonia Singh Independent Director Mr. K. B. S. Anand Independent Director Mr. Ashish Bharat Ram Non-Executive Non-Independent Director Mr. Anand S. Pathak Independent Director Mr. B.N. Kalyani Chairman & Managing Director Mr. B. P. Kalyani Executive Director- Global Operations Mr. S. E. Tandale Executive Director- Global Business Development Mr. Dipak B. Mane Independent Director Mr. Amit B. Kalyani Vice-Chairman & Joint Managing Director : Part of Board of Directors as well as the Management Team Mr. Sumeet Banga CEO, Industrial Business Mr. Krishan Kohli President & CEO, KDML(1) Mr. Guru Biswal CEO, Aerospace Business Ms. Rashmi Joshi Independent Director Notes: 1. K Drive Mobility Limited
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SECTION 2 Defence & New Sectors 2
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 15 Scaled Defence Platform with Multi-Year Order Visibility Key Product Wins and Capability Milestones Across Artillery, Mobility, Naval Systems and Energetics ATAGS & Export Artillery • ATAGS-led portfolio across towed, mounted & ultra-light systems • Domestic orders and export win record support multi-year execution INR MM Defence Revenue CQB Carbines Vikram VT21 Naval Systems Marine Gas Turbine Generators Agneyastra Energetics India’s first simultaneous 8x8 wheeled / tracked-chassis armoured platform, co- developed with DRDO Provides cutting-edge indigenous technology under 'Atmanirbhar Bharat' vision ATAGS-led portfolio across towed, mounted & ultra-light systems Secured first major Indian Navy underwater systems order and manufactures Marine gas turbine generator sets for Indian Navy Kolkata-class ships Secured INR 4,258MM MoD contract for 12 generators Capabilities across ammunition and defence energetics expanding into explosives DEFENCE & NEW SECTORS 15,606 17,720 17,572 FY24 FY25 FY26 CAGR 6.1%
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 16 DEFENCE & NEW SECTORS Vertically Integrated Footprint in Defence Infrastructure Product Process Artillery Systems Armoured Vehicles Protected Vehicles Ordnance Small Arms Marine Material Designs and Simulations Forging Precision Machining Gear Cutting Specialised Heat Treatment Defence Electronics Fabrication & Machining Vehicle & Chassis Vehicle Axles Missile Sub-system Forging & Steel Manufacturing Ordnance Manufacturing Navigation Systems
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 17 Strategic Focus: Scaled Defence Platform Across Land, Naval and Unmanned Systems In-house Technology and IP Supporting Vertically Integrated Defence Products, Systems and Consumables INR 111,967MM(1) Executable Defence Order Book, Providing Visibility Across Products, Systems and Consumables 01 02 04 03 Naval & Unmanned Systems • Marine gas turbine generator sets • Underwater unmanned systems • Other unmanned systems Artillery Systems Protected & Armoured Vehicles • Vikram VT21 • Protected vehicles • Drive-away chassis • Drivelines • Tracked and wheeled combat platforms Expanded Defence Portfolio • Ordnance • Towed and mounted gun systems • Ultra-light howitzers • ATAGS Small Arms, Ammunition & Energetics • CQB carbines and other small arms • Empty shells and ammunition • Propellants and energetics • MRO services 10 Artillery Product Platforms Developed Integrated Products & Systems Supplier Notes: 1. As of 30 June 2026
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 18 Leveraging Engineering, Metallurgy And Fungible Forging and Machining Capabilities To Enter Higher-value Applications DEFENCE & NEW SECTORS Scaling High-Growth Platforms Across Aerospace, Semiconductors and Data Centres Investing in Product Development, Programme Scale-Up and Higher Value-Added Manufacturing Semiconductors • Supplies engine components, landing-gear forgings / machining and structural parts • Customer relationships with Marquee clients • Landing-gear machining facility and Baramati ring rolling facility support move towards higher- value applications • Supplies forged components for semiconductor manufacturing equipment • Developing semiconductor-equipment components as an identified industrial growth application • Investment focused on product development and scale-up of new programmes • Engine components for standby and backup power generation • Developing data-centre standby and backup- power engine components as an identified growth application • Supports deeper participation in customer programmes across domestic and export markets Aerospace Semiconductors Data Centres
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SECTION 3 Financial Performance 3
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 20 • In FY26, U.S. tariffs and North American CV destocking remained key export headwinds, while the Middle East conflict added supply-chain and commodity-price volatility • K Drive consolidation added INR 9,578MM of revenue, while JS Auto and other newer platforms broadened the consolidated revenue base 156,821 151,228 168,117 FY24 FY25 FY26 Strong Performance Across Cycles FINANCIAL PERFORMANCE Revenue Trajectory Reflects Cycle Moderation Followed by Diversification-Led Recovery • In FY25, European CV weakness and softer PV exports weighed on revenue growth • Domestic CV demand softened in H1FY25 amid slower infrastructure capex around the elections • Resilient domestic PV and industrial businesses partly cushioned the slowdown Consolidated Revenue from Operations INR MM
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 21 9,102 9,133 10,894 FY24 FY25 FY26 25,579 26,939 29,267 FY24 FY25 FY26 Improving Profitability FINANCIAL PERFORMANCE 16.3% 17.8% 17.4% 9.3% 10.7% 10.8% 5.8% 6.0% INR MM | % Profit Before Exceptional Items and Tax and Profit Before Exceptional Items and Tax Margin INR MM | % INR MM | % PAT and PAT MarginAdjusted EBITDA and Adjusted EBITDA Margin 14,513 16,129 18,216 FY24 FY25 FY26 Notes: 1. Information presented on consolidated basis 6.5% Margin %
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 22 48,067 36,441 47,108 FY24 FY25 FY26 Value Creation for all Stakeholders FINANCIAL PERFORMANCE Adjusted Return on Capital Employed (ROCE) Return on Net Worth % Notes: 1. For Bharat Forge Limited standalone entity Adjusted Net Debt and Adjusted Net Debt/Equity INR MM AA+ (Stable) Rating by ICRA and CARE(1) % 13.7% 13.5% 13.5% FY24 FY25 FY26 12.7% 9.9% 11.4% FY24 FY25 FY26 0.5x Net Debt/Equity 0.4x0.7x
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 23 FINANCIAL PERFORMANCE ESG Milestones The following are the quintessential ESG milestones set forth for our business: Attainment of carbon neutrality by 2045 Zero Waste to Landfill by 2030 Water Positive by 2030; 40% reduction in water intensity 75% reduction in LTIFR by 2030 60% reduction in Energy Intensity by 2030 Deep Commitment to Sustainability Key Performance Highlights (FY26) 147,980 MWh Renewable energy consumed 49% of water consumption sourced from recycled water INR 299MM spent on various CSR projects 99.3% Waste recovered through recycling 4,000+ Students benefited from Skill Development Project 130,000+ trees planted 300,000+ lives touched through CSR 38% electricity from renewable sources 0.57 Lost Time Injury Frequency Rate Notes: 1. Base year for ESG Initiatives is FY19-20 Renewable energy to power 80% of our operations by 2030
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 24 FINANCIAL PERFORMANCE Glossary CCI Competition Commission of India EBITDA EBITDA is calculated as the sum of consolidated profit for the period/year, income tax expense, depreciation, amortisation and impairment expenses and finance cost Adjusted EBITDA Adjusted EBITDA is calculated as the sum of consolidated profit for the period/year, income tax expense, depreciation, amortisation and impairment expenses and finance cost reduced by other income and share of profit/(loss) of associates and joint ventures and exceptional items (loss)/gain Adjusted EBITDA Margin Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Consolidated Revenue from Operations EBIT EBIT is calculated as profit after tax plus income tax expense and finance costs. Adjusted EBIT Adjusted EBIT is calculated as profit after tax plus income tax expense and finance costs reduced by exceptional items gain/(loss) and share of profit/(loss) of associates & joint ventures (net of tax). PBT Margin Profit before exceptional items and tax margin is calculated as Profit before exceptional items and tax divided by revenue from operations. Average Capital Employed Average Capital Employed is calculated as average of capital employed of current year and previous year Capital employed Capital employed is sum of total equity, non-current liabilities- borrowings and current liabilities – borrowings Adjusted Net Debt Adjusted Net Debt is calculated as net debt reduced by current assets less investments Net Debt Net Debt is calculated as Total Debt reduced by cash and cash equivalents and other bank balances. Total Debt Total Debt is calculated as sum of Current liabilities – borrowings and Non-current liabilities – borrowings Adjusted Net Debt to Equity Ratio Adjusted Net Debt to equity ratio is calculated as adjusted net debt divided by equity attributable to owners of the parent c ompany Adjusted RoCE Adjusted RoCE is calculated as Adjusted EBIT divided by average capital employed Return on Net Worth Return on Net Worth is calculated as Profit for the year divided by Equity attributable to equity holders of the parent ESG Environmental, Social and Governance EV Electric Vehicle HPDC High Pressure Die Casting LPDC Low Pressure Die Casting NOX No Oxide OEM Original Equipment Manufacturer PBT PBT is calculated as Profit before tax as increased by Exceptional items (loss)/gain PV / CV Passenger Vehicle / Commercial Vehicle
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 71BDEE 9BB1C0 B8B0A5 F69B32 2CA25E 0052A4 PRIMARY COLOURSSECONDARY COLOURS 25 Disclaimer FINANCIAL PERFORMANCE This document is for the personal information of the authorised recipient(s) and does not constitute an offer or solicitation of an offer to buy/sell any securities. It does not constitute any investment, legal or taxation advice or recommendation in relation to holding, purchasing or selling securities or other financial products or instruments in any jurisdiction. This document is not for public distribution and should not be r eproduced or redistributed to any other person or in any form without prior permission of Bharat Forge Limited (the “BFL” or “Co mpany”). This document is not directed to, or for any use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdic tion, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subjec t BFL to any registration or licensing requirement within such jurisdiction. Persons in whose possession this document may come are required to inform themselves of and to observe suc h restrictions. Any action taken by you on the basis of the information contained herein is your responsibility alone and BFL, its subsidiaries, joint ventures, associates and affil iates or their respective employees or directors will not be responsible or liable in any manner for the consequences of such a ction taken by you. BFL or any of its subsidiaries, joint ventures or associates or their respective directors or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error or omission in the information contained in this document. The recipients of this document should rely on their own investigations or advisors in order to make an independent determination of the suitability, merits and consequences of investments in the Company. The information contained herein has been prepared to assist interested parties in making their own evaluation of BFL and whi le reasonable endeavours have been made to present reliable data so far as it relates to current and historical information does not purport to be com plete or to contain all information that the recipient may desire or that may be required in order to properly evaluate the business, prospects or va lue of BFL. In all cases, interested parties should conduct their own investigation and analysis of BFL and the data set forth in this document. The information and opinions contained in this document are provided as at the date of this document, or as of and for the date/ period as may be specific ally indicated therein and are subject to change without notice. We do not undertake responsibility to update any information co ntained herein. Past performance is not necessarily indicative of future results, and there can be no assurance that BFL and its subsidiaries will achieve comparable results. By receiving a copy of this document, you agree to be bound by the provisions contained herein. Any industry data and statistics have been obtained or derived from the Company and published industry sources or publicly available information. This presentation and the accompanying slides contain selected information about the activities of the Company, its subsidiaries, joint ventures, associates and affiliates (together, the “Group”) as at the date of the presentation. It does not purport to present a comprehensive overview of the Group or contain all the information necessary to evaluate an investment in the Company. This presentation should be read in conjun ction with the Company’s other periodic and continuous disclosure announcements. This presentation is for information purposes only and is not a prospectus, disclosure document or other offering document un der any law, nor does it form part of any present or future invitation, recommendation or offer to purchase or sell securities of the Group in any jurisdiction. In particular, this document and the information contained herein do not constitute or form part of any offer of securities for sale in the Unite d States and are not for publication or distribution in the United States. No securities of the Company have been or will be reg istered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with any contract or commitment or investment decision whatsoever. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offerin g documentation, and in such case the information in this presentation will be superseded in its entirety by any such offering d ocumentation in final form. In addition, as this presentation only contains general, summary and selected information about the Group, it may omit material information about the Group and is not a complete description of the Group’s business and the risks relating to it. Therefore, this presentation sh ould not form the basis of any investment decision to purchase or sell the Group’s securities. Any decision to purchase securities in the context of an offering of sec urities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering. This presentation is being communicated to selected persons who have professional experience in matters relating to investments for information purposes only and does not constitute a recommendation regarding any securities of the Company. Other persons should not rely or act upon this presentation or any of its contents. The contents of this presentation are strictly confidential. 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The information contained in this documen t is provided as at the date of this document and is subject to change without notice. The information in this presentation does not constitute financial advice (nor investment, tax, accounting or legal advice) a nd does not take into account an investor’s individual investment objectives, including the merits and risks involved in an investment in the Company or it s securities, or an investor’s financial situation, tax position or particular needs. No recommendation is made as to how investors should exercise any investment decision. Past performance information in this presentation should not be relied upon as an indication of (and is not an indicator of) future performance. This presentation may contain “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of any member of the Group to be materially different from future results, performance or achievements expressed or implied by such forward -looking statements. Similarly, statements about market and industry trends are based on interpretations of current market conditions which are also subject to change. These statements may also assume the success of the Group’s business strategies. The success of any of these strategies is subject to uncertai nties and contingencies beyond the Group’s control, and no assurance can be given that any of the strategies will be effective o r that the anticipated benefits from the strategies will be realised in the period for which the forward-looking statements may have been prepared or otherwise. 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No representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. ***** By attending the presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations an d conditions and, in particular, will be taken to have represented, warranted and undertaken that ( i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; and (ii) you will not at a ny time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company or its subsidiaries nor with any of their suppliers in respect of the Company, its subsidiaries, joint ventures, or associates without the prior writ ten consent of the Company.