500493 Q1 2027 Earnings Presentation

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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

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Standalone Financial Highlights Q1 FY27 6,141 6,103 5,878 Q1 FY27 Q4 FY26 Q1 FY26 EBITDA 4,902 4,862 4,653 Q1 FY27 Q4 FY26 Q1 FY26 PBT before Ex. Gain/ Loss Q1 FY27 Revenues at Rs 23,474 million saw YoY improvement driven by broad-based performance in exports. Industrial exports saw sharp growth as HHP Engines and Aerospace saw strong execution momentum. EBITDA margin at 26.2% for the quarter was impacted by higher energy and input costs. PBT before Exchange gain/ (loss) at Rs 4,902 million for Q1 FY27 was up 5.4% YoY , driven by improvement in operational performance, partially offset by lower Other Income. 3 Rs million 23,474 22,605 21,047 Q1 FY27 Q4 FY26 Q1 FY26 Revenue

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4 Review of Export Business – Q1 FY27 • 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. Rs million Revenue - Rs 12,047 million Revenue - Rs 10,844 million Revenue - Rs 10,753 million 3,440 3,024 4,380 Q4 FY26 Commercial Vehicles Passenger Vehicles Industrial 4,791 3,353 3,903 Q1 FY27 Commercial Vehicles Passenger Vehicles Industrial 4,498 2,882 3,374 Q1 FY26 Commercial Vehicles Passenger Vehicles Industrial

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5 Review of Domestic Business – Q1 FY27 • 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. Rs million Other Operating Revenue was Rs 1,257 million in Q1FY27 Revenue - Rs 10,170 million 2,501 1,038 6,631 Q1 FY27 Commercial Vehicles Passenger Vehicles Industrial 3,073 1,066 6,495 Q4 FY26 Commercial Vehicles Passenger Vehicles Industrial Revenue - Rs 10,634 million 2,447 973 5,738 Q1 FY26 Commercial Vehicles Passenger Vehicles Industrial Revenue - Rs 9,157 million

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Export Break up by Geography In Rs million Q1 FY27 Q4 FY26 Q1 FY26 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

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7 Consolidated Financial Highlights – Q1 FY27 7,516 7,733 6,818 Q1 FY27 Q4 FY26 Q1 FY26 EBITDA 46,399 45,281 39,088 Q1 FY27 Q4 FY26 Q1 FY26 RevenueRs million 4,560 4,868 4,233 Q1 FY27 Q4 FY26 Q1 FY26 PBT before Ex. Gain/ Loss • Standalone exports and Defence drove bulk of the YoY improvement. Margin improvement in KSSL is largely due to better realizations and product mix. Q1FY26 result does not include K-Drive and hence YoY results are not comparable In Rs million Q1 FY27 FY26 Long term Debt 21,516 21,116 WC Loans & Bill Discounting 48,451 47,630 Equity 95,191 95,568 Cash 27,298 29,307 RoCE (Net) 15.2% 15.6% Debt/ Equity (Net) 0.45 0.41 Net Debt/ EBITDA 1.42 1.35

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Financials Annexures

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9 Standalone P&L Highlights – Q1 FY27 In Rs million Q1 FY27 Q4 FY26 QoQ (%) Q1 FY26 YoY (%) Sale Tonnage 66,787 62,201 7.4% 61,857 8.0% Domestic 11,427 11,761 -2.8% 10,294 11.0% Export 12,047 10,844 11.1% 10,753 12.0% Revenue from Operations 23,474 22,605 3.8% 21,047 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

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10 Standalone B/S Highlights – Q1 FY27 In Rs million Q1FY27 FY26 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

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1111 Consolidated Financials Reconciliation Rs million K Drive Mobility is consolidated within Indian Operation w.e.f 1st July 2025. YoY Indian Operations results for Q1FY27 are not comparable 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 Income) 4,981 -656 -92 4,233 Exchange Gain / (Loss) 27 -115 - -88 Exceptional Items - PBT after Exceptional Items 5,008 -771 -92 4,145

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12 Indian Subsidiary Financials – Q1 FY27 Rs million * Consolidated as Bharat Forge subsidiary w.e.f 1st July 2025 KSSL Q1 FY27 Q4 FY26 Q1 FY26 Revenue from Operations 4,229 3,690 2,470 EBITDA 729 337 171 EBITDA (%) 17.2% 9.1% 6.9% PBT before Exchange Gain/ (Loss) 682 333 160 K Drive Mobility Q1 FY27 Q4 FY26 Q1 FY26* Revenue from Operations 3,103 3,672 - EBITDA 100 179 - EBITDA (%) 3.2% 4.9% PBT before Exchange Gain/ (Loss) 65 152 - BFISL Q1 FY27 Q4 FY26 Q1 FY26 Revenue from Operations 2,221 2,443 1,806 EBITDA 243 324 213 EBITDA (%) 10.9% 13.3% 11.8% PBT before Exchange Gain/ (Loss) 154 199 92

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13 Overseas Subsidiary Financials – Q1 FY27 Rs million European Mfg Operations Q1 FY27 Q4 FY26 Q1 FY26 Revenue from Operations 10,738 10,183 10,519 EBITDA 301 475 329 EBITDA (%) 2.8% 4.7% 3.1% PBT before Exchange Gain/ (Loss) -441 -391 -490 US Mfg Operations Q1 FY27 Q4 FY26 Q1 FY26 Revenue from Operations 4,615 3,911 3,779 EBITDA -39 43 230 EBITDA (%) -0.8% 1.1% 6.1% PBT before Exchange Gain/ (Loss) -760 -497 -166 Overseas Mfg Operations Q1 FY27 Q4 FY26 Q1 FY26 Steel Forgings 8,189 (53%) 7,906 (56%) 7,994 (56%) Al Forgings 7,163 (47%) 6,187 (44%) 6,304 (44%) Total 15,352 14,093 14,298

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Slides