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B H A R A T F O R G E Q2 & H1FY27 Analyst Update Inspiring Innovation. Worldwide. Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail
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C H A I R M A N ’ S M E S S A G E Management Commentary: Q2 FY27 Performance Indian Manufacturing revenue (Rs Cr) 3,422 +24.6% growth Indian Manufacturing EBITDA (Rs Cr) 759 +12.3% growth New orders - H1 FY27 (Rs Cr) 2,107 Defence: Rs 681 Cr Defence order book (Rs Cr) 10,960 As of H1 FY27 H 2 F Y 2 7 O U T L O O K “Supported by sustained demand across sectors, we maintain expectations of revenue growth of 20 -25% in FY27 for the Indian manufacturing business. ATAGS manufacturing will begin in FY27, with revenue to be recognized from the beginning of FY28. Our overseas business, where performance remains below expectations, we are conducting a strategic review to determine the best path forwa rd.” B.N. Kalyani, Chairman & Managing Director Bharat Forge | Q2 & H2 FY27 Analyst Update 2 “We have received Bulk Production Clearance (BPC) for the ATAGS order with revenue recognition from Q1 FY28. Our Rs 2,000+ Cr ore capex programme across Automotive, Aerospace, Defence (including the new Energetics plant), and Data Center & Semiconductor compone nts will come online in phases over 12-18 months, driving growth from FY29 and shifting our mix over the medium term.” .
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S T A N D A L O N E | R S M I L L I O N Standalone Financial Highlights Q2 FY27 Revenue 25,264 +29.8% YoY Rebound in North American truck demand and strong domestic CV demand EBITDA 6,546 +20.2% YoY Margin 25.9%, down 30 bps QoQ as Energy, Freight and manufacturing costs rose. PBT before ex. gain/(loss) 5,200 +20.5% YoY Improved export performance drove higher PBT. Rs million Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue 25,264 23,474 19,469 48,738 40,516 EBITDA 6,546 6,141 5,446 12,687 11,324 PBT before ex. gain/(loss) 5,200 4,902 4,316 10,103 8,969 Bharat Forge | Q2 & H1 FY27 Analyst Update 3
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E X P O R T B U S I N E S S | R S M I L L I O N Review of Export Business – Q2 FY27 Export revenue (Rs million) 13,088 +8.6% QoQ +38.9% YoY Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY Commercial vehicles 5,580 4,791 2,844 +16.5% +96.2% Passenger vehicles 3,540 3,353 2,951 +5.6% +20.0% Industrial 3,968 3,903 3,625 +1.7% +9.5% Total exports 13,088 12,047 9,420 +8.6% +38.9% Commercial vehicles Inventory restocking and a rebound in NA truck volumes as well as modest volume and market share gains in Europe drove the robust performance. Passenger vehicles Passenger car exports had a strong quarter YoY driven by broad-based growth across North America and Europe. Industrial Barring a weak quarter in Construction & Mining sector, Industrial segment saw steady YoY growth driven primarily by robust performance in Oil & Gas & stable growth in new business verticals. Bharat Forge | Q2 & H1 FY27 Analyst Update 4
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D O M E S T I C B U S I N E S S | R S M I L L I O N Review of Domestic Business – Q2 FY27 Domestic revenue (Rs million) 10,804 +6.2% QoQ +19.3% YoY Segment Q2 FY27 Q1 FY27 Q2 FY26 QoQ YoY Commercial vehicles 3,209 2,501 2,231 +28.3% +43.9% Passenger vehicles 1,204 1,038 912 +16.0% +32.0% Industrial 6,390 6,631 5,915 −3.6% +8.0% Total domestic 10,804 10,170 8,034 +6.2% +19.3% Other operating revenue was Rs 1,372 million in Q2 FY27. Commercial vehicles CV business registered a strong quarter driven by industry tailwinds as higher CV production drove the YoY performance. Given the higher YoY base in H2 we anticipate growth rates to revert to more modest levels. Passenger vehicles Passenger Cars registered robust performance as Industry production ramped up ahead of festive demand. Industrial Strong execution momentum in non-Defence Industrial business across Heavy Horsepower Engines and Farm Equipment drove the steady YoY performance. Bharat Forge | Q2 & H1 FY27 Analyst Update 5
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E X P O R T B U S I N E S S | R S M I L L I O N Export Break-up by Geography – Q2 FY27 Americas 8,550 +47.4% YoY 65.3% of Q2 FY27 exports Europe 3,765 +31.3% YoY 28.8% of Q2 FY27 exports Asia 773 +2.7% YoY 5.9% of Q2 FY27 exports Rs million Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Americas 8,550 7,972 5,800 16,521 12,732 Europe 3,765 3,047 2,867 6,812 5,803 Asia Pacific 773 1,028 753 1,802 1,637 Total 13,088 12,047 9,420 25,135 20,173 Bharat Forge | Q2 & H1 FY27 Analyst Update 6
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C O N S O L I D A T E D | R S M I L L I O N Consolidated Financial Highlights – Q2 FY27 Revenue 48,700 +5.0% QoQ | +20.8% YoY EBITDA 7,780 +3.5% QoQ | +8.8% YoY PBT before ex. gain/(loss) & Exceptional 4,585 +0.5% QoQ | +3.0% YoY Rs million H1 FY27 FY26 Long term debt 21,655 21,116 WC loans & bill discounting 52,256 47,630 Equity 1,14,858 95,568 Cash 41,577 29,307 RoCE (net) 13.9% 15.6% Debt/Equity (net) 0.45 0.41 Net Debt/EBITDA 1.69 1.35 Standalone Automotive exports and non-Defence Industrial drove bulk of the YoY improvement in sales. Margins were impacted by higher energy and manufacturing input costs. Bharat Forge | Q2 & H1 FY27 Analyst Update 7 **Debt ratios exclude the impact of QIP for Q2FY27
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A N N E X U R E S Financials Annexures Standalone P&L and balance sheet | Consolidated reconciliation | Subsidiary financials
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A N N E X U R E | R S M I L L I O N Standalone P&L Highlights – Q2 & H1 FY27 Rs million Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY H1 FY27 H1 FY26 YoY Sale tonnage 70,703 66,787 5.9% 56,458 25.2% 1,37,490 1,18,315 16.2% Domestic 12,176 11,427 6.6% 10,049 21.2% 23,603 20,343 16.0% Export 13,088 12,047 8.6% 9,420 38.9% 25,135 20,173 24.6% Revenue from operations 25,264 23,474 7.6% 19,469 29.8% 48,738 40,516 20.3% EBITDA 6,546 6,141 6.6% 5,446 20.2% 12,687 11,324 12.0% EBITDA (%) 25.9% 26.2% – 28.0% – 26.0% 27.9% – PBT before exceptional items 5,200 4,902 6.1% 4,316 20.5% 10,103 8,969 12.6% Exceptional items (206) (245) – (79) – (451) (79) – Exchange gain/(loss) (22) (285) – 64 – (311) (96) – PBT 4,972 4,373 – 4,301 – 9,344 8,794 – Tax 1,264 1,159 – 1,202 – 2,423 2,309 – PAT 3,708 3,214 – 3,099 – 6,921 6,485 – Bharat Forge | Q2 & H1 FY27 Analyst Update 9
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A N N E X U R E | R S M I L L I O N Standalone B/S Highlights – Q2 FY27 RoCE (net) 14.7% Down from 14.9% in FY26 (QIP impact) Debt/Equity (net, excludes QIP impact) 0.2 FY26: 0.18 Net Debt/EBITDA (excludes QIP impact) 1.08 FY26: 0.86 Rs million H1 FY27 FY26 Long term debt 14,845 13,124 WC loans & bill discounting 27,054 24,515 Equity 1,34,256 1,09,882 Cash 33,699 17,762 Bharat Forge | Q2 & H1 FY27 Analyst Update 10
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A N N E X U R E | C O N S O L I D A T E D | R S M I L L I O N Consolidated Financials Reconciliation – Q2 FY27 Q2 FY27 Indian Ops Overseas Ops E-Mobility Consolidated Revenue from operations 34,221 14,071 408 48,700 EBITDA 7,590 223 -33 7,780 EBITDA (%) 22.2% 1.6% – 16.0% PBT (incl other income) 5,991 −1,361 −45 4,585 Exchange gain/(loss) −8 −92 0 -100 Exceptional items −206 −40 0 -246 PBT after exceptional items 5,777 −1,494 −45 4,239 Bharat Forge | Q2 & H1 FY27 Analyst Update 11 Q2 FY26 Indian Ops Overseas Ops E-Mobility Consolidated Revenue from operations 27,458 12,677 185 40,320 EBITDA 6,757 481 −85 7,154 EBITDA (%) 24.6% 3.8% – 17.7% PBT (incl other income) 5,379 −815 -113 4,452 Exchange gain/(loss) 134 −5 0 129 Exceptional items 0 0 0 0 PBT after exceptional items 5,514 -820 -113 4,581
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BFISL Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 2,542 2,221 2,213 4,762 4,019 EBITDA 358 243 304 600 516 EBITDA (%) 14.1% 10.9% 13.7% 12.6% 12.8% PBT before exch. gain/(loss) 279 154 180 433 272 A N N E X U R E | I N D I A N S U B S I D I A R I E S | R S M I L L I O N Indian Subsidiary Financials – Q2 & H1 FY27 KSSL Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 4,444 4,229 3,990 8,673 6,460 EBITDA 474 729 427 1,204 597 EBITDA (%) 10.7% 17.2% 10.7% 13.9% 9.2% PBT before exchange gain/(loss) 377 682 398 1,058 558 K Drive Mobility Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26* Revenue from operations 3,801 3,103 2,965 6,904 2,965 EBITDA 152 100 92 253 92 EBITDA (%) 4.0% 3.2% 3.1% 3.7% 3.1% PBT before exchange gain/(loss) 105 65 42 170 42 Bharat Forge | Q1 & H1 FY27 Analyst Update 12*Consolidated w.e.f 1st July 2025, includes only impact of Q2FY26
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A N N E X U R E | O V E R S E A S S U B S I D I A R I E S | R S M I L L I O N Overseas Operations Financials – Q2 & H1 FY27 European Mfg Operations Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 9,315 10,738 8,865 20,053 19,384 EBITDA 290 301 322 591 650 EBITDA (%) 3.1% 2.8% 3.6% 2.9% 3.4% PBT before exchange gain/(loss) −504 −441 −526 −945 −1,016 US Mfg Operations Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 4,756 4,615 3,812 9,371 7,590 EBITDA −67 −39 159 −106 390 EBITDA (%) -1.4% -0.8% 4.2% -1.1% 5.1% PBT before exchange gain/(loss) -857 -760 -289 -1,617 -455 Bharat Forge | Q2 & H1 FY27 Analyst Update 13 Overseas Manufacturing Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Steel Forgings 7,808 (55%) 8,189 (53%) 7,010 (55%) 15,997 (54%) 15,002 (56%) Al Forgings 6,263 (45%) 7,163 (47%) 5,667 (45%) 13,426 (46%) 11,972 (44%) Total 14,071 15,352 12,677 29,423 26,974
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B H A R A T F O R G E Thank You Rajhagopalan S Tel: +91 9860144866 Email: Srajhagopalan@bharatforge.com Chinmay Chhatre Tel: +91 9930512932 Email: chinmay.chhatre@bharatforge.com Automotive | Renewable Energy | Oil & Gas | Defence | Aerospace | Marine | Construction & Mining | Rail