Interim report
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B H A R A T F O R G E CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com November 05, 2026 To BSE Limited Corporate Relations Department Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai 400 001, Maharashtra, India Scrip Code: 500493 National Stock Exchange of India Limited Listing Department Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra (East) Mumbai 400 051, Maharashtra, India Symbol: BHARATFORG Sub. : Outcome of the Board Meeting held on November 05, 2026 Ref. : Regulation 30 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir / Madam, This is to inform you that the Board of Directors of the Company, in its Meeting held on Thursday, November 05, 2026, have discussed and approved the following: 1. Statement of Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended September 30, 2026, along with the ‘Limited Review Report’ issued by BSR & Co. LLP, Statutory Auditors of the Company, a copy of which is enclosed herewith as Annexure 1. 2. Further investment of an amount not exceeding Rs. 2,905.08 million in Kalyani Strategic Systems Limited (“KSSL”), wholly owned subsidiary of the Company, at fair value, in one or more tranches. Requisite details are enclosed herewith as Annexure 2. The Board Meeting commenced at 11:30 A.M. IST and concluded at 12:40 P.M. IST. The details under Regulation 30 of the Listing Regulations read along with SEBI Master Circular no. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30 January 2026 and such other circulars as applicable, are given as per annexures. Please take note of the same. Thanking you, Yours faithfully, For Bharat Forge Limited Tejaswini Chaudhari Company Secretary & Compliance Officer Membership No.: A18907 Encl.: As above
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~ BHARAT FORGE LIMITED r~~ Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, ~ Maharashtra, India. ~~ l<ALYAN I CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 y i: .\ I{ s '1f!sl:'lu.J'""tl ,,_.,n<»< Email : secretarial@bharatforge.com; Website : www.bha_ratforge.com eHAR~T"FORcE STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ANO HALF YEAR ENDED SEPTEMBER 30, 2026 ("in Million) Quarter ended Half year ended Year ended Sr. No. ParticJJI ars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) R e\/enue from operations 25,263.57 23,474.16 19,468.62 48,737.73 40,515.69 83,956.78 b) Otller income 308.73 342.54 464.64 651.27 886.57 1,444.57 Total income (a+b) 25,572.30 23,816.70 19,933.26 49,389.00 41,402.26 85,401.35 2 Expenses a) ccst of raw materials and components consumed 11,270.05 9,564.53 8,102.85 20,834.58 17,208.29 34,933.31 bl changes in inventories of finished goods, work-in-progress, dies and scrap (1,083.74) (376.79) (1,050.24) (1,460.53) (1,999.36) {2,476.82) c) Ernployee benefits expense 1,874.76 1,858.93 1,673.52 3,733.69 3,369.92 6,760.05 d) Fin a nee costs 484.75 431.92 482.86 916.67 1,005.22 1,821.74 e) Depreciation and amortisation expenses 1,170.23 1,150.02 1,111.95 2,320.25 2,236.50 4,480.49 f) Other expenses 6,677.96 6,S70.S4 5,231.96 13,248.50 10,708.58 21,674.48 Total expenses (a to f) 20,394.01 19,199.15 15,552.90 39,593.16 32,529.15 67,193.25 3 Profit before exceptional items and tax (1-2) 5,178.29 4,617.55 4,380.36 9,795.84 8,873.11 18,208.10 4 Except ional items (loss) (see note 5 & 6) {205.57) (244.91) {78.95) {450.48) {78.95) (5,495.85) 5 Profit before tax (3+4) 4,972.72 4,372.64 4,301.41 9,345.36 8,794.16 12,712.25 6 Income tax expense a) Current tax 1,413.00 1,210.00 1,270.90 2,623.00 2,422.20 4,728.08 b) Deferred tax (credit) {148.53) {51.35) (68.85) {199.88) (112.61) (203.24) Income tax expense 1,264.47 1,158.65 1,202.05 2,423.12 2,309.59 4,524.84 7 Profit/(loss) for the period/year {5-6) 3,708.25 3,213.99 3,099.36 6,922.24 6,484.57 8,187.41 8 Other comprehensive income a) Other comprehensive income/{loss) not to be reclassified to profit and loss in subsequent periods (179.01) {70.12) (144.68) (249.13) {159.63) (264.15) - Income tax effect 32.59 17.02 22.11 49.61 25.68 24.80 b) Other comprehensive income/(loss) to be reclassified to profit and loss in subsequent periods 378.56 1,111.00 (1,836.07) 1,489.56 (3,383.19} (5,189.88) - Income tax effect (9S.27) (279.62) 462.10 (374.89) 851.48 1,306.19 Other comprehensive income/{loss) (net of tax) 136.87 778.28 (1,496.54) 915.15 {2,665.66) (4,123.04) 9 Total comprehensive income/(loss) for the period/year {7+8) 3,845.12 3,992.27 1,602.82 7,837.39 3,818.91 4,064.37 10 Earnings per equity share (see note 8) - Basic and diluted (in~) (not annualised) 7.74 6.72 6.48 14.46 13.56 17.12 11 Equity share capital (Face value" 2/- each) 977.43 956.27 956.27 977.43 956.27 956.27 12 Other equity 108,926.08 MAKIN G IN I NDIA FOR THE WORLD~ )- .:. £ ~- ~ -~~ .-.., I M A K1 -lo Annexure 1
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~ BHARAT FORGE LIMITED r~~ Regd. Office : Mundhwa , Pune Cantonment, Pune 411 036, ~ Maharashtra, India . ~~ CIN:l25209PN1961PLC012046 KALY A N I Ph. No. : 91-20-6704 2777 / 2476, FaK No. : 91-20-2682 2163 Y LARS o Fr~CHL(O,K~ , .. _,.,. .. .,G .. ~ '<-'1'°"'"',_.. I n,,.c Email : secretarial@bharatforge.com; Website : www.bharatforge .com B~ARAT FORGE STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 ('!: in M ill ion) Quarter ended Half year ended Year ended Sr. Partic&J fars September 30, June 30, September 30, September 30, September 30, March 31, No. 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue from operations 48,699.66 46,399.41 40,319.27 95,099.07 79,406.76 168,116 .53 b) Other income 475.24 572.45 535.13 1,047.69 1,032.-36 1,986.83 Total i11come (a+ b) 49,174.90 46,971.86 40,854.40 96,146,76 80,439 .12 170,103.36 2 E.xpen~es a) cost of raw materials and components consumed 25,112.83 21,029.91 19,473.76 46,142.74 36,643.37 77,779.31 b) purchase of stock in trade 798.05 113.48 220.17 911.53 365.17 788.71 c) Changes in inventories of finished goods, work-in-progress , stock in trade, dies and scrap (3,565.11) (457.96) (2,019.54) (4,023.07) (2,372 .41) (2,672. 21) d) Employee benefits expense 5,731.52 5,935.30 5,205.70 11,666.82 10,342.43 21,034.18 e) Finance costs 969.19 897.10 800.85 1,866.29 1,623.07 3,233.46- f) Depreciation and amortisation expenses 2,697.63 2,632.83 2,408.87 5,330.46 4,669 .85 9,709.24 g) Other expenses 12,945.65 12,684.09 10,182.65 25,629.74 20,442. 63 41,919.81 Tot al expenses (a tog) 44,689.76 42,834.75 36,272.46 87,524.51 71,714 .11 151,792.50 " 3 Profi t before share of profit/ (loss) of associates, joint ventures, exceptional items and tax (1-2) 4,485.14 4,137.11 4,581.94 8,622.25 8,725.01 18,310.86 4 Share of profit/ (loss) of associates and joint ventures (51.86) (110.27) (9.94) (162.13) (42.64) (76.50} Income tax expense 8.81 2.35 3.69 11.16 4.17 18.21 Share of profit/ (loss) of associates and joint ventures , net of tax (60.67) (112.62) (13.63) (173.29) (46.81) (94.71) 5 Profi t before exceptional items and tax (3+4) 4,424.47 4,024.49 4,568.31 8,448.96 8,678.20 18,216.15 6 Exceptiona l items (loss) (see note 5 & 6) (245.68) (3,580.05) - (3,825.73) - (1,544.43) 7 Profi t before tax (5+6) 4,178.79 444.44 4,568.31 4,623.23 8,678.20 16,671.72 8 Income tax expense a) Current tax 1,616.69 1,479.53 1,489.62 3,096.22 • 2,830.25 5,606.07 b) Deferred tax (credit)/charge (224.71) (136.21) 85.91 (360.92) 16.47 171.67 Income tax expense (a+ b) 1,391.98 1,343.32 1,575.53 2,735.30 2,846.72 5,777.74 9 Profit/ (loss) for the period/year (7-8) 2,786.81 (898.88) 2,992.78 1,887.93 5,831.48 10,893.98 10 Other comprehensive income a) Other comprehensive income/(loss) not to be reclassified to profit and loss in subsequent periods (184.34) (75.35) (159.95) (259.69) (175.78) (1,631.75) - Income tax effect 29.94 17.43 22.34 47.37 26.13 (11.73) b) Other comprehensive income/(loss) to be reclassified to profit and loss in subsequent periods 593.98 872.37 (1,213.50) 1,466.35 (2,629.31) (3,107.33) - Income tax effect (99.99) (291.95) 474.83 (391.94) 888.61 1,338.69 Other comprehensive income/(loss) (net of tax) 339.59 522.50 (876.28) 862.09 (1,890.35) (3,412 .12) 11 Total comprehensive income/ (loss) for the period/year (9+10) 3,126.40 (376.38) 2,116.50 2,750.02 3,941.13 7,481.86 12 Tota l comprehensive income/(loss) above attributable to: - Owners of the Company 3,098.24 (374.77) 2,115.75 2,723.47 3,938.47 7,384.49 - Non-controlling interests 28.16 (1.61) 0.75 26.55 2.66 97.37 13 Of the total comprehensive income/(loss) above, profit/(loss) for the period/year attributable to: - Owners of the Company 2,758.65 (897.27) 2,991.99 1,861.38 5,828.82 10,796.61 - Non-controlling interests 28.16 (1.61) 0.79 26.55 2.66 97.37 14 Of the total comprehensive income/(loss) above, Other comprehensive income/(loss) for the period/year attributable to: - Owners of the Company 339.59 522.50 (876.24) 862.09 (1,890.35) (3,412.12) - Non-controlling interests - ~ (0.04) - - - 15 Earnings/(loss) per equity share (see note 8) : Basic and diluted (in 'I:) (not annualised) 5.77 (1.88) 6.26 3.89 12.19 22.58 16 Equity share capital (Face value,: 2/- each) 977.43 956.27 956.27 977.43 9S6.27 956.27 17 Oth er equity 94,842.13
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• JIii": '-,: K ALYANI BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment , Pune 411 036, Maharashtra, India. CIN ; l25209PN1961PLC012046 Ph. No. ; 91-20-6704 2777 / 2476, FaK No. : 91-20-2682 2163 Email: secretarial@bharatforge .com; Website : www.bharatforge :com STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTES TO FINANCIAL RESULTS : 1 Balance sheet as at Particulars A. ASSETS 1 Non-current assets (a) Property, plant and equipment lb) Capital work-In-progress (c) Investment property Id) Goodwill (e) Other intangible assets (f) Intangible assets under development (g) Right-of-use asset (h) Investment in associates and joint ventures (ij Financial assets lnvestmerit in subsidiaries, associates and joint ventures Investments Trade receivables Loans Other financial assets U) Income tax assets (net) (k) Deferred tax assets (net) (I) Other assets z Current assets (a) Inventories (b) Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets (c) Other assets B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equ ity (c) Non controlling interest Total assets St;mdalane Sept~mber 30, March 31, 2026 2026 (Unaudited ) (Audite d) 27,603 .88 28,301 .04 8,760 .45 7,275 .20 281.63 281 .63 - 26.35 37.10 - 2,612.72 2,538 .70 - . 55,912.10 54,411 .31 .4,760.03 4,267.51 117.98 18.52 37.67 937.40 1,S27.60 255 .08 255.08 342.28 467.69 4,060.70 l.TT6.88 105 ,571.14 101,295 .39 18,903.10 lS,700.93 5,710.17 9,502 .6S 47,330.03 41,29S .10 23,004.62 3,590 .59 90.28 114.26 37.02 20.44 1,395.33 1,125 .82 4,578.04 2,633. 84 101,048 .59 73,983.63 206,619 .73 175,279.02 977.43 956.27 133,278 .98 108,926 .08 (~ In Mnllon) Cons.ofldiUed September 30, Ma rth 31, 2026 2026 !Unaudited) (Audited) 74,007 .51 72,575.52 13,426 .82 12,513.26 281.63 281.63 3,902.32 3,902.53 682 .49 60S.97 445.56 470.45 5,100 .11 4,784.26 1,731 .98 614.14 5,533.09 5,031.65 26.26 168.68 142.90 37.67 1,474 .46 3,040.67 357.89 50S.35 2,240 .40 2,121.99 6,729 .26 3,917.22 116,082 .68 110,570 .99 46,926.08 40,527.83 6,899.35 11,739.22 40,7S3 .19 39,097.99 26,790.77 8,478.85 1,802 .33 1,420.57 37.02 176.32 4,138 .72 3,780.92 9,160.95 6,806.86 136,508.41 112,0?8.56 2S2,591 .09 222.S99.55 977.43 9S6.Z7 114,080 .70 94,842.13 (199.6 1) 1230.16) Total equ lty 1---===== +--....;.= ==:+--':..:...: ==.::...i1- --=- ===~ 134,256.41 109,882.35 114,858 .S2 95,568 .24 2 Liabilities Non-current liabilities· (a) Financial liabilities Borrowings Lease liabilities Derivative instruments Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other liabilities Current liabilities (a) Financial liabilities Borrowings Lease liabilities Trade payables Dues to micro enterprises and small enterprises Dues to other than micro enterprises and small enterprises Derivative Instruments Other financial liabil\ties (b) Other liabilities (c) Provisions (d) Current tax liabilities (net) 10,734.08 2,839.13 1,021.15 26.09 1,425 .25 - 2,610 .27 18,6SS.97 31,267.30 215.47 215.40 15,341.76 2,132.07 1,127.10 1,477.70 1,305 .69 624.86 53,707.35 10,515 .98 17,036.25 18,123.55 2,756 .28 3,738.S6 3,699.19 1,582 .36 1,021 .16 1,582.36 30.02 3,353.31 3,357 .24 1,283.36 3,043 .98 2,906.62 315 .88 215.24 S85.55 3,399.07 1,331-7.1. 16,753 .55 31,908 .21 31,216.91 27,128 .97 56,874 .63 50,622.63 196 .32 627.48 640.78 324.00 708.33 839.98 13,686.83 31,986.31 29,116.63 . 2,971.06 2,195.38 3,102.11 1,344.48 2,233.25 2,124.13 1,398 .24 5,487.34 6,871.51 1,413 .28 5,099.89 2,103.47 179.94 611.75 393.16 48,643 .12 105,824.36 95,814.40 72,363.32 65,396.67 137,732 .57 127,03 1.31 Total liabllitiesl- - -===+ --===.:...+--===:.c...½---= ===c.i Total equity and liabilit ies 206,619.73 175,279 .02 252,S91.09 222,599.55
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BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN : l25209PN 1961PLC012046 Ph. No. : +91-20-6704 2777 / 2476, Fax No. : +91-20-2682 2163 Email: secretarial@bharatforge.com; Website: www.bharatforge.com VI \ R .._ •• ~~r,,, ~,.:-• ,.,,. .. •• ~ ... BHARAT FORGE STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTf:S ro FINANCIAL RESULTS (Contd.) : 2 cash flow statement {~ In Million) Standalone Consolidated Half Year ended Half Year ended particulars September 30, September 30, September 30, September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) I Operating activities Profit after exceptional items and before tax 9,345.36 8,794.16 4,623.23 8,678.20 Less: Share of (loss) of associates and joint ventures (net of tax) . . (173 .29) (46.81) 9,345.36 8,794.16 4,796.52 8,725.01 Adjustments to reconcile profit before tax to net cash flows Depreciation and amortisation expense 2,320.25 2,236.50 5,330.46 4,669.85 Unrealised foreign exchange (gain)/ loss MTM (net) 369.16 963.01 252.42 279.91 Inter est income (149.22) (282.22) (262.13) (315.56) Uabilities/provisions no longer required written back (17.68) (2.41) (18.95) (22.66) Provision for doubtful debts and advances written back 70.00 1.31 95.92 18.75 Bad debts/advances written off 5.71 10.26 Finance costs 916,67 1,005.22 1,866.29 1,623,07 (Gain)/ loss on sale of property , plant and equipment (net) (3.53) (161.29) (18.53) (165.06) Dividend income from investments (5.67) (6.13) (5.67) (613) Net (gain) on sale of financial investments (385.19) (447.72) (463.28) (494 .60) Net loss on fair valuation of financial instruments (FVTPL) 195.38 217.93 219.33 208.37 Non-cash exceptiona l items 78.95 - Operating profit before working capital changes 12,65S.S3 12,397.31 11,798.09 14,531 .21 Working capital adjustments : llncrease)/Decrease in trade receivables (6,583.54) 2,114.21 (2,204.03) 696.12 (Increase) in inventories (3,202,171 (3,286.58) (6,398.25) (3,457.93) Decrease/(lncrease) in other financial assets 182.65 63.02 (349.83) (1,292.49) (l,,crease)/Decrease in other assets (2,011.87) 1,083.68 (2,842.64) 897.53 fDecrease.)/ lncrease in provis,ons (143,201 66.42 2,950.58 224.25 Increase in trade payables 1,208.53 24.26 2,401.52 2,008.78 (Decrease)/lncrease in other financial liabilities (159.83) (97.60) 355.19 (402 .85 ) lncrease/( Decrease) in other liabilities 2,104.18 (444.04) 682.21 (1,048 .22) Cash generated from operations 4,0S0.28 11,920.68 6,392 .84 12,156.40 Income taxes paid (net of refunds) (2.178,08) (1,723.11) (2,730.17) (2,168.47 ) Net cash flow from operating activities 1,872.20 10,197.57 3,662 .67 9,987 .93 II Investing activities Purchase of property, plant and equipment, Investment property and intangible assets (including capital work-in-progress and capital advances) {5,112.94) (1,830.06) (9,824.90) (5,651.62) Proceeds from sale of property, plant and equipment and intangible assets 67.21 196.75 119.11 264.04 Investment in subsidiaries, associates and joint ventures (including share application money pending for allotment) (1,517.29) (7,302.53) (1,297.39) Acquisit ion of as subsidiary , net of cash acquired . (4,986.23) Loans given to subsidiaries/associates/joint ventures - (35.96) Repayment of loan given to joint venture/associates . . 26.14 . Investments in mutual funds, fixed deposits and others (71,895.71) (65,641.62) (79,581.66) (74,956.84) Proceeds from sale of financial instruments including fixed deposits 75,030.06 77,057.06 84,831.07 84,486.54 Interest received 578.50 127.40 677.34 157.19 Dividend received 5.67 6.13 5.67 6.13 Net cash flows (used in)/ from investing activities (2,844 .50) 2,613.13 (5,044.62) (716 .75) Ill Financing activities Dividend paid on equity shares (3,148 .98 ) (2,791.50) (3,148.98) (2,791.49) Interest paid on lease liabilities (136.15) (139.66) (166-95) (166.03) Interest paid on borrowing and other liabilities (812.90) (833.41) (1,711.93) (1,691.63) Proceeds from issuance of Equity share capital under Qualified insitutional Placement (QIP) 20,000.00 20,000.00 . Transactl on cost related to Qualified Institutional Placement (QIP) (4.52) (4.52) - Payment of principal portion of lease liabilities (100.09 ) (92.77) (343.55) (306.35) Proceeds from borrowings including bill discounting (net of expenses) 57,730.51 50,968.84 58,509-17 55,340.94 Repayment QI borrowings including bill discounting (53,146.49) (58,816.56) (53,357.58) (59,008.81) Net cash flows (used in)/ from financing activities 20,381.38 (11,705 .06) 19,775.66 (8,623 .37) IV Net increase/(decrease) in cash and cash equivalents (1+11+111) 19,409 .08 1,105.64 18,393.71 647.81 V Net foreign exchange difference 4.95 21.71 4.95 21.71 VI. Cash and cash equivalents at the beginning of the year/period • 3,590 .59 3,589.24 8,478.85 6,210.35 VII. Cash and cash equivalents at the end of the year/period (IV+V+VI) • 23,004.62 4,716.59 26,877.51 6,879.87 VIII. F oreign currency translation reserve movement - . (86.74) 898.41 IX, Cash and cash equivalents at the end of the year/period * 23,004.62 4,716.59 26,790.77 7,778.28 "Excluding earmarked balances Cash and cash equivalents for the purpose of cash flow statement Balance with Banks In cash credit and current accounts 4,339 40 4,715 72 8,025.26 7,524 18 Deposits with original maturity of less than three months 18,664.85 - 18,760.52 249.86 Cash on hand 0 37 0.87 4 99 4 24 Total cash and cash equivalents 23,004 .62 4,716 .59 26,790 .77 7,778 .28
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JIii':. BHARAT FORGE LIMITED -r~ Regd. Office: Mundhwa, Pune Cantonment, Pune 411 036, ~ Maharashtra, India. ~-9 KAL'IIAN I CIN: LZ5Z09PN1961PLC012046 Ph. No. : 91-Z0-6704 2777 / 2476, Fax No. : 91-ZO-Z68Z 2163 ,.-, l 0 li/\ ,Rs .,,.,.. Email : secretarial@bharatforge.com, Website: www.bharatforge.com BHARAT FORClE STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTES TO FINANCIAL RESULTS (Contd.): 3 Consolid~ted segment wise revenue, results and capital employed as at and for the quarter and half year ended September 30, 2026 The Group's business is divided into three reporting segments which comprises of "Forgings", "Defence" and "Others" . The "Forgings" segment produces and sells forged products comprising of forgings and machined components for automotive and industrial sectors, the "Defence" segment produces and sells products which have an application in defence related activities Forged components used in Defence related activities are included as a part of the Forgings segment. "Others" primarily includes various initiatives which the Group is carrying out other than forging and defence related activities . The Chief Operating Decision Maker monitors the operating results of the "business units separately for the purpose of making decisions about resource allocation and performance assessment based on an· analysis of various performance indicators, Consolidated Segment Revenue and Results ("in Million) Quarter ended Half year ended Year ended Sr. September 30, June 30, September 30, September 30, September 30, March 31, No. Particulars ZOZ6 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Segment revenue a Forgings 38,939.95 38,311.49 33,555.34 77,251.44 69,135.01 139,285.82 b Defence 4,727 25 4,956.84 3,945.11 9,684.09 6,589.18 17,571.72 C OtMrs - 7.520 60 6.278 .6-3 5.877.61 13,799.23 8,668 .03 21,698.12 51,187.80 49,546.96 43,378.06 100,734.76 84,392.22 178,555.66 Less: Inter-segment revenue 2,488 .14 3,147.55 3,058 .79 5,635 .69 4,985.46 ,o,a39_13 Revenue from operations 48,699 .66 46,399 .4J 40,319 .27 95,099.07 79,406.76 168,116.53 2 Segment results a Forgings 4,974.35 4,349.-82 5,120.43 9,324.17 9,688.13 19,560.91 b Defence 136.98 377,40 122.64 514.38 161.32 814.97 ·c Other! 541.98 269,52 371.81 811.50 743.18 1,540.32 Total segment profit before interest, tax, unallocable expenses 5,653.31 4,996.74 5,614.88 10,650.05 10,592.63 Zl,916.20 and exceptional items from each reportable segment Less; Finance cost 969.19 897,10 800,85 1,866.29 1,623.07 3,233.46 Less: Unallocable expenditure (net) 259.65 75.15 245,72 334.80 291.36 466,59 Total profit before tax and exceptional items 4,424.47 4,024.49 4,568.31 8,448.96 8,678.20 18,216.15 Add: Exceptional items (loss) a Forgings (245.68) (3,580.05) (3,825.73) (1,073 54) b Defen_ce (43.77) C Others l4Z7.l2 ) 1245,68) 13,580.05) . (3,825:73) (1,544.43) Profit before tax 4,178.79 444.44 4,568.31 4,623.23 8,678 .20 16,671 .72 Statem ent of Consolidated Segment Assets, Liabilities and Capftal Employed as at (·' In. M Iiiion] Sr. Particulars September 30, June 30, September 30, March 31, No. 2026 ZOZ6 2025 2026 (Unaud ited) [Unaud ited) (Unaud it ed) [Audited) 3 Segment assets a Forgings 157,048.28 149,716 92 140,675 23 147,642.44 b Defence 25,195.31 24,199.94 17,705.90 18,896.14 C Others 26,819.73 25,696.36 23,377.86 24,842.83 d Unallocable assets including unutilised funds 51,297.14 35,066.30 30.917.99 35,889.35 Total 260,360.46 234,679.52 212,676.98 227,270.76 (Less): Inter-segment assets 7.769.37 6,690.34 5,400.26 4,671.21 Total assets 252,591.09 227,989.18 207,276.72 222,599.55 4 Segment liabilities a Forgings 39,437.52 39,933 91 29,172.54 34,065.61 b Defence 16,499.65 13,317.26 11,115.41 11,677.80 C Others 5,788.06 5,414.94 5,735.42 5,684. 24 d Unallocable 2,283.27 3,039.74 3,896.94 2,504.23 Total 64,008.50 61,705.85 49,920.31 53,931.88 (Less): Inter-segment liabilities 7,769.37 6,690.34 5,400.26 4,671.21 Total liabilities• 56,239.13 55,015.51 44.520.05 49,260.67 Net capital employed 196,351.96 172,973.67 162,756.6 7 173,338.88 . Total liabilities exclude Borrowings, Lease liab_ilities and Derivative liabilities and the same are considered as a part of Net capital employed .
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KAL V ANI BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Email : secretarial@bharatforge.com; Website : www.bharatforge.com STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF VEAR ENDED SEPTEMBER 30, 2026 NOTES TO Fl NANCIAL RESULTS (Contd.): ~.H. ' , I::~:\ ,H ~. BHAR A T FORGE 4 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 05, 2026_ 5 Exceptional items for the current period include : One of the German subsidiary companies, Bharat Forge CDP GmbH (BF CDP) is facing market challenges and associated cost disadvantages. The Company has initiated actions for restructuring of BF CDP. In relation to restructuring of BF CDP, the Company h·as recorded incidental expenses of" 205.57 million for quarter ended September 30, 2026 and" 441.56 million for half year ended September 30, 2026 in the standalone financial results and" 245.68 million for quarter ended September 30, 2026 and" 512.60 million for half year ended September 30, 2026 in the consolidated financial results. In conj unction with the said restructuring, BF CDP has finalised social plan with the Works Council. The Group has recorded a restructuring provision of " 3,304.21 million in the consolidated financial results for the quarter ended June 30, 2026 and half year ended September 30, 2026. iii The Company has recorded an expense of" 8,92 million related to the Voluntary Retirement Scheme (VRS) in the standalone and consolidated financial results for the quarter ended June 30, 2026 and half year ended September 30, 2026. 6 Exceptional items pertaining to comparative financial results accounted for in earlier periods (FV 2025-26): Provision for impairment of investment in Kalyani Powertrain Limited ("KPTL"): Quarter and half year ended September 30, 2025 'I; 492.50 million and year ended March 31, 2026" 4,996.50 million, (Standalone financial results). Net gain of" 413.55 million which does not have an impact on consolidated financial results of the Group pertaining to transfer of identified assets and liabilities of the Defence Business of the Company to Kalyani Strategic Systems Limited for quarter and half year ended September 30, 2025 and year ended March 31, 2026. iii A Provision for impairment related to investment, Property plant and equipments and inventory (related to electric mobility business) on 404.99 million in the consolidated financial results for the year ended March 31, 2026 iv Incidental expenses in relation'to restructuring of Bharat Forge CDP GmbH (BF CDP): "425 .64 million (Standalone and consolidated financials for the year ended March 31, 2026). BF CDP has recorded a provision for cost of redundancy of a,: 156.65 million in tne consolidated financials results for the same period. v Impact aggregating to 'I; 487,26 million in the standalone financial results and" 557,15 million in the consolidated financial results of the Group as an exceptional item for the year ended March 31, 2026 pertaining to new unified labour code framework notified in November 2025. 7 On January 13, 2023, the Company declared a Voluntary Retirement Scheme (VRS) for its employees at the Mundhwa Plant, which has been extended up to March 31, 2027. I 8 During the quarter ended September 30, 2026; the Company issued 10,582,010 equity shares of face value" 2 each through Qualified Institutional Placement (QIP) at an issue price of 'I; 1,890/- per share (including a securities premium of" 1,888/- per share), aggregating" 20,000,00 million , The objectives of the QIP were funding capital expenditure requirements for purchase of equipment and machinery, repayment of buyers credit obtained for capital expenditure, investment in wholly-owned Subsidiary - Kalyani Strategic Systems Limited ("KSSL") towards funding of capital expenditure, towards funding investment in product and technology development and funding onward investment in Agneyastra Energetics Limited ("AEL") a wholly owned subsidiary of KSSL and general corporate purpose Out of the total proceeds, " 683.29 million was utilised during the period for purchase of equipment and machinery, general corporate purpose and expenses attributable to QIP issue The unspent amount of a,: 19,316.71 million has been placed with banks. The costs that are attributable directly to the above transaction amounting to 'I; 355.74 million, have been adjusted against the securities premium . The equity shares issued as a result of QIP have been considered in calculating earnings per share (EPS for the quarter and half year ended September 30, 2026). 9 Kalyani Powertrain Limited ("KPTL"), a wholly owned subsidiary has transferred its 50% equity stake held in REFU Drive GmbH (".REFU") to REFU Elektronik GmbH for a consideration of EUR 12,500.00 on September 02, 2026.
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JIii": ~ KALYAN I BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:125209PN1961PLC012046 Ph. No. : 91-t0-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Email : secretarial@bharatforge.com, Website: www.bharatforge.com .,.~,.,-1.:.\ RS,,...r ... BHARAT FORCE STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTES TO FINANCIAL RESULTS (Contd.): 10 The consolidated financial results include results of all the subsidiaries, associates and joint ventures of Bharat Forge limited and their step down subsidiaries, joint ventures and associates The names, country of incorporation or residence and proportion of ownership interests are as under: Name of the company A Subsidiaries : - Bharat Forge Global Holding GmbH and its wholly owned subsidiaries i Bharat Forge CDP GmbH and its wholly owned subsidiary - Bharat Forge Daun GmbH ii. Bharat Forge Holding GmbH and its wholly owned subsidiary# - Bharat Forge Aluminiumtechnik GmbH iii, Mecanique Generale Langroise iv. Bharat Forge Kilsta AB - Bharat Forge International Limited - Bharat Forge America Inc. and its wholly owned subsidiaries i. Bharat Forge PMT Technologie LLC ii, Bharat Forge Tennessee INC. iii. Bharat Forge Aluminium USA, INC. - Indigenous IL Limited @@ - BF Infrastructure Limited and its subsidiaries i BFIL-CEC JV ii Ferrovia Trans rail Solutions Private Limited - Kalyani Strategic Systems Limited and its subsidiaries i Kalyani Rafael Advanced Systems Private Limited ii Sagar Manas Technologies Limited iii. Zorya Mashproekt India Private Limited iv- Agneyastra Energetics Limited (w-e.f. July 2,2025) v. Aegis Advanced Systems SL (w,e f July 17,2025) - BF Elbit Advanced Systems Private Limited - Eternus Performance Materials Private Limited - Kalyani Centre for Precision Technology Limited - Kalyani Powertrain limited and its subsidiaries i. Kalyan, Mobility INC ii Tork Motors Private limited and its wholly owned subsidiary** - Lycan Electric Private Limited iii. Electroforge Limited - BF Industrial Solutions Limited and its subsidiaries i. BF Industrial Technology and Solutions limited and its wholly owned subsidiary - Sanghvi Europe B.V. ii. JS Auto Cast Foundry India Private Limiteq iii. RS Aerostructures Limited (w.e.f. April 17, 2026) - Kalyani Lightweighting Technology Solutions Limited - K Drive Mobility Solutions Private Limited ( formerly AAM India Manufacturing Corporation 'Limited) (w.e.f . July 1,2025) B Associates: - Talbahn GmbH (not material for consolidation) - Aeron Systems Private limited - Avaada MHVidarbha Private Limited - Edgelab S p.A. * - Fortuna Engineering Private Limited (w.e.f. April 30, 2026) C Joint Venture Companies: - BF-NTPC Energy Systems Limited (not consolidated)M - Refu Drive GmbH (Refer note 10) i. Refu Drive India Pvt. Ltd. $ @ held through subsidiary, associate or Joint venture $ 100% subsidiary of ass_ociates or joint venture $$ Holding stake till March 15, 2026: 100% Holding stake from March 16, 2026: 77%. (\(\ Under liquidation @@ Deregistered on May 06, 2025, * An associate is consolidated with a one quarter lag, **Admitted to insolvency pursuant to the order dated October 31, 2025 of the National Company Law Tribunal. Country of Parent's ultimate incorporation holding as on September 30, 2026 Germany 100% Germany 100%@ Germany 100%@ Germany 100%@ Germany 100%@ France 100%@ Sweden 100%@ U.K 100% U.S.A. 100% US.A, 100%@ U.S.A. 100%@ U.S.A. 100%@ Israel Not Applicable India 100% India 74%@ India 100%@ India 100% India 50%@ India 51%@ India 64,94%@ India 100%@ Spain 90%@ India 51% India 51% India 100% India 100% U.S.A. 100%@ India 64.29%@ India 64.29%@ India 100%@ India 100% India 100%@ Netherlands 100%@ India 77%@$$ India 90%@ India 100% India 100% Germany 33,33%@ India 37.14%@ India 26% Italy 25%@ India 30% India 51% Germany 50%@ India 50%@ # Bharat Forge Holding GmbH was merged into Bharat Forge Global Holding GmbH, wholly-owned subsidiary of the Company w.e.f. August 25, 2026. Pursuant to this, Bharat Forge Aluminiumtechnik GmbH has become wholly owned subsidia,y of Bharat Forge Global Holding GmbH, In ca~e wholly owned subsidiaries, to comply with the minimum number of members requirement under the Companies Act 2013, nominal number of shares are held by. employees/ directors .
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JIii"': BHARAT FORGE LIMITED ,r ~ Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, ~ Maharashtra, India. ~-1) KALYAN I CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Y l.:. \I{:-; ~~ E<<'LL~eJC[ ,. ... c,,.,.,~IC>I, Email : secretarial@bharatforge.com; Website : www.bharatforge.com BHARATFOPCE STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTES TO FINANCIAL RESULTS (Contd.): 11. Additional Information pursuant to regulation 52(4) and regulation 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended for the quarter and half year ended September 30, 2026 for standalone unaudited results. Quarter ended Half year ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Sr. No. Particulars 2026 2026 2025 2026 2025 2026 . (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Operaoting Margin (%) (not annualised) 25.83% 24.95% 28.30 % 25.40% 27.71 % 27.47% Operating profit/ Revenue from operations 2 Net Profit Margin(%) (not annualised) 14.68% 13.69% 15.92% 14.20% 16.01% 9.75% Profit for the period/ Revenue from operations 3 Interest Service Coverage Ratio (in times) (not annualised) 10.83 13.93 11.99 12.11 11.54 13.03 EBITDA/Finance cost for the period 4 Debt Service Coverage Ratio (in times) 8.34 4.67 1.51 6.07 1.61 2.37 Earning available for debt service/(Finance cost+ Scheduled . principal repayment of long term borrowings during the period) 5 Bad Debts to Account Receivable Ratio (not annualised) 0.00 0.00 0.00 0.00 0.00 0.00 Bad debts written off /Average trade receivable(•) 6 Debtors Turnover Ratio (in times) (not annualised) 0.55 0.55 0.52 1.10 1.08 2.11 Revenue from operations/ Average trade receivable 7 Inventory Turnover (in times) (not annualised) 0.57 0.57 0.44 1.12 0.99 2.09 Cost of raw materials and components consumed+ Changes in inventories of finished goods, work in Progress, Dies and Scrap /Average inventory 8 Debt Equity Ratio (in times) 0.31 0.34 0.30 0.31 0.30 0.34 Total Debt /Shareholders Equity 9 Current Ratio (in times) 1.88 1.60 1.44 1.88 1.44 1.52 Current assets/Current liabilities 10 Current Liability Ratio (in times) 0.74 0.73 0.80 0.74 0.80 0.74 Current liabilities/Total liabilities 11 Total Debt to Total Assets (in times) 0.20 0.21 0.20 0.20 0.20 0.21 Total debt /Total assets 12 Long Term Debt to Working Capital (in times) 0.27 0.41 0.35 0.27 0.35 0.47 Non current borrowings (including current maturities of long term loans /(Current assets - Current liabilities excluding current maturities of long term loans) 13 Net Worth ('( million) 134,256.41 113,874.62 110,593.07 134,256.41 110,593.07 106,774.77 14 Debenture Redemption Reserve N.A. N.A. N.A. N.A. N.A. N.A. Defini tions a Operating Profit= Profit before tax+ Depreciation and amortisation expenses+ Finance costs - Other income+ Exceptional items b EBITDA = Profit before tax+ Depreciation and amortisation expenses+ Finance costs - Income from investments+ Exceptional items C Earning available for debt service= Profit for the period/year+ Depreciation and Amortisation expenses+ Finance Costs+ Exceptional items + (Gain)/Loss on sale of Property, plant and equipment (net) d Average trade receivable = (Opening trade receivable+ Closing trade receivable)/2 e Average inventory= (Opening inventory+ Closing inventory)/2 f Total debt= Current and Non-current borrowings g Shareholders equity= Equity share capital + Other equity h Net worth = Equity share capital+ Other equity- Proposed dividend (•) amount below rounding off norms
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JIii": BHARAT FORGE LIMITED .,,~ Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, ~ Maharashtra, India. ~~ KALYANI CIN:U5209PN1961PLC012046 Ph. No.: 91-20-6704 2777 / 2476, Fax No.: 91-20-2682 2163 'I \l<"'> Email : secretarial@bharatforge.com; Website: www.bharatforge.com BHARAT FORGE STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 NOTES TO FINArJCIALRESULTS (Contd.): 12. Additional information pursuant to regulation 52(4) and regulation 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended for the quarter and half year ended September 30, 2026 for consolidated unaudited results. Quarter ended Half year ended Year ended Sr. No. Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Operatiflg Margin (%) (not annualised) 15.64% 15.05 % 17.96 % 15.35 % 17.55 % 17.35 % Operating profit/ Revenue from operations 2 Net Profit Margin (%) (not annualised) 5.72% -1.94% 7.42% 1.99% 7.34% 6.48% Profit for the period/ Revenu~ from operations 3 Interest Service Coverage Ratio (In times) (not annualised) 7.14 8.11 8.28 7.58 7.87 0.71 EBITDA/Finance cost for the period 4 Debt Service Coverage Ratio (in times) 4.57 3.74 1.67 4.13 1.70 0.50 Earning available for debt service/(Finance cost+ Scheduled principal repayment of long term borrowings during the period) 5 Bad Debts to Account Receivable Ratio (not annualised) o.oo 0.00 o.oo 0.00 0.00 o.oo Bad debts written off/ Average trade receivable(') 6 Debtors Turnover Ratio (in times) (not annualised) 1.22 1.19 1.31 2.38 2.64 4.92 Revenue from operations /Average trade receivable 7 Inventory Turnover (in times) (not annualised) 0.50 0.50 0.46 0.98 0.91 1.99 Cost of raw materials and components consumed+ Changes in inventories of finished gootjs, stock in trade,work in Progress, Oles and Scrap /Average inventory 8 Debt Equity Ratio (in times) 0.64 0.73 0.66 0.64 0.66 0.72 Total debt /Shareholders equity 9 Current Ratio (in times) 1.29 1.18 1.10 1.29 1.10 1.17 Current assets/Current liabilities 10 Current Liability Ratio (in times) 0.77 0.75 0.80 0.77 0.80 0.75 Current liabilities/Total liabilities 11 Total Debt to Total Assets (in times) 0.29 0.31 0.30 0.29 0.30 0.31 Total debt /Total assets 12 Long Term Debt to Working Capital (in times) 0.61 1.01 1.27 0.61 1.27 1.10 Non current borrowings (including current maturities of long term loans /(Current assets - Current liabilities excluding current maturities of long term loans) 13 Net Worth(~ million) 115,058.13 95,423.21 93,602.84 115,058.13 93,602.84 92,690.82 14 Debenture Redemption Reserve N.A. N.A. N.A. N.A. N.A. N.A. Dellnit lons a Operating Profit= Profit before tax+ Depreciation and amortisation expenses+ Finance c6sts - Other income+ Exceptional items b EBITOA = Profit before tax+ Depreciation and amortisation expenses+ Finance costs - Income from investments+ Exception?I items C Earning available for debt service= Profit for the period/year+ Depreciation and amort isation expenses+ Finance Costs+ Exceptional items+ (Gain)/Lo ss on sale of Property, plant and equipment jnet) d Average trade receivable= (Opening trade receivable+ Closing trade receivable)/2 e Average inventory= (Opening inventory+ Closing inventory)/2 f Total debt= Current and Non-current borrowings g Shareholders equity= Equity share capital+ Other equity h Net worth= Equity share capital+ Other equity- Proposed dividend (•) amount below rounding off norms For BHARAT F~~GE LIMITED ~ ~- -" -Place: Pune ..., (1>.N . KALYANI) Dated : November 05, 2026 CHAIRMAN AND MANAGING DIRECTOR DIN:00089380
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BS R & Co. LLP Chartered Accountants 8th Floor, Unit 802, Godrej Koregaon Park North Main Road, Mundhwa Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 Limited Review Report on unaudited standalone financial results of Bharat Forge Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Bharat Forge Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Bharat Forge Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed , or that it contains any material misstatement. Pune 05 November 2026 8 SR & Co (a partner ship firm with Reg1strat1on No BA61223) converted into BS R & Co LLP (a Ltm1ted Liability Par1nersh1p w1lh LLP Reg1stratton No AAB-818 1) IMlh effect from October 14 20 13 For B S R & Co. LLP Chartered Accountants : 101248W/W-100022 -- Shiraz Vastani Partner Membership No.: 103334 UDIN:26103334PHRVGR1603 Registered Office 14th Floor Central B Wing and North C 1Mng. Nesco IT Park 4 Nesco Center Western Express Htghway Goregaon (Eas l) Mumbai - 400063 Page 1 of 1
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BS R & Co. LLP 8th Floor, Unit 802, Godrej Koregaon Park North Main Road, Mundhwa Chartered Accountants Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 Limited Review Report on unaudited consolidated financial results of Bharat Forge Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Bharat Forge Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Bharat Forge Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net loss after tax (net) and total comprehensive loss (net) of its associates and joint ventures for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. BS R & Co (a partnership firm with Reg1strat1on No BA61223) converted into BS R & Co LLP (a L1m1ted L1ab1lity Partnership with LLP Reg1s\rat1on No AAB-8181) with effect from October 14 2013 Registered Office 14th Floor, Central B Wing and North C 1/Ving, Nesco IT Center Western Express Highway Goregaon (East) M p •
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BS R & Co. LLP Limited Review Report (Continued) Bharat Forge Limited 6. We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 37,138 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 9,441 million and Rs. 19,336 million, total net profit / (loss) after tax (net) (before consolidation adjustments) of Rs. 66 million and Rs. (3,559) million and total comprehensive income I (loss) (net) (before consolidation adjustments) of Rs. 74 million and Rs. (3,515) million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 558 million for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. This interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of 23 Subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 26,319 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,953 million and Rs. 3,741 million, total net loss after tax (net) (before consolidation adjustments) of Rs. 247 million and Rs. 383 million and total comprehensive loss (net) (before consolidation adjustments) of Rs. 238 million and Rs. 378 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 731 million for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. The Statement also includes the Group's share of net loss after tax (net) of Rs. 52 million and Rs. 169 million and total comprehensive loss (net) of Rs. 61 million and Rs. 173 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of five associates and three joint ventures, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, this interim financial information is not material to the Group. Our conclusion is not modified in respect of this matter. Pune 05 November 2026 For 8 S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 , Shiraz Vastani Partner Membership No.: 103334 UDIN:26103334ITHAGD6285 Page 2 of 5
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BS R & Co. LLP Limited Review Repc;>rt (Continued) Bharat Forge Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 Bharat Forge Global Holding GmbH ('BFGH') Subidiary of BFL 2 Bharat Forge Holding GmbH ('BFH') (upto 25 August Subsidiary of BFGH 2026) 3 Bharat Forge Aluminiumtechnik GmbH Subsidiary of BFGH 4 Bharat Forge Kilsta AB Subsidiary of BFGH 5 Bharat Forge CDP GmbH ('CDP') Subsidiary of BFGH 6 Bharat Forge Daun GmbH Subsidiary of CDP 7 Mecanique Generale Langroise Subsidiary of BFGH 8 Bharat Forge International Limited Subsidiary of BFL 9 Bharat Forge America Inc. ('BFA') Subsidiary of BFL 10 Bharat Forge PMT Technologie LLC Subsidiary of BFA 11 Bharat Forge Tennessee Inc. Subsidiary of BFA 12 Bharat Forge Aluminium USA, Inc. Subsidiary of BFA 13 BF Infrastructure Limited ('BF Infra') Subsidiary of BFL 14 BFIL - CEC JV Subsidiary of BF Infra 15 Ferrovia Transrail Solutions Private Limited Subsidiary of BF Infra 16 Kalyani Centre for Precision Technology Limited Subsidiary of BFL 17 Kalyani Strategic Systems Limited ('KSSL') Subsidiary of BFL 18 Kalyani Rafael Advanced Systems Private Limited Subsidiary of KSSL - 19 Sagar Manas Technologies Limited Subsidiary of KSSL ~ &Co ...-- ·<< 'fl)f ~ "'\j Urial2, • PIil. Pa ~j of ,,PIiie: ) : CJ: ~411001. ~ ~~ ~"' "'~- a~~ • AOC -
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BS R & Co. LLP 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Limited Review Report (Continued) Bharat Forge Limited Zorya Mashproekt India Private Limited Subsidiary of KSSL Agneyastra Energetics Limited Subsidiary of KSSL Aegis Advanced Systems SL Subsidiary of KSSL Kalyani Powertrain Limited ('KPTL') Subsidiary of BFL Kalyani Mobility Inc. Subsidiary of KPTL Tork Motors Private Limited ('Tork') Subsidiary of KPTL Lycan Electric Private Limited Subsidiary of Tork Electroforge Limited Subsidiary of KPTL BF Elbit Advanced Systems Private Limited Subsidiary of BFL Eternus Performance Materials Private Limited Subsidiary of BFL BF Industrial Solutions Private Limited ('BFISL') Subsidiary of BFL BF Industrial Technology & Solutions Limited ('BFITSL') Subsidiary of BFISL Sanghvi Europe B.V. Subsidiary of BFITSL JS Auto Cast Foundary India Private Limited Subsidiary of BFISL Kalyani Lightweighting Technology Solutions Limited Subsidiary of BFL K Drive Mobility Solutions Private Limited Subsidiary of BFL Talbahn GmbH Associate Aeron Systems Private Limited Associate Avaada MHVidarbha Private Limited Associate Edgelab S.p.A. Associate BF NTPC Energy Systems Limited Joint Venture ~::--& Co Refu Drive GmbH ('Refu') (upto 2 September 2026) Joint Venture ~~:•~ ·~<-o Pagi tJ f5 Mom~~- I* 'J: sh~.411001. f ~1! ~"ti • 6"8d Acc0~~ -
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BS R & Co. LLP Limited Review Report (Continued) Bharat Forge Limited 42 Refu Drive India Private Limited (upto 2 September 2026) Subsidiary of Refu 43 RS Aerostructures Limited Subsidiary of BFISL 44 Fortuna Engineering Private Limited Associate p •
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B H A R A T F O R G E CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com Annexure 2 Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30 January 2026 SN Particulars Details 1 Name of the target entity, details in brief such as size, turnover etc. Kalyani Strategic Systems Limited (“KSSL”). KSSL is a public limited company and a wholly owned subsidiary of the Company, engaged in developing and manufacturing, offering for sale, delivering and commissioning, and providing life support of defense platforms, systems and equipment for various customers in India and global markets. KSSL had a turnover of Rs. 12,244.70 million for the FY 2025-26. 2 Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” KSSL is a Related Party of the Company. The proposed investment is in the nature of Related Party Transactions and will be on an arm’s length basis. None of the Company’s promoter/ promoter group /group companies have any interest in the proposed investments. 3 Industry to which the entity being acquired belongs Defense Industry 4 Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) The proposed investment will be funded from the proceeds of Qualified Institutional Placement (“QIP”) undertaken by the Company. In alignment with the objects of issue and use of proceeds as specified in QIP placement document, the proposed investment by the Company in KSSL will be utilized by KSSL, in furtherance of its business, towards funding of capital
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B H A R A T F O R G E CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com SN Particulars Details expenditure and funding investment in product and technology development. 5 Brief details of any governmental or regulatory approvals required for the acquisition No governmental or regulatory approvals are required for these transactions. 6 Indicative time period for completion of the acquisition The investment will be completed on or before March 31, 2027 7 Consideration - whether cash consideration or share swap or any other form and details of the same Cash 8 Cost of acquisition and/or the price at which the shares are acquired Proposed Investment not exceeding Rs. 2,905.08 million 9 Percentage of shareholding / control acquired and / or number of shares acquired The Company will continue to hold 100% of shareholding in KSSL. 10 Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) KSSL is an Indian public limited company incorporated on December 20, 2010, with its registered office in Pune, India. KSSL has presence in India and Spain. KSSL’s turnover for the last 3 years is as follows: FY 2025-26: Rs. 12,244.70 million FY 2024-25: Rs. 14,044.97 million FY 2023-24: Rs. 11,445.58 million