Bharat Forge Ltd. reported standalone revenue of ₹2,083.7 crore in Q3 FY26, up 7.0% quarter-on-quarter, while EBITDA rose 4.6% QoQ to ₹569.4 crore. EBITDA margin stood at 27.3%, down 70 basis points sequentially. Profit before tax (before exceptional items) increased 2.7% QoQ to ₹443.3 crore, and profit after tax came in at ₹288.1 crore.
The company said quarterly performance continued to be impacted by de-stocking in the North American commercial vehicle market. Growth was supported by higher domestic automotive revenues and execution of its defence order book.
Export revenues declined 3% sequentially. Within exports, automotive revenues were down 13%, while industrial exports rose 11% over the previous quarter.
During the quarter, Bharat Forge secured new orders worth ₹2,388 crore, including ₹1,878 crore in the defence segment. As of December 31, 2025, the defence order book stood at ₹11,130 crore. The company also signed a CQB Carbine contract with the Ministry of Defence for the supply of over 250,000 units to the Indian armed forces, expanding its small arms portfolio.
JS Autocast (JSA) reported revenue of ₹203 crore and EBITDA of ₹32 crore, translating into an EBITDA margin of 15.7%. Revenue and EBITDA grew 22% and 39% year-on-year, respectively.
K-Drive Mobility reported a flat topline but improved profitability, with EBITDA margin rising to 5.1% from 3.1% in Q2 FY26. The company expects further margin improvement over the next three years.
The U.S. and European operations posted operating profits despite seasonal weakness in the passenger vehicle market. A review of the European steel manufacturing footprint is underway, with measures expected by the end of the fiscal year.
For the nine months ended FY26, standalone revenue stood at ₹6,135.3 crore, EBITDA at ₹1,701.8 crore, and PAT at ₹936.6 crore.
Chairman and Managing Director Baba Kalyani said the company expects high double-digit top-line growth in Q4 FY26 and FY27, supported by domestic and export markets and the commencement of ATAGS execution in the second half of FY27.