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Informist, Thursday, Feb. 12, 2026

 

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--Bharat Forge: Expect strong growth following US-India pact 
--CONTEXT: Bharat Forge management's comments in post-earnings analyst call 
--Bharat Forge: See strong uptick in defence business next year 
--Bharat Forge: See strong growth in aerospace business next year 
--Bharat Forge: Defence may be 18-20% of revenue by 2030, up from 11% now 
--Bharat Forge: See defence being profitable as auto segment at EBITDA level

 

By Prateem Rohanekar and Sunil Raghu

 

MUMBAI – Bharat Forge Ltd.'s defence sales in the manned and unmanned sectors will contribute more to the company's top line in the years to follow, Vice-Chairman and Joint Managing Director Amit Kalyani told analysts in a post-earnings conference call Thursday. The company also expects to see its aerospace business grow, he said. The automotive segment will grow following the India-US trade pact with demand in the US commercial vehicles market having bottomed out, he added.

 

Kalyani said the company expects its revenue from the defence sector to grow to 18–20% of its total revenue in the next four years on the back of demand for unmanned systems and drones. This is an upcoming sector and complements the company's manned-systems production in the marine and aerial segments, top executives said.

 

"On defence, we see a strong uptake driven by commencement of the A-type order and the beginning of CQB (close quarters battle) production," Kalyani said. "We should look at, you know, 30-40% plus growth in our defence business next year. Aerospace segment also we see very strong growth next year."

 

The company's defence manufacturing operations are expected to not just remain profitable at the earnings before interest, tax, depreciation, and amortisation level, but to rival the company's automotive sector operations. "The return on capital employed should be better," a top executive said, "because we don't have the same amount of capital that is employed. Also, we will have a long scale because there will be constant MRO (maintenance, repair, and overhaul) and support income coming."

 

The aerospace business will also continue to grow on year following some new programmes and the addition of capacities, Kalyani said. "...we believe that we are on track to... really meaningfully grow this business in the next three-odd years and make it a business that is sizeable and will generate very tidy returns and addition to our top and bottom lines."

 

Kalyani said the recent announcement of the trade deal with the US has been a positive, "and coupled with the CV market in the US bottoming out and beginning to show higher order intake, will give us a lot of momentum. It's a deja vu of 2019, where every period of ours was witnessing strong growth."

 

Thursday, shares of Bharat Forge closed 3% higher at INR 1,726.70 on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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