Castings & Forgings company Balu Forge Industries announced Q2FY26 results Revenue from Operations: Rs 2,995 million against Rs 2,229 million during Q2FY25, change 34.4%. EBITDA: Rs 828 million against Rs 652 million during Q2FY25, change 27.0%. EBITDA Margin: 27.6% for Q2FY26. PAT: Rs 650 million against Rs 480 million during Q2FY25, change 35.5%. PAT Margin: 21.5% for Q2FY26. EPS: Rs 6.08 for Q2FY26. Jaspal Singh Chandock, Chairman & Managing Director, BFIL, said: “Revenue from Operations in Q2FY26 was Rs 2,995 million, an increase of 34.4% YoY. EBITDA for the quarter was Rs 828 million, with an EBITDA margin of 27.6%, while PAT was Rs 650 million, reflecting a margin of 21.5%. For H1FY26, Revenue from Operations was Rs 5,327 million, up 33.8% over H1FY25, with EBITDA of Rs 1,551 million and PAT of Rs 1,261 million. This performance reflects steady execution and the continued strengthening of Balu Forge’s integrated manufacturing platform. The greenfield facility at Hattargi, Karnataka, is advancing as planned and remains central to our ongoing expansion. The plant integrates captive forging and precision machining under one setup, improving efficiency and output. Commissioning of the 25-ton closed-die forging hammer, 8,000-ton mechanical press, and automated machining lines is progressing on schedule. When fully operational, total forging and machining capacities will increase to 150,000 tons and 80,000 tons per year, respectively. The defence division remains a key focus. The dedicated forging and machining line for Empty Shell production, with a capacity of 360,000 shells per year is in the commercialization phase. The company has vendor approvals from leading Indian defence players and continues to add new products across artillery, armoured vehicle and engine components, strengthening its role in India’s defence manufacturing ecosystem. We continue to focus on disciplined execution and capacity readiness as we scale operations across forging and machining. The Hattargi facility will strengthen our fully integrated manufacturing base and improve our ability to serve complex, high-value applications. With defence production entering the commercialization stage and capacity expansion on track, Balu Forge is positioned to drive the next phase of growth through scale, technology, and customer diversification.” Result PDF
Castings & Forgings company Balu Forge Industries announced Q1FY26 results Revenue from operations rose 33% YoY to Rs 2,332 million, driven by a richer value-added product mix and higher operating leverage as the company scaled capacity and capability. Gross profit surged 50.1% YoY to Rs 891 million, supported by improved product complexity and expanding precision engineering applications. EBITDA grew 67.3% YoY to Rs 723 million, reflecting enhanced manufacturing efficiencies and the benefit of integrated high-margin machining. Profit after tax jumped 66.9% YoY to Rs 570 million, underpinned by margin expansion, stable cost control, and continued gains in global market share despite external uncertainties. Jaspal Singh Chandock, Executive Director, BFIL stated: “The global precision engineering landscape is undergoing a transformative shift, driven by increasing automation and the adoption of advanced manufacturing technologies. In India, as we are transitioning from legacy manufacturing to real time monitoring, precision engineering stands at the core of this transformation, forming the foundation for future-ready, innovation-led growth, strengthening the country’s position as a global manufacturing hub. On that backdrop, we delivered strong financial and operational results in Q1FY26, reinforcing our commitment to engineering excellence and future preparedness. Revenue from operations for Q1FY26 stood at Rs 2,332 million, marking a strong 33% YoY growth over Rs 1,753 million in Q1FY25. This performance was driven by an improved value-added product mix and increased operating leverage, resulting in a notable 635 basis points expansion in operating margins. Profit after tax came in at Rs 570 million for the quarter, reflecting a robust 67% growth over the same period last year. On a sequential basis, the quarter saw a marginal decline, primarily due to ongoing geopolitical uncertainties, regional conflicts, and volatile tariff environments. Despite these external headwinds, profitability remained stable, and the company continued to strengthen its market position through focused execution and operational resilience. During the quarter, we focussed on boosting our capacity. The initiatives include the addition of a new Empty Shell production line, the 25T Hydraulic Hammer forging line among the world’s largest closed die hammers and the integration of state-of-the-art 7-axis and 11-axis machining lines. Our product capabilities are evolving, with unit weights progressing beyond 1 ton and gradually advancing towards 1.5 tons in a phased manner. Our forging capacity is on track to increase from 100,000 tons to 150,000 tons annually, while machining capacity will rise from 45,000 tons to 80,000 tons per annum. We are also progressing steadily on our greenfield facility, in line with planned timelines. Geographically, we continue to pursue a diversified strategy to mitigate long-term risks posed by volatile tariff situations. The majority of our new capacities are expected to be operational within this financial year. As we look ahead, apart from boosting our capacity, we are reinforcing our position as a global precision engineering powerhouse from India. With a strong foundation, advanced infrastructure, and a clear strategic vision, we are poised to capture the emerging opportunities and shape the future of precision engineering.” Result PDF
Castings & Forgings company Balu Forge Industries announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue from Operations: Rs 270 crore vs. Rs 161 crore in Q4FY24 — up 67.3% Gross Profit: Rs 95 crore vs. Rs 55 crore in Q4FY24 — up 74.8% Gross Margin: 35.4% vs. 33.9% in Q4FY24 — improvement of 152 bps EBITDA: Rs 75 crore vs. Rs 34 crore in Q4FY24 — up 118.1% EBITDA Margin: 27.8% vs. 21.3% in Q4FY24 — improvement of 647 bps PAT: Rs 63 crore vs. Rs 28 crore in Q4FY24 — up 123.1% PAT Margin: 22.9% vs. 17.0% in Q4FY24 — improvement of 590 bps FY25 Financial Highlights: Cash Flow from Operations of Rs 148 crore in FY25, a sharp increase of 566% compared to FY24, underpinned by improved EBITDA and collection of receivables Revenue from Operations: Rs 924 crore vs. Rs 560 crore in FY24 — up 65.0% Gross Profit: Rs 321 crore vs. Rs 184 crore in FY24 — up 74.9% EBITDA: Rs 251 crore vs. Rs 119 crore in FY24 — up 110.8% PAT: Rs 204 crore vs. Rs 93 crore in FY24 — up 118.0% Total Debt of Rs 36 crore, Cash and Equivalents of Rs 96 crore and Net Cash of Rs 60 crore Total Debt / Equity reduced to 0.03x as of FY25, down from 0.09x in FY24, reflecting ongoing deleveraging and maintaining its capital structure for future growth initiatives Working capital days improved significantly to 104 days in FY25 compared to 129 days in FY24 Return on Capital Employed (ROCE) improved to 30.1%, as a result of higher asset utilization, operational efficiencies and greater value-added product sales Commenting on the performance, Trimaan Chandock, Executive Director of BFIL stated: “We are pleased to announce a strong performance for both Q4 and the full fiscal year FY25. Our Revenue from Operations for FY25 reached Rs 924 crore, marking the highest revenue in the Company’s history. This reflects the strong growth of 65.0% compared to revenues of Rs 560 crore in FY24. In Q4FY25, we delivered revenues of Rs 270 crore, driven by steady demand in our core business, along with significant contributions from emerging sectors such as defence, aerospace, and railways. For the full year, our EBITDA grew by 110.8% to Rs 251 crore, leading to a significant improvement in margins and Profit After Tax accelerated to Rs 204 crore. further reflecting our operational efficiency and strong execution. This performance underscores our ability to scale operations, leverage manufacturing capabilities and diversify successfully across industries. In FY25, we made significant Capex in expanding our manufacturing capabilities and upgrading our technology to better serve critical sectors such as defence, aerospace, and railways. These strategic initiatives are set to be fully commissioned in the first half of FY26 and are poised to deliver significant results in the coming years, positioning us to capitalize on emerging growth opportunities. Looking ahead, we remain optimistic about the growth prospects for FY26. Our order book is growing, diversified and high quality with the Company well-positioned to capture further opportunities in high value, high margin sectoRs Our focus on innovation, technological upgrades, and expanding our talented team of engineering professionals will continue to be the driving force behind our long-term growth. We are confident that our ongoing investments in technology and capacity will further strengthen BFIL’s position as a leading player in the precision machining industry.” Result PDF
Industrial Machinery company Balu Forge Industries announced Q3FY25 results revenue growing 73.91% to Rs 2,557.83 million in Q3FY25, from Rs 1,470.75 million in Q3FY24. EBITDA increased by 106.95% to Rs 677.00 million in Q3FY25 as compared to Rs 327.14 million. EBITDA margins expanding by 422 bps from 22.24% in Q3FY24 to 26.47% in Q3FY25. PAT grew 134.09% from Rs 252.07 million in Q3FY24 to Rs 590.06 million in Q3FY24. PAT margins improved by 528 bps from 16.95% in Q3FY24 to 22.24% in Q3FY25. Trimaan Chandock, Executive Director, BFIL said: We are pleased to report strong performance for Q3FY25, with revenue growing 73.91% to Rs 2,557.83 million in Q3FY25, from Rs 1,470.75 million in Q3FY24, driven by a robust demand for our specialized engineering products. EBITDA increased by 106.95% to Rs 677.00 million in Q3FY25 as compared to Rs 327.14 million, with EBITDA margins expanding by 422 bps from 22.24% in Q3FY24 to 26.47% in Q3FY25, supported by operational efficiencies and a focus on high-margin value added niche products. PAT grew 134.09% from Rs 252.07 million in Q3FY24 to Rs 590.06 million in Q3FY25, with PAT margins improved by 528 bps from 16.95% in Q3FY24 to 22.24% in Q3FY25. For 9M FY25, revenue grew 64.03% to Rs 6,539.71 million, compared to Rs 3,986.85 million in 9M FY24. EBITDA increased 107.85% to Rs 1,761.26 million in 9MFY25 as compared to Rs 847.36 million in Q3FY24, with EBITDA margins expanding by 568 bps from 21.25% in 9M FY24 to 26.93% in 9MFY25. PAT grew by 116.34% to Rs 1,411.67 in 9MFY25 as compared to Rs 652.53 million in 9MFY24, with PAT margins improved by 504 bps from 16.13% in 9MFY24 to 21.17% in 9MFY25. These results highlight our resilient business model and strong market positioning, setting the stage for continued growth. Our success stems from strategies like portfolio expansion, client diversification, and delivering solutions across key sectors. As the Indian forging industry benefits from China+1 and Europe+1, Balu Forge is investing in innovation and partnerships for sustainable growth and global expansion. In addition to our financial performance, this quarter saw significant advancements in strategic initiatives: Strategic Partnerships for High-Growth Industries We have signed a Memorandum of Understanding (MoU) with Swan Energy Limited to create a Special Purpose Vehicle (SPV) focused on serving global industries, including defence, aerospace, railways, and nuclear. This strategic diversification positions us as a prominent player in high-growth, technologydriven sectors. Capacity Expansion with Advanced Technology The integration of 7-axis CNC machining technology strengthens Balu Forge’s capability to produce intricate, high-precision components. This expansion, financed through internal accruals, is poised to fuel growth in the aerospace, defence and oil & gas sectors. Focus on Critical Components: Our targeted focus on high-value, critical components such as aerospace components, critical defence and railway components demonstrates a strategic alignment with global market demands. We are pleased to inform the stakeholders of the company that the green field manufacturing campus commissioning is in full swing & will house a fully automated plant with modern technology, larger integration of Industry 4.0, installation of a solar farm for energy saving, plant commissioning as per the latest ISO standards, Implementation of 5S & TPM practices & Implementation of OSHA standards. In conclusion, our focus on cost optimization, enhanced production efficiency, and a more agile supply chain has established a robust platform for sustainable growth. Leveraging our advanced engineering capabilities and ongoing innovation, we are strategically positioned to capitalize on emerging market opportunities and generate long-term value. Our steadfast commitment to operational excellence and customer satisfaction reinforces our competitive advantage in the industry. Result PDF
Industrial Machinery company Balu Forge Industries announced Q2FY25 results BFIL registered a robust revenue growth of 60.1% YoY and revenue from operations stood at Rs 2,228.7 million in Q2FY25 compared to Rs 1,392.2 million in Q2FY24 because of the constant focus on client addition and continued demand for the specialized engineering products. EBITDA grew by 116.5% and margins expanded by 763 bps from 21.6% in Q2FY24 to 29.3% in Q2FY25 owing to increase in scale of operations and increased demand for heavier products which tend to yield better margins. PAT grew by 106.9% and PAT margins improved by 489 bps from 16.7% in Q2FY24 to 21.6% in Q2FY25. Trimaan Chandock, Executive Director of BFIL said: “The Indian precision engineering industry is on the verge of its next significant growth phase, driven by a rapid transformation as companies globally embrace the China+1 strategy to mitigate supply chain risks. This strategic shift, alongside broader industry changes, unlocks a wealth of opportunities and paves the way for long-term growth. To fully leverage this momentum, we are making substantial investments in strengthening our capabilities, positioning ourselves for strong, positive outcomes in the near future. Apart from the financial achievement, the current quarter witnessed a number of developments focused on strengthening our capabilities to navigate industry challenges and capitalize on new opportunities, ensuring its competitive edge in a rapidly evolving market: The new unit progress at Belgaum continues in full swing. The company is on the verge of commercialising the first phase of the new manufacturing campus and it will drive the next leg of growth. The company has a strong order book for the existing infrastructure and the planned infrastructure is expected to commercialise in the coming quarters. The 32,000 tons of machining capacity will be fully utilised in terms of the order book and the forging output from the initial commercialisation also has clear visibility to fulfil the capacity of the Mercedes Benz production line as well as the machining capacity expansion which is underway. The company also has clear visibility for 72,000 tons of forging capacity with agreements in place in highly specialised domains of Railways, Defence & Aerospace. We have acquired and introduced the first 7 Axis CNC machine in our facilities in H1FY25. We have significantly reduced the working capital cycle from 137 Days in H1FY24 to 106 Days in H1FY25. This had a transformative impact on the company’s financial health and operational efficiency. By optimizing the inventory management, enhancing receivables processes, and streamlining payables, the company has achieved a more balanced and efficient working capital structure. Enhancing receivables management has directly improved liquidity, allowing the company to maintain a robust cash position. The reduction in debtor days means that funds are available for reinvestment, reducing the need for external financing and associated costs. Overall, these enhancements have not only stabilized the company’s financial position but also enhanced its competitive edge in the sector. The successful reduction in debtor days from 177 Days in H1FY24 to 119 Days in H1FY25 has had a transformative impact on the company’s financial health and operational efficiency. The company has significantly improved its cash flow and is a positive cash flow company as H1IFY25. The comprehensive improvements in inventory management have positioned the company for sustained success. The combination of reduced costs, improved production timelines, enhanced customer satisfaction, and a more agile supply chain has created a solid foundation for future growth. The company aims to not only expand the team in major and key roles but also has plans to expand its workforce to over 1000 personnel in the coming financial year. The special focus will also be on Research & Development teams for new product development, new material chemistries and expansion into the sunrise sectors under the infrastructure push of our Prime Minister Shri Narendra Modi Ji under Viksit Bharat 2047. In conclusion, the combination of reduced costs, improved production timelines, enhanced customer satisfaction, and a more agile supply chain has created a solid foundation for future growth.” Result PDF
Industrial Machinery company Balu Forge Industries announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue from Operations: Rs 1,611.71 million, marking a significant increase of 30.21% YoY. Other Income: Rs 43.83 million, showing a substantial growth from Rs 5.49 million in Q4FY23. Total Income: Rs 1,655.54 million, indicating a growth of 33.16% YoY. Total Expenses excl. D&A; & Finance Cost: Rs 1,267.86 million, compared to Rs 1,031.11 million in Q4FY23. EBITDA (Excluding Other Income): Rs 343.85 million, with a remarkable increase of 66.36% YoY. EBITDA Margin (%): 21.33%, an improvement of 464 basis points (bps) compared to Q4FY23. FY24 Financial Highlights: Revenue from Operations: Rs 5,598.56 million, a significant increase of 71.40% compared to FY23. Other Income: Rs 104.15 million, showing growth from Rs 18.64 million in FY23. Total Income: Rs 5,702.71 million, indicating a growth of 68.08% YoY. Total Expenses excl. D&A; & Finance Cost: Rs 4,407.30 million, compared to Rs 2,768.61 million in FY23. EBITDA (Excluding Other Income): Rs 1,191.21 million, with a substantial increase of 139.31% YoY. EBITDA Margin (%): 21.28%, an improvement of 604 bps compared to FY23. Commenting on the performance of FY24, Trimaan Chandock, Executive Director of BFIL stated: “We are happy to share our financial and business performance for FY24, we registered robust revenue growth of 71.40% and revenue from operations stood at Rs 5,598.56 million in FY24 compared to Rs 3,266.39 million in FY23 owing to our constant focus on client addition and continued demand for our specialized engineering products in the existing and new industries like railways, defense and heavy commercial vehicles. EBITDA grew by 139.31% and margins expanded by 604 bps from 15.24% in FY23 to 21.28% in FY24 owing to increase in scale of operations and increased demand for heavier products which tend to yield better margins. PAT margins improved by 482 bps from 11.91% in FY23 to 16.73% in FY24. Following remarkable financial accomplishments have been attained in the fiscal under review: 1) Working Capital days improved by 26 days from 177 in the previous reporting period to 151 days showcasing our continuous focus on streamlining receivables and increasing share of value added products where we can favourably negotiate lower credit days. 2) We have diversified our revenue stream to lower dependence on agro related industry and have increased our focus to serve other industries like defence, heavy engineering and green energy. Our superlative financial performance was assisted by the transformation that the Indian forging industry is undergoing, like global implementation of the China+1 strategy, increasing cost of production in Europe owing to geographical uncertainties and growing domestic capabilities . Moreover, there's a notable shift in focus from traditional automotive sectors towards diverse industries like defense, aerospace, power generation, construction, hydraulics, and wind energy. This diversified industry landscape offering a plethora of opportunities for us. Owing to BFIL's dedication in executing the above strategies we have had recent additions of 3 new Global OEM’s during the year despite rigorous audits and inspections to meet stringent quality norms. On capability augmentation front, the development of our newly acquired Mercedes Benz unit is progressing well on expected timelines and commercialization from said plant are expected to commence from Q2 FY25. This unit will enable us to produce heavier and more complex components having relatively higher realizations and margins. Currently these assets are partially operational capacities and have contributed in a healthy revenue growth and expanded margins. In order to reap the best results of our focused approach, we are pursuing a five-pronged strategy to propel the next phase of growth at BFIL, focusing on expanding market presence, seizing new opportunities, increasing the share of value-added and more complex products in our revenues." Result PDF