Bharat Forges (BFL) 2QFY16 APAT at Rs 1.85bn ( 1% YoY, -9% QoQ) missed consensus estimates on muted topline performance and lower-than-expected operating margins. Topline at Rs 11.2bn (-2% YoY, -1% QoQ) was hit by the sharp decline in industrial segment sales (-19% YoY). Pass-through of lower commodity prices (reflected in 6% QOQ drop in net ASP) with 1Q lag primarily drove down adjusted EBITDA margin by 170bps QoQ to 30.1%.