Bharat Forge (BFL) reported inline APAT at Rs 1.95 bn ( 35% YoY, -4% QoQ). Net sales at Rs 11.3bn ( 14% YoY) missed consensus estimates by~4% but EBITDA at Rs 3.5bn ( 22% YoY, -4% QoQ) was ahead of expectations. EBITDA margin rose by 130bps QoQ to highest ever level of 30.7%. Management expects 2QFY16 growth to be higher in the automotive segment but sees continued challenges in the industrial segment.