Bharat Forge Ltd (BHARATFORG) Q3FY26 Management Mirror - Dec-2025 Qtr
Defence Business & Order Book
Raised (Dec'25 Qtr): Management significantly increased growth expectations, projecting 30-40% growth next year. The sector is now anticipated to comprise 18-20% of total revenue within 2-3 years (up from ~10-11%). Execution of the order book is expected over 4-5 years, driven by ATAGS and carbines.
*Sep'25 Qtr:* Expectations were for momentum to pick up in H2, with FY27 revenues projected higher than FY26. ATAGS execution was slated to start in CY2026.
*Jun'25 Qtr:* Guidance focused on a 9,000 crore pipeline and converting a 1,400 crore domestic tender.
4 more themes on the ELITE plan.