Balu Forge Industries Posts Strong Q2 FY26 Growth Results
Robust revenue, EBITDA, and PAT growth highlight BFIL’s expanding manufacturing strength.
Balu Forge Industries reported a solid Q2 FY26 performance, with double-digit growth across revenue, EBITDA, and PAT, supported by expanding capacities and continued progress at its Hattargi manufacturing facility.
Balu Forge Industries Ltd. (BFIL), a leading name in precision engineering and advanced manufacturing, reported a strong performance for Q2 FY26, reflecting continued momentum across its integrated production operations. The company released its unaudited financial results for the quarter and half-year ended 30 September 2025.
Q2 FY26 Performance Highlights
BFIL recorded Revenue from Operations of ₹2,995 million, marking a 34.4% year-on-year increase.
EBITDA stood at ₹828 million, up 27.6% YoY, while
PAT reached ₹650 million, showing a 35.5% YoY growth.
Consolidated Financial Overview
Metric | Q2 FY26 | Q2 FY25 | YoY (%) | Q1 FY26 | QoQ (%) | H1 FY26 | H1 FY25 | YoY (%) |
|---|---|---|---|---|---|---|---|---|
Revenue from Operations | 2,995 | 2,229 | 34.4% | 2,332 | 28.4% | 5,327 | 3,982 | 33.8% |
EBITDA | 828 | 652 | 27.0% | 723 | 14.6% | 1,551 | 1,084 | 43.0% |
EBITDA Margin | 27.6% | 29.3% | -162 bps | 31.0% | -335 bps | 29.1% | 27.2% | +188 bps |
PAT | 650 | 480 | 35.5% | 570 | 21.3% | 1,221 | 807 | 51.3% |
PAT Margin | 21.5% | 21.3% | +20 bps | 24.3% | -280 bps | 22.9% | 20.2% | +250 bps |
EPS (₹) | 6.08 | 4.55 | 33.6% | 5.04 | 20.6% | 10.76 | 7.90 | 40.9% |
Management Commentary
Mr. Jaspal Singh Chandock, Chairman & Managing Director of BFIL, stated:
“Revenue from Operations in Q2 FY26 was ₹2,995 million, an increase of 34.4% year-on-year. EBITDA for the quarter was ₹828 million, with an EBITDA margin of 27.6%, while PAT was ₹650 million, reflecting a margin of 21.5%. For H1 FY26, Revenue from Operations was ₹5,327 million, up 33.8% over H1 FY25, with EBITDA of ₹1,551 million and PAT of ₹1,261 million. This performance reflects steady execution and the continued strengthening of Balu Forge’s integrated manufacturing platform.
The greenfield Hattargi, Karnataka facility continues to progress steadily and remains integral to BFIL’s expansion. The site consolidates forging and precision machining, strengthening efficiency and capacity. Commissioning of major infrastructure — including the 25-ton closed-die forging hammer, 8,000-ton mechanical press, and automated machining lines — is advancing well. Once active, the plant will expand total forging capacity to 150,000 tons per year and machining capacity to 80,000 tons per year.
The defence division continues to gain traction. The newly established forging and machining line for Empty Shell production, with an annual output of 360,000 shells, is moving into commercialization. BFIL has secured vendor approvals from major Indian defence manufacturers and is expanding offerings across artillery, armoured vehicle, and engine components, positioning itself strongly in India’s defence ecosystem.
Our focus remains on disciplined execution, operational scalability, and strengthening capabilities across forging and machining. With defence products entering commercialization and capacity expansion well underway, Balu Forge is poised for sustained growth driven by technology, scale, and diversified customer engagement.”